Refinance Home Loan – Cut Rates & Save More

Is refinancing your home loan right for you?

Refinancing means replacing your current mortgage with a new one, often to secure a lower rate, consolidate debt or access equity. The right time depends on both the market and your financial goals.

When refinancing makes sense:

• Lower rates: Your current rate is higher than new offers.

• Goal alignment: You want to consolidate debts or gain flexible features like an offset account.

• Market changes: Rates have fallen since you took out your loan.

• Life events: Higher income or changed circumstances make a shorter term feasible.

HeyNest connects you with independent brokers who assess your eligibility for better deals and handle comparisons across multiple lenders, saving you time and ensuring clarity without bank bias.

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How to calculate potential savings

Refinancing benefits depend on total cost, not just interest rates. Compare your new loan’s full cost, including fees, against what remains on your current one. Key costs to factor in:

• Exit/discharge fees from your current lender

• Establishment fees for the new loan

• Valuation costs

• LMI if borrowing over 80% LVR

Brokers on HeyNest use advanced tools to calculate true savings and often negotiate fee reductions or waivers. Their transparent analysis ensures the low rate you see translates to real financial gains.

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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.

Finding the best refinancing option

Australia’s mortgage market is vast, major banks, regional lenders, and non-bank institutions all compete for borrowers. The best loan isn’t just the lowest rate but the one that fits your goals and flexibility needs. Your broker will assess:

• Rates vs. features: Basic low-rate loans vs. feature-rich packages with offset or redraw options.

• Comparison rate: Reflects the loan’s true cost, including fees.

• Repayment flexibility: Ability to make extra repayments without penalty.

Through HeyNest, you can apply online in minutes and be matched with an independent broker who compares multiple lenders, negotiates better terms and guides you to a refinancing solution that delivers confidence and long-term savings.

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Frequently asked questions

How long does it take to refinance a home loan in Australia?

The entire process typically takes 4 to 8 weeks, depending on the speed of the new lender and property valuation.

Is there a minimum time before you can refinance?

While you can technically refinance anytime, waiting at least 1-2 years is generally advisable to offset initial setup fees with savings.

Will refinancing affect my credit score?

Each loan application results in a hard credit inquiry, which may slightly and temporarily impact your score.