on The Sunshine Coast

Refinancing on the Sunshine Coast

Is refinancing a good idea? Can a refinancing home loan save you money? And who should you talk to about refinancing a home loan?

It’s hard to make a good decision when you don’t have all the facts. Work with Sunshine Coast Financial Solutions and we’ll figure out whether a refinancing home loan is right for you.

couple discussing refinancing their home loan

What is Refinancing?

Refinancing is a popular financial strategy used by homeowners in Australia. It’s a process where a borrower replaces an existing loan with a new one, typically with more favourable terms. Most people choose to refinance so they can switch to a lower interest rate. 

In addition to reducing monthly repayments, refinancing a home loan can also consolidate debts, improve loan terms and provide access to a better range of loan features (such as a redraw facility or offset account). A refinancing home loan is also one of the best ways to avoid paying “loyalty tax” to your current lender.

Is Refinancing a Home Loan Now a Good Idea?

woman thinking about refinancing

Is now a good time to be refinancing a home loan? It could be, if:

Currently, we are witnessing a historic rise in the cash rate: 13 times already since May 2022! As of November 2023, the Reserve Bank of Australia (RBA) lifted the cash rate once again to 4.35%, which marked the country’s longest consecutive run of increases. The cash rate increases since May 2022 now total 425 basis points, making this the most aggressive rate cycle on record.

With this to consider, a refinancing home loan could be the ideal solution. There are several refinancing home loan rates from various lenders that are looking very attractive. As interest rates have the potential to go even higher in the coming months, locking in a new and lower interest rate now (true for variable rate and fixed rate customers) could save you thousands of dollars in the near future.

The truth is, you can benefit from refinancing a home loan at almost any time, as long as your financial situation can accommodate it. However, there are definite signs to look out for that can help you know when it’s a good time to consider refinancing offers:

Why Consider Refinancing a Home Loan?

For many homeowners, the idea of refinancing can seem like an unnecessary headache. It requires paperwork, interest rate comparisons and financial decision-making…basically, all the things you had to do when you initially signed up for your mortgage.

But in light of record-high interest rates and major shifts in the economy right now, refinancing a home loan should be seriously considered.

Benefits of a Refinancing Home Loan

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Less Interest =
More Savings

Refinancing allows you to switch to a lower interest rate and save hundreds, even thousands of dollars on monthly repayments.

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Financial Freedom

When refinancing a home loan, you can reassess and reset your repayment goals. This could help you to pay off your mortgage earlier than planned.

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Get a Better Loan

Refinancing allows you to switch to a more competitive interest rate and gain access to a better range of loan features. You end up with the right loan to suit your needs.

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Consolidate Debts

Simplify your monthly repayments and save money on interest by consolidating all of your debts into one simple account.

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Cashback Deals

With fierce competition amongst lenders, you could gain access to a range of fantastic refinancing home loan cashback deals.

Improved Credit

Refinancing your home loan and consistently making on-time payments can have a positive impact on your credit score.

Avoid Loyalty Tax

Don’t get stung with a “loyalty tax”! Refinancing your home loan can give you access to more competitive rates.

Increased Equity

Potentially pay down your mortgage balance sooner with a refinancing home loan and build up more equity in your home.

Why Use a Mortgage Broker When Refinancing a Home Loan?

You may be wondering why you should use a mortgage broker when refinancing a home loan. While it is possible to refinance on your own, working with a broker will save you a lot of time and effort (not to mention the potential for far greater savings in the long run!). Some of the benefits of working with a mortgage broker include:

Access to Multiple Lenders:

Mortgage brokers have established relationships with a broad panel of lenders, including banks, credit unions and independent lenders. This means you’ll have access to a better range of refinancing home loan products, so it’s easier to find one that suits your needs.

Expertise and Guidance:

Mortgage brokers have years of industry experience when it comes to understanding the mortgage market, interest rates and refinancing home loan products. We can offer expert advice, guide you through the refinance process and help you to understand complex terminology. We can also provide valuable insights that will enable you to make the right decision.

