Your Home Loan Probably Hasn't Been Reviewed in Years — Here's What That's Costing You

Most refinances settle within 3 to 6 weeks from application, depending on the lender’s processing times, the complexity of your situation, and how quickly documentation is submitted.

The upfront review and recommendation process with us typically takes one to two sessions. Once you decide to proceed, we manage the application and liaise with the lender through to settlement — keeping you updated along the way.

Most lenders require a standard set of documents: recent payslips (usually the last two), your most recent group certificate or tax return, bank statements covering the past three months, your most recent home loan statement, photo ID, and a council rates notice or recent utility bill for proof of address.

If you are self-employed, lenders generally require two years of personal and business tax returns along with ATO notices of assessment. We’ll confirm exactly what’s needed once we understand your situation.

Yes. Self-employed borrowers can refinance, though the documentation requirements are more involved. Most lenders require two years of tax returns and ATO notices of assessment to verify income.

Some lenders offer low-doc or alt-doc loan products for self-employed borrowers who can demonstrate income through other means, such as business bank statements or an accountant’s declaration. These products typically carry slightly higher rates, but they can be the right solution depending on your circumstances.

A comparison rate comparison rate combines the interest rate with most standard fees and charges into a single percentage, giving you a more complete picture of the true cost of a loan. It is legally required to be displayed alongside the advertised interest rate in Australia.

The comparison rate matters because a loan with a low headline rate but high ongoing fees can cost more overall than a loan with a slightly higher rate and fewer fees. That said, the comparison rate is still a simplified measure — it doesn’t account for offset savings, your specific balance, or how long you’ll actually hold the loan.

Typical costs include a discharge fee from your current lender ($150–$400), a settlement fee on the new loan ($150–$300), a valuation fee (often waived by lenders), and potentially an application or establishment fee. Some lenders offer cashback incentives that can offset these costs entirely.

If you are in a fixed rate period, you may also face a break cost, which can be significant depending on when rates moved and how much time remains on your fixed term. We calculate these costs upfront so you know the exact break-even point before proceeding.

The right time to refinance depends on your individual situation — your current rate, remaining loan term, equity position, and goals — more than on broader market conditions.

That said, if you haven’t reviewed your loan in the past one to two years, there is a reasonable chance your rate is no longer competitive. Lenders routinely offer sharper rates to new borrowers than they do to existing ones. A review costs nothing and gives you an objective answer based on your actual numbers.

A formal loan application involves a credit enquiry, which can have a minor short-term effect on your credit score. However, this is generally small and temporary for a single application.

Where credit score becomes a more meaningful consideration is if you apply to multiple lenders in quick succession — multiple enquiries in a short period can signal credit-seeking behaviour to lenders. We assess your options thoroughly first and only submit a formal application when we are confident of approval, to minimise unnecessary enquiries.

Most lenders require a minimum of 20% equity (an 80% LVR or lower) to refinance without paying Lenders Mortgage Insurance (LMI). Some lenders will consider refinancing up to 90% LVR, though LMI costs would apply above the 80% threshold.

If you’re looking to access equity as part of the refinance — for renovations, investment, or debt consolidation — the amount available will depend on your property value, current loan balance, and the lender’s maximum LVR for your intended purpose.

You can approach a lender directly, but a mortgage broker has access to products across multiple lenders and can objectively compare your options — including lenders you may not have considered or have access to independently.

Working with a broker typically costs you nothing — brokers are paid a commission by the lender upon settlement. We are required by law to act in your best interests and document our recommendation and reasoning as part of every application.