Refinancing means switching your home loan to a different lender. It might save you money by getting a lower interest rate or consolidating debts, but it also comes with costs and takes time, so weighing the pros and cons is important.
Refinance your home loan
Refinancing can be simplified with the right support. Book a free consultation with us to review your loan and see if you can potentially save in the long run.
Request Free Assessment
1
Compare option and lenders
Don't miss out on great deals: the perfect time to secure a better home loan
- We recognise your motivation for refinancing, whether it’s to secure a lower interest rate, modify your loan features, or switch to a different lender.
- We work with a network of lenders to find the best options for you.
- We negotiate on your behalf to get you the most favorable terms.
- Clarify the refinancing process and required documents.
2
Apply for your new home loan
Your path to better rates, opportunities, and savings
- Choose your preferred loan option and complete the application process.
- Your property may need to be re-valued (we will confirm).
- We will prepare and submit the paperwork to the lender.
Property Valuation
Your new lender may require a property valuation to determine the loan amount they're willing to offer. This may incur a fee, which we will consider when assessing the benefits of refinancing.
3
Discharge and settle
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- Upon approval, your broker and new lender will inform your current lender about the payout.
- Your current lender will provide a final payout figure once the settlement date is known.
- Your new lender will pay out your old loan, and your broker will manage the process.
- Settling and discharging your old mortgage.
- Registering your new home loan.
- Allocating funds and setting up accounts.
- Informing you about your first payment and future repayment details.
4
Start repayments on your new loan
Embark on your new loan journey
- Receive documentation for your new loan and begin making repayments.
Refinance Timeline
The entire refinancing process usually takes a few days to just over a month, depending on factors like the lender's processing times and loan complexity.
Frequently Asked Questions
Answers to questions we get asked all the time.
What’s refinancing?
How long does it take to refinance a house?
The time it takes to refinance can range from one week to two months, typically taking around 30 to 45 days. The actual duration depends on factors like how quickly you provide documents, the lender's processing times, property appraisal times, and closing arrangements.
How much can I borrow when refinancing?
The amount you can borrow depends on your specific situation, but you can get an estimate by using our borrowing calculator or talking to one of our home loan specialists for a more personalized assessment.
What costs are involved in refinancing?
Refinancing may involve costs like discharge or break fees from your current lender, plus potential application and valuation fees for your new loan. However, these costs can be offset by the savings you might gain from a better interest rate or loan terms.
Get access to competitive rates from leading lenders
We negotiate the best rates with over 30+ lenders based on your specific situation.
We excel at finding what's best for you
Our team of experienced brokers is ready to tackle your toughest mortgage and finance scenario and ensure you receive the best advise.
Why choose Capital Connections?
- We provide a wide selection of loans from various lenders, maximising your chance to borrow the amount you need at the lowest rate.
- We are legally obligated to prioritise your needs and make decisions that benefit you the most.
- Access to advanced professional tools for accurate loan assessments ensure we select the best option available on the market.
- Personalised advice based on our experience, extensive knowledge and qualifications.
Prince Upreti Finance Broker
Navin Yadav Sr. Finance Broker