Refinance Your Home Loan with Greater Clarity and Control
A better home loan should improve more than your interest rate
Refinancing means replacing your current home loan with a new loan.
A properly structured refinance may help you:
- Reduce the interest rate applying to your home loan
- Lower your required repayments
- Reduce the total interest paid over time
- Access an offset account, redraw or flexible repayment features
- Consolidate selected higher-interest debts
- Change between fixed, variable or split-rate structures
- Adjust your loan term
- Release equity for an approved purpose
- Prepare for future financial and property goals.
Refinancing is not automatically beneficial. The right decision depends on:
- Your current loan balance
- Your existing interest rate
- The proposed interest rate
- The comparison rate
- Switching costs
- Your remaining loan term
- The proposed new loan term
- The features you need
- Your available equity
- Your income and expenditure
- Your existing debts
- How you intend to manage the loan after settlement.
Mortgage House helps you compare the complete financial position—not merely the advertised rate.
Start with a Mortgage House Refinance Health Check
Before recommending a refinance, we help you examine:
- Your current loan balance
- Your current interest rate
- Your remaining loan term
- Your current repayment amount
- Any fixed-rate expiry date
- Any potential fixed-rate break cost
- Your current annual, package and transaction fees
- Your estimated property value
- Your current loan-to-value ratio
- The loan features you currently use
- The loan features you genuinely need
- Your household income
- Your household expenditure
- Your existing credit commitments
- Your financial objectives
- The estimated cost of changing lenders
- Whether the proposed refinance is expected to leave you in a better position
We then compare the expected financial benefit against the complete cost of switching.
Could You Be Paying More Interest Than Necessary?
A small difference in your home-loan interest rate can create a substantial difference over a long loan term. Home-loan interest is generally calculated on the outstanding balance. When the interest rate is higher, a larger portion of each repayment may be absorbed by interest instead of reducing the amount you owe.
This may result in:
- Higher monthly repayments
- Slower principal reduction
- Reduced household cash flow
- Less capacity to build emergency savings
- Less money available for additional repayments
- Lower financial flexibility
- Greater exposure to future interest-rate changes and
- A higher total cost over the life of the loan.
The relevant question is not simply: “Can I obtain a lower advertised rate?”
The better question is: “After all costs, features, risks and loan-term effects are considered, will the proposed refinance improve my financial position?”
Mortgage House can help you model that question before you proceed.
Current Mortgage House Refinance Rates
Seven Powerful Reasons Customers Consider Refinancing
1. Replace an uncompetitive home-loan rate
A lower rate may reduce your required repayments or allow more of each repayment to reduce the principal balance. The benefit should be calculated after considering:
- Discharge fees
- Establishment fees
- Application fees
- Valuation costs
- Legal or settlement costs
- Government charges
- Annual or package fees
- Lenders mortgage insurance where applicable and
- Any fixed-rate break cost
A lower rate is only valuable where the benefit exceeds the cost and risk of changing loans.
2. Build a practical offset-account strategy
An eligible 100% offset account can reduce the loan balance used to calculate home-loan interest.
For example –
Home-loan balance: $500,000
Eligible offset-account balance: $30,000
Balance used to calculate interest: $470,000
This example assumes the product provides a genuine 100% offset against the relevant loan account.
The money remains available in the offset account for eligible transactions, subject to the product terms. This differs from a redraw facility, where the customer generally accesses additional repayments previously made directly into the home loan.
3. Consolidate selected higher-interest debts
Eligible personal loans, credit-card balances or car loans may be consolidated into a home loan carrying a lower interest rate.
However, a lower interest rate does not automatically mean a lower total cost. If a short-term debt is moved into a 25-year or 30-year home loan and only minimum repayments are made, the customer may pay interest on that debt for much longer.
A responsible debt-consolidation refinance should include:
- Confirmation of each debt being repaid
- An accurate payout amount
- A comparison of the current and proposed total cost
- A defined repayment target for the consolidated component
- Appropriate reduction or closure of unnecessary credit limits
- A plan to prevent the debt from rebuilding
- Post-settlement monitoring and
- Sufficient emergency liquidity.
