Your Guide to Refinancing your Home Loan
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What does it mean to refinance a home loan?
What is refinancing?
Refinancing a home loan simply means to move from one lender to another and/or restructure your mortgage. This is typically done a few years into your original loan term and can provide a range of benefits to the homeowner. There are two main types of refinancing:
- External refinancing (refinancing from your existing lender to a new lender)
- Internal refinancing (refinancing with your existing lender)
Whether you’re looking to free up equity in your home, pay fewer fees or secure a cheaper home loan interest rate, refinancing your home loan can open up a world of opportunities. Perhaps you originally signed up for a more expensive mortgage as a first home buyer, just to get your foot on the property ladder? Maybe you originally purchased a property to live in but now want to rent it out and need to transition from owner-occupier to investor? There are a variety of reasons why you would want to consider refinancing.
Download PDF GuideWho is refinancing right now?
Australia is currently experiencing a historic low-interest rate period. With the Reserve Bank of Australia’s cash rate falling to near zero per cent in 2020, mortgage holders have never experienced more affordable interest rates. Reduce Home Loans save their customers on average $260 per month, which is $3120 per year or $15,600 over 5 years.
This has given mortgage holders some much-needed ammunition in the war against debt, as many Aussies are refinancing to new lenders to reduce their interest rates, pay less fees or gain more flexibility and features.
Comparison website Finder noted that the average value of refinanced home loans in Australia is $440,129. Further, the latest Australian Bureau of Statistics (ABS) Lending Indicator figures for November 2020 recorded owner-occupiers having refinanced $6.58 billion in mortgage values to new lenders. Investors refinanced $4.02 billion in mortgages in the same time frame.
Clearly, Australians have a healthy appetite for refinancing and if rates continue to fall, this will only increase in 2021.
Rhyse was extremely helpful in all his communication. He guided us through the application process and now we are saving close to $1000/month in interest payments. It has been 3 months since we switched from one of the big 4 banks and it is all so simple. Everything is online. I set up an automatic payment each month and I can log in anytime to check my home loan balance drop” – Ana B 
Why should I refinance my home loan?
There’s a reason why millions of mortgage holders are considering refinancing, or have refinanced their mortgages.
There are a few key benefits to refinancing your home loan that help to outweigh some of the potential costs and paperwork involved, including:
1. Refinancing for a lower rate
Arguably the biggest drawcard with refinancing a mortgage is to secure a lower interest rate. Generally speaking, most Australian lenders will offer lower interest rates to new customers to entice them onto their books. If you’ve been with your current home loan lender for a number of years, it’s extremely likely you’re paying a higher rate than some new customers and may not even remember what rate you’re on.
This is why it’s invaluable for mortgage holders to compare their options and take stock of the home loan market every five years to ensure they’re still with the most competitive mortgage lender or have the best home loan for their financial situation and budget.
Furthermore, many first home buyers will start their home loan journey with a more expensive mortgage, whether due to having a small home loan deposit, less-than-excellent credit score or smaller income. If you’ve managed to pay down a bit of equity and are in a better financial position today, you may have a stronger bargaining power to secure a cheaper home loan rate from a new lender.
You can use the Reduce Home Loans Repayment Calculator to work out just how much you could save.
Check out the Repayment calculator
REDUCE TIP: By paying a lower rate you’re not only reducing your regular mortgage repayments, but the total amount of interest you pay over the life of the loan. Plus if you change your repayments from monthly to fortnightly you could save even more.
2. Refinancing for a new mortgage type
Sometimes your personal or financial circumstances change. Some homeowners may want to refinance their mortgages to change some of the fundamental features of the mortgage. This could include, but is not limited to:
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- Switching from owner-occupier to an investor home loan as you’ve decided to rent out the property;
- Switching from investor to owner-occupier as you’ve decided to dwell in the property;
- Switching from one interest rate type to another (such as fixed interest rate to a variable interest rate) with a new lender; and/or
- Switching from one payment type (such as interest-only to principal and interest) with a new lender.
3. Refinancing to save time
Refinancing a home loan may also help you to shave years off of your home loan. This is typically done by refinancing to a lower-rate home loan, and ensuring the new lender allows you to make extra repayments without cost.
