Refinance, done properly.
A refinance should pay for itself inside 12 months and leave you with a structure that still fits in year five. Here's how we model it.
Five steps from review to settlement
01
Audit the current loan
Rate, product type, balance, remaining term, offset or redraw, fees, fixed period and break costs. A full picture of the loan you have now.
02
Model the alternatives
We run the target rate across the remaining term, subtract every switching cost and project the savings over 1, 3 and 5 years. You see all the numbers.
03
Select the lender
We look past the cheapest headline rate for a lender with the right structure, the right policies for your situation and clean servicing.
04
Execute
We submit the application, clear the conditions, get the discharge authority signed and book settlement with both lenders.
05
Post-settlement check
We confirm the offset, features and direct debits are set up correctly. The most common error after a refinance is a missing offset or a wrong payment date.
What moving lenders costs
A refinance always costs something. Typical costs include:
- Discharge fee from the outgoing lender, typically $250 to $400
- Mortgage deregistration and new registration fees (state-based)
- Application or setup fee at the new lender (often waived or offset by cashback)
- LMI charged again if your LVR is above 80%. This is the big one, and usually the deal-breaker when it applies
- Break costs if you're in a fixed period, which vary and can be substantial
Refinance FAQs
How long does a refinance take?
Four to six weeks from application to settlement is typical. Complex situations or slow outgoing lenders can stretch it to eight.
Will I need to re-verify my income?
Yes. A refinance is a new loan with the new lender, so you'll need full income documentation: payslips, tax returns if you're self-employed, and bank statements.
Can I cash out equity at the same time?
Yes. Refinancing and releasing equity together is common, and we structure both at once so you don't need two separate applications.
Related pages
General advice disclaimer. The information on this page is general in nature and does not take into account your personal objectives, financial situation or needs. You should consider whether it is appropriate for you before acting on it, and seek professional advice where relevant.
Ready to structure this properly?
Book a 30-minute discovery call. There's no cost or obligation, and you'll leave with a clear next step.