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How do I refinance a home loan?

The first thing to do is to look at your current loan and review the type of loan it is, the interest rate, the features it offers, and any fees you’re paying. Identify the things you would like to improve with a new loan. For example, maybe you want to pair your fixed-rate with an offset account? Or maybe you want to change from a fixed to a variable rate?

Next, do your sums to calculate how much you’ll gain from refinancing. Our refinance calculator can help to determine your monthly savings if you refinanced with Tiimely Home.

Note: Every lender has their own set of fees for refinancing.
Expect to pay ‘closing your old loan fees’ (such as discharge fees, break fees for fixed home loans etc) plus ‘opening your new loan fees’ (government fees, third party fees). Then divide the monthly savings by your total closing costs to see out how many months it would take to break even.

Once you’ve decided if it's worth it to pursue refinancing, shop around for the best rates and features to find a home loan that suits your needs. When you’ve chosen your new lender, you can apply.

How long will the process take?
Every lender is different however with Tiimely Home, to refinance your home loan through our online application will take you about 15 minutes to complete.

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Legal information about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Tiimely Turnaround
^Our turnaround times are up to 2x faster than the industry, based on a comparison of our average platform submit to approval time compared to industry submit to approval time, published here  (June 2023). Customer turnaround times are dependent on individual circumstances and may require an assessor to obtain more information.

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Tiimely is a registered trademark of Tiimely Pty Ltd.