Is Your Home Loan Still
Working For You?
If you haven't reviewed your home loan in a couple of years, there's a strong chance you're paying more than you need to. We compare 40+ lenders to find you a better rate, better features, or both — and handle the entire process at no cost to you.
What Is Home Loan Refinancing?
Refinancing your home loan means replacing your existing loan with a new one — usually to get a better rate, lower your repayments, or access the equity you've built up. Once your new lender pays out your old loan, you begin making repayments under the updated terms.
The process typically takes 4–6 weeks from application to settlement. We handle all the paperwork and lender communication — you just need to keep us across any changes to your situation.
See If It's Worth Switching →Why Do Australians Refinance Their Home Loan?
Understanding your 'why' helps determine whether refinancing is the right move for your situation.
Securing a Better Rate
Even a 0.5% rate reduction can save tens of thousands over the life of your loan. With rates changing regularly and lenders competing for new business, many borrowers find they can secure a meaningfully better deal by switching — especially if they haven't reviewed their loan in the last 2–3 years.
Accessing Your Home Equity
Equity is the difference between your property's current value and what you owe. Refinancing can unlock that equity for:
- Home renovations or improvements
- Investment property deposits
- Debt consolidation
- Major life expenses
Consolidating Debt
Rolling high-interest debts (personal loans, car loans, credit cards) into your mortgage can significantly reduce your total monthly repayments. We help you structure this correctly so you don't end up paying more interest over the long term.
Switching Loan Features
Your needs change over time. You might want an offset account, redraw facility, the ability to make extra repayments, or to switch from principal & interest to interest only (or vice versa). Refinancing lets you get the loan that actually fits your life now.
Changing Your Loan Term
Extending your loan term can reduce monthly repayments. Shortening it reduces total interest paid. We help you find the right balance for where you are now — and where you're headed.
When Should You Refinance?
Timing matters. Here are the clearest signs it's worth reviewing your loan:
Your Fixed Rate Period Is Ending
When your fixed term expires, you'll revert to your lender's standard variable rate — often significantly higher. This is the ideal window to shop around before the revert hits.
You Haven't Reviewed in 2+ Years
Lenders offer their best rates to new customers. If you've been with the same lender for years, there's a strong chance you're paying a loyalty tax. A quick review costs nothing.
Your Property Value Has Increased
Higher equity means better LVR — which unlocks lower rates, removes LMI, and gives you more lender options. A rising market works in your favour when refinancing.
Your Financial Situation Has Improved
Promotion, paid off debts, improved credit score? These changes can qualify you for better terms that weren't available when you first borrowed.
Your Loan No Longer Fits Your Life
Planning to renovate, invest, or consolidate? If your current loan is restrictive, refinancing gives you the features and flexibility your situation now requires.
How Much Could You Save?
The potential savings from refinancing depend on your loan size, current rate, and how long you've been with your lender. Here are two common scenarios.
Important: These examples are hypothetical illustrations for educational purposes only, as at April 2026. They do not represent actual loan products or specific offers of credit. The interest rates and figures shown are illustrative scenarios and may not reflect current market rates. Rates change over time. Comparison rates have not been calculated as these are not formal credit offers. Your actual savings, rates, and repayments will depend on your specific circumstances, credit profile, loan size, and lender. Always request a formal quote and comparison rate from your lender before making refinancing decisions.
Rate Reduction Example
$500,000 loan · 25 years remaining
Hypothetical example only. Your actual savings depend on your specific loan, circumstances, and lender offers.
Debt Consolidation Example
$450,000 mortgage + $30,000 in other debts
Consolidating debt extends repayment term. This is a hypothetical scenario. Total interest impact depends on your situation.
The Refinancing Process — Step by Step
We handle the complexity. Here's what to expect.
