Home Loan Refinancing
Reduce repayments, access equity, and make your home loan work harder for you
Your home loan is likely one of your biggest financial commitments. As interest rates and your personal circumstances change, the loan that suited you initially may no longer be the best fit. Refinancing your home loan — replacing your current mortgage with a new one — can help you lower costs, restructure your loan, and unlock new financial opportunities.
Refinancing isn’t just about finding a lower interest rate. The right loan structure, repayment strategy, and features such as offset accounts and redraw facilities can help you pay off your home loan sooner and save thousands over time. At My Finance Consultants, we recommend reviewing your home loan regularly, just like a financial health check.
Why consider refinancing?
Secure a more competitive interest rate
Lower your mortgage repayments
Access equity for renovations, investing, or lifestyle goals
Consolidate debts into one repayment at a lower interest rate
Add useful loan features like an offset account or redraw
Reduce your loan term and pay your mortgage off sooner
Refinancing to lower your interest rate & repayments
Even small rate differences can have a significant impact on your long-term savings. Refinancing to a more competitive rate can reduce your monthly repayments and free up additional cash flow. However, rate isn’t the only factor — fees, loan structure, flexibility, and loan features all play a role.
Quick tool: Check potential home loan savings using the Mortgage Quote Calculator.
Refinancing to consolidate debts
If you’re juggling multiple debts such as credit cards, personal loans, or car finance, refinancing can allow you to consolidate these into your home loan, often at a lower interest rate. One single repayment can make budgeting easier and reduce financial stress.
Pro Tip: To ensure debt consolidation puts you in a stronger position, keep repayments at the same level — or higher — to avoid extending debt longer than necessary.
Accessing your home equity
If your property has increased in value, you may be able to access a portion of your equity to:
Renovate or upgrade your home
Purchase an investment property
Start or expand a business
Fund lifestyle or personal goals
Equity access is always subject to valuation and lender policy — we guide you through what’s possible and what’s strategic.
Quick tool: Estimate purchasing power using the Buying Power Calculator.
Refinancing for better features and flexibility
You may benefit from switching to a loan that offers:
An offset account to reduce interest payable
Redraw facilities for flexibility
Extra repayment options without penalty
A shorter or more strategic loan term
Small structural tweaks can cut years off your mortgage.
How the refinancing process works
Home loan review & goal setting
We review your current loan, rate, fees, and financial goals.
Compare 40+ lenders
We identify the best options from major banks and specialist lenders.
Submit application & valuation
We handle the paperwork and manage communication with the lender.
Settlement & loan transition
We ensure a smooth handover so your repayments switch seamlessly.
FAQs
How much can I borrow when refinancing?
Your borrowing capacity depends on income, expenses, existing debts, and equity. Use our Borrowing Power Calculator for an estimate and we’ll confirm the exact figures.
What is home equity?
Equity is the difference between your home’s value and your loan balance. As your home value rises and your loan reduces, your equity grows — which may allow you to access funds.
What costs are involved in refinancing?
There may be discharge fees, application fees, and valuation costs. We review all costs upfront so you can clearly see whether refinancing puts you in a better position.
Can I refinance if I have bad credit?
Yes — depending on the situation. We work with lenders who specialise in credit-impaired scenarios.