Refinancing
Your needs change, and so does the lending market. A review shows whether your current loan still suits you.
Request a call back
Is your home loan still right for you?
Many people set up a home loan and do not look at it again for years. In that time your income, your household and your goals may all have changed, and so may the loans on offer. A review is simply a way of checking whether the loan you have still fits.
People consider refinancing for different reasons: to look for a more suitable rate, to bring several debts together, to access equity for a renovation, or because a fixed-rate period is about to end. The right answer depends on which of those matters to you, so that is where we start.
Comparing costs and features
We look at your current rate, fees, features and remaining term, then compare them with other suitable loans, including what your existing lender may be prepared to offer. A lower rate is not the only thing worth comparing. Ongoing fees, an offset account you would actually use and the freedom to make extra repayments can all change the result.
When staying put makes sense
Switching is not always the right move. There can be discharge fees, break costs on a fixed loan, new set-up fees and government charges, and lenders mortgage insurance can apply again if you owe a large share of the property's value. Extending the loan term may lower repayments while increasing the interest paid overall. We lay the costs next to the potential benefit so you can make an informed decision, even if that decision is to stay where you are.
Not sure whether it is worth a look? Our loan health check is a simple place to begin.
How a MAXLEND broker helps
-
A straight answer
If staying with your current lender is the better outcome, we will tell you.
-
The costs laid out
We set the costs of switching beside the potential benefit, so the comparison is a fair one.
-
More than the rate
We compare fees, features and loan term as well as the interest rate.
-
A managed handover
If you go ahead, we handle the application and the changeover between lenders.
How a loan review works
A clear process from first conversation to settlement, with a MAXLEND broker beside you at each step.
Request a call back-
Look at your current loan
We review your rate, fees, features and remaining term.
-
Compare alternatives
We compare your loan with other suitable options, including what your current lender may offer.
-
Weigh the costs
We set out the costs of switching against the potential benefit.
-
Make the switch
If you decide to go ahead, we manage the application and the handover between lenders.
Costs and things to check first
Switching loans is not free. Your current lender may charge a discharge fee, and break costs can apply if you leave a fixed rate early. A new lender may charge application, valuation or settlement fees, and lenders mortgage insurance can apply again if you owe a high proportion of the property's value.
Extending your loan term can lower repayments while increasing the total interest paid over the life of the loan. A review sets the costs beside the likely benefit so you can decide with the full picture, including the option of staying where you are.
Documents you may be asked for
- Recent statements for your current home loan
- Photo identification and proof of income
- Statements for other debts you want to include
- A recent council rates notice
- Your home insurance details
General information only. A broker can explain how it applies to your circumstances.
Reviews for MAXLEND
-
Example Reviewer
Example only, not a real review. Replace this text with a genuine review that the client has approved for publication, then tick "Approved and shown on the website".
Google review
-
Sample Client
Example only, not a real review. Replace this text with a genuine review that the client has approved for publication, then tick "Approved and shown on the website".
Google review
-
Placeholder Name
Example only, not a real review. Replace this text with a genuine review that the client has approved for publication, then tick "Approved and shown on the website".
Google review
Refinancing: common questions
See all questionsWill refinancing affect my credit score?
A loan application is recorded on your credit file. One application is unlikely to matter much on its own, but several in a short time can. A broker can help you choose a suitable lender before you apply.
How long does it take to refinance?
It varies with the lender, how complex your situation is and how quickly documents and valuations are completed. We will give you a realistic expectation at the start and keep you updated.
Can I refinance if my property value has fallen?
Possibly, but a lower valuation changes how much of the property's value you owe, which can affect the options available and whether lenders mortgage insurance applies. We can look at this before you commit to anything.
When should I consider refinancing?
It is worth reviewing your loan when your circumstances change, when a fixed-rate period is ending, or if you have not compared your loan for a few years. A review will show whether switching is likely to be worthwhile once the costs are taken into account.
Related questions
What does it cost to refinance?
Costs can include a discharge fee from your current lender, break costs if you are leaving a fixed rate early, and application or settlement fees with the new lender. We set these out for you before you decide.
What documents will I need?
Lenders generally ask for identification, proof of income such as payslips or tax returns, bank statements, and details of your assets, debts and living expenses. We will give you a checklist tailored to your application.
Should I choose a fixed or variable rate?
A fixed rate gives you certainty over repayments for a set period but usually less flexibility. A variable rate can move up or down and often comes with features such as offset accounts and extra repayments. Some borrowers split their loan between the two. The right choice depends on your priorities.
Before you decide to switch
Refinancing can be worthwhile, but only when the whole picture adds up. Check these points first.
Request a call back-
Count the cost of leaving
Discharge fees, break costs on a fixed rate and new application or government fees all reduce the benefit of moving.
-
Ask your current lender first
Your existing lender may be willing to review your loan. It is a useful comparison point before you change.
-
Check your equity
A lender will value your property again. If you owe a larger share of its value, lenders mortgage insurance could apply to the new loan.
-
Be clear about your reason
A lower repayment, a shorter term, access to equity or combining debts each point to a different kind of loan.
Ready to talk about refinancing?
Book a time with a MAXLEND broker. There is no obligation.