Save Time and Effort:

A mortgage broker streamlines the loan application process for you. We do this by handling all the paperwork, communicating directly with lenders and negotiating on your behalf. This will save you a significant amount of time and effort compared to navigating the process on your own.

Negotiation Skills:

Brokers can negotiate directly with lenders to ensure you get the most favourable terms possible. As a result, you can get lower interest rates, reduced fees or a better range of loan features. While borrowers can try negotiating directly with lenders, they generally have minimal success. In contrast, we can use our industry connections to leverage negotiations in your favour.

Customised Solutions:

Mortgage brokers will assess your financial situation and goals before making a recommendation. This enables a broker to tailor their advice to suit your individual needs. We’ve found this personalised approach is the best way to ensure you get the right refinance loan to suit you.

Cost Savings:

While there are usually costs involved in refinancing a home loan (loan discharge fee, etc.), the potential cost savings will usually far outweigh these fees in the long run. An experienced broker can ensure that your refinance deal will ultimately save you money. 

What Are the Steps When Applying for a Refinancing Home Loan?

There are several steps involved in refinancing a home loan. While the specific stages may vary depending on the lender, it will usually look something like this:

Initial Assessment:

Review your current financial situation and figure out your specific refinancing home loan goals (saving money, accessing equity, better terms, etc.). At this point, it’s a good idea to contact a broker for some free advice.

Research Lenders:

Look at the various refinance deals available and compare interest rates, fees and terms. You’re looking for a competitive refinance loan that will align with your refinance goals.

Gather Documentation:

Get together all the documents you’ll need to apply for a refinancing home loan. This will include proof of income, completed tax statements, bank statements and details about your existing loan/s.


Apply for pre-approval from your preferred lender. After submitting your documents to the lender for an initial review, the lender will provide an estimate of the loan amount you qualify for.

Submit Application:

Complete the lender’s official application form and provide all of the required documentation.

Property Valuation:

The lender will usually organise a valuation of your property to assess its current market value.

Loan Approval:

Once the loan is approved by the lender, you’ll be provided with official contract documents to formalise the refinance.

Loan Settlement:

The settlement process involves transferring the existing loan to the new lender. Once the new loan is settled, your old loan will be closed. Don’t forget to update automatic payments with the new loan details.

Seeking advice from a professional mortgage broker is the best way to ensure a smooth refinancing process from start to finish.

Should You Use a Refinance Calculator?

Using an online refinance calculator is a simple and convenient way to get an initial estimate of potential savings. When using a refinance calculator, you’ll need to enter a range of specific details, including your current loan amount, remaining loan term, interest rate and any relevant fees. 

The refinance calculator will then provide an estimate of how your monthly payments would be impacted by refinancing to a lower interest rate. A refinance calculator can also show you how much interest you could save over the life of the loan.

An online refinance calculator can be a useful tool to quickly assess the potential benefits of refinancing. However, while online refinance calculators offer some useful insights, it’s always a good idea to consult a mortgage broker for a more accurate assessment.

Mortgage brokers bring expertise to the table, considering various factors like your credit history, property value and current market conditions. A refinance broker can access a wide range of loan products and negotiate directly with the lender on your behalf. Crucially, unlike a refinance calculator, a broker can assess whether a refinancing home loan will ultimately be in your best interests. 

Frequently Asked Questions on Home Loan Refinancing

So, what is home loan refinancing? It is the process of taking out a new mortgage, with a different bank or your current one, to repay an existing loan. Refinancing can be a smart way to manage your money because you may secure a better deal, consolidate debt or even unlock home equity in your current property.

Below is the general process of refinancing home loan applications:

  • Do some research so you understand the implications and essentials of mortgage refinancing deals.
  • Assess your current position (e.g., Are you eligible for a new loan? Are you still happy with your current lender or home loan?)
  • Shop around to find the best home loan refinance deal for you.
  • Apply for your new refinancing home loan.
  • Transition from your old home loan to your new (better!) loan.

If this process sounds a little daunting, then don’t let that put you off. Start by contacting an experienced mortgage broker on the Sunshine Coast, and they can handle the entire refinancing process for you.

