Let's get your 2020 back on track

Take advantage of cashback offers and the lowest interest rates ever. So let's find a way to reduce your repayments or secure a new loan at a great rate!

Restart your 2020 with our Mortgage Minute, we answer the most common questions on refinancing and explain how you could save.

Is refinancing worth the fuss? With Joel Gibson

When should I refinance?

Is refinancing worth the effort?

When is the right time to refinance your home loan? With Joel Gibson

Is your home loan still right for you?

With interest rates at their lowest ever and many lenders offering incentives of up to $4,000** cash back, now is the time to refinance your existing home loan and save. Your local broker will compare hundreds of home loan offers to find the right one for you.

What fees could apply when refinancing?

If you refinance your existing home loan to a new lender, you will likely incur fees including a discharge fee and may incur exit fees depending on your current loan type. That being said, there are so many great deals on the market at the moment with home loan interest rates at historic lows, refinancing to secure a better rate may quickly outweigh the costs of moving.

If however your loan is fairly new and you haven’t built up sufficient equity you may for example have to pay an application fee when signing up with your new lender, valuation fee for getting your property valued, Lenders’ Mortgage Insurance (LMI) if you have less than 20% equity in your property.

If you signed up for a fixed rate mortgage and you decide to refinance with a new lender, your existing lender may charge you a break cost for breaking the fixed term. The reason for this is because when you signed up for your fixed rate home loan you committed to the loan for a set number of years, usually anywhere between 1 and 5 years but if you decide to exit the loan before that term, your existing lender can charge you for breaking the term contract.

Refinancers save $1,000 per month!

Lex and Sarah knew rates were at an all time low, so they decided to give their local Mortgage Choice broker a call.

“We were so impressed with how quick, easy and effortless he made the whole process. It certainly wasn't as painful as we were initially expecting it to be… we are now saving just shy of $1000 per month!”

So if you’ve been looking for ways to save in this current environment and haven’t reviewed your mortgage recently, a home loan health check can let you know if you’re entitled to more savings than you realise.

Ask us about a free Home Loan Health Check today

Hear from our customers


Refinancing tips and resources

Avoiding "loyalty tax"

What is loyalty tax, why staying loyal to your bank can cost you thousands, and how you can avoid paying it.

Why refinance?

Home owners are a diverse group of people, and that means there is also a whole variety of reasons why you may be thinking about refinancing. Many refinance to secure a better interest rate, switch between variable/fixed rates, access home equity, or consolidate debt to name a few.

Refinancing Costs and Benefits

There can be some fantastic benefits in refinancing your home loan - just make sure you weigh up the different expenses that can be involved in the transfer to make sure it’s the right choice for you.

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Refinancing guide

Considering refinancing? Our guide explains the reasons, costs and steps involved in refinancing your home loan.


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