Refinance Personal Loans

There are several reasons our clients may choose to refinance a personal loan. It may be to consolidate one or more existing debts into one manageable repayment. Maybe it’s to reduce your overall monthly outgoings, or even to reduce the existing interest rate. Either way, we’ve got you covered.

Your details are secure

5.0
lottie-preview

Our Refinance Personal Loan Promise

Many finance brokers shy away from assisting clients with smaller transactions like these and prefer to chase the bigger dollars that come from larger loan settlements. We believe that no matter the loan size, or the financial benefit to our business, happy clients come back and actively refer their friends and family to us. We want to make sure we look after you today and use all our resources to help put you in the best financial position moving forward.

APPLY NOW
sunshine coast finance

Sunshine Coast Brokers That Care About Your Financial Success

Whether you’re looking to refinance a personal loan into your existing Home Loan, or just refinance your personal loan into a new personal loan facility, our experienced finance advisors will guide you through the pros and cons of all the options. We want to make sure you’re equipped with a clear picture of what each of the options looks like, so that you can make a well-informed decision on how you’d like to proceed.

mortgage broker coast

100+ lenders to compare & access Australia’s best rates

View all lenders

Sunny Coast Locals Sharing The Experience they Had With Loanright

australia-freedom

Documents That Lenders Will Require

The documents you will need to provide to the Bank or Lender will vary depending on the loan type and the institution you apply through. We’ll let you know exactly what you’ll need to send us but it’s likely you’ll need to supply the following documents at a minimum.

  • Identification: Generally, 100 points of ID including either your driver’s licence or passport.
  • Verification of Income: Depending on your income type, this could be recent Payslips and/or Tax returns.
  • Verification of Liabilities: Whether your existing liabilities are to be re-financed as part of the application, or to continue post settlement, most lenders will want to see statements to confirm good conduct on these.
  • Verification of security: Depending on the loan type, your Bank or Lender may need to verify the security for your new loan (If any). This could be Rates Notice for an existing property or even a registration certificate for a car.

We like to keep the process as simple for you as we can. If we don’t need it, we won’t ask for it, and we’ll send you a list of everything we need upfront.

The Mortgage Brokering Process For Refinance Personal Loans

Getting a home loan isn’t always a walk in the park—it can be a bit of a process, but if you team up with one of our mortgage brokers, we’ll have your back every step of the way, making sure you’re on the right track from the get-go.

  • Initial chat: During our initial chat, we’ll find out about your current financial position, needs and objectives, and share some knowledge on the potential options and outcomes.
  • Collect Documents: Once we know a little bit about you, we can send through a checklist of the items we’ll need to accurately assess your options.
  • Research: Once we have all the information we need, our team will shop the market and put together comparisons of some of the best options available..
  • Game plan meeting: It’s best if our Game Plan meeting can be held in person or over a video chat so that we can show you step you thought the comparison, talk through the pros and cons, and make adjustments to suit your needs in real time. At the end of this meeting, our aim is to make sure that you know exactly what the various options mean for you and so that you can make an informed decision on how to proceed.
  • Apply for your loan: Whatever bank, lender, product, and loan structure you decide on, we’ll submit your loan through the appropriate channels and manage your assessment through to approval.
  • Settlement / Draw down: Once your loan is approved, you will need to sign some loan documents. We’ll guide you through these and submit your documents for settlement. On settlement, your personal loan will be cleared and refinanced into the new loan facility.

Your details are secure

5.0
lottie-preview

Refinance Personal Loans Support

  • We’ll take the time to listen to exactly what you’re trying to achieve
  • We’ll shop over 100 loan products and draw up some detailed comparisons to share with you
  • We’ll make sure you have a full understanding of each of the options and what these mean to you now and going forward
  • We’ll handle the application process for you and manage your loan application right through to settlement.
  • We want to make sure that your new loan product covers your needs and objections and that any future risks and benefits have been fully explained.

Your details are secure

5.0
lottie-preview

How Can Refinancing Personal Loan Help Your Financial growth?

Refinancing a personal loan could cost you more in the long run, even with a lower interest rate. However, it could be that by consolidating your existing personal debt over a longer term, your re-finance loan puts you in a more manageable financial position, or even in the position to buy your next home.

image

Why Work With Our Brokers When Securing Refinanced Personal Loans?