Once you’ve moved your mortgage to the new lender, you’ll continue to make mortgage repayments as if you were still on the original, higher interest rate. By doing this you’ll chip away at a bigger portion of your mortgage and potentially shave years off your home loan term.
For example, on a hypothetical $450,000, 30-year home loan charging 3 per cent interest, the borrower refinances five years in to a Reduce Home Loan’s Rate Cutter Variable rate of 1.79 per cent, (1.88 per cent comparison rate) that allows extra repayments. The mortgage repayments are now $1,419 a month but the borrower continues to make the same original repayments ($1,897). This allows the borrower to pay off the loan 7 years and 4 months earlier.
Josh Beitz, General Manager at Reduce Home Loans, states, “We anticipate another massive year for refinancing. 2020 resulted in many people having to reassess their financial situation. Combine that with some extra time back in their day, it was no surprise they started shopping around.”
4. Refinance to add mortgage features
Some homeowners may have started their home loan journey with a more basic loan without helpful features. You may also want to refinance to add helpful features to your mortgage, including:
- An offset account
- Redraw facility
- Line of credit
- Ability to make extra repayments
- Split accounts and payments
Mark Chapman, Director of Communications at HR Block: “An offset account is well worth having. By offsetting credit balances in your current account against debit balances on your home loan, you achieve two things. Firstly, you reduce the balance on your home loan faster and secondly, the interest “foregone” on your home loan is tax free. Why? Well, if you had that amount sitting in a savings account, every dollar of interest earned would be taxable but by saving interest on a loan, there’s nothing for the taxman to tax.”
5. Refinance to free up equity
Refinancing a mortgage may also have the added benefit of allowing the homeowner to free up equity paid down into the home loan. Whether you’re saving up for home renovations, a wedding or a holiday, if you’ve paid off a chunk of your mortgage, you may be able to refinance to a new lender to access some of those funds.
Equity is the portion of your property value that you have paid off and own compared to your total mortgage balance. It can also be used as security (just like with your original home loan deposit) to borrow more money when refinancing. This may be provided as a line of credit or as a lump sum payment.
REDUCE TIP: Keep in mind that by borrowing more money you typically will pay more in interest over the life of your loan, and this may increase your ongoing mortgage repayments – even if you refinanced to a lower rate as well.
Mark Chapman, Director of Communications at HR Block: “Once your equity has grown sufficiently, you have a choice to make as to what to do with it – withdrawing the equity towards paying for another property is a popular choice, enabling the money you’ve accumulated in one property to pay off another.”
6. Consolidate debts
By consolidating your debt into your mortgage this may help you to better budget your finances and help pay your debt sooner rather than later. This may involve consolidating a car loan, personal loan or credit card.
This process generally involves packaging all of your existing debts into your mortgage, so that it is repaid through your mortgage repayments instead. As the interest charged on a home loan is significantly lower than a personal loan or credit card, this may help to reduce your monthly expenses.
However, interest is charged for a much longer term on a home loan (30 years versus five, for example). So, by adding to your principal amount to consolidate debts, you may end up paying more over the life of your loan in interest repayments.
My partner and I went through Reduce Home Loans for our first purchase. Being out first home, we had a lot of queries. Leon Clark was incredibly helpful and patient with us. Highly recommend him + his team!” – Logan and Felicia
How to get approved for a home loan
Home loan lenders need borrowers to meet eligibility criteria before they can be approved for a home loan. This helps lower the level of risk that a first home buyer may default on the home loan.
As a general rule, most lenders require the following from home loan applicants:
- Be above the age of 18
- Be an Australian resident
- Be steadily employed – lenders favour full-time employment for a minimum of 12 months. Self-employed applicants may want to consider a low doc loan, or speak to a broker for more specialist assistance.
- Earn an income above the lender’s minimum income requirements
- Have a good to excellent credit score
Being approved for a home loan will require a bit of effort and organisation of paperwork on behalf of the buyer. But it doesn’t have to be a painful process. In fact, it is becoming quicker and easier through online application process. Before you apply for a home loan, consider looking for an online application option to speed up this process.
There are some other key factors to keep in mind that may help you get your application over the line:
Pay off your debts.
Any outstanding debts will be a black mark on your loan application, from maxed-out credit cards to a HECS/HELP debt. Consider paying these off first before applying for your mortgage.
Cut out frivolous spending.
