Refinancing. Is Your Current Loan Still Working for You?
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If you’ve had your home loan for more than two or three years — or your fixed rate is about to expire — it’s worth finding out whether what you’re on is still competitive. Rob will review your current loan, compare it against what’s available now, and give you an honest answer. If switching makes sense, he’ll show you how. If it doesn’t, he’ll tell you that too.
Most people don’t review their home loan until something forces them to.
Here’s why that’s worth changing.
The home loan you took out two, three, or five years ago was right for your situation at the time. Your situation has probably changed since then, and so has the lending market.
The most common reasons why people come to Wiser Home Loans to Refinance
Your fixed rate is expiring and you don't know what you're rolling onto.
When a fixed rate term ends, most lenders automatically roll you onto their standard variable rate — which is frequently higher than rates available to new customers. This is sometimes called the “loyalty tax.” The window when your fixed term expires is one of the most important moments to review your loan, and it passes quickly. If your fixed rate is expiring in the next three to six months, now is the time to look at your options. Variable rates are subject to change. Current rates should be verified at the time of any refinance assessment.
Your income, family situation or financial goals have changed significantly since you took out your loan.
A loan that was structured correctly for a single income is structured differently to one that suits two incomes. A loan set up before you had children looks different to one that factors in school fees and changed cashflow. If you’ve been promoted, changed jobs, become self-employed, separated, or had any other significant life change — your loan structure may no longer reflect your actual situation or serve your current goals.
You've built up equity in your property but you're not sure how to use it — or whether you should.
As property values rise and you pay down your loan, you build equity: the difference between what your property is worth and what you owe. That equity can potentially be accessed — to fund renovations, purchase an investment property, consolidate debts, or cover other major expenses. Whether accessing your equity makes sense depends on your circumstances and how it would affect your overall lending position. This is one of the most common reasons property owners come to Rob for a review. Equity access is subject to lender assessment, property valuation and individual circumstances.
You're an investor and your current loan structure is making it harder to buy again.
Cross-collateralisation, poorly structured interest-only periods, or loans held with the wrong lender can all limit your ability to access further finance down the track. Rob sees this regularly — investors who came to him after realising that the structure of their existing loans was quietly reducing their future borrowing capacity. If you’re planning to grow a portfolio, reviewing your current structure sooner rather than later gives you more options to work with.
You suspect you're not on the most competitive rate available to you — but you don't know how to tell.
You think switching might cost you money in break fees — and you're not sure if it's worth it.
Break costs apply when you exit a fixed rate loan before the fixed term ends. They can be significant, and they are a genuine reason to pause before refinancing mid-fixed-term. However, many people assume break costs apply when they don’t — or overestimate how large they are. For variable rate loans, exit fees were banned for loans taken out after 1 July 2011. Rob will work out the actual cost of any exit fees or break costs that apply to your loan, weigh them against what you’d save by switching, and give you an honest picture of whether refinancing makes financial sense for your situation. Break cost calculations are provided by your current lender and are subject to their methodology. Rob can help you request and interpret this figure.
Refinancing isn’t just about a lower rate, it’s about making your loan fit the life you’re building now. Wiser Home Loans helps you reset, restructure, and move forward smarter.
What Wiser Home Loans does when you ask us to review your loan.
A refinance review with Rob involves six specific things. Here's what each one means in practice.
Works out exactly what you're currently on — rate, structure, features and cost.
Before Rob can tell you whether switching makes sense, he needs to understand your current position precisely. He’ll look at your interest rate (and whether it’s truly comparable to what’s advertised elsewhere once fees are factored in), your loan structure (principal and interest or interest only, offset account, redraw), your remaining term, and any features you’re actually using. A lot of people don’t know the full details of their own loan. Rob maps it out clearly before drawing any conclusions.
Compares your current loan against options from 70 lenders — not just the ones advertising on comparison websites.
Comparison websites show you advertised rates. They can’t assess whether you’d actually qualify for those rates, whether the loan features suit your situation, or what the lender’s policies are on things that matter for your borrowing profile. Rob compares your current position against real options from 70 lenders that he knows will assess your application favourably — and he looks at the full picture: rate, comparison rate, fees, offset functionality, and flexibility for future changes. Loan comparison is based on information available at the time of assessment. Product terms and rates are subject to change.
Tells you honestly whether refinancing makes sense — including the costs of switching.
Works out how much equity you have and what accessing it would mean for your loan.
If equity access is part of your reason for refinancing, Rob will assess your current loan-to-value ratio, what a lender is likely to value your property at, and how much equity you could potentially access — and what borrowing against it would mean for your repayments and overall lending position. This is not financial advice on what to do with the equity — that’s your decision and your accountant’s domain — but Rob can give you a clear picture of the lending side.