Free Assessment
- Review your current loan and rate
- Identify your goals (rate, equity, consolidation)
- Calculate your potential savings
Lender Comparison
- Compare 40+ lenders simultaneously
- Match lenders to your LVR, income, and goals
- Present your top options clearly
Application
- We prepare and submit all paperwork
- Manage lender communication
- Keep you updated throughout
Approval & Valuation
- Lender orders property valuation
- Formal approval issued
- Discharge paperwork prepared
Settlement & Beyond
- New lender pays out existing loan
- Rate reviews every 6 months
- Ongoing support as your needs change
Refinancing With Based Finance vs Going Direct
| Feature | Based Finance | Going Direct to a Lender |
|---|---|---|
| Compare 40+ lenders simultaneously | ✓ | ✗ |
| We negotiate on your behalf | ✓ | ✗ |
| Completely free service | ✓ | ✓ |
| Ongoing rate reviews every 6 months | ✓ | ✗ |
| We prepare all paperwork | ✓ | ✗ |
| Plain-English explanations beyond settlement | ✓ | ✗ |
| Recommendations based on your needs, not lender preferences | ✓ | ✗ |
Refinancing After Using the First Home Guarantee?
If you originally purchased using the Australian Government's First Home Guarantee (5% Deposit Scheme), refinancing may still be available — but there are important considerations.
In some cases, refinancing with another participating lender allows you to retain the government guarantee. If you move to a non-participating lender and have less than 20% equity, standard LMI may apply.
Eligibility rules and lender participation change regularly — we'll review your current position and explain your options before you commit to anything.
What Sets Based Finance Apart for Refinancing
We Compare, Not Just Arrange
Strategic lender matching designed to protect your position and improve your loan — not just process paperwork.
Structured for Approval
We match lender policy before price. Cleaner submissions mean fewer conditions and stronger outcomes.
40+ Lenders. Zero Favourites.
Major banks and specialist lenders. We choose based on your situation — not convenience or habit.
Fast Turnaround
Most pre-approvals within 2–5 business days. We manage documentation, lender communication, and settlement end-to-end.
Free Service: No Broker Fees
Our service is completely free to you. We're paid by the lender after settlement — expert strategy at zero out-of-pocket cost.
Support Beyond Settlement
Your loan is reviewed regularly to keep pricing competitive and structure aligned with your long-term goals.
Plain-English Guidance
We explain every option clearly — rates, fees, features, and trade-offs — so you make confident decisions.
Forward-Thinking Structuring
We structure your refinanced loan with your next move in mind — whether that's investing, renovating, or paying it off faster.
Ongoing Relationship
We don't disappear after settlement. We're your broker for life — regular check-ins, rate reviews, and strategic advice as your situation evolves.
Frequently Asked Questions — Refinancing
Refinancing is generally worth considering if you can save 0.3% or more on your interest rate and plan to stay long enough to recover switching costs (typically under $1,000). We provide a free analysis comparing your current loan against the best available alternatives — with an honest recommendation either way.
Costs typically include a discharge fee from your existing lender ($150–$400) and a new lender application or settlement fee ($0–$600). Many lenders offer cashback incentives that can offset switching costs entirely. We outline the full cost-benefit before you commit to anything.
There is no legal limit on how often you can refinance, but doing so too frequently can impact your credit file. We recommend reviewing every 2–3 years. We proactively review your rate every 6 months after settlement and alert you if a better option becomes available.
Every lender application generates a credit enquiry, which has a small, temporary impact on your credit score. We assess your options before submitting any formal applications — so your credit file is only touched once you are proceeding with a lender you are likely to be approved by.
Yes. If your property has increased in value, you may be able to refinance to a higher loan amount and access built-up equity as cash — for renovations, investment deposits, or other purposes. Lenders typically allow you to borrow up to 80% of the property's current value. We calculate the maximum equity release available to you.
Yes. Self-employed borrowers can refinance, though lenders typically require 2 years of tax returns and financial statements to assess income. Some lenders offer low-doc refinance options. We match self-employed clients to lenders with the most favourable assessment policies.
Most refinances settle within 4–6 weeks of application. We manage the discharge of your existing loan, the new loan application, and settlement coordination.
Get Your Free Refinance Assessment
Find out if refinancing makes sense for your situation — we'll review your current loan, compare your options, and give you an honest recommendation. No cost, no obligation.
What Can You Actually Borrow?
Tell us where you're at — we'll give you a straight answer on what you can borrow, which lenders suit your situation, and what it'll actually cost. No broker fees, ever.
Tell Us What You're After
This page contains general information only and does not constitute financial or credit advice. Refinancing may not be suitable for everyone. Fees and charges may apply. Please speak with a qualified mortgage broker to discuss your individual circumstances.