4. Restructure fixed, variable or split lending
A borrower may want:
- Repayment certainty over part of the loan
- Variable-rate flexibility
- A combination of fixed and variable components
- Additional repayment capacity
- Access to an offset account
- Access to redraw
- Protection against placing the entire loan under one rate structure.
The appropriate structure depends on:
- Your objectives
- Your risk tolerance
- Your anticipated cash flow
- The period you expect to retain the property
- Applicable rate
- Applicable fees
- Relevant product conditions
5. Improve monthly cash-flow management
A refinance may reduce required repayments by obtaining a lower interest rate or changing the remaining loan term. Extending the loan term can reduce the required monthly repayment.
However, extending the term may also increase the total interest payable over the life of the loan. Mortgage House can show you:
- Short-term repayment effect
- Expected long-term interest effect
- Effect of retaining your current repayment amount
- Effect of making additional repayments
- Estimated break-even period after switching costs
6. Pay the home loan off sooner
Customers who refinance to a lower rate and continue making their previous repayment amount may reduce the principal balance faster. Depending on the product terms, customers may also reduce their effective loan term through:
- Additional repayments
- More frequent repayments
- Lump-sum repayments
- Disciplined offset-account use and
- Maintaining repayments when interest rates fall
Actual outcomes depend on the loan balance, interest rate, fees, repayment behaviour and applicable product conditions.
7. Prepare for a future property strategy
Once expensive debts are controlled, emergency liquidity is established and home-loan repayments are sustainable, some customers may consider a future investment-property strategy. Refinancing does not itself create wealth. It also does not guarantee future borrowing capacity or investment returns.
Before considering another property, customers should assess:
- Income stability
- Household expenditure
- Existing debts
- Available deposit
- Acquisition costs
- Borrowing capacity
- Emergency cash reserves
- Interest-rate sensitivity
- Vacancy risk
- Maintenance and repair costs
- Insurance costs
- Tax consequences
- Property-market concentration
- Long-term financial objectives
- The possibility of property values falling
- The possibility of rental income being lower than expected
Mortgage House can assess available lending options. Customers should obtain independent taxation, financial and legal advice where appropriate.
Understanding Different Income Models
Potential Benefits
- A lower interest rate: A lower rate may reduce required repayments and the total interest cost, provided the saving exceeds the cost of refinancing.
- Better-suited loan features: The new loan may offer –
- An offset account
- Redraw
- Flexible repayments
- Split lending
- Fixed-rate options
- Additional repayment capability
- More suitable digital servicing
- Improved household cash flow: Reduced required repayments may make household budgeting more manageable.
- Faster debt reduction: A lower rate combined with maintained or increased repayments may accelerate principal reduction.
- Simplified debt management: Selected debts may be incorporated into one repayment structure, provided the consolidation is suitable and supported by a disciplined repayment plan.
- A loan structured around your current circumstances: Your original home loan may no longer suit your –
- Income
- Employment
- Household structure
- Property plans
- Financial commitments
- Risk preferences
- Removal of unused features or fees: A simpler product may be more suitable where you do not use premium features attached to your current loan.
Potential Disadvantages
- Upfront switching costs: These may include –
- Discharge fees
- Application fees
- Establishment fees
- Valuation fees
- Legal fees
- Settlement costs
- Title-registration fees
- Government charges
- Fixed-rate break costs: A borrower leaving a fixed-rate loan early may incur a break cost. This amount can be material. Obtain an accurate payout figure before proceeding.
- A longer debt period: Resetting the loan to a new 30-year or 40-year term may reduce required repayments but increase total interest.
- Loss of useful existing features: Your current loan may contain favourable features, pricing or access arrangements that are not available under the proposed loan.
- New eligibility and verification requirements: Refinancing generally requires –
- A new credit application
- Income verification
- Expense verification
- Liability verification
- Identity verification
- A property valuation
- A credit enquiry
- A complete credit assessment
- Lenders mortgage insurance: Where the new loan-to-value ratio is high, lenders mortgage insurance or another risk-related fee may apply. Any lenders mortgage insurance paid on the previous loan is generally not transferred to the new loan.
