Is your home loan still working for you?
Lenders often keep their best rates for new customers, so a loan you haven't reviewed in a while may cost more than it needs to. We'll compare it with 40+ lenders and tell you honestly whether switching is worth it.
No cost to you in most cases. We're paid by the lender when your loan settles.
It's not only about a lower rate
A better rate is the most common reason, but refinancing can also give you a loan that suits where your life is now.
Lower repayments
A lower rate or a better-priced loan can reduce what you pay each month and over the life of the loan.
Your fixed rate is ending
When a fixed term ends, loans usually roll onto a variable rate that isn't the lender's best. It's the ideal time to compare.
Use your equity
Access the value you've built up to renovate, invest or help family, with the right structure from the start.
Combine debts
Rolling car loans or credit cards into your home loan can lower repayments. Spread over a longer term it can cost more in total, so we'll show you both sides.
Better features
An offset account, redraw or a split between fixed and variable can save interest and give you more flexibility.
Life has changed
New job, separation, a growing family or self-employment can all mean a different lender now suits you better.
What switching can cost
Refinancing only makes sense if what you save outweighs what it costs to switch. These are the costs to weigh up, and we'll add them up for your loan before you decide.
- Discharge fee. Charged by your current lender to close your loan.
- Application and valuation fees. Some new lenders charge these, and many waive them.
- Break fee on a fixed rate. If you leave before your fixed term ends, this can be significant.
- Lenders mortgage insurance. If you'll owe more than 80% of the property's value, LMI can wipe out the savings.
- Government fees. Fees to register the new mortgage and remove the old one from your title.
- Your time. We handle the paperwork, so this one's on us.
Tip: tell your current lender you're thinking of leaving. They may offer a lower rate to keep you, and we can help you weigh it up. Source: Moneysmart
See if you could be paying less
It takes about two minutes. A rough rate and balance is fine; you'll find both on your latest statement or banking app.
What happens next
- We compare your loan with what's available across our panel of 40+ lenders.
- We call you at the time you choose with an honest answer, including if staying put is the better option.
- If switching makes sense, we handle the paperwork from start to finish.
Prefer to talk it through? Call 0402 370 428 or book a free chat.
Switching, without the hassle
Mortgage brokers have been required by law to act in your best interests since 1 January 2021. Our recommendation is about what's right for you, not which lender pays us. Source: ASIC
- Rate check or chatTell us about your current loan and what you'd like to change.
- We do the mathsSavings, switching costs and how long until it pays for itself.
- Our recommendationThe loan that suits you, or advice to stay put if that's better.
- ApplicationWe prepare and lodge it, and chase the lender for approval.
- The switchWe coordinate both lenders through to settlement, then check in each year.
Refinancing FAQs
How often should I review my home loan?
At least once a year, and whenever your fixed rate is ending, your circumstances change or interest rates move. Lenders often keep their sharpest rates for new customers, so a loan that hasn't been reviewed for a while can drift above what's available.
That's why we offer a free annual loan health check to our clients.
How long does refinancing take?
Usually a few weeks from application to settlement. The biggest variable is how quickly your current lender processes the discharge. We handle the forms and keep both lenders moving for you.
Can I refinance a fixed rate loan?
Yes, but if you leave before the fixed term ends you may have to pay a break fee, and it can be significant. Ask your lender for a break cost quote, or we can help you get one. We'll also check whether it's cheaper to wait until the fixed term ends.
Will refinancing affect my credit score?
Each loan application adds an enquiry to your credit file, and lots of applications in a short time can count against you. That's one advantage of using a broker: we compare lenders first, then apply with the one that suits you.
Our Free Rate Check doesn't involve a credit check.
Are cashback offers worth it?
Sometimes. A cashback can be outweighed by a higher interest rate within a year or two, so we compare the total cost over the time you're likely to keep the loan, not just the cash upfront.
How much does it cost to use Monza Finance Group?
In most cases there's no cost to you. We're paid a commission by the lender when your loan settles. If a fee ever applies, we'll tell you in writing before we go ahead.
Find out if you're paying too much
Start with the free rate check, or book a chat and bring your latest statement. Either way, you'll get an honest answer.
General information only. Not financial advice. It doesn't take into account your objectives, financial situation or needs. Speak to a licensed broker about your situation.
Lending criteria, fees and charges apply, and all loans are subject to lender approval.
Monza Finance Pty Ltd, ABN 21 617 504 186. Michael Barton is an Authorised Credit Representative (CRN 497244) of LMG Pty Ltd, Australian Credit Licence 390222.