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Mortgage Refinancing

Refinance Housing Loan

Financial changes can be sudden or unexpected depending on life circumstances, such as getting married, having children or additions to your family, or moving jobs. For example, if you get married, you may suddenly have to budget for two instead of one. If you have children, you may have to budget for extra expenses like daycare or diapers, as well as consider school fees further down the line. If you move jobs, you may have to budget for a new commute. Any time there are big changes in your life, it can impact your finances and how you plan for them.

When circumstances change, you must revisit your home finances and take it as a sign. Fixed versus variable interest, fees, monthly charges and so much more needs to be considered. This can make refinance home loans scary and intimidating for many. However, if you create an accurate plan and follow it accordingly and with small details in mind, there is no need to worry.

No hidden costs

No need to pledge assets

Flexible payment terms

Funding in just 48 hours

Personal service

Simple assessment process

What Exactly Does a Refinance Housing Loan Mean?

A refinance home loan means paying off your existing home loan by taking on a new home loan that offers you a better rate of interest, as well as other terms and conditions too. One can consider a refinance home loan from a new vendor or the same existing lender depending on where they enjoy the most affordable terms. Once the old loan is paid off and closed, the borrower can start making payments to their refinance home Loan.

We understand that it sounds so confusing and complex, that’s exactly why we at Finance Corp are available to provide you with whatever help you may need. Our belief is to make financing easier for anyone who reaches out to us for help. Our customers are of the utmost importance and we do everything in our favour and knowledge to provide them accurate results and advice.

Buying First Home
Young family talking to real estate agent about purchasing property near beautiful house outside

When Should One Decide To Consider a Refinance Home Loan?

Timing will make all the difference when you’re deciding to refinance your first home owners loan. Here are a couple of ideal circumstances of when to refinance a housing loan in:

When There Is Time Left On Your Loan

It makes more sense for you to refinance your home loan earlier during your existing home loan. It makes more sense to initiate this change in the first half of your termed loan when not much has changed to the existing loan. You can turn to a property broker in Perth for advice. A refinance housing loan with better interest rates will lead to better savings.

When You Get Lower Interest Rates

The most significant aspect of homeownership is the interest rate that you are paying on your home loan. A lot of Australians feel that they can improve in managing their finances when it comes to negotiating this. A loan that is cheaper by 50 basis points or more could offer a shorter loan tenure, lower interest rates, lower EMI, and more terms.

When Your Income And Credit Score Has Improved

If your credit score has increased and your income has stabilised, to which you feel that you’re in a better condition financially, we advise that you take a loan out on your existing home loan.

When The Cost Of Refinancing Justifies It

Refinance housing loans obviously comes at a cost. When your projected savings from refinancing exceeds the cost of your existing loan, you should definitely consider a refinance home loan.

When Service Is Better

Who doesn’t love better service? Services such as on-tap customer service, digitised account management, lower costs of account management, proximity to branch, and many other factors are viable reasons to refinance a housing loan.

coins scattered on table

Who Should Refinance?

If you feel that you resonate with this list, you’re good to go to begin your refinance housing loan journey.

Borrowers Eligible For Lower Rates

Everyone enjoys a better rate for anything and everything. Considering that your first home loan would be dependent on rates that were popular previously, the rates today have substantially changed according to market needs and demands. This means that better offers and schemes are available.

Borrowers That Bear A High Credit Score

If your credit score has improved since your last issue of a loan (reached 750 or above), it is time for you to consider a refinance housing loan.

Borrowers Searching For A Better Benchmark

Customers with good profiles, credit scores, and a good income are always looking for a better benchmark. This means that loans are transparently priced, making it possible to track all the statistics.

Borrowers looking For Smaller EMIs Or Longer Tenures

A refinance housing loan can offer a lower EMI and increase the tenure of your loan which makes it easier for you to pay it off.

People who are looking for easier payment terms, better customer service, and higher rental yields should also consider a refinance home loan. At FinanceCorp, our experts can track the right time for you to refinance your home loans according to your credit score, income, and overall borrowing power. Ring us at 08 9417 550 or email us at to enquire further about how we can help you begin your endeavour on your refinance home loan journey.

refinance money and time

Thank you so much for all of your hard work organising our mortgages (and driving all the way to our Guildford house – twice) We really appreciate it as it wasn’t the most straight forward for you.

Lucy and Lyndon Nilsson

Our dealings with Bev was a stress free experience. After dealings with another bank that was stressful I would always refer Bev as a broker.

John Dowsett

Rebecca guided us through a complex loan application, and was available at all times to any our queries and concerns. Thanks to her diligence and persistence, we are now settled in our new home. We highly recommend Rebecca Little and Finance Corp for all your financial matters. Thanks again Rebecca.

The Gray Family

Always felt like we were in touch and kept in the loop as to where our finance and applications were at. Sharon even answered my phone calls and questions when on Annual Leave, it wasn't a problem for her.

I enjoyed our overall experience and felt very comfortable throughout the entire process.

Sharon Ridd

Bev was always efficient, quick to respond to any questions we had and would take the time to explain things further. She was always friendly, patient and professional and worked hard to find the best mortgage rates for us.