- Debt consolidation may place the home at greater risk: Unsecured debts may become part of a loan secured against the home. Failure to meet the new loan obligations may place the secured property at risk.
- Tax or investment consequences: Refinancing investment debt, mixed-purpose debt or equity-release debt may affect tax deductibility and loan-purpose tracing. Obtain qualified taxation advice before restructuring these debts.
Why High-Interest Consumer Debt Can Hold Customers Back
Credit cards, personal loans and car loans may carry materially higher interest rates than a home loan. High-interest debt can affect customers in several ways.
- More money may be directed to interest: At a high rate, repayments may reduce the principal slowly, particularly where only minimum credit-card repayments are made.
- Interest may compound: Where interest is added to an unpaid balance, future interest may be calculated on a larger amount.
- Minimum repayments may create a long repayment period: A low minimum repayment may appear manageable but may allow the debt to continue for years.
- Household cash flow becomes fragmented: Multiple debts with different –
- Due dates
- Repayment amounts
- Interest rates
- Account fees
- Late-payment consequences
- Can make household budgeting more difficult
- Borrowing capacity may be reduced: Credit providers generally consider existing liabilities, repayment obligations and available credit limits when assessing a new application. An unused credit-card limit may still affect borrowing-capacity calculations.
- Financial resilience may weaken: Money directed to high-interest debt is not available for –
- Emergency savings
- Home-loan reduction
- Additional repayments
- Insurance costs
- Essential household expenditure
- Future financial goals
- Behavioural risk may continue after consolidation: Paying out a credit card through refinancing does not address overspending by itself. If a cleared card is used again, the customer may end up with –
- A larger home loan
- A new credit-card balance
- Weaker financial resilience.
- A lower secured rate may still create a higher lifetime cost: Consider a $20,000 personal debt. Moving that debt from a higher-rate five-year personal loan into a lower-rate 30-year home loan may reduce the required monthly repayment.
However, if the $20,000 component remains outstanding for decades, the customer may pay interest for much longer. The lower rate should therefore be combined with a defined repayment plan.
A responsible consolidation strategy should –- Identify every debt being repaid
- Confirm each payout amount
- Compare current and proposed repayments
- Compare current and proposed total interest
- Establish a target repayment period for the consolidated debt
- Reduce or close unnecessary credit limits where appropriate
- Prevent the home-loan term from disguising the real repayment period
- Monitor the consolidated amount after settlement
- Maintain sufficient emergency liquidity.
How to Use a 100% Offset Account Effectively
A 100% offset account is a transaction or savings account linked to an eligible home loan. The account balance is offset against the eligible loan balance when interest is calculated.
Offset-account example
Home-loan balance: $600,000
Eligible offset-account balance: $50,000
Balance used to calculate interest: $550,000
This does not reduce the legal home-loan balance by $50,000. It reduces the balance used to calculate interest while the money remains in the eligible offset account.
A salary-to-offset operating model
Subject to the applicable product terms, a customer may choose to have salary and other eligible regular household income credited directly into the offset account.
The customer may then:
- Direct eligible salary and regular income into the offset account
- Retain emergency savings in the offset account
- Pay ordinary bills and living expenses from the offset account
- Maintain a controlled household budget
- Keep the average daily offset balance as high as reasonably possible
- Maintain scheduled home-loan repayments
- Avoid unnecessary transfers into accounts that do not offset home-loan interest
- Review the offset benefit against any annual or package fee
- Retain sufficient liquidity for foreseeable expenses.
Because home-loan interest is commonly calculated daily, maintaining money in the offset account earlier and for longer may increase the interest-saving effect.
What does “credit 100% of income into the offset account” mean?
It means directing eligible regular household income into the offset account as the household’s primary cash-management account. It does not mean that the customer cannot spend money. It does not mean that every dollar must remain in the account permanently.
