Refinance your home loan
Anita compares your current loan against today's market across 30+ lenders, and tells you plainly whether moving is worth it.
Reviewed by Anita Callaghan, Director and Principal Broker of Anita Finance, Credit Representative 557021.
Last updated .
A loan that fits the life you have now
Most home loans are chosen for the life you had when you bought.
Refinancing is the chance to set yours up for the life you have today.
- A sharper rate, or a lower-cost loan than the one you're on.
- Restructuring your debt, such as splitting a loan or bringing debts together.
- Using the equity you've built for a renovation, an investment or a tax debt.
- Features you now need, such as an offset account or redraw.
- A loan that suits a new chapter, from a growing family to a new business.
What to weigh up
A lower interest rate can save you money, as long as the benefits outweigh the costs of switching. (Moneysmart)
Those costs can include:
- a discharge fee to close your current loan
- an application or establishment fee with the new lender
- break costs, if your current loan is on a fixed rate
- lenders mortgage insurance, if you have less than 20% equity in your home
Lenders mortgage insurance matters most, because it can increase the cost of switching enough to outweigh the saving from a lower rate. (Moneysmart)
Moneysmart also suggests telling your current lender you're planning to switch, because they may lower your rate to keep your business. (Moneysmart)
You can test the numbers yourself with Moneysmart's calculators, and Anita will happily go through the results with you.
How a refinance runs with Anita
Your current loan, reviewed
Anita looks at your rate, structure, features and fees, and how they compare with the market today.
Every cost counted
Switching costs go into the comparison, so you see the full picture before you decide.
Your shortlist
You see the lenders whose policy may suit your situation, with Anita's reasoning for each.
The switch, handled
Anita manages the application and works with both lenders through to settlement.
The moment to reshape how your debt is set up
A refinance is a natural time to rethink how your borrowing is arranged.
That can mean splitting a loan between fixed and variable, adding an offset account, or bringing a car loan or credit card into your home loan.
Moneysmart cautions that with a longer loan term, the interest rate may be lower but you could pay more in interest and fees in the long run. (Moneysmart)
Moving a credit card or personal loan into your home loan also means that debt is secured against your home. (Moneysmart)
Anita shows you both sides of each option, so the structure you choose is one you're confident in.
Refinancing questions
Is it worth refinancing my home loan?
Refinancing is worth it when the benefits outweigh the costs of switching, and that depends on your loan balance, your current rate and the fees involved.
Anita works through those numbers with you before you apply anywhere, so you can decide with the full picture.
Can I refinance with less than 20% equity?
Often you can, although you might have to pay lenders mortgage insurance, which adds to the cost of switching.
Anita includes that cost in the comparison, so you can see whether the move still makes sense.
Do I have to leave my current lender to get a better deal?
Sometimes the right answer is a better deal with the lender you already have.
Anita can show you what the wider market offers first, which gives you something concrete to take to your current lender.
How long does refinancing take?
It depends on the lender you move to and on how quickly your documents come together.
Anita keeps you updated at each stage, from application through to settlement.
Can I refinance to pay off a tax debt?
Some lenders will let you use the equity in your home to clear an ATO debt, and some won't.
Anita knows which lenders on her panel allow it, and she's written a full guide on refinancing to pay out ATO debt.
Other ways Anita can help
Debt consolidation refinance
Credit cards, car loans and personal loans brought into your home loan, with the full cost laid out.
Read moreCash out to renovate or upgrade
The equity you've built, put to work on a renovation or your next home.
Read moreRefinance to pay out ATO debt
Using the equity in your home to clear a tax debt, with lenders whose policy allows it.
Read moreAbout Anita
Bank trained, now broking for families and business owners across Sydney and Australia.
Meet AnitaSee what your loan could look like.
Send Anita a few details about your current loan, and she'll come back to you with an honest view of whether refinancing makes sense.
The first conversation usually takes about 20 minutes, and it gives you a clearer picture of your options.
Monday to Friday, and after hours when needed.