Refinancing is the process of moving the home loan on your current property to a new deal. This can either be with the same lender or a different one.

There are a number of reasons as to why it may be time to refinance, including but not limited to:
● Your current fixed rate deal is ending
● You're assessing your finances and believe refinancing could save you money
● You're on a standard variable rate and want to switch to a fixed-rate home loan
● You're planning on releasing equity from your property to pay for home improvements

If your discounted term is coming to an end, it's recommended that you start the refinancing process six months beforehand. You can refinance at any time, but bear in mind that you may need to pay an early repayment fee to do so.

Our team of home loan brokers can support you throughout the entire refinancing process from start to finish. With access to thousands of deals, they'll be able to source a product that suits your individual circumstances.

Depending on your circumstances, there are a number of costs you'll need to take into account when refinancing:

● Early repayment fee (depending on when you choose to refinance)
● Possible product fee to a new lender
● Conveyancing and valuation fees
● Potential home loan broker fee

If you've changed roles or increased your earnings in full-time employment, you'll need to provide your current employer's details on your home loan application.

However, if you've moved to part-time work or your wages have decreased in a new role, the amount you can borrow will be impacted. There are also different rules for those who are self-employed or on maternity leave when refinancing.

Talk to your home loan broker about any changes in circumstances, so they can assess your finances and offer guidance on the options available to you.

On average, the refinancing process takes between four to eight weeks. However, just as everyone's financial circumstances are different, there is no set time that it will take to refinance, so this timeframe isn't guaranteed.

This depends on whether you refinance with your current lender or a new one. Refinancing with your existing lender is known as a product transfer, so no additional legal work is needed.

Meanwhile, refinancing with a new lender will require a conveyancer. Certain home loan products will cover the cost of the legal fees as part of the deal, so check with your broker if this applies to you.