The strategy is designed to keep available funds offsetting home-loan interest for as long as reasonably possible before those funds are needed for normal expenditure. The customer must still retain control of:
- Everyday living expenses
- Scheduled direct debits
- Emergency funds
- Taxation obligations
- Business cash-flow requirements
- Trust or client-money separation
- Insurance costs
- Annual bills
- Account-specific limitations
Business, trust, company or client funds must not be mixed with personal funds unless this is legally and operationally appropriate.
Offset-account limitations
An offset account may not provide sufficient value where:
- The average balance is very low
- The loan charges a higher interest rate for offset access
- The annual or package fee exceeds the likely saving
- Only part of the account balance is offset
- The offset applies to only one portion of a split loan
- The product terms restrict eligibility
- The customer repeatedly withdraws all available funds
- The customer does not require the feature
Mortgage House will explain whether the relevant product provides a full or partial offset and which loan account or split the offset applies to.
Put Customers in a Stronger Position After Refinancing
A refinance should not be treated as successful merely because the previous lender has been paid out. The intended outcome is a clearer, more sustainable and better-controlled lending position.
Where relevant, the proposed refinance should seek to improve one or more measurable outcomes:
- Lower estimated total interest
- Lower required repayments
- A shorter effective repayment period
- A more appropriate loan structure
- Reduced high-interest debt
- Higher average offset balances
- Improved emergency liquidity
- Fewer unnecessary credit limits
- Clearer repayment targets
- Better visibility of household cash flow
- Greater resilience to interest-rate changes
- Access to genuinely useful loan features
- An identified break-even date for switching costs
- A scheduled annual home-loan review.
Your Post-Refinance Action Plan
During the first 30 days
Customers should consider:
- Confirming the previous loan has been discharged correctly
- Confirming the new loan balance
- Checking the interest rate applied
- Checking applicable fees
- Confirming direct debits are operating correctly
- Confirming salary credits are being received into the intended account
- Confirming the offset account is linked correctly
- Confirming redraw access and conditions
- Closing or reducing unwanted credit facilities where appropriate
- Establishing the agreed repayment frequency and
- Storing loan documents securely
During the first 90 days
Customers should consider:
- Comparing actual cash flow with the expected position
- Reviewing the average offset-account balance
- Confirming consolidated debts are not rebuilding
- Reviewing the household emergency reserve
- Assessing whether additional repayments remain affordable
- Reviewing the account structure
- Correcting any payment, direct-debit or account-allocation issue.
Every 12 months
Customers should consider:
- Reviewing the current interest rate
- Reviewing the comparison rate
- Reviewing annual and package fees
- Confirming the loan still suits their circumstances
- Reviewing the remaining loan term
- Assessing offset-account utilisation
- Updating the estimated property value where appropriate
- Reviewing major changes in income and expenditure
- Reviewing future financial objectives
- Requesting another Mortgage House Home Loan Health Check
Before You Refinance with Any Lender
Before accepting a refinance offer from Commonwealth Bank, ANZ, Westpac, NAB, Macquarie Bank or another Australian lender, connect with Mortgage House for a complete offer review. The same review discipline should be applied when comparing offers from other lenders, banks, mutual banks, credit unions, non-bank lenders and digital-lending brands.
These may include...
- Bankwest
- Ubank
- Unloan
- ING
- Suncorp Bank
- Bendigo Bank
- Adelaide Bank
- Bank of Queensland
- AMP Bank
- Bank Australia
- Great Southern Bank
- Heritage Bank
- People First Bank
- Beyond Bank
- IMB Bank
- Newcastle Permanent
- Greater Bank
- Auswide Bank
- P&N Bank
- Teachers Mutual Bank
- UniBank
- Firefighters Mutual Bank
- Health Professionals Bank
- Police Bank
- Defence Bank
- Australian Military Bank
- RACQ Bank
- Community First Bank
- G&C Mutual Bank
- Credit Union SA
- Bank First
- Regional Australia Bank
- Summerland Bank
- Gateway Bank
- Horizon Bank
- Unity Bank
- Qudos Bank
- Arab Bank Australia
- La Trobe Financial
- Pepper Money
- Liberty Financial
- Other Australian credit providers
Lender ownership structures, product availability, product names and eligibility requirements may change.
