Home Loan Refinancing Brokers

Home loan refinancing brokers are worth their weight in gold. The average Sunshine Coast home loan term is approximately thirty years, so the right broker can help you save thousands by reducing your interest payments. Refinancing every few years can make a significant reduction in interest costs. We start with a home loan health check before we consider refinancing. We then compare 100+ Australian lenders to make sure you’re getting the very best deal available, suitable for your financial situation.

To refinance mortgages means to switch from your existing home loan product to a better, new home loan at a lower rate. You could switch to a different loan product with your current lender, but it often means switching to different banks and other lenders.

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A quick video about our Finance Brokerage on the Sunshine Coast

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What Refinancing Brokers Do

Often the first question our refinancing brokers are asked is, ‘Can I get a better interest rate from a different lender?’ But there are many other great benefits our team can help you with.

Refinancing your home loan can help

  • To pay off your existing loan or mortgage sooner
  • To review fees and charges to save money on your current home loan
  • To access equity in your property for renovations, life improvements or to take out another loan
  • To consolidate debt – you may be able to add your credit card or personal loan debts to your mortgage
  • To access additional loan features such as redraw facilities, flexible payments or an offset account
  • To access equity so you can buy a new home
  • To switch lenders – you may decide to switch from a bank to a non-bank lender. Some lenders are online only. As they don’t have branches, they often offer lower interest rates
  • To take advantage of new incentives offered by a bank or non-bank lender. Lenders often advertise incentives such as ‘new customer discounts’ or reduced interest rates.
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Refinancing home loan costs

To refinance your home loan is often to reduce your current outgoings, making repayments easier to manage and get you into the best financial position possible. An important starting point for our refinancing brokers is calculating your refinancing home loan costs. We check to make sure it’s going to give you savings. We make comparisons of what’s currently available from the major banks and lenders to compare the loan’s overall cost before giving you advice and the information you need to refinance your mortgage.

We compare your options and only recommend a switch if it’s in your best interest! We make refinancing easy.

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The Refinance Process & Lenders

Evaluate Your Financial Situation

Before diving into refinancing, it’s essential to assess your current financial situation, including your credit score, outstanding debts, and how long you plan to stay in your home. This evaluation will help you determine the best refinance option and which loan provider is the right choice for you.

Credit Score Check

Your credit score plays a significant role in the interest rate and terms you can secure for your new mortgage. We review your credit report, address any errors, and work on improving your credit score if necessary.

Comparison Of Lenders

As your mortgage brokers, we compare loan options by checking interest rates, fees, and cash-back offers to help you find the best lender that suits your needs. We choose between 100+ banks, credit unions and 3rd-tier lenders.

Gather Required Documents

Lenders will require various documents to process your refinance application. Common documents include pay slips, tax returns, bank statements, and information about your current mortgage. Be prepared to provide all necessary paperwork promptly.

Get Preapproved

Once we’ve chosen a lender, we’ll get you preapproved for a new loan. Preapproval will give you a clear picture of the interest rate and loan amount you can afford, so you can make a final decision around your finances.

Application

We’ll complete the refinance application and submit it to your chosen lender.

Underwriting Process

The lender will review your application, verify your financial documents, and assess the property’s value through an appraisal. This step can take several few weeks to complete.

Closing

Once your refinance application is approved, you’ll move on to the closing stage. This involves signing the new loan documents and paying any early-termination costs. Your old loan will be paid off, and your new loan will take its place. This is an automated process for you. We handle it all.

Why Choose Our Refinancing Brokers?

Best Mortgage Broker for Refinancing

With hundreds of loans available in the mortgage marketplace, why limit yourself to what your bank offers? The best mortgage broker for refinancing is one that compares the most lenders and listens carefully to your niche situation. We compare a variety of home loan products from Australia’s leading lending institutions.

Keep Competition Alive

We work with multiple lenders to keep competition alive.

If Mortgage Brokers were not in business, competition and choice in the home loan industry would decline. Bank power and the risk of higher interest rates would increase, leaving Australians to pay the price.

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Using A Broker

Once we’ve established which loan suits your needs, and what monthly repayments are manageable, we’ll get to work on your application, complete all the paper-work and submit it to the bank on your behalf. Refinancing with a mortgage broker will save you time, stress, and to get things moving as quickly as possible so you can complete the refinance process sooner.

A Simple Way To Save

If there are savings to be made on your home loan, despite the refinancing home loan costs, we’ll help you to make the switch. Often, banks off-set this cost with a cash back offer. Why? Because the Reserve Bank of Australia (RBA) has dropped the cash rate to a record low, and lenders are currently competing hard for your business.

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Genuine Customer Reviews & Comments

Instead of talking our low-doc finance brokerage up, please take a minute to read our customer Google reviews. This is a direct feed from our public Google business account, so you know each review is 100% genuine.

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

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!

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.

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.

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.

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.

Thea Hambuechen
12/4/2024

It has been a pleasure dealing with Luke and his team. During the process Alicia and Shayna have been very informative and kept in contact regularly to make sure we knew what was happening every step of the way! We will definitely be using Loanright in the future and highly recommend. Thank you again for helping us purchase our first home.

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!

Alyshia Judd
12/2/2024

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

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.

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.

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!

FAQ’s Our Refinancing Brokers Get Asked

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.

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