Refinance
Refinancing replaces an existing loan with a new one, with the same lender or a different one, to change the rate, the structure, the lender or the amount borrowed.
Refinance, explained.
The common reasons are a lower rate, a better structure (offset, split, fixed or variable), consolidating other debts, releasing equity for a purchase or renovation, or leaving a lender whose policies no longer suit.
A refinance is a new application: serviceability, valuation and credit file are assessed afresh. Costs include discharge and break fees from the old lender, application and valuation fees from the new one, and government registration fees, and they have to be recovered by the saving.
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The Learn section is general information about lending in Australia. It does not take account of your objectives, financial situation or needs, is not credit assistance, and is not tax, legal or financial advice. Lender policies, government schedules and regulations change; check the current position with the relevant body or with us before relying on it.