Offer and pricing
- What is the actual interest rate for my circumstances?
- What is the comparison rate?
- Is the advertised rate available for my loan amount?
- Is the advertised rate available at my loan-to-value ratio?
- Is the rate introductory?
- Is the rate discretionary?
- Is the rate conditional?
- When does any introductory period end?
- What rate applies after the introductory period?
- Can the lender change the discount or margin?
- Does the rate differ for owner-occupiers and investors?
- Does the rate differ for principal-and-interest and interest-only repayments?
- Is there a separate rate for each loan split?
Loan term and repayments
- What is the remaining term on my current loan?
- What term is proposed for the new loan?
- Does the refinance restart the loan over a longer period?
- What will the required monthly repayment be?
- What would the repayment be if interest rates increased?
- What is the estimated total interest under the current loan?
- What is the estimated total interest under the proposed loan?
- Can I retain my current repayment amount and reduce principal faster?
- Are additional repayments permitted?
- Do fixed-rate additional-repayment limits apply?
Additional Customer Confirmation Questions
- Will the refinance leave me better off after all relevant costs?
- Am I converting unsecured debt into debt secured by my home?
- Have I established a repayment plan for any consolidated debt?
- Could the refinance affect tax deductibility or loan-purpose tracing?
- Have I received a personalised written quote?
- Have I reviewed the applicable Target Market Determination?
- Have I reviewed the loan contract?
- Have I reviewed the fee schedule?
- Have I reviewed all required disclosures?
Always confirm...
- The lender
- The credit provider
- The product issuer
- The Australian Credit Licence holder
- The applicable product documentation
- The current product terms.
Switching costs
- What discharge fee applies to my existing loan?
- Is there a fixed-rate break cost?
- Is there an application fee?
- Is there an establishment fee?
- Is a valuation fee payable?
- Are legal or settlement fees payable?
- Are title-registration or government charges payable?
- Will lenders mortgage insurance or another risk fee apply?
- Is there an annual, package or membership fee?
- What is the total estimated cost of switching?
- How many months will it take to recover the switching cost?
Features
- Is the offset account a genuine 100% offset?
- Which loan split does the offset account cover?
- Are multiple offset accounts permitted?
- Does offset access increase the interest rate or fees?
- What redraw restrictions apply?
- Is redraw access subject to the lender’s contractual discretion?
- Can the loan be split between fixed and variable portions?
- Can repayments be made weekly or fortnightly?
- Are repayment holidays available?
- What conditions and interest consequences apply to repayment holidays?
- Are digital banking, statements and transaction controls suitable for my needs?
How Mortgage House Makes Refinancing Clearer
Complete discovery
We establish your:
- Objectives
- Existing loan position
- Income
- Expenses
- Liabilities
- Property information
- Relevant future plans
Current-loan analysis
We review your existing:
- Interest rate
- Comparison rate where available
- Remaining loan term
- Repayment amount
- Fees
- Loan features
- Fixed-rate expiry date
- Likely exit costs.