When you first signed up with your current lender, you were likely given their best price deal to win your business. Once you are on board, new customers will continue to get the best deals, but you may be left behind with your interest rates or fees creeping up over the life of your loan. This process is commonly known as a “loyalty tax”.

The best way to avoid paying a “loyalty tax” is to ask a broker for a routine home loan health check.

A refinance cashback offer is an incentive that banks and lenders to reward their new customers for taking out one of their products. You may receive this in cash. They can also reward you by taking out fees you’d otherwise be charged or giving you gift cards for certain stores or brands.

The costs associated with refinancing in Australia vary depending on the lender, the amount of the loan and the current interest rates. They may include, but are not limited to:

  • Discharge or early exit fees with your current lender
  • Application fees with the new lender
  • Settlement fees with the new lender
  • Valuation fees with the new lender
  • Government mortgage discharge fees
  • Lender’s Mortgage Insurance premium, if your equity is less than 20%

The costs of refinancing a home loan will often be offset by the substantial savings gained. To find out more about how much refinancing will cost vs how much you could save, talk to a refinancing mortgage broker.

By refinancing, you could potentially save thousands of dollars over the life of your loan.

For example, imagine you have a $500,000 loan on a 30-year term, with a current interest rate of 6.1%. Your repayments would be around $3,030 per month and you’d end up paying $590,793 worth of interest over the life of the loan. You then decide to refinance your home loan to a more competitive interest rate of 5.1%. It may only be a difference of 1%, but your monthly repayments immediately drop to $2,715, meaning you’d save $3,780 in the first year alone. Over the life of the loan, you’d save around $113,484!

To get an initial rough idea of how much you could save, you can try using an online refinance calculator. But if you want to know the refinancing figures that apply directly to you, your best option is to reach out to your mortgage broker today. At SCF Solutions, we can assess where you’re at and show you where you could be. We’re just a phone call away.