Gives you a written proposal explaining the recommended loan, the costs of switching, and why it's the right call for your situation.
If Rob recommends refinancing, you’ll receive a written proposal before anything is lodged: the recommended product, the rate and comparison rate, the structure, the estimated costs of switching, and why he’s recommending it over your current arrangement. Nothing proceeds without your full understanding and approval.
Manages the entire refinance process — from application to discharge of your existing loan.
Refinancing involves two moving parts: getting approved with a new lender and discharging from your current one. Rob handles both. He prepares and lodges your application, liaises with both lenders, manages the discharge paperwork with your current lender, coordinates with your conveyancer or solicitor where required, and keeps you updated throughout. Most refinances don’t require you to do much beyond providing documents and signing paperwork. [Subject to lender assessment and individual circumstances.]
Comparing loans from a panel of leading lenders
Wiser Home Loans Pty Ltd · ABN 37 692 735 087 · Credit Representative 575264 authorised under Australian Credit Licence 389328
How a refinance review works — from first call to settlement.
Step 1 · Free loan review call — 30 minutes
Your job: tell Rob about your current loan and what's prompting you to look. Rob will ask about your current loan — who it's with, roughly what rate you're on, whether it's fixed or variable, your approximate loan balance and property value. He'll also ask what's driving your interest in refinancing, whether that's a rate concern, an expiring fixed term, equity access, or something else. By the end of this call, Rob will have a clear enough picture to tell you whether a full review is likely to be worthwhile and what he'd be looking for. If it's obvious from the start that refinancing doesn't make sense for your situation, he'll tell you in this call and save you the time. Cost: free. Commitment: none.
Step 2 · Document gathering — typically a few days
Your job: provide your most recent loan statements, payslips or tax returns, and a recent rates notice if you have one. Rob sends you a clear, specific list. For a refinance, the document requirements are typically lighter than for a new purchase — you already have a lending history and an established property. He reviews everything, checks your current loan-to-value ratio, and runs your figures against the lenders he's identified as most likely to offer a meaningfully better deal. Rob's job: pull together your full lending picture and identify the best available options.
Step 3 · Review and recommendation — Rob presents his findings
Your job: review the proposal and ask every question you have. Rob presents his assessment: what you're currently on, what's available, the costs of switching (discharge fees, application fees, any applicable break costs), the net benefit over time, and his recommendation. If he's recommending a switch, he'll explain exactly why and what the new loan looks like. If the numbers don't support switching, he'll explain why staying put — or negotiating with your current lender — is the better call. You'll have as much time as you need before anything proceeds.
Step 4 · Application — typically a few business days to two weeks for approval
Your job: sign the application authorisation and any required documents. If you decide to proceed, Rob prepares and lodges your refinance application with the new lender — complete, with all required supporting documents. He tracks it with the lender, responds to their queries, and keeps you updated on progress. For most refinances, lenders reach approval within a few business days to two weeks of receiving a complete application. [Subject to lender processing times and individual circumstances.]
Step 5 · Discharge and settlement — typically two to four weeks after approval
Your job: sign the new loan documents when they arrive. Once your new loan is approved, Rob manages the discharge process with your existing lender — lodging the discharge authority, coordinating settlement dates, and ensuring the changeover happens cleanly. Your existing loan is paid out, your new loan begins, and Rob confirms settlement has occurred. For most owner-occupier refinances, you won't need to involve a conveyancer. For investment property refinances or more complex structures, Rob will advise if one is needed. [Subject to lender and state-specific requirements.]
From first call to settlement, most straightforward refinances take four to eight weeks. The timeline depends on your lender’s processing times, how quickly documents are gathered, and whether any complications arise. Rob will give you a realistic estimate based on your specific situation. Indicative only. Subject to lender processing times and individual circumstances. circumstances.
Amazing service Rob and the team at Wiser Home Loans knows their stuff inside and out. The depth of knowledge he brings is impressive. lenders, products, your specific situation. Honest advice, no jargon, and he genuinely cares about getting the right outcome. Made the whole process easy. If you're on the Gold Coast and need a home loan, look no further. Highly recommend.
Questions people ask us about refinancing.
How do I know if refinancing is actually worth it for my situation?
The honest answer is: you can’t know without a proper assessment. The key factors are the gap between your current rate and what’s available to you, the costs of switching (discharge fees, application fees, any break costs), your remaining loan term, and your current loan balance. Rob works through all of this and gives you a clear figure — what you’d spend to switch versus what you’d gain. If the numbers don’t support it, he’ll tell you. A review costs you nothing except 30 minutes on the phone.