Product and policy assessment
We identify available Mortgage House options that may suit your circumstances, subject to:
- Mortgage House lending criteria
- Verification requirements
- Credit assessment
- Product eligibility requirements
- The applicable Target Market Determination
Cost-benefit modelling
We compare:
- Current and proposed repayments
- Current and proposed loan terms
- Switching costs
- Estimated break-even time
- Estimated interest over the selected term
- The effect of retaining the existing repayment amount
- The effect of maintaining an offset balance
- The effect of consolidating selected debts
- Repayment sensitivity to higher interest rates
Responsible credit assessment
Any application is subject to:
- Applicable credit-assessment requirements
- Income verification
- Expense verification
- Liability verification
- Responsible-lending requirements
- Identity verification
- Property verification
- Mortgage House approval criteria
Application and documentation
We explain the required information and help customers progress through:
- Application
- Document collection
- Verification
- Valuation
- Credit assessment
- Loan documentation
- Settlement preparation
Settlement coordination
We coordinate the refinance process and keep customers informed of:
- Material requirements
- Outstanding actions
- Approvals
- Documents
- Settlement dependencies
- Next logical steps
Post-settlement review
We help customers confirm:
- The new account has been established
- The intended loan structure has been applied
- The offset account is linked where applicable
- Repayments are operating
- Salary credits and direct debits are functioning
- Future reviews are scheduled
Documents Commonly Required for Refinancing
Requirements vary according to the borrower, product and application. Customers may be asked to provide:
- Identity documents
- Recent payslips
- Employment details
- Personal bank statements
- Home-loan statements
- Credit-card statements
- Personal-loan statements
- Car-loan statements
- Evidence of savings
- Tax returns
- Notices of assessment
- Business financial statements
- Business bank statements
- Business Activity Statements
- Property information
- Council-rates notices
- Rental-income evidence
- Household-expense information
- Liability details
- Evidence supporting the purpose of any equity release
Providing complete and accurate information may reduce avoidable delays. Do not upload altered, incomplete, misleading or illegible documents.
Five Questions to Prepare Before Speaking with Mortgage House
- What is your current home-loan balance?
- What is your current interest rate?
- When does any fixed-rate period expire?
- What is your estimated property value?
- What outcome matters most to you?
Your main objective may be:
- Lower repayments
- Lower total interest
- Improved loan features
- Access to an offset account
- Debt consolidation
- Equity access
- A shorter loan term
- A different fixed and variable structure
- Preparation for a future property strategy
Also be prepared to confirm whether you are:
- PAYG
- Self-employed
- An investor
- Receiving rental income
- Receiving income from multiple sources
Frequently Asked Questions
Will refinancing reset my loan term?
It can. A new lender may offer a new loan term of up to 25 or 30 years. Extending the term may reduce the required repayment but may increase the total interest paid over time. Ask for calculations based on:
- Your current remaining term
- The proposed new term
- A shorter term
- A repayment amount that remains affordable.
What costs can apply when I refinance?
Potential costs may include:
- Discharge fees
- Fixed-rate break costs
- Application fees
- Establishment fees
- Valuation fees
- Legal fees
- Settlement fees
- Title-registration fees
- Government charges
- Annual or package fees and
- Lenders mortgage insurance or other risk-related charges where applicable
The correct comparison is the expected benefit after all relevant costs.
What is a refinance break-even period?
The break-even period is the approximate time required for expected savings to recover the cost of refinancing.
For example:
- Estimated switching costs: $2,400
- Estimated monthly saving: $200
- Simple break-even period: approximately 12 months
This simplified calculation may not account for every variable. A complete assessment should also consider:
- The loan term
- Interest-rate changes
- Account fees
- Offset balances
- Additional repayments
- Changes in customer behaviour
Is debt consolidation always cheaper?
No.
The interest rate may be lower, but the total interest may increase where the debt is repaid over a much longer period. A suitable consolidation should include:
- A defined repayment strategy
- Clear repayment targets
- Appropriate controls over existing credit limits
- Monitoring after settlement.
Is an offset account always worthwhile?
No.
Its value depends on:
- The average balance held in the account
- The interest rate
- Annual or package fees
- Whether the offset is full or partial
- Which loan split the offset applies to
- The customer’s cash-management behaviour
A customer with a consistently low balance may receive less benefit than the cost of the feature.
Is an offset account the same as redraw?
No.
An offset account is a separate account linked to an eligible loan. Redraw generally involves accessing additional repayments previously made directly into the home loan. Access rights, tax treatment and product conditions may differ. Customers with investment or mixed-purpose loans should obtain appropriate taxation advice.
Can I refinance a fixed-rate home loan?
Potentially.
A break cost may apply where the fixed-rate period has not expired. Obtain a current payout figure before deciding.
Can refinancing help me pay off my home loan faster?
Potentially.
A customer may pay the loan off faster through:
- A lower interest rate
- A shorter term
- Maintaining the previous repayment amount
- Additional repayments
- Lump-sum repayments
- More frequent repayments or
- Disciplined offset-account use
Actual outcomes depend on the loan balance, rate, fees, product conditions and customer behaviour.
