Home loan refinance

Refinancing your home loan: why and when

Many Australians pay a “loyalty tax”, higher rates than new borrowers. Refinancing helps you secure a better deal and improve your finances.

• Lower rate: Even a small rate cut can save thousands.

• Access equity: Use built-up equity for renovations, investments, or debt consolidation.

• Consolidate debt: Merge high-interest debts into one lower-rate loan.

• Change features: Switch between fixed and variable, or add options like an offset account.

Review your loan every 18 months or when a fixed term ends. A HeyNest broker can assess your options and find the right time to refinance.

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The Australian refinance process

Refinancing is straightforward with expert help.

• Set goals: Define what you want: lower rate, cash out,or flexibility.

• Compare loans: Brokers assess hundreds of lenders to find tailored options.

• Apply & value: They manage paperwork while the lender values your property.

• Approval: Review and sign your new offer.

• Settle: Your new lender pays off the old loan, you start fresh.

HeyNest connects you with trusted local experts who make refinancing simple.

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Traditional Bank

Access to many lenders

Compares and negotiates the best market rates for you.

Dedicated, personalized guide every step of the way.

Only offers their own limited products.

Standard, often non-negotiable in-house rates.

Standardized service; often no single dedicated contact.

Refinancing: costs and benefits

Refinancing saves money if long-term benefits outweigh upfront costs.

• Possible costs: Discharge, application, registration or LMI fees.

• Potential gains: Lower interest rate, cashback offers, debt consolidation and better features.

If you’re on a fixed rate, check for break costs, your broker will calculate whether refinancing still delivers net savings.

HeyNest brokers ensure your decision is clear, data-driven and financially sound.

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Frequently asked questions

How long does the refinance process take in Australia?

It typically takes 4-8 weeks, though this varies based on the lender and application volume.

Will I have to pay Lenders Mortgage Insurance (LMI) again?

LMI is generally only required if the new loan amount is more than 80% of your property's current value

Can I refinance my home loan with my current lender?

Yes, this is called a "product transfer." However, comparing external lenders often secures a much better deal.