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How do I refinance my home loan?

Refinancing is where you take out a new loan to replace your existing home loan, either with the same lender or by switching to a new lender.

You might consider refinancing if you;

  • Are paying too much for your current loan
  • Want a lower interest rate
  • Want a loan with more features such as redraw or an offset account.
  • Want to use the equity in your home to renovate or improve your lifestyle
  • Want to consolidate other debts into your mortgage.

Steps to refinancing

The first thing to do is to look at your current loan including the type of loan it is, the interest rate you’re paying, the features it offers and the fees you’re paying and identify the things you would like to improve with a new loan.

You can then compare it with other loans on offer to find a better deal. Remember to factor in any costs associated with exiting one loan and taking out another.

The best way to check your potential savings is with a refinance home loan calculator.

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  • Refinancing

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Legal things 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.