The Refinancing Process

Step 1: Free Loan Health Check (15-30 minutes)

We review your current loan:

• Current interest rate and fees
• Loan features and limitations
• Remaining balance and term
• Your current circumstances

We then research market alternatives and provide:

• Potential savings calculations
• Better loan options
• Whether refinancing makes financial sense
• Break costs if applicable

No obligation to proceed—we simply show you what’s possible.

Step 2: Application Preparation (1-2 days)

If refinancing benefits you:

• Collect required documents
• Research best options across 40+ lenders
• Prepare comprehensive application
• Explain recommended loan options

Documents needed:

• Recent payslips or tax returns
• Bank statements (3-6 months)
• Current loan statements
• Property estimate (we can assist)
• ID documents

Step 3: Lender Submission and Approval (7-14 days)

We submit your application:

• To lender offering best terms
• With complete documentation
• Professionally presented

Lender assesses:

• Your current financial position
• Property value (may order valuation)
• Credit history
• Serviceability

We manage: All communication, document requests, and follow-ups.

Step 4: Loan Documentation and Discharge (1-2 weeks)

Once approved:

• New lender prepares loan documents
• You review and sign
• New lender arranges discharge of old loan
• Old lender releases mortgage

We coordinate: Settlement timeline, solicitor involvement if needed, smooth transition.

Step 5: Settlement and Account Setup (Settlement day)

Final steps:

• New loan funds old loan payout
• Mortgage transferred to new lender
• New loan account established
• You start saving immediately

Post-settlement support: We help set up online banking, offset accounts, and explain loan management.

Total timeline: Typically 3-5 weeks from application to settlement.

Refinancing Costs to Consider

Upfront Costs

Discharge Fee (Old Lender):

• Typically $200-$400
• Cost to release your mortgage

Application Fee (New Lender):

• $0-$1,000 depending on lender
• Many lenders offer $0 application fee promotions
• We prioritize lenders with minimal or waived fees

Valuation Fee:

• $200-$600 typically
• Sometimes waived by new lender
• Some lenders use automated valuations (free)

Solicitor/Conveyancing:

• $200-$800 for basic refinancing
• More if complex title issues
• Some brokers include this in their service

Settlement Fee:

• $200-$400
• Processing settlement

Total typical costs: $800-$2,500

Potential Break Costs

Fixed Rate Break Fees: If you’re in a fixed rate period:

• Break costs can be $0 to $20,000+
• Calculated based on:
  • Remaining fixed term
  • Current interest rates vs your fixed rate
  • Remaining loan balance

When break costs apply:

• Breaking fixed rate loans early
• Generally no break costs on variable loans
• Some lenders waive break fees in certain circumstances

Our service: We calculate exact break costs and determine if refinancing still saves money overall.

Ongoing Costs

Annual Package Fees:

• Many new loans have $0 ongoing fees
• Some charge $300-$400 annually

Monthly Service Fees:

• Range from $0-$30 per month
• Factor into total cost comparison

Our approach: We calculate the total cost of ownership over the typical loan life, not just headline rates.