LendChat/Refinancing

For existing homeowners

Refinance your
home loan.

Most Australian homeowners are on rates set years ago. A free conversation with a licensed broker could put hundreds back in your pocket each month — or unlock the equity you've been sitting on.

Lower your repayments

Switch to a competitive rate and save every month.

Access your equity

Borrow against what you've built. Fund renos, invest, consolidate.

Talk to a broker free

No credit check to chat.

Australian Credit Licence 558418·We work for you, not the lenders

Rate savings snapshot

Drag to see what switching could save.

Loan balance

Current rate

New rate (target)

Monthly saving

$344

per month

Annual saving

$4,125

each year

See the full breakdown

Reasons to refinance

Top reasons to
refinance your home loan.

You don't need a dramatic reason. A rate that's moved, a home that's grown, or debt that needs simplifying — any of these is worth a conversation.

most common

Lower your rate

Variable rates have moved a lot. If you haven't compared in the last 12–18 months, there's a good chance a better deal exists. Even 0.5% on a $600k loan saves over $3,000 a year.

Many lenders offer $2k–$4k cashback to attract refinancers right now.

equity access

Unlock your equity

If your home has grown in value or you've been paying it down for years, you may be sitting on usable equity. Refinancing lets you access it — for renovations, an investment, or a buffer.

Equity is typically accessible up to 80% LVR of your home's current value, minus what you owe.

simplify

Consolidate debt

High-interest personal loans and credit cards can be rolled into your mortgage. One repayment, at a much lower rate. Done carefully with a broker, it can dramatically reduce your monthly outgoings.

The gap between 19% card interest and 6% mortgage interest is significant over time.

Before you refinance

Refinancing terms
explained.

Six terms that come up in every refinancing conversation. Know them and you'll ask better questions — and spot the trade-offs faster.

Refinance

Replacing your current home loan with a new one — either at a different lender, or a better product with the same one. You're not buying again; you're resetting the terms.

Break cost

A penalty charged when you exit a fixed-rate loan before the fixed term ends. Can be zero or tens of thousands — a broker checks this before you act on anything.

Cash-out refinance

Borrowing more than your current outstanding balance, drawing on your equity. The difference lands in your bank account — you're unlocking your home's value as usable cash.

Offset account

A transaction account linked to your loan. Every dollar sitting in it reduces the balance interest is calculated on, saving you money daily without locking the cash away.

Comparison rate

A mandated “true cost” rate that combines the headline rate with most fees. Always compare comparison rates side by side — not just the advertised number.

Discharge fee

The admin fee your current lender charges to close your loan and release the mortgage. Typically $150–$400 and a normal part of the cost of switching.

Refinance calculator

Is it worth
refinancing?

Plug in your numbers. See whether the saving outweighs the switching costs — and exactly how long it takes to break even.

Your current loan

Loan balance

Remaining term

Current rate

New rate

Switching costs

Discharge fee + new application fee. A broker confirms the actual figure.

Your estimated monthly saving

$253

$3,041 back in your pocket each year.

5-year net saving

After $850 switching costs

$14,356

Break-even

Months to recover switching costs

4 mo

Total interest saved

Over the full 25-year term

$76,032

A broker can tell you the actual rate you'd qualify for today — not an estimate. Compare refinance rates across 30+ lenders.

Ask a broker

Indicative only, based on principal-and-interest repayments with a constant rate. Actual rates, fees and break costs depend on your full circumstances.

How refinancing works

How to refinance your
home loan in four steps.

People put it off because it sounds complicated. It isn't — especially when someone who does it every day is on your side.

01

Know your current situation

Your rate, balance, loan type, and any break costs. A broker pulls this together quickly so you know exactly where you stand before doing anything.

02

See what you'd actually save

Not the headline ad rate — the rate you'd genuinely qualify for, across 30+ lenders. A broker shops on your behalf and surfaces the best real match.

03

Apply — the broker handles the work

Paperwork, valuations, conditional approval. Your broker manages it all and comes back to you to sign. Not before.

04

Settlement — old loan out, new one in

The new lender pays out the old one. Your old loan closes and you begin repaying the new one, usually within 4–6 weeks of applying.

Real client story

Loyal to one bank for five years — and paying for it.

A family had been with the same bank for over five years and assumed they already had a competitive rate. They'd never thought to check — the loan just quietly ticked over in the background.

When we reviewed it, there was a clear gap. We refinanced them to another lender with a lower rate and better features, which reduced their monthly repayments and is set to save them meaningfully over the life of the loan.

Most people never review their home loan. We suggest looking at it every two to three years — rates move, your equity grows, and the loan that suited you then may not be the one that suits you now.

The above example is based on a real client scenario. Every application is subject to individual circumstances and lender approval. This is general information within Australian Credit Licence scope and is not financial advice.

Refinancing FAQs

Home loan refinancing
questions, answered.

Typical switching costs are $500–$1,500, covering your current lender's discharge fee and the new lender's application fee. Many lenders currently offer $2k–$4k cashback that more than covers this. A broker maps the real costs before you commit to anything.

A formal application involves a credit enquiry, which causes a small, temporary dip. But a well-timed refinance to a lower rate improves your financial position, and your repayment history is what drives your score over the long term.

A rough rule: if you can save 0.5% or more and plan to stay in the property for at least 12–18 months, it's worth running the numbers. The calculator above gives you a starting point; a broker refines it with the actual rate you'd qualify for.

A lower valuation can push your LVR above 80%, which limits options or reintroduces LMI. It's not a dealbreaker — a broker checks the current valuation before you apply so there are no surprises.

Yes. If your home has grown or you've paid the loan down, you may have equity to draw on. Lenders typically allow borrowing up to 80% LVR — so if your home is worth $900k and you owe $500k, you could potentially access up to $220k.

Typically 4–6 weeks from application to settlement, though some lenders move faster. The longest part is usually the property valuation. Your broker chases it, so you don't have to.

You could be paying less
next month.

One conversation tells you where you stand. No phone number, no obligation, and no surprises about what it costs to switch.

Start the conversation

Refinance yourhome loan.

Top reasons torefinance your home loan.