With so many options for the refinance of your personal loan, why limit yourself to a provider that only has access to one or two alternatives? There are very few Banks/Lenders and loan types we don’t have access to, and we’ll make sure to consider them all.

APPLY NOW

Your details are secure

5.0
image

Customer Reviews & Comments

Instead of talking our refinance brokerage up, read our customer reviews. This is a direct feed from our Google business reviews, so you know every review is 100% genuine.

Rosalyn Taylor
12/4/2024

Brett and Alicia were a fantastic team to work with. Efficient, knowledgeable and supportive. They made the process so much easier than it could have been. Highly recommend!

Tegan Shingles
12/4/2024

Sam & Shayna have been fantastic throughout my whole processing of purchasing my new home. No question went unanswered and both have always been a pleasure to talk to.

Felipe Prado
12/4/2024

We trust the Team at Loanright with our financial guidance. Throughout the whole process they make sure you are informed in time, accurately and with all the transparency you could ask for. It really sets you at ease that they have your best interest in mind. Their customer service is prestine and always available for you to ask any questions you may have. Thank you Loanright Team!

Nicholas Hopkins
12/4/2024

Luke and his fantastic team will take care of everything, An honourable mention to Deb Moss for meeting me at 6 am at a BP station to sign docs on here day off to enable me to get the house I had been chasing for months. Ledgends. Have dealt with Luke and his team before and will use them again and again their service is second to none.

Mellissa Lambert
17/1/2024

We’ve used the expertise of Luke, Shayna and the Loanright team on two separate occasions now, I must say their service is second to none and they get the job done In record time. No question was too silly, they always have time for us. Would use again and recommend in a heart beat to anyone else needing brokerage assistance. Many thanks.

Ashley Pearce
12/3/2024

Luke and the team helped us with a refinance and we couldn’t be happier with the result. I would highly recommend the Loanright team to anyone.

Tim McGary
12/4/2024

OMG!! These guys are next level good. They have just settled our new home loan and we had another guy that took 4 weeks and did nothing. We then called these guys after a friend said they were amazing. They got us a home loan approved from start to finish in 35 days and I have just been released from a personal bankruptcy a few months back. We were unconditional on our purchase contract by the time we met these guys so they had to do everything perfectly and super quick. They did it with ease and the customer service and follow up and friendly attitude was totally incredible. I couldn’t recommend them anymore if I tried.

Cassie McKee
12/4/2024

Luke and Shayna were awesome during the process of us buying our first home. So many things can be confusing during the process for first time and they were always happy to talk us through things no matter how small. Held our hand through the process and were able to get us into our first home. Very glad we found them. Highly recommend Loanright

Alyshia Judd
12/2/2024

I had a fantastic experience with Alicia. Super friendly, warm and knowledgeable 10/10.

Adrian Chrisanthou
12/4/2024

Thanks so much Brett for your professionalism and tenacity in regards to getting my deal done with loanright. I look forward doing business with you in the future as I found the experience seemless and timely. Keep up the great work Brett and team

Daniel O’Dea
12/4/2024

Brett and Alicia came highly recommended from a work colleague. I had previously gone through a pre approval process with another broker (which will remain unnamed). The difference was night and day. Being a first home buyer I had no idea what I was doing. Both Brett and Alicia were so accomodating and answered all my silly questions and walked me through EVERYTHING step by step. We had my pre approval through in about a quarter of the time of the last brokers!! Once I found the home I wanted to buy it was literally the easiest thing in the world. They will be getting all my business.

Kimberley Priest
12/4/2024

Have had the best experience working with these guys to purchase our investment property. Great application system, so quick and easy, and all questions answered promptly along the way. Highly recommend!

FAQ’s About Personal Refinancing

Can I refinance a Personal Loan into a Home Loan?

Yes, providing you have enough equity in your property to absorb the balance of your personal loan into your home loan, and serviceability checks out. We’ll be able to give you a good indication if this will work during our Initial Chat.

Can I refinance a Personal Loan if I’ve missed my repayments?