Lenders will go through your bank statements with a fine-tooth comb. They do this to divide your spending into certain categories, including entertainment, to determine your borrowing potential. Meaning, if you make regular UberEats payments or are addicted to Afterpay, for example, a lender may factor this into your regular entertainment spending and subtract it from how much you may be able to borrow as a mortgage. Try to cut down on entertainment spending as much as possible at least three months before applying for a mortgage.
Don’t make too many applications.
Your credit score is one of the most important factors influencing your home loan approval. An excellent credit score means you’re seen as less risky to a lender and may even mean you’re offered a better home loan interest rate. Many Australians may not realise that any applications you make will show up on your credit report. Multiple applications at once and any application rejections, will negatively impact your credit score.
What are the costs of refinancing a home loan?
They say there’s no such thing as a free lunch and the same can be said about refinancing your home loan. As with any financial product, there are always costs, risks and disadvantages to weigh up before you make any final decision. These may include:
1. Switching fees
When you first signed up for your home loan you probably remember paying a few upfront fees, such as application fees and valuation fees. When you refinance your mortgage, you may have to pay upfront fees with the new lender. You may also have to pay a discharge fee with your existing lender and even a break fee if you’re leaving a fixed rate loan early.
There are also government charges such as mortgage registration costs you need to be aware of. A mortgage registration fee will need to be paid when a mortgage is established or discharged against a property.
2. Extending your mortgage term
Some homeowners can fall into the risky trap of extending their mortgage term when they refinance. Most mortgage terms sit at around 25 to 30 years. If you’ve paid off your 30-year home loan for, say, ten years, you wouldn’t want to refinance to a new 30-year home loan, as this will only increase the amount of interest you pay over time by tens of thousands of dollars.
3. Time, effort and paperwork
Comparison site RateCity once reported that 40 per cent of refinancers claim the time and effort involved in refinancing as one of the biggest barriers to going through with it. This is because it’s no secret that refinancing your home loan will involve a level of effort from you the borrower. You will need to go through the application process again, including valuation of your property and gathering personal documentation, like bank statements and proof of ID.
The costs are important to recognise, however it’s worth remembering that the potential savings of time and money can outweigh these initial costs and pressure points.
REDUCE TIP: You may break even from refinancing faster than you think. For example, if your switching costs sit at around $1,500, but the money you save in interest each year is $3,120 per year (average Reduce Home Loans customer), you’ll have paid off these refinancing costs in less than 6 months.
When shouldn’t I refinance my home loan?
While it may sound ideal in this guide, there are still situations where it’s not recommended that a homeowner refinance their mortgage. If you’re tossing up between refinancing and sticking with your current loan, make sure you take the following into consideration.
1. You’ve not paid down much equity
Not every homeowner is owed a lower rate when they refinance. You will still be subject to the same application process as any other Australian, including a measurement of how big your “deposit” is. A lender will look at your loan-to-value ratio (LVR) when assessing your eligibility as a borrower not only for the lowest interest rates but for approval full stop.
REDUCE TIP: The golden rule is to make sure your LVR is at least 80 per cent. If you haven’t reached this milestone yet you may not be offered as competitive a loan as you’re expecting. The lower the LVR the better.
2. You’ve got a few years left on your loan term
When you refinance your mortgage your new lender may extend your loan term, resetting it to the standard 25-to-30-year home loan term. If you’ve only got a few years left on your mortgage, you’ll want to be wary of refinancing if the new lender is expecting you to extend your loan term. This could result in you paying tens of thousands of dollars more in interest repayments than if you stayed with your current lender, even if the new lender is offering a lower interest rate.
3. You’ll still owe LMI
Speaking of LVRs greater than 80 per cent, not only may you not get the dream home loan you’re looking for, but you will have to pay lenders mortgage insurance (LMI) if the equity in your home is under 20 per cent. This costly insurance can sting borrowers up to tens of thousands of dollars.
4. Your loan is fixed
Generally speaking, if your loan is fixed and you’re looking to refinance, you will be ‘breaking’ the existing contract with your lender. You may be charged a break fee in this instance. The lender will require compensation for this loss and these fees can add up quite quickly from a few hundred dollars to over a thousand dollars, depending on the terms and conditions.
