Home Loan Refinance Guide
Refinancing can reduce repayments, unlock equity, or improve loan features. It only makes sense when the net benefit after costs is clear. This guide outlines the main points to consider.
Why people refinance: lower rate/better package; switch IO ↔ P&I; cash-out/equity release; debt consolidation; remove a guarantor or change borrowers; move to a loan with a proper offset/redraw facility.
Costs to factor in: break costs (leaving a fixed rate early), discharge fees, new application/valuation fees, package fees on the new loan — a lower rate isn’t automatically better if upfront costs outweigh savings.
What lenders look at: serviceability, credit history, current loan balance and LVR, employment/business income, purpose of any cash-out; self-employed/complex income needs careful financial presentation.
Process overview: review current loan and goals → compare options across the lender panel → lodge a clean application → manage valuation/conditions through to settlement and discharge of the old loan.
Next step: send a recent loan statement or book a short call.
This guide is general information only. Actual outcomes depend on your circumstances and lender policy at the time of application.