Bev was very helpful and professional in finding and organising a lender for me. Very stress free for myself.

John Castrianni

Laura was an absolute pleasure to deal with, and incredibly helpful throughout the whole process of obtaining finance and settlement for our home. I cannot fault her service in any way, and wouldn't hesitate to recommend her to anyone.


Bev was a delight to deal with. Professional, courteous and friendly at all times. I would highly recommend Bev to anyone seeking a loan approval.

Jane Warrington

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At FinanceCorp we work to make finance  solutions that are right for you. We strive to influence certain our customers to get the right financial solutions.

Our group comprises of specialists from the financial sectors who have a total grasp on every single budgetary arrangement. When we suggest a credit alternative we do as such in the wake of doing exhaustive research of all advance choices and choosing the one that is the right solution for our customers short-term and long-term requirements.

Frequently Asked Questions

Did you know that your borrowing capacity can vary by over $200,000 + depending on which lender you use ... Before you start plugging in some numbers into those online calculators, give us a call. Those calculators are very limited and do not take in to account a huge variety of factors that is looked at by the lenders. If you are wondering how much you can borrow

It is your finance managers job to find out everything they can about your financial situation and your goals for the future. Not only does the process help to identify fraudulent application activity, it also ensures that they are serving your best interests.

In most cases a Mortgage broker will be paid by the banks and not charge you for their service.

Yes as your broker we need to ensure that you are eligible to purchase the home that you would like too.

The larger your deposit, the better. Sometimes you can secure a property with just a few hundred dollars’ deposit, but most markets still require at least five to 10 per cent deposit and sometimes 20 per cent.

Ask your Finance Manager if you are eligible for the First Homeowners’ Grant. The answer will depend on the value of the property, whether you are purchasing it with help from your parents, whether and how long you intend to live in the property, whether it is the first property you have purchased and more.

If you don’t have the financial capacity to meet a 20 per cent deposit but still want to avoid LMI, you do have the option of getting a guarantor on your loan. Normally a close relative, such as a parent, guarantors can use the equity in their property to help you secure yours. In some instances, having a guarantor on your loan may mean that you won’t need a deposit at all.

Stamp duty is a charge which is applied by state governments in Australia on transactions relating to the transfer of land or property. It is paid upfront and needs to be budgeted for in addition to your loan deposit. The amount of stamp duty you are required to pay differs in each state, however there are three factors, along with the value of the property, that determine how much stamp duty you will pay.

Yes, and there are two kinds. There’s stamp duty on the mortgage itself and on the property. You may be eligible for a rebate on the second type, so be sure to ask.

Mortgage insurance lowers the risk to the lender of making a loan to you, so you can qualify for a loan that you might not otherwise be able to get. Generally, borrowers that have a deposit of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance.

Most lenders will require you to pay mortgage insurance if you are borrowing more than 80 per cent of the property’s value.

The mortgage industry is a wide, wondrous world with a language all of its own. One of the many acronyms bandied about is ‘LVR’, which stands for ‘loan-to-valuation ratio’. Here’s what it means. In the simplest terms, the LVR is the percentage of the property’s value, as assessed by the lender, that your loan equates to. So, if the property you want to purchase is valued at $500,000, and you need to borrow $400,000 to pay for it, the loan is 80 per cent of the property value, making your LVR 80 per cent

Refinancing a loan can take advantage of lower interest rates to bring down the overall cost of servicing a loan. But it’s not always the best, or the only, option.

There are many different factors borrowers need to consider when thinking about refinancing a loan.

The first step is to speak to an expert about your needs and whether you can afford to service a different loan structure.

Yes if you are eligible you can simply dividing your home loan into two or more loans. For example, let's say you have a $200,000 home loan. You could divide your loan into one portion being $150,000 and the other $50,000.

It can protect you against rate fluctuations if you, as per in this example, say fix the $150,000 for three years and keep the other $50,000 portion variable with a 100% offset account.

Simple strategies like this can give you security in the home loan market whilst at the same time keeping the flexibility of making extra repayments and redraw with the variable portion.

There are a lot of different options with split loans and every situation is different depending on the client’s needs.

The bank said no

Have you applied for a mortgage only to be told NO!? Sometimes it may be an issue with that particular bank's policy. I can sometimes help by finding you a lender who will initially give you a loan and then put in place a strategy to move you across to your preferred lender at a later date.

An offset account is a transaction account that can be linked to your home or investment loan. The credit balance of your transaction account is offset daily against your outstanding loan balance, reducing the interest payable on that loan.

If you apply for a home loan, particularly if the loan is for more than 80 per cent of a property’s value, you’ll more than likely have to prove to lenders that you have a satisfactory amount of savings. This is to demonstrate your ability to funnel a portion of your income into repayments.

Although it can differ, in most cases lenders generally look for consistent additions to savings over a period of at least three months and preferably a year or more. This means that the following are not considered genuine savings:

a cash gift
an inheritance
casino/other gambling winnings
proceeds of the sale of a non-investment asset
government grants and other finance offered as incentives