Refinance

Refinancing involves replacing your existing home loan with a new loan, either with your current lender or a different lender.

People refinance for a range of reasons, including securing a more competitive interest rate, reducing repayments, accessing home equity, consolidating debt or finding a loan with features that better suit their needs.

At Morris Home Loans, we can review your current mortgage and help you compare suitable refinancing options.

If you haven't reviewed your mortgage for a while, your circumstances have changed or you're wondering whether your current interest rate is still competitive, it may be worth exploring your options.

Refinancing isn't just about finding a lower interest rate. It's important to consider fees, loan features, the remaining loan term and the overall cost of switching. We can help you compare the potential benefits against the costs before you make a decision.

The amount you could save depends on your current interest rate, outstanding loan balance, remaining loan term, fees and the new loan you choose.

Even a relatively small interest rate reduction can make a difference over time, particularly on a larger mortgage. However, extending your loan term may increase the total interest you pay, even if your monthly repayments decrease. We'll help you look at the overall cost, not just the advertised rate.

Our repayments calculator can give you a quick comparison.

Refinancing costs vary depending on your existing lender, your new lender and the type of loan you have.

Potential costs include discharge fees, application or establishment fees, government registration charges, valuation fees and, where applicable, fixed-rate break costs or Lenders Mortgage Insurance. Some lenders may offer refinancing incentives, but these should be considered alongside the loan's overall cost and suitability.

We can help you understand the likely costs and whether refinancing makes financial sense for your circumstances.

Yes, but refinancing before your fixed-rate period ends may trigger break costs, which can sometimes be substantial.

Before making any changes, it's important to understand your existing loan conditions and compare the potential savings with the cost of exiting your fixed-rate agreement. In some cases, waiting until your fixed-rate period ends may be more suitable.

Potentially, yes. Some lenders may consider refinancing where you have less than 20% equity, depending on your income, repayment history, property value and overall financial position.

However, Lenders Mortgage Insurance may apply, which could reduce the financial benefit of switching. We can help you assess your available options and the costs involved.

Yes, depending on your financial circumstances and the lender's requirements.

Your home equity is broadly the difference between your property's current value and the amount you owe against it. However, the amount you can actually borrow against that equity will depend on the lender's policies and your ability to service the additional debt. You may be able to use accessible equity for renovations, another property purchase or other eligible purposes.

If you're thinking about using equity to buy an investment property, see our property investment page.

Refinancing timeframes vary depending on the lender, the complexity of your application, property valuation requirements and how quickly supporting documents are provided.

Some applications progress relatively quickly, while others can take several weeks or longer. At Morris Home Loans, we help coordinate the application and keep you informed throughout the process.

Your current bank can review its own products, but a mortgage broker can help you compare options across a broader panel of lenders.

At Morris Home Loans, we consider interest rates, fees, features, lending policies and your financial goals. We also help manage the application process and coordinate with the lender through to settlement. The aim is to help you make an informed decision about whether your existing loan still suits you.

Morris Home Loans does not charge clients a fee for our mortgage broking service. If your loan proceeds, we're generally paid a commission by the lender, and we'll disclose our remuneration arrangements to you as part of the home loan process.

You may still incur fees charged by lenders or other third parties when refinancing. We'll help you understand those costs before you proceed. Our recommendation isn't based on which lender pays us the most. Mortgage brokers are required to act in your best interests when providing credit assistance.