Refinance Home Loan Australia

Common reasons include a fixed rate period ending, your rate no longer feeling competitive, wanting to access equity, consolidating debts, or changing your loan structure. A change in your income or goals can also be a good time to review. At PFGA, we look at your current loan and tell you honestly whether switching is worth it.

Costs vary by lender and loan. Refinancing typically costs between $500 and $2,000, and costs vary by lender, loan type and state. Common costs include a discharge fee from your current lender, and possibly application or valuation fees from your new one. Some lenders waive fees or offer incentives such as cashback to offset these costs. PFGA works out the full cost and how long it may take to recover it, before you commit.

Yes, but there may be a cost. Switching before your fixed term ends can trigger a break cost, based on your loan balance, the remaining term and the difference in rates. In some cases, waiting until the fixed period ends is the better option. We’ll check the figures with you and plan the timing.

Often, yes. Equity is the difference between your home’s value and what you owe. Many people use it for renovations, an investment property or other goals. Lenders will assess your income, your property value and your deposit position, and may arrange a valuation. PFGA explains what you may be able to access and what it means for your repayments.

Sometimes. Rolling credit cards or personal loans into your home loan can simplify your repayments and may lower them. But because you’d be paying the debt over a longer term, you could pay more interest overall. PFGA helps you compare the options so you can make an informed decision.

A formal loan application will usually appear as an enquiry on your credit file. To help protect your file, PFGA can make discreet enquiries with lenders first, without revealing your identity, to confirm criteria before we submit an application.

It depends on the lender, but many prefer you to have at least 20% equity, meaning your loan is 80% or less of your property’s value. With less equity, some lenders may still help, though you may face extra costs such as lenders mortgage insurance. PFGA checks your position and shows you which lenders may suit it.

Timing depends on the lender and how quickly we can gather your documents. Many refinances take a few weeks from application to settlement. PFGA manages the paperwork and keeps in touch with your lender, so you know where things are at.

PFGA explains how we’re paid, and any fees that may apply, before you proceed, so there are no surprises. For most home loans, we’re paid by the lender after your loan settles. To talk through your situation, call us on 1800 574 055 or book an appointment.