The answer to this will depend on the overall strength of your application, the reason your payment/s were missed, and the individual appetite of the lender you apply with. Our finance professionals will make sure your loan is submitted to the lender who gives you the best opportunity for approval.

What exit costs or fees can I expect when re-financing a Personal Loan?

This will depend on the exit costs written into the contract for your existing Personal Loan. Typically, these may include an early termination fee, based on the number of months remaining on your existing loan term. Your existing personal loan provider should be able to tell you this at any given time.

Can I refinance with a different lender?

Yes, and there are so many options and ways to do this. We’ll spend the time to find out exactly what you’re trying to achieve by re-financing your personal loan and put together some solutions that meet your ongoing needs and objectives.

Are there any fees associated with Refinancing Personal Loans

Yes. These will depend on the new loan type, as well as the inbound lender’s fee structure. We’ll want to make sure that the cost to refinance justifies refinancing in the first place.

How does re-financing affect my interest rate?

Your ongoing interest rate will depend on your new loan product and the rates available through your new financial institution. However, even with a lower rate, re-financing to a longer loan term can still cost you more interest in the long run. We’ll want to compare the total loan cost on your ‘Refinance Loan’ against the remaining loan cost you expect on your existing Personal Loan.

What is refinancing?

To refinance means to switch from your existing home loan product to another.

An average home loan term is 30 years. Your needs change over the years, so why should your home loan stay the same? It’s important to review your home loan to make sure it still meets your needs.

A few years into your mortgage, you may also notice better deals in the marketplace. Refinancing can allow you to take advantage of these offers.

Contact us today to see if there are savings to be made.

What are the refinancing home loan costs

Refinancing home loan costs vary, depending on the T’s & C’s of your current loan.

Your current lender may charge penalty fees to switch your home loan, however this may be worthwhile depending on your reason for refinancing.

For example, any fees may be offset by the savings made on the new loan. Or if you’re refinancing to access funds for renovations or a new car, the refinancing fee may be cheaper than taking out an additional loan.

We’ll compare the value of any offers and the overall cost before assisting you to refinance your loan.

How much could I save by refinancing?

How much you could save depends on your individual circumstances. We need to look at how much you have left to pay on your loan and how long you’ve had the loan for, among other factors.

A recent RBA study found that for loans 4+ years old, borrowers are charged an average of 40 basis points higher interest than newer loans.

“For a loan balance of $250,000, this difference implies an extra $1,000 of interest payments per year,” explains the RBA.

If your loan amount is higher than the above example, or if your loan is older, then refinancing may save you even more than $1000 in interest payments each year. Contact us today to discuss your scenario and your refinancing options.

What’s the benefit of using a Refinancing Broker?

A refinancing broker researches and compares all lenders to see which will give you the best financial position when taking a home loan. They’ll negotiate on your behalf, complete most of the paperwork for you, and this service doesn’t cost you a cent. They get their commissions from the bank. They often save you money in comparison to you going directly to the lender.

When can I refinance my home loan?

If you’ve had your current loan for more than two years, it’s time for a home loan review! Give us a call today on 1800 115 626 or enquire online.

How many lenders will you compare?

We have strong relationships with more than 40 lenders. That’s hundreds of loan products!

As professional Mortgage Brokers we compare your options, provide choice, market knowledge, outstanding service and advocacy for you the borrower. Contact us today for an obligation-free quote.

Can I refinance my home loan to a new lender?

Yes! You could switch to a different loan product with your current lender, but refinancing often means switching to a different bank.

We’ll assess your scenario, and then match you with the property finance product that best suits your needs.

And don’t worry about the paperwork required to make the switch, we’ll make sure the transition from one lender to another is hassle-free. Get started today.

How long does refinancing a mortgage take?

There’s no set expectation in Australia for how long refinancing will take, and it varies between lenders, and whether or not you’re switching lenders. However, it would be a safe estimate to assume your refinancing process could take a month or so to complete.

Get In Touch With A Broker Near You

If you’d like more information about how to use finance to grow your business, then reach out and our commercial finance team will happily assist. Whether you’re in the market for vehicle finance, or specialist equipment, we have 100+ lending partners to choose from. You’ll be tapping into Australia’s largest network of banks and lenders.

This field is for validation purposes and should be left unchanged.