What our Clients Say

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I’ve recently had the pleasure of working with the team at Sunshine Coast Financial Solutions to secure a new mortgage. Throughout the entire process, communication was clear, professional & friendly. I was kept up to date and was well informed every step of the way. I wholeheartedly recommend Sunshine Coast Financial Solutions to anyone in need of expert mortgage advice & assistance.
This is the 3rd time we have used SCFS, this time for an investment property and refinance overall.Chris advised us to what our best options were taking into account taxable nature of investment and how best we structure between that and our owner occupied.The team at SCFS found us a much better rate overall and have infact reduced our monthly payments.Chris and team (Adam, Darryl, Shanina) keep you updated every step of the way and make the process seamless and easy even when we have had more complicated lending requirements.We have had the pleasure of referring several of our friends to SCFS who have been equally impressed. We are based in NSW, and absolutely no issues being in a different state.If you are after a personal service, and one that continues to proactively manage the best deal for you ongoing this team will look after you.
Very helpful team with excellent communication throughout the whole process. Would definitely use again and highly recommended!
The team was friendly and very easy to deal with. They made the process of getting a loan easy by walking us through every step.
The experience we had with Sunshine Coast Financial Services was incredible. They were professional, knowledgeable and reassuring from the start of our house purchasing journey right to the finish.Apart from all the team, we were lucky enough to have Daryl Hermann assisting us.He was so positive, helpful, encouraging and always happy to answer any questions that I had and there was plenty….Thanks to SCFS we are now the proud owners of a home we could only have dreamt of.Without a shadow of doubt I would highly recommend anyone looking to purchase a home to give these guys a call.I know I certainly will when I choose to purchase another property.
Easy to deal with, happy with the results
Very supportive, available, thorough and professional- highly recommend.
My partner and I were super keen to get into the property market and reached out to Chris and his team as a result from reading these outstanding reviews and they did not disappoint. The team have been nothing but transparent throughout every process of building our first home and answered all our questions in record time. Thank you for your continuous support! Anyone needing assistance needs to look no further then SCFS! If I could put 10 stars I would.
Just wanted to thank Chris Wilson and Tracey Butler for looking after me again with my home loan. My fixed rate is expiring soon. Weeks ago Chris contacted me to discuss my options, the process and a plan of attack.Tracey diligently stepped in right on cue and executed the plan with a superb outcome. A better than expected interest rate, not just for now but for the future of my home loan. I couldn't be happier.This team makes you feel like they step into their customers shoes as if it was their own home loan. They strive to do everything they can for their customers and in such a friendly and professional manner. Thank you again Chris and Tracey.
Efficient, helpful and honest advise. Highly recommend
What a treat it was to work with Chris and his team, they are extremely professional and we're able to find me a much better deal on my home loan. I'm now saving thousands each year! I couldn't recommend him highly enough 👍
Sunshine Coast Financial Solutions worked magic for this first home buyer. The home-buying process is very daunting for newcomers, when searching for your dream home it's hard to know the usual steps and who to trust. Chris and Adam from SC Financial Solutions provided professionalism and attention to detail each step of the way, helping to relieve stress and bring peace of mind knowing we were in safe hands throughout this life changing decision. I'll recommend SC Financial Solutions to everyone searching for an award-winning knowledgeable, reliable and responsive brokerage team.
This new homeowner is thrilled to leave a review for Chris and his colleague Adam at Sunshine Coast Financial Solutions. These mortgage wizards worked their magic on a loan for me, comparing all leading banks of Australia, with a great result. Their efficiency and advice meant I could make a fast and easy settlement. Chris and his team have made our first home buying experience so much easier.If you need a mortgage, I couldn’t recommend enough🌞🏡 Sunshine Coast Financial Solutions 🌞🏡
Excellent service, fast and efficient. I have been using the SCFS team for years and recommend them to anyone for finance solutions. You lean back and relax while they do the hard work and find you the best deal. Very happy 😊
Today is approval day something I did not think I would be doing in this day and age with how life has been but thanks to the team at SCFS it's all been made possible and easy couldn't recommend a greater team, will definitely be using them for my next few houses
I've been using Sunshine Coast Finance for a number of years over which time they have taken care of the finance for 3 properties, I can't recommend them enough.
On behalf of my wife and I, We highly recommend Chris and his team for your financial needs. They made our process feel smooth and enjoyable, and we will definitely be returning in the future for their services.
My husband and I have worked with Daryl for a while now and the experience has been nothing but beyond exceptional. The work he puts in to help us is incredible. We would be lost without his expertise and guidance. We couldn’t recommend Sunshine Coast Financial Solutions more highly.
It was the first time for me to buy a house. I really had no idea how complicated it is. The Sunshine Coast Financial Solutions team support was amazing; they took care of everything and negotiated a very convenient interest rate. The communication was also fantastic. Great result with a minimum effort. Highly recommended
Absolutely amazing service. From start to finish the communication was 100%. We were kept up to date throughout the entire process and always felt supported. Daryl was so easy to talk to, responded to every question we had and I cannot thank him enough, we really appreciate all that he did for us. I will not hesitate using their service again in the future and have passed on their details to friends! Thankyou again for everything!
Excellent professional and friendly service, excellent communication, kept us informed throughout process. Highly recommend