REDUCE TIP: Some home loan lenders, like Reduce Home Loans, offer generous cashback offers for refinancers. If you’re facing expensive fees to refinance, consider looking at cashback deals on refinancing home loans to help pay for break fees or other costs.
How long is the mortgage refinancing process?
One of the biggest barriers homeowners face when deciding whether or not to refinance is the time and effort it takes to do so. Typically, the refinancing process can take between 2-4 weeks, depending on a number of factors, including time taken to gather and supply personal documents, valuation and more.
Thankfully, open banking should soon fast track the refinancing process. Currently rolling out in stages with some Australian banks, open banking will give customers the ability to share their banking data (transaction history, identification documents, some account details etc.).
What this means for refinancers is that soon the time and effort required on your end to gather personal identification documents and banking documents will be reduced significantly. Soon, you may be able to begin the refinancing process with just the click of a button.
Typically, the refinancing process can take between 2-4 weeks, depending on a number of factors, including time taken to gather and supply personal documents, valuation and more. That being said, this is the current mortgage refinancing process and the time it takes for each stage.
I had a very positive experience with Reduce Home Loans and I am glad I made the switch. At the start I was sceptical being an online bank but realistically after thinking about it I hardly have to call up to enquire about my home loan. I got a fantastic rate and have no hesitation with moving other products over should they be available in the near future. Lisa did an amazing job and kept me up to date every step of the way. Thank you Reduce Home Loans for the exceptional service and most of all saving me money, which helps me pay off my home loan sooner. I am a very happy customer. – Ross
Am I eligible to refinance my mortgage?
Not every homeowner is in the ideal position to apply for and refinance their mortgage. This is why it’s crucial you look at the eligibility criteria of the lender and home loan you’re interested in before applying.
This is typically found in the terms and conditions, with more information about potential fees and costs found in the product disclosure statement.
The most basic of eligibility criteria you should have met when you applied for your original home loan, so let’s look at the other factors that may influence your approval for refinancing your mortgage.
Four key areas to check:
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- I have a good to excellent credit score
- I am making regular payments towards any debts (car loan, personal loan, credit cards, HECS/HELP debt)
- I have at least 20% equity paid into my mortgage
- I have stable employment^
^Note – while lenders favour borrowers who have full-time employment, you may still be able to apply for a new mortgage if you are part-time or casually employed, or if you are self-employed (via a low-doc home loan).
If you said no to three or more of the above, you may want to consider boosting your personal finances and/or credit history before applying for a new home loan.
What are some refinancing traps to avoid?
There are a few common refinancing traps that many homeowners can find themselves in. You’ll want to be wary of the following:
1. Refinancing to a longer loan term
A common mistake some homeowners make is to refinance to a longer loan term than they were currently on.
This occurs when a borrower who is already, say, 10 years into a 30-year home loan does not negotiate with the new lender to retain the same remaining loan term. They may end up back to square one on a new 30-year loan and end up taking 40 years in total to repay the mortgage.
2. Taking on more debt
After a few years of paying equity into your home loan, you may find that come refinance time you’re able to borrow a higher amount. In fact, the goal of your refinancing may be to access this equity for a goal such as home renovations or paying for a wedding.
However, some borrowers may not have a set goal in mind and wind up biting off more than they can chew. By increasing the balance of your mortgage you will end up paying a greater amount over the life of your loan due to interest repayments.
REDUCE TIP: Reduce Home Loans have $0 ongoing annual fees for their customers. Keep an eye out for savings like this when shopping around to refinance your home loan.
3. Neglecting to factor in fees
There’s more to a home loan than the interest rate and if you’re refinancing to lock in a lower rate, you’ll need to factor in any ongoing fees into your new repayments. Take a look at the product disclosure statement for any loan you’re interested in and look for ongoing fees, such as annual fees.
These can cost hundreds of dollars depending on the lender. If your current lender is charging you a higher rate but fewer fees, do a little mortgage calculating to ensure the potential new loan repayments still work out to be more affordable, including fees.
4. Consolidating smaller debts
Some Home owners can also look to the refinancing process as a means to pay off smaller debts, such as credit card debt or a car loan. This can be done by once again borrowing a greater amount when you refinance.
