1. Lower interest rate
Banks reserve their best rates for new customers. After 2–3 years of loyalty, you're often paying 30–80bps above what new customers get for the equivalent product. Switching lenders captures that spread.
Refinance broking
Five real reasons our clients refinance
The headline reason people refinance is "lower rate" — but the deeper reasons usually drive the bigger financial outcome. Here are the five most common motivations we encounter:
2. Release equity
Your property has grown in value. Refinance to release that equity for renovation, investment property deposit, business capital, education, or debt consolidation. Up to 80% LVR cash-out.
3. Better structure
You started with basic variable. Now you want offset, split loans, fixed/variable mix, multiple sub-accounts. Refinance is when you upgrade the structure of the loan, not just the rate.
4. Consolidate debt
Roll personal loans, car loans and credit cards into the home loan at a much lower rate. Significant immediate cashflow benefit, but only worth it if you commit to keeping the consolidated debt under control.
5. Lender service is failing
You can't get hold of your lender. Approval timeframes are unworkable. They've made an admin mistake that's cost you money. Sometimes you refinance simply because the relationship has broken down.
(+) Cashback offers
Many lenders periodically run cashback offers ($3–5k) for refinance customers — sometimes these tip a marginal refinance into a clear win.
The numbers
How much can you actually save?
Most owner-occupiers we refinance save $200–$600 per month on a $500–800k loan — driven by a 30–80bps rate reduction. That compounds to $50k–$150k over the life of the loan if you maintain the lower repayment level.
Add cashback ($3–5k upfront from many lenders for new business), debt consolidation savings (often $400–$800/month if rolling credit cards and personal loans in), and structural improvements like offset (typically worth another $50–150/month in interest saved on cash held), and the cumulative annual benefit can be very material.
Our refinance calculator gives you a realistic projection in 30 seconds.
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The refinance process
What's involved in a refinance
01
Review
We pull your current loan statements, look at your statement rate, structure and any break costs. We compare to current market alternatives for your specific profile.
02
Lender match
We shortlist 2–3 lenders whose current refinance offer plus credit policy is the best fit. Cashback, rate, offset, redraw and ongoing fees all factor in.
03
Application
We assemble the application, manage the credit assessment, organise valuation and coordinate with your existing lender to release the discharge.
04
Settlement
Lender pays out your old loan, your new loan settles, and you start banking with the new lender. Typical end-to-end timing is 3–4 weeks.
Client stories
Real outcomes for real clients
★★★★★
"The team made what felt like a daunting process completely manageable. We secured a rate the bank wouldn't touch directly and were in our first home eight weeks later."
★★★★★
"After years of being told no by the majors for our self-employed structure, MortgageHQ found a solution. Approval came within a fortnight and on competitive terms."
★★★★★
"We refinanced our commercial property and unlocked equity for a second purchase — they structured the whole deal across two lenders. Saved us hundreds of basis points."
Answers
Refinancing — frequently asked questions
Is now a good time to refinance?
It depends on your specific position. If you've been with the same lender for 2+ years and haven't reviewed your rate, there's usually a meaningful saving on the table — regardless of where the broader cash rate cycle sits. We give you a clear written comparison before you decide to switch.
How much does it cost to refinance?
Most refinances incur: a discharge fee from your current lender (typically $250–$400), settlement costs at the new lender (often waived as part of refinance promotional offers), and a registration of mortgage fee (~$130 in VIC). Many lenders run cashback offers ($3–5k) that more than cover all switching costs.
Can I refinance if I have fixed rate break costs?
Yes, but the break costs need to be modelled against the lifetime saving. We calculate the lender-stated break cost (which can be substantial during high-rate periods on long fixed terms) versus the saving on the new loan. Sometimes refinancing during a fixed period still wins; often it pays to wait until the fixed period expires.
Will refinancing affect my credit score?
Yes — every loan application triggers a credit enquiry, which leaves a footprint on your credit file. One refinance enquiry has minimal long-term impact. The bigger risk is multiple declined applications from approaching the wrong lender — which is why broker-led refinancing (where we only submit to lenders we're confident will approve) is generally credit-friendlier than DIY shopping around.
Can I refinance and release equity at the same time?
Yes — this is one of the most common refinance scenarios. You refinance to a new lender at a better rate, and increase the loan amount by the equity you want to release (up to 80% LVR without LMI, higher with LMI). The released equity becomes a redraw or sits in offset, ready for renovation, investment or business capital.
How much equity can I release from my home?
Most lenders allow up to 80% LVR without LMI. So if your home is worth $1M and you owe $500k, your maximum standard refinance loan is $800k — releasing $300k in equity. Above 80% LVR is possible with LMI but the economics need to be checked carefully.
Get in touch
Let's start the conversation
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- Access to 60+ lender panel including major banks
- 25+ years of broker experience on every file
- We work with your accountant and advisers
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