Will applying for a new loan affect my credit score?
Yes, lodging a formal loan application creates a credit enquiry, which appears on your credit file. A single enquiry from a refinance is unlikely to have a significant or lasting impact on your credit score. However, multiple applications in a short period can have a more noticeable effect — which is one reason why going through a broker (who identifies the most likely lender before lodging) is preferable to applying to multiple lenders yourself. Rob won’t lodge a formal application until he’s assessed which lender is the right fit for your circumstances.
What are the actual costs of refinancing?
The costs of refinancing vary depending on your current lender, your loan type and your state. Typical costs can include:
• Discharge fee — charged by your current lender to close your loan. Usually $150–$400, but varies by lender.
• Break costs — apply only if you’re exiting a fixed rate loan before the fixed term ends. Can range from negligible to several thousand dollars depending on how rates have moved since your loan was fixed. Your lender is required to provide this figure on request.
• Application or establishment fee — charged by the new lender to set up your loan. Some lenders waive this.
• Government registration fees — a small fee to register the change of mortgage on your property title. Varies by state.
• Valuation fee — the new lender may require a valuation of your property. Some lenders cover this.
Rob will add up the specific costs that apply to your situation before you make any decision. Fees are indicative and subject to change. Your current lender’s discharge fee and break cost calculations should be obtained directly from them.
I'm on a fixed rate and it doesn't expire for another year. Can I still refinance?
Yes, but break costs may apply and they need to be factored into the decision carefully. Break costs on fixed rate loans are calculated by your lender based on the difference between your fixed rate and current wholesale rates — they are not a simple flat fee and they can vary significantly. In some market conditions they are minimal. In others they are substantial. Rob will help you request the break cost figure from your current lender, work out the total cost of exiting early, and weigh that against the benefit of a new loan over the remaining fixed term and beyond. Sometimes it makes sense to exit early. Sometimes waiting until the fixed term expires is the smarter move. The answer depends on the actual numbers in your specific case.
Can I access equity when I refinance?
In many cases, yes. When you refinance, you’re entering into a new loan arrangement — which gives you the opportunity to restructure your borrowing, including increasing your loan amount to access equity you’ve built up in the property, subject to lender assessment.
How much equity you can access depends on your current loan-to-value ratio (LVR), the lender’s valuation of your property, and your ability to service the increased loan amount. Most lenders will lend up to 80% of the property’s value without requiring LMI. Borrowing above 80% LVR is possible but triggers LMI in most cases.
Rob will calculate your current LVR and advise on how much equity is realistically accessible under the lender criteria that apply to your situation. Equity access is subject to lender assessment, property valuation and individual circumstances.
Can you help me refinance an investment property loan?
Yes. Investment loan refinances are something Rob does regularly — and they often involve more considerations than owner-occupier refinances. Interest-only periods, the way the loan is structured relative to your other lending, cross-collateralisation, and future borrowing capacity all need to be thought about carefully when refinancing an investment loan.
Rob looks at your investment loan in the context of your full lending position — not just whether the rate is competitive — so that any changes you make to your existing structure support rather than limit what you’re trying to build. This is particularly important if you’re planning to purchase additional properties in the future.
I've had some credit issues in the past. Can I still refinance?
It depends on the nature of the issue, when it occurred, and the overall strength of your application. Some lenders have more flexible policies on credit history than others. Having an existing loan with a good repayment record also works in your favour — it demonstrates lending conduct even if your credit file has a historical blemish.
Rob will review your credit position as part of his initial assessment and give you an honest view of what’s likely to be possible and with which lenders. [Subject to individual circumstances and lender criteria.]
Should I just call my current lender and ask for a better rate before refinancing?
You can, and sometimes it works — especially if you’ve been a customer for a long time and have a strong repayment record. Lenders do sometimes offer a retention rate to customers who indicate they’re considering leaving.
However, the rate your lender offers you in a retention conversation is not necessarily the best available to you in the market. Rob can tell you what rate you should be aiming for before you make that call — which gives you leverage — and can tell you honestly whether what they offer is competitive enough to stay for, or whether switching still makes more sense. Some clients use Rob’s review as a benchmark and then negotiate with their lender directly. That’s a legitimate outcome and Rob is happy to support it.
Have a different question? Get in touch.
Ready to find out if your current loan is still the right fit?
Book a free 30-minute call with Rob. Tell him about your situation. He'll give you an honest picture of what you can borrow, what your options look like, and whether now is the right time to move, or what you'd need to do to get there.