It’s important to keep in mind that while the interest rate on a home loan is much lower, generally speaking, than a personal loan or a credit card, using your mortgage to pay off these debts will mean you’re rolling them into a 20 to 30 year loan. Your 3 year car loan may charge you a higher interest rate, but you’d typically pay much less interest over 3 years than 30 years.
5. Honeymoon rates
It’s not just fees and higher debt you need to watch out for. It’s common for home loan lenders to offer competitive, short-term interest rates to entice new customers onto their books. These are commonly called introductory rates or “honeymoon” rates.
While these may offer repayment relief for their duration (typically 12 months to a few years), the interest rate will then revert to a higher standard variable rate. Before you apply for a loan offering a competitive honeymoon rate, ensure you also know exactly what rate it will revert to once this term is over and whether you can afford it without falling into mortgage stress.
Reduce Home Loans have been absolutely wonderful. We have been with the big banks for way too many years and I am so glad we finally did this move. Changing the loan over was a breeze compared to what we have had to deal in the past. Do yourself a favour and move over to Reduce Home Loans and use your money for something else than paying higher rate elsewhere. – Katre B.
What documents do you need for refinancing?
If you have gone through the steps, determined you’re eligible to refinance and identified your refinancing goals, then you may be curious as to what is involved with the refinancing process.
When refinancing, the documents requested will be relatively the same as those you provided with your initial home loan application.
A lender will generally want to see the following:
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- A form of personal identification (driver’s licence, passport or birth certificate)
- Proof of your income (3 months of bank statements, payslips and tax returns)
- Information on existing loans (home loan statement, credit card statement, balance of existing debts: HECS, personal loans etc.)
- Records of other assets (shares or investment properties)
- Current rates notice (copy of current Rates Notice and evidence of payment)
Gathering these documents may take a fair amount of time, so it is worth preparing these documents ahead of time when applying to refinance a loan. This can help fast-track your refinancing process and allow you to apply in a matter of minutes.
After you’ve applied, your new lender may conditionally approve your application. Then, a representative will be sent to value your property. This is an ideal time to ensure any repairs or renovations you’ve wanted to do are completed.
Finally, your new lender may offer their full approval and provide you with your new mortgage contract. Your previous mortgage will then be paid out by your new lender and you will have officially refinanced.
We switched to Reduce after doing extensive research on getting the best home loan rate. They were incredibly friendly, professional and responsive each time we contacted them, and offered to best home loan rate so it was a no brainer in the end. Switching home loans can involve a lot of paperwork, which initially was a deterrent for us, but they prepared everything we needed and helped us with any questions we had, making the process less painful. And now we are saving money! – Sarah
Refinancing FAQs
When should I refinance your mortgage?
If you’re looking to reduce your mortgage repayments, change the type of loan you have, unlock equity, reduce the length of your loan, add mortgage features or consolidate debts and you fit the eligibility criteria, then you should refinance your mortgage.
Is now a good time to refinance?
The best time to refinance a mortgage will depend on the borrower’s specific financial situation and the purpose of the refinancing. Currently, Australia is experiencing the lowest interest rate period on record, which has led to an increase in refinancing home loans. If there is a better deal on the market then you should take advantage of it.
Can I refinance if I just refinanced?
You may be able to refinance immediately after refinancing, but it’s worth keeping in mind the costs involved may outweigh the benefits of switching home loans. You will also need three months of home loan statements.
Can I refinance if I have other products bundled with my home loan?
You may still be able to refinance a packaged home loan, but it may involve some additional paperwork in unbundling all your financial products. Some lenders may offer to do this process for you to get you over the line.
Can I change jobs while I am refinancing my home loan?
Home loan lenders tend to look more favourably on applicants who’ve been employed for 6-12 months with one company, as this indicates a level of stability in your finances.
Who has the best home loan?
The best home loan for one person may be significantly different for another due to your personal financial circumstances and the purpose of your loan. That’s why it’s best to do your own research and compare a range of options before applying to refinance. Reduce were awarded Cheapest Flexible Home Loan award: Best of the Best 2021 by Money Magazine and continued to be recognised as a leader in the industry year after year.
How much equity do I need to refinance?
Home loan lenders look more favourably on applicants with at least 20 per cent equity paid down on the mortgage. This also helps borrowers avoid paying costly lenders mortgage insurance.
Can I refinance an investment loan to an owner-occupier loan?