Can investors refinance?
Yes, subject to lending criteria.
Investors should examine:
- Interest rates
- Comparison rates
- Cash flow
- Loan purpose
- Deductibility
- Loan splits
- Property strategy
- Tax consequences
- Vacancy risk
- Maintenance costs
- Portfolio concentration
- Refinancing costs
Independent tax and financial advice may be appropriate.
Can self-employed customers refinance?
Yes, subject to product requirements and verification.
Evidence may include:
- Personal tax returns
- Business tax returns
- Notices of assessment
- Business financial statements
- Business Activity Statements
- Business bank statements
- Other acceptable income evidence.
Can I release equity when refinancing?
Potentially.
Approval depends on:
- The property value
- Loan-to-value ratio
- Serviceability
- Income and expenditure
- Credit assessment
- The purpose of the additional funds
- Product eligibility
- Applicable lending criteria
Borrowing additional money increases debt and total interest and should be considered carefully.
What happens if I am experiencing financial difficulty?
Contact your current lender or Mortgage House as early as possible. Refinancing is not always the appropriate hardship solution. Depending on the circumstances, a customer may need:
- A hardship variation
- Temporary repayment assistance
- A repayment arrangement
- A financial counsellor
- Another support pathway
Free financial counselling may be available through the National Debt Helpline.
Does applying affect my credit report?
A formal credit application may result in a credit enquiry. Multiple applications within a short period may affect how prospective credit providers assess the customer. Avoid submitting multiple applications merely to test possible outcomes.
How long does refinancing take?
Timeframes vary according to:
- Application completeness
- Document quality
- Income verification
- Expense verification
- Property valuation
- Credit assessment
- Document execution
- The outgoing lender’s discharge process
- Settlement availability
A completion date should not be represented as guaranteed unless that commitment is formally supported.
Should I choose the lowest advertised rate?
Not necessarily.
Compare:
- The interest rate
- The comparison rate
- Total fees
- Required repayments
- The loan term
- Product conditions
- Offset arrangements
- Redraw arrangements
- Fixed-rate restrictions
- Additional-repayment conditions
- Service standards
- The total expected cost
Make an Informed Decision
Mortgage House has provided an alternative to major banks since 1986.
Our Lending Specialists can help you:
- Review your current loan
- Understand available Mortgage House options
- Compare rates and costs
- Assess useful loan features
- Evaluate debt-consolidation options
- Examine offset-account strategies
- Calculate switching costs
- Assess whether refinancing may improve your financial position.
A refinance should not proceed merely because a new advertised rate appears lower. The:
- Numbers
- Loan structure
- Switching costs
- Product features
- Risks
- Loan term
- Intended customer outcome
must work together.
Call Mortgage House on 133 144.
Monday to Friday: 8:00 am to 6:00 pm
Important Information
This page provides general information only. It does not take into account your objectives, financial situation or needs. Before acting, consider whether the information and any product are appropriate for you.
Review the applicable:
- Interest rate
- Comparison rate
- Fees and charges
- Target Market Determination
- Loan documentation
- Terms and conditions
- Required disclosures
Applications are subject to:
- Mortgage House lending criteria
- Verification
- Credit assessment
- Responsible-lending requirements
- Product eligibility
- Approval
Fees and charges may apply.
Interest rates and product conditions may change.
Refinancing may increase total interest where the loan term is extended.
Consolidating shorter-term unsecured debts into a home loan may increase the repayment period and converts those amounts into debt secured against property.
Offset, redraw, fixed-rate and additional-repayment arrangements are subject to the applicable product terms.
Tax outcomes depend on individual circumstances.
Obtain independent taxation, financial and legal advice where appropriate.
Customers experiencing financial difficulty should seek assistance promptly.
Free financial counselling may be available through the National Debt Helpline.
Independent consumer information and calculators are available through ASIC Moneysmart.
Mortgage House
ABN 98 081 508 054
Australian Credit Licence 393283