Refinancing Melbourne

Are you looking to refinance your home loan?

For a free consultation on our home loan refinancing services, give us a call or come in for a chat at our Mount Waverley, Port Melbourne or Chadstone offices.

Regularly reviewing or refinancing your home loan is often the best path to becoming debt free. Your life naturally changes over the course of your home loan and so can your mortgage rate. Subtle changes over time can have big consequences when it comes to the interest on your loan repayments.

Our home loan refinancing experts will help assess your current financial situation and offer the best refinancing scenarios available. Whether it’s getting a better rate from your current lender or seeking a lower rate elsewhere, our finance team will make sure you’re getting the best possible rate for your loan.

Review Your Current Rate

One of our first steps in our refinancing process is to request the best possible rate from your existing lender. In some instances, this will result in an immediate rate reduction which immediately starts saving you on loan repayment costs. However, this does not mean that it's the best in the market. With lenders competing constantly for new home loans, we find that every few years your home loan could be costing you thousands of dollars. Once we’ve reviewed your current rate, we can set out to find the best refinancing solution for your home loan.

Review Your Needs

To help you get the best result for your home loan, we need to understand your refinancing goals. Is it simply an interest rate reduction you are looking for or is there something more? You may be looking to restructure your debt, release equity, add an offset account to your loan or change to a variable or fixed rate. Knowing your needs helps us tailor the right refinancing advice for you.

Provide Options and Scenarios

Based on your refinancing needs, we’ll provide you with the best loan options from the over 30 different banks and lenders we work with. This document will outline the different scenarios and rates available, give you the information you need to make the right decision and put you in the control of your home loan journey.

Coordinate Loan Approval

Once the lender and structure is chosen, we will then prepare the home loan application forms and submit them to the bank for approval. Our track record for home loan approvals is fantastic as our finance team conducts a full review before each loan is submitted.

Prepare for Settlement

Once refinancing is approved, we will start the process of transferring the loan from your existing lender to the new. This includes processing your discharge forms, as well as coordinating with the two lenders to make sure the transfer of your title and creation of the new loan are carried out smoothly and on time.

Ongoing Reviews

Once settlement for your refinanced home loan is complete, our work is still not done. Our finance team provides ongoing reviews of your mortgage rate and home loan structure to assess whether future steps will be of further benefit to your repayment journey.

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Should You Refinance To A Fixed Rate in 2023?

Refinancing to a fixed rate will give you certainty over your mortgage repayments and protect you from rising interest rates. But, in today's market, is 2023 the right time to be fixing your mortgage? Watch the full video to hear what we think.

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Refinancing expert Gavin speaks with a client at the boardroom table

Refinancing Services To Save You Money

Home loan refinancing can be the smartest financial decision a mortgage holder ever makes. If you've been at your lender for a while, you may be paying a loyalty tax which can cost thousands in extra mortgage costs over the length of the loan. Our team of experienced brokers can help you find the most competitive rates and loan products, reducing your monthly repayments and freeing up cash for other expenses.

Whether you're looking to switch lenders, consolidate debt, or access equity, we can help you achieve your financial goals. Trust us to help you save money and secure your financial future through our refinancing services.

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A Beginner's Guide To Refinancing

Refinancing is one of the best tools you have to cut down your interest costs and save paying a 'loyalty tax' to your current lender. We break down what you need to know about refinancing and how you can go about it.

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Meet the Refinancing Team

Our finance team have been with Elephant from day one, delivering expert home loan solutions for over six years. Starting from humble beginnings in a shared office space, Shehan and Gavin slowly built up a loyal customer base through a reputation for excellent customer service and results.

Both mortgage brokers have received numerous nominations and awards over the journey, including Best Customer Service and the Best Loan Administrator at Victoria’s Better Business Awards. Today, the pair are now experienced veterans in the industry who continue to provide stellar servicing for each of their clients.

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Related Resources

Finance

March 29, 2023

Gavin Hepponstall

Six Tips for Negotiating A Better Interest Rate with Your Lender

Negotiating doesn't have to be difficult, and there are several things you can do to maximise your position and get the lowest possible rate for your home loan. In this blog, we'll outline six great tips to prepare you for negotiating a better rate with your lender.

Will interest rates go up further in 2023?

After a year of pain for borrowers, many Australians have anxiously entered 2023 with the prospect of further cash rate hikes threatening already thin household budgets.Since interest rates began to rise in May last year, the average borrower with a $500,000 mortgage has seen their monthly mortgage repayments rise by $834. For the average borrower with a $1 million mortgage, monthly repayments are an extra $1668. Add inflation and soaring costs to that mix, and you have many Australian families under a great deal of financial stress.

A beginners guide to refinancing

When you've had a home loan for a few years, your life will undergo many changes during that time. Whether you’ve got a promotion, changed careers or started a family, your financial circumstances evolve as you do.

Refinancing FAQs

How much does it cost to refinance my home loan?

There can be small fees associated with refinancing your property. This includes: a discharge and mortgage registration costs per property, a settlement fee and annual package or product fees from the new bank. Most new banks have ‘cash-bank’ offers to lessen the cost to move and sometimes come out ahead. These fees should be included in the assessment of the refinance benefits.

What are cash backs when refinancing?

Cash backs are sales incentives provided by banks to make their home loan offers look more attractive. Cash backs have minimum terms and conditions such as settlement timeframes and minimum loan amounts (usually $250,000), so it’s important to check if you qualify. They help you minimise the cost of refinancing to a lower rate and can be a big benefit to your home loan.

How much can I save on interest through refinancing?

On a home loan of $400,000, if you save 0.5% (going from 5% to 4.5%) on your interest rate; it can mean a saving of $43,000 over 30 years. Additionally, if you use these savings and repay your loan faster, it can save you upwards of $100,000.

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