Yes, depending on the lender this is possible. Keep in mind that investors are typically charged higher interest rates than owner-occupiers due to the perceived risk investors take with property.
What is mortgage stress?
Mortgage stress is commonly defined as paying more than 30 per cent of your income towards your mortgage repayments.
What is the difference between an offset account and redraw facility?
An offset account and a redraw facility are two different types of home loan features.
Offset accounts are when a bank or savings account is linked to your mortgage and any funds deposited into said account ‘offset’ or reduce your mortgage repayments. Meaning, if you have a loan of $500k and $50k in an offset account, your mortgage repayments will be based on a loan amount that is $50k lower than it actually is i.e. $450k.
A redraw facility allows borrowers to draw upon any extra repayments they’ve made into the loan.
REDUCE TIP: If you have additional savings and transfer over to your redraw facility they act the same as if they were in your offset (offsetting the value of the home loan) but you can draw the funds as needed.
Is it safe to get an online home loan?
Yes, it can be safe to apply for a home loan through an online-based lender. Unlike traditional brick-and-mortar banks, online lenders have fewer overheads and can generally pass on these savings to their customers in the form of lower interest rates and fees. Ensure you do your research on the lender before applying.
Is it safe to get a home loan outside the big four banks?
Yes, it is safe to apply for a home loan outside of the big four banks. In many instances, it can actually be more affordable to do so.
Can I consolidate my credit card and other debts with my home loan?
Yes, you may be able to consolidate your debts into your home loan when refinancing.
How long does refinancing take?
Typically, the refinancing process can take between 2-4 weeks, depending on a number of factors, including time taken to gather and supply personal documents, valuation and more.
How much equity is needed to refinance?
The amount of equity needed to refinance is up to the eligibility criteria of a home loan lender. Ideally, experts recommend having at least 20 per cent equity paid into your loan for a higher chance of approval.
Does refinancing affect my credit score?
Yes, refinancing may impact your credit score. Any home loan applications will involve a hard enquiry on your credit file. Events like multiple loan applications or rejections, as well as closing a packaged credit card with your old home loan, may reduce your credit score. However, making consistent home loan repayments on a new mortgage may be viewed as a positive event and boost your score.
Happy Reduce Home Loans Refinancers
See below and read more on Product Review
Very happy with the service I got from these guys. The admin aspect is never fun, but they are unparalleled in terms of commercials – excellent rates and well worth the effort to switch. Five star.
– Steve A
Reduce have been so helpful in getting us out new home loan, they took the time to fully explain every step and were there to support us at each one. We are saving hundreds each month and couldn’t be happier!
– Amanda
Fantastic, easy to deal with. I had a very smooth transaction refinancing my home loan and saving thousands on interest. My interest rate was second to none. No hidden costs everything explained.
– Paul Fx
Great customer service, the application process was easy, was happy with the rate and now after a month it has been reduced even further so even more happy now, would recommend them to anyone looking to reduce their home loan.
– Elaine
Very good overall experience. Everything was done online which suits me down to the ground. There was always someone to call if I got stuck on something and they were easy to contact. The interest rate was the best in the market so I’ve saved thousands by refinancing. My only regret is I didn’t go with Reduce Home Loans sooner.
– Mal H
The best rate. Great customer service. Easy process. Communication during the application approval process could have not been better. Happy to be out from the clutches of big 4. Keep up the good work.
– Syed A
Very happy with the rate provided, simple and straightforward, exactly what I wanted with minimal fuss. Glad to have refinanced both mortgages through Reduce Home Loans (just wish I had done it earlier).
– Mal
I have already recommended Reduce Home Loans to all my friends and family. They have the best rates and their customer service was exceptional. They have saved us 1000’s, I wouldn’t go anywhere else.
– Daniel
We refinanced with Reduce Home Loans earlier this year, so I’ve now been using their services for a couple of months. It is a no-frills service, but it does what the name says – reduces your interest rate so that you can pay more principal off your loan, and thereby reduce everything about your loan – the monthly interest, the total amount you pay and the time you take to pay it off. We will save over $4000 in the first year alone (even after factoring in the cost of the refinance). Do it. It’s a no-brainer and well worth the effort. Leon was great and very helpful, even though I have some non-standard income, they were still able to get it through.
– Justin W
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