Review Your Interest Rate
If your current rate is no longer competitive, refinancing may provide an opportunity to compare alternative lending options and total borrowing costs.
HOME LOAN REFINANCING
Home Loan Refinancing Could Put You in a Better Position.
Refinancing can be an opportunity to review your interest rate, loan features, repayment structure and overall borrowing costs. But a lower rate alone does not automatically mean a better outcome. We help you compare the full picture before you switch.
WHY CONSIDER REFINANCING?
Your Loan Should Continue to Fit Your Circumstances
A mortgage can run for decades. Your rate, financial position and priorities can change significantly during that time.
Change Loan Features
You may want access to features such as an offset account, redraw, additional repayment flexibility or a different repayment structure.
Consolidate Debt
Refinancing may sometimes allow other debts to be consolidated, although extending short-term debt over a home-loan term can increase total interest costs.
Access Equity
Subject to lender assessment, refinancing may also provide an opportunity to restructure lending or access usable property equity for an approved purpose.
THE REFINANCE PROCESS
Compare the Outcome, Not Just the Advertised Rate
A refinance should be assessed on the overall result after considering your current loan, proposed loan and switching costs.
1
Review Your Existing Loan
We start with your current balance, interest rate, remaining term, repayment structure, features and any applicable exit or break costs.
2
Understand Your Objectives
Whether the goal is reducing interest, improving features, accessing equity or restructuring debt affects which options should be considered.
3
Compare Suitable Options
We compare relevant lender options, considering rates, fees, features, servicing requirements and your broader lending position.
4
Calculate the Switching Costs
Refinancing can involve discharge, application, valuation, registration and other costs depending on the transaction and lender.
5
Apply & Complete Valuation
The proposed lender assesses your application and may arrange a property valuation before issuing formal approval.
6
Settlement
Once documentation and settlement requirements are completed, the new lender generally pays out the existing home loan and establishes the new facility.
THE TRUE COST OF REFINANCING
A Lower Rate Can Still Cost More If the Structure Is Wrong
One of the most important refinancing considerations is the remaining loan term.
If you have 20 years remaining on your current loan but refinance into a fresh 30-year term, the repayment may fall even if the total interest paid over time increases.
Comparing the proposed loan over an equivalent remaining term can provide a more meaningful picture of potential savings.
Compare estimated lifetime interest savings →BEFORE YOU SWITCH
Compare more than the interest rate.
01
Interest rate and remaining term
02
Upfront and ongoing fees
03
Features, flexibility and total interest cost
WHEN REFINANCING MAY NOT MAKE SENSE
Sometimes Staying Put Is the Better Outcome
Refinancing should create a meaningful benefit after costs, lender requirements and your longer-term plans are considered.
High Switching Costs
Fixed-rate break costs, discharge fees or other transaction costs can sometimes outweigh the potential benefit of changing lenders.
Very Small Loan Balance
Where only a relatively small balance remains, even a meaningful rate reduction may produce limited dollar savings after refinancing costs.
Longer New Loan Term
Restarting the loan over a significantly longer term may reduce repayments while increasing total interest paid.
RUN THE NUMBERS
See What a Different Loan Could Mean
Use these calculators to estimate potential savings, equity and the effect of a different repayment structure.
Refinance Savings
Compare estimated lifetime interest on your current loan against a proposed refinance.
Open calculator →Equity Calculator
Estimate your property equity and how much may be usable.
Open calculator →Loan Repayments
Compare estimated repayments under a different loan structure.
Open calculator →WHY TULIP FINANCE
Refinancing Should Improve the Loan, Not Just Change the Bank.
A headline interest rate can look attractive, but the right refinance decision depends on the complete structure: remaining term, fees, features, equity and what you're trying to achieve.
We help you compare suitable options, understand the actual costs of switching and assess whether refinancing is likely to deliver a meaningful benefit.
Learn more about Tulip Finance →REFINANCE FAQs
Questions Before Switching Lenders?
These are some of the common questions homeowners ask when reviewing their mortgage.
How do I know if refinancing will actually save money?
Compare the current loan's remaining interest and costs against the proposed loan over an equivalent period, including refinancing costs and fees.
Should I refinance just because another lender has a lower rate?
Not necessarily. Fees, loan term, product features, eligibility requirements and total interest costs should also be considered.
Can I refinance and access equity at the same time?
Potentially. The lender will generally assess the property value, proposed loan-to-value ratio, purpose of the additional funds and your ability to service the new debt.
Can I consolidate other debts into my mortgage?
It may be possible depending on lender policy and your circumstances. However, spreading shorter-term debt over a much longer mortgage term can increase the total interest paid unless the debt is repaid more quickly.
What happens to my offset account if I refinance?
Your existing offset account is generally linked to the existing loan and may be closed or changed when that loan is discharged. Any new offset arrangement depends on the new lender and product.
Will refinancing affect my credit file?
A new credit application may generally result in a credit enquiry. Lenders also assess your overall credit history, liabilities and repayment conduct as part of the application.
WHEN DID YOU LAST REVIEW YOUR HOME LOAN?
Let's See Whether Your Current Loan Still Makes Sense.
We can review your rate, remaining term, property position and objectives and compare suitable alternatives where appropriate.
Information on this page is general in nature and does not take into
account your individual objectives, financial situation or needs.
Refinancing may involve fees, discharge costs, fixed-rate break costs
and other expenses. A lower repayment or interest rate does not
necessarily mean a lower total cost over the life of the loan.
Lending criteria vary between lenders. Please refer to our Disclaimer
and Credit Guide for further information.