Home Loan
Refinancing
Save on your home loan to spend
more on the things you love.
Wondering if you can get a better deal and pay less?
If you’re like a lot of people, you feel like a home loan is ‘set and forget’. But what if you could save to get more money in your pocket each month?
With the right refinance home loan, you can save with a lower interest rate and lower ongoing fees. You can use a refinance loan to consolidate debts like credit cards or personal loans, which saves you money. And some mortgages with better features may even help you pay off your home loan faster.
That means more money to spend on doing what you love, now and into the future.
You might think refinancing is hard, but at Mortgage Innovations, we make it easy. First up, we’ll use special software to quickly tell you if we can save you some money. Then we find you the right loan and rate from our panel of over 40 lenders with over 1,000 home loan options.
Refinance and save
With a team who’ll find you the right deal and make it easy
200+ reviews
5-star google reviews from our happy clients
Easy Peasy
Enjoy buying your first home as our team answers your questions and guides you through the process
Elite Broker Status
so you get lower rates and faster approval times
How everyday Aussies can save on their mortgage
Get refinance home loan approval ready
Give yourself the best chance of approval with our top tips. It’s everything we’ve learned in the 15+ years we’ve been helping refinance home loan applicants get their loans approved.
Yes, you read that right – this stuff is important because it will help get you into that home you’re dreaming of:
Know your numbers
The numbers are important because they determine how much you can loan and the right type of loan to suit you. By numbers, we mean your:
- Income: how much you make, or combined household income.
- Living expenses: how much your day-to-day life actually costs.
- Spending patterns: lenders have recently started analysing what you spend including things like dining out and UberEats.
- Interest rates : if you have recently come off a fixed rate, you may have reverted to a much-higher variable rate .
- Repayment conduct: make sure you have made your repayments on time. Lenders want to confirm you have maintained good conduct on your current loan to qualify for refinancing.
- Fixed or variable rate: if your home loan is still fixed and you are want to consider changing lenders, there may be an economic break cost depending on when your fixed rate loan expires. If your loan is variable, the costs to refinance will be minimal.
- Cross-collaterisation: if you have a home and investment loan, you may not be aware that your bank has cross-linked your properties. This may require lending to be restructured on both mortgages.
- Costs: the costs to refinance include government release and registration fees, and the outgoing lender generally charges a discharge administration fee. The incoming lender may also have an application fee. The good news is there are a lot of lenders promoting cash-back offers to cover these costs and provide additional funds to win your business.
- Mortgage Insurance: you may have already paid a large amount of mortgage insurance on your original loan. If you switch banks, the mortgage insurance premium starts all over again, which may be significant if your lending is over 80% of the value of your home. By retaining your home loan with your current lender and using equity above 80% there may only be a minimal amount of mortgage insurance to be paid.
- How much you can borrow: aka your lending capacity. Calculate yours here.
If that all seems like a lot, our team is here to help make it easy for you. Get in touch with us and we’ll talk you through all of this and answer your questions.
Check your credit
Did you know that applying for finance or paying bills late can impact your ability to apply for a home loan? We all have a personal credit score; it’s something lenders look at when you apply. Your credit score can be affected by repeatedly paying bills late or declined applications for finance.
What does that mean for you? Pay your bills on time so when you apply for finance, you have the best chance of approval.
If you’re freaking out at this point, that’s OK. Why? Because we’ll be honest with you about your chances of approval. We’ll then match your finance profile and history to the lender that gives you the best chance of approval.
Prep your paperwork
To save time and get ahead, prep the following paperwork:
- Six-month statement on current mortgages
- Most recent rental statement or lease agreement on investment(s)
- Most recent rates notice(s)
- If PAYG: two most recent payslips and this financial year’s PAYG Tax Summary
- If self-employed: two most recent years’ personal and business tax returns and financials
Get your home valuation-ready
Your lender will require a valuation as part of your refinance home loan. Some banks use an electronic calculation to value your property, but this misses any improvements you’ve made to your home. Our team makes sure your lender does a full valuation to help you capitalise on the full value of your property.
To give you the best result on your valuation, prepare your home for the valuer’s visit. Make it look like you would if you were planning to sell it to show the valuer its true value. It’s worth the extra time to help you achieve the best result.
Find the right finance professional
If you’re reading this, it’s because you’re trying to find the right finance professional. To give you the best chance of moving into your first home, take the time to check that they:
- Are experienced with first home buyer home loans
- Take the time to answer your questions
- Can find the right loan to suit you from a range of lenders
- Explain the numbers to you in detail
With over 100 five-star reviews and experience helping lots of first home owners, our team would love to help you move into your new home:
How it Works
LOOKING FOR A REFINANCE HOME LOAN?
