Refinancing and Equity Release

The loan that suited you when you bought may not suit you now. We compare your current loan with the market and show you, in dollars, whether switching is worth it.

When refinancing may help

• Your rate is higher than lenders are offering new customers.
• Your fixed rate is about to end.
• You want features you don’t have, like an offset account.
• You want to combine other debts into your home loan.
• You want to access equity for renovations or an investment.

Using your equity

Equity is the difference between what your property is worth and what you owe on it. Lenders generally let you borrow up to 80% of your property’s value without Lenders Mortgage Insurance. Many people use equity towards renovations or the deposit on an investment property.

Costs to weigh up

Switching isn’t free. Depending on your loan, you may pay:

• A discharge fee to your current lender
• Break costs if you’re on a fixed rate
• Application or valuation fees with the new lender
• Lenders Mortgage Insurance if you borrow more than 80% of your property’s value

We put these costs next to the savings, so you can see whether refinancing leaves you ahead.

Worth knowing: combining debts into your home loan can lower your repayments but increase the total interest you pay, because the debt is spread over a longer term. We’ll show you both numbers.

What we do for you

1. Review your current loan — rate, features, fees and how long you have left.
2. Compare 40+ lenders — including your current lender, who may offer a better rate to keep you.
3. Show you the numbers — savings against switching costs, side by side.
4. Handle the switch — paperwork, valuation and the handover between lenders.

Not sure your loan still stacks up?

Book a free chat or call us now!

This information is general only and doesn’t take your personal circumstances into account. Eligibility criteria, fees and charges apply.