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
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
Evi got me approved with a fantastic interest rate, extremely fast.
“AMAZING….. These guys are truly amazing, i will never let anyone but them touch my finances again. Evi got me approved with a fantastic interest rate extremely fast. Her professionalism and communication is outstanding. THANK YOU for helping me get my new car ill be referring you to everyone…”
Went the extra mile to ensure that the process was smooth
“My home loan has just settled!!! I can highly recommend Jason (and Belinda) to help you with your loan enquiries. They went the extra mile to ensure that the process was smooth, and gave me multiple options to choose from. If you are looking to refinance or need expert advice, give Jason a call.”
Went above and beyond in regards to working around my busy schedule
“I was referred to Jason and I’ve had nothing but a great experience. He and the team were efficient and kept me informed the whole way though refinancing my home loan. Besides saving me money on my home loan, he also went above and beyond in regards to working around my busy schedule and coming to my work place on two separate occasions as I couldn’t make it to him. I would happily refer him and the firm onto anyone looking finance or refinance their home.
He pushed everything through super quickly for us
“We couldn’t fault Jason’s service. He pushed everything through super quickly for us as we didn’t have much time before settlement and kept us in the loop the whole time. He answered all our questions and was always contactable which was very important for us. I would definitely recommend Jason and his team to anyone looking for a mortgage broker.”
Found the right car loan for me and managed the process effortlessly
“Yet again, Jason, Evi and the team have nailed it. They found the right car loan for me and managed the whole process effortlessly. Highly recommend contacting them if you are looking for a home or car loan as they definitely go above and beyond to find the right product and fit.”
Jason and Keiron were amazing helping us get through the purchase of our home
“Jason and Keiron were amazing helping us get through the purchase of our home. Jason worked with us to get the right loan package to suit our situation and Keiron made the application process too easy. I thoroughly recommend them and would engage again if the opportunity arose.”
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 CAR OR ASSET LOAN?
Our step-by-step Loan-MI 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
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.
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.
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:
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
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).