LOOKING FOR A REFINANCE HOME LOAN?
Our step-by-step Loan process is designed to:
- Find you the right home loan product to suit your needs
- Save you time
- Give you the best chance of approval
- Make it easy for you
- Support you throughout the process
Let's Chat
Get your questions answered with a short free consultation call with one of our friendly team. We won’t waste your time and will let you know if we can help. Click here to book your free consultation and we’ll be in touch.
Meeting at our offices or via video call
To save you time, we’ll do some research on which lenders and loans might suit your needs before we catch up. Then we’ll talk in more detail about your circumstances and goals so we can find you the right loan.
We’ll find you the right loan
This is where we get to work finding you the right loan product in the market from lenders in our panel.
CONFIRM
You’ll get all the details on the loan(s) we’ve selected for you so you can make an informed decision. Our team is available every step of the way to answer your questions.
APPLICATION
Once your application is submitted, our Elite Broker status gives you a faster turnaround time. We’ll update you on the progress of your application and let you know as soon as it’s been approved.
LOAN DOCUMENTS
Once your loan is approved, we’ll go over the loan documentation with you. This includes assisting with having documents witnessed in our office to save you time finding a JP.
Settlement
To make the settlement process seamless, we’ll liaise with the bank and your solicitor on your behalf.
The first step in finding your finance is a chat with one of our friendly team. We won’t waste your time and will let you know if you’re eligible for a loan:
Calculators
Knowing your numbers is important, so here are our most popular calculators (or access all of our 11 calculators on our Calculators page )
Case Studies
Sarah was looking to refinance her home loan of $400,000; however, she still had one year to go on her fixed rate loan. Sarah had contacted her bank and the break fee was $1,000, plus the bank was going to charge another $500 to pay out the loan.
Fortunately, we found her a lender that was going to reimburse her $2,000 cash back and save her 0.5% on her home loan. The $2,000 cash back covered all her refinance costs, plus gave her an additional $500 to put towards her next holiday to sit in her offset account. Also, the 0.5% lower interest rate on her home loan saved her $1,000 in interest each year.
For more case studies, jump on over to our blog and read about a young couple experiencing financial stress that saved over $1000pm in repayments per month and Darren & Marion who reduced their interest rate by over 1.6% saving thousands of dollars.
FAQS
Why should I refinance? It all feels a bit too hard.
Refinancing can save you money, which gives you more money in your pocket, now and in the future. Choosing the right refinance home loan to suit you can save you with:
- A lower interest rate
- Lower fees
- Consolidating your debts, which can save you paying higher interest rates on credit cards and personal loans
- A restructured home loan that helps you pay off your loan earlier
Also, we make refinancing easy for you. We’ll quickly tell you if you can save with an alternative loan product and help you select the right loan product, then make it hassle-free.
What about the cost of refinancing?
Most lenders charge a $300 to $400 discharge admin fee. The government registration of mortgage and release of mortgage are approximately $200 to $400 in most states. There are several lenders offering cash back to cover these costs plus additional surplus funds to use at your discretion, as a thank you for your refinance business.
How much do you charge?
Our service is at no charge to you.
Why should I talk to you instead of my bank?
Because unlike a bank, we have access to over 40 lenders. This means we find you the right first home buyer home loan, which starts with the right structure to suit you. We’ll show you what your bank can do plus compare it to the market, giving you a bigger range to choose from.
Still have questions? We’ve got answers:
Find out what your numbers are
Work out how much you can borrow, what your repayments will be and plan how much you could save with our free calculators (or you can request a free consultation to get your questions answered).
MORTGAGE INNOVATIONS
We’re a family-owned business with around 8 staff, 15+ years experience and more than $500M of approved loans. By taking time to understand your requirements, we help make your dreams come true with caring, professional service.
Our team of specialists including Gold Coast Finance Brokers, Medical Mortgage Brokers, Varsity Lakes Mortgage Brokers, Gold Coast Mortgage Brokers and Southport Mortgage Brokers will find the right loan for you.
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IMPORTANT LEGAL STUFF:
This page provides generic information only; it was created without considering your individual goals, requirements, or financial condition. Before accepting any offer or product, we advise you to think about whether it is appropriate for your situation and to assess your entire financial status. It is not intended to be legal, tax, or financial advice, and you should always obtain a professional's opinion regarding your particular situation. All loan products are subject to lender requirements and approval. Fees, terms and conditions apply.
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