Home Loan
Refinancing.

Still on the same home loan you started with? It might be time for a review.

The loan that was right for you three years ago might not be the best one for you today. Rates change, lenders compete, your financial situation evolves and staying loyal to the same lender rarely gets rewarded. A refinance could save you thousands. Or it might confirm your current loan is still the right one. Either way, it’s worth knowing.

What is refinancing and how does it work?

Refinancing is replacing your existing home loan with a new one, either with a different lender or restructured with your current one. The goal is to end up in a better position than you’re in now, whether that means a lower rate, better features, reduced repayments, or access to equity you’ve built up.

It sounds more complicated than it is. At its core, the new lender pays out your old loan and you start fresh on new terms. We handle the process from start to finish so you’re not dealing with two lenders at once and chasing paperwork.

Good Reasons to refinance

A better interest rate

Even a small reduction in your rate can make a meaningful difference over the life of a loan. If you took out your loan a few years ago and haven’t reviewed it since, there’s a reasonable chance you’re not on the most competitive rate available to you. Lenders often offer their sharpest rates to new customers while existing ones quietly stay on higher rates, sometimes called the loyalty tax.

Lower repayments

Reducing your rate or extending your loan term can lower your monthly repayments, which frees up cashflow for other things. Worth understanding the trade-offs on term extension though – we’ll explain those clearly.

Accessing equity

If your property has increased in value since you bought it, you may have built up equity you can put to work. Refinancing to access that equity can fund a renovation, an investment property deposit, or other financial goals.

Debt consolidation

Rolling higher-interest debts like credit cards or personal loans into your home loan can reduce your overall monthly commitments and simplify your finances. It’s not right for everyone – we’ll help you run the numbers to see if it makes sense in your situation.

Better loan features

offset accounts, redraw facilities, split loan options, and repayment flexibility vary enormously between lenders. If your current loan is missing features that would genuinely save you money or suit you better, that’s worth factoring into any comparison.

Switching from fixed to variable or vice versa

Your circumstances change. Maybe you fixed your rate and the fixed period is ending. Or you’re on variable and want the certainty of fixed repayments for a while. Refinancing gives you the opportunity to restructure.

Download our Refinancing guide here. This guide covers everything you should consider when it comes to refinancing, including potential costs, the varied types of mortgages on offer and why using a mortgage broker is the smart choice.

When refinancing might not make sense.

We’ll always give you an honest answer on this.

Refinancing isn’t free

There are costs involved, and sometimes they outweigh the savings.

Break costs

if you’re on a fixed rate and want to refinance before the fixed period ends, your lender may charge a break cost, which can be significant. We’ll work out exactly what this would be before you do anything.

Discharge fees and application fees

Your current lender may charge a discharge fee to close the loan, and your new lender may charge an application or establishment fee. These need to be factored into the calculation.

LVR and Lenders Mortgage Insurance

If your equity is below 20% of your property’s current value, you may need to pay Lenders Mortgage Insurance again with the new lender. This can wipe out the benefit of a rate reduction depending on the amounts involved.

The break-even point

If the costs of refinancing exceed the savings in the first two to three years, it may not be the right time. We’ll calculate your break-even point and give you a clear picture before you commit to anything.

None of this means don’t refinance – it means make an informed decision. That’s what we’re here for.

Personal.

First Home Buyer

Buying your first home doesn’t need to be daunting. We’ll guide you through the entire process, so that you can collect the keys with confidence.

Property Investment Lending

Finance the expansion of your property investment portfolio with the right loan and advice. It’s easier than you think.

Home Renovations Lending

Funding a home renovation can be daunting. Let us help you secure a loan that will help you fund the renovation of your dream home.

Construction Loans

Construction loans can help you transform your home, literally. Talk to one of our brokers and we’ll find a loan that’s right for you.

Vehicle Loans

In need of a vehicle upgrade? We’ll compare thousands of different loans so that you can drive off sooner than you think.

Refinance

Things change, so do loans. If you want to get more out of your home loan through refinancing, contact us today.

Book a personal consultation.

How much could you actually save?

It depends on your loan balance, your current rate, and what’s available. On a $500,000 loan, a 0.5% rate reduction saves roughly $2,500 a year in interest – around $75,000 over a 30-year term, though in practice most people don’t hold the same loan for that long.

Even a smaller reduction has a real impact. And if you’ve been with the same lender for five or more years without reviewing your rate, the gap between what you’re paying and what’s available in the market is often larger than people expect.

We’ll model the numbers for your specific situation so you’re working from real figures, not estimates.

Working
with you.

Our experienced team of finance brokers have a wealth of knowledge to identify and implement the ideal financial solution for you. We prioritise working with you to achieve your business and personal financial goals for today and the future.

Meet the team

How the refinancing process works.

It starts with a review of your current loan – rate, features, remaining term, any exit costs. Then we look at what’s available across our lender panel and compare options that genuinely suit your situation.

If refinancing makes sense, we manage the application with the new lender, coordinate the discharge of your existing loan, and handle the settlement. The whole process typically takes three to six weeks from the time you decide to proceed, depending on the lender.

You don’t need to deal with your old lender directly, we handle that communication on your behalf.

What you'll need to refinance.

For a refinance application, most lenders will want recent payslips or tax returns, your current loan statements, a current property valuation (the lender usually organises this), details of any other debts or liabilities, and standard identification.

If your circumstances have changed since you took out your original loan – new job, self-employment, change in income – we’ll factor that in and identify lenders whose criteria work for your situation.

Why use a broker to refinance instead of going direct?

When you approach your own bank about refinancing, they have one set of products to offer you. When you come to Oracle, you see the market – hundreds of loans across multiple lenders, compared properly for your specific situation.

We’ve been helping Adelaide homeowners refinance since 2005