HOME LOAN REFINANCE
Refinance your home loan
with a clear plan
Could your mortgage leave more room for the life you want? If repayments feel heavy or your loan no longer fits, Monet can compare refinancing options that may lower ongoing costs, improve flexibility or simplify your finances. We handle the comparison and guide the switch, with fees and the remaining term included.
THE SHORT ANSWER
Is it worth refinancing my home loan?
Refinancing is worthwhile when the expected financial or structural benefit outweighs the costs and disruption of switching. We compare your current position, any offer from the existing lender and suitable alternatives, then explain whether moving, restructuring or staying put makes the most sense.
You would probably benefit from working with us if…
You already have a mortgage and want to know whether a home loan refinance could make life easier or reduce your ongoing costs.
- Your repayments feel heavier than they should, your fixed rate is ending or your loan has not been reviewed for a while.
- You want better flexibility, an offset account or a loan structure that fits how you use your money.
- You want an honest comparison of staying, switching or restructuring, including fees and total costs over the remaining term.
WHAT A PROPER REVIEW TESTS
Not just “Can we find a lower rate?”
A refinance should solve a defined problem and leave the loan better suited to the next few years.
01
Price
Interest rate, ongoing fees, package costs and the likely dollar benefit over a useful comparison period.
02
Structure
Loan splits, repayment type, loan term and whether debt is organised around its purpose.
03
Flexibility
Offset, redraw, extra repayments and the access you genuinely need – not features that only sound impressive.
04
Policy fit
Income, property, credit and cash-out requirements checked before the application creates unnecessary friction.
STARTING INFORMATION
What makes a refinance review useful.
You do not need to organise a complete application before the first conversation. These details let us establish whether there is a reason to investigate further.
- Current balance, rate, repayment and remaining term
- Loan type, splits, offset or redraw features
- Approximate property value and intended loan amount
- Income, current debts and material monthly commitments
- The outcome you want – and how long you expect to keep the loan
USEFUL TO KNOW
Straight answers about refinancing.
How do I know if refinancing is actually worthwhile?
A useful refinance comparison starts with the expected benefit after discharge, application, valuation and package costs. It also considers loan features, structure, serviceability, future plans and how long you are likely to keep the loan.
Should I ask my current lender for a better rate first?
Often, yes. A repricing request or internal restructure may solve the problem with less disruption. Monet can compare that response with suitable external options so the decision is based on evidence rather than assumption.
What costs can apply when refinancing?
Possible costs include the outgoing lender’s discharge fee, government registration charges, incoming lender fees, valuation costs and package fees. Lender incentives can also change the calculation. The net position matters more than one fee or headline offer.
Can I refinance to consolidate other debts or release equity?
Potentially. The new structure, total repayments, loan term and the purpose of any cash-out need careful assessment. Moving short-term debt into a home loan can reduce the immediate repayment while increasing total interest if the debt remains over a longer term.
Can Monet refinance my loan if I am self-employed?
Yes. Monet works with PAYG and self-employed borrowers. For business income, we match the available financials, tax returns, BAS, accountant information and entity structure to an appropriate lender policy.
Compare your home loan refinance options
Start with the current balance and remaining term. Then compare the new loan’s repayments, fees and features over the same period. Our mortgage refinance calculator can help you test an initial scenario.
When would switching costs be recovered?
As a simplified example, if switching costs $2,000 and reduces ongoing costs by $100 a month, it takes 20 months to recover the upfront cost. This illustration assumes the monthly saving remains unchanged and the loan balance and term are comparable. It is not a quote or forecast.
Check both the monthly repayment and the total remaining cost. Extending the loan term can make repayments smaller while increasing the total interest paid. Read our guides to refinancing costs in Australia and when refinancing is worth it.
What happens in a refinance review?
- Set the goal. Explain what you want the new loan to improve.
- Review the existing loan. Gather the balance, term, repayments, features and discharge information.
- Compare options. Consider staying with the current lender alongside suitable alternatives.
- Check the application. Confirm the income evidence, property assessment and lender requirements.
- Arrange the change. If approved and accepted, coordinate the loan documents, discharge and settlement.
For business income, see our self-employed home loans overview. If you are increasing the loan, our home loan borrowing calculator offers a starting estimate, subject to a separate lender assessment.
For independent guidance, read Moneysmart’s guide to switching home loans.
START WITH A CONVERSATION
Find out what a better-fitting home loan could change.
Start with your current repayment and what you would like to improve. Mike Mitchell, your Brisbane mortgage broker, will help you compare staying, switching or restructuring. If other debts are adding pressure, ask about consolidating eligible debts into your existing home loan.
No pressure. No jargon. Clear next steps.