The team at scfs are awesome. Thank you so much for making my home refinance a breeze. I've been asked by few people now, how I got this so quickly. I said "my broker is the gun". Thank you so much Chris, Shanina, Adam, Daryl and Tracey, for all your hard work, and dealing with me. Definitely 5 stars👍
I highly recommend Chris and his team @ SCF Solutions to anyone going through a divorce or any other life transition that involves financial decisions.Chris’s expertise, practical approach, and easy-going nature provided the clarity I needed to make informed decisions about my financial future. Chris’s open and honest manner empowered me with a strong understanding of my financial position and lending capability which eased the burden associated with the division of the matrimonial home. He treated me like a priority and provided valuable guidance and support every step of the way as I navigated through an emotionally challenging time.Communication during critical times in the process such as loan approval and settlement was outstanding, even when this fell over the Christmas/New Year period. Someone from his team was always available to answer any questions or concerns and provide reassurance when needed.Second time I have engaged Chris over the past 8 years, and I can proudly say I will remain a lifelong customer!If you want the best possible mortgage to suit your specific financial situation then you can’t go past Chris and his team.
Chris and his staff members are always very helpful and informative.
Another brilliant experience with the SCFS team. Excellent from start to finish - thanks so much Chris and the team 👍
Excellent, thank you
My partner and I had Jo and Shanina from SCF help us with our home loan, everything was quick and effortless which is what we wanted. Highly recommend them!We also just had a 1 year review from Tracey and she ensured we were still getting the best rate 🙂
Chris and his team have helped me again to buy a property which was a stress free and quick process. I have complete trust in Chris and would highly recommend his business.
Chris and the team have been very helpful throughout the process keeping me informed every step of the way.SCF saved me lots of money from my current loan and will keep an eye on it from now on.Well done team
Adam and the team made our process super easy and they were very helpful. Would definitely recommend them ☺️
Chris and his team made financing our new home purchase a smooth process that left nothing to chance. With his support we were able to confidently bid on and secure our dream home and he made sure we had the very best deal we could achieve in record time.Chris coached us through each step and was always available to answer our questions and provide guidance when we needed it.Overall his team is professional, friendly, helpful and always approachable.We couldn't have achieved the result we did without his help and we would definitely use his services again.We can thoroughly recommend Sunshine Coats Financial Services and Chris Wilson to anyone looking to arrange their finance. You won't be disappointed!
Chris & the team have been fantastic from start to finish. Patient, professional & supportive throughout the whole property purchasing journey. They have gone above and beyond to help me into a property, I am very happy with my experience from start to finish. I can’t speak highly enough of their transparent and professional approach.
Once again, Chris and the team at SCF have provided us with excellent service. They are professional, efficient and always available to answer questions and concerns. We would highly recommend them.
I recently purchased my home using the SCF Solutions for my financial needs, and I must say that I had a fantastic experience. The person who handled all my transactions on my behalf, Daryl Hermann, was extremely meticulous and efficient. His attention to detail and promptness in completing all the necessary tasks left me truly grateful. I highly recommend SCF Solutions for anyone in need of financial services. Thank you, Daryl, and the entire team at SCF Solutions for your outstanding support!
Chris and his team were absolutely fantastic.Clear and transparent from the start, SCF made the experience of buying our home seamless.Highly recommend SCF for your lending solutions.
So much thanks to Chris and the team at SCFS. We had a very difficult and compressed settlement subject to many finance extensions. The whole way through the journey the whole team were absolutely professional and got us into our new home.I Very highly recommend there services toAll.Your sincerelyCraig Jenkins & Katherine Thompson
Adam and the team at SCF have been fantastic in finalising my re-finance. Adam provided insightful knowledge on lenders that would be more suited to my situation and the best avenues to go forward with. He achieved my expected result within a really short timeframe. No question was too silly. Can’t recommend Adam enough.
The team were amazing to work with. They made the process so easy, kept us updated on the process and gave us multiple options to achieve our goals. Couldn’t recommend them enough!!
Chris and the team make it so easy and hassle free. Cannot recommend them highly enough and wouldn't use anyone else apart from them.
Chris is very professional and always does everything to help us out!
Chris and the team were fantastic in helping us get our mortgage for our first home in Australia. They helped us through the process and were supportive, attentive and helpful throughout the entire process. I would heartily recommend SCF!
Chris was great to deal with, straight to the point and got what we needed done. Explains everything you need to know in detail.Extremely happy with the outcome 👌🏻
I am a repeat client of Chris and his team. In every experience I have had has been 100% positive. Chris and his team do everything possible to make every step through the process explained and run smoothly. I highly recommend anyone looking to finance or refinance to talk to Sunshine Coast Financial Solutions.
the scfs team were fantastic from start to finish in getting my new loan. Nothing was a problem for them. Getting everything sorted very fast. Very fast replies and always keeping you updated.I can't recommend daryl and the team enoughThanks again
Chris, Shanina and the rest of the team were so super helpful, understanding and really got the best rate for me! Not only that their communications were so clear, consistent and they were always available for help and advice! Would highly recommend to anyone!! Thank you team!!
SCFS have assisted us with brokerage a few of times now and Chris, Matt, Shanina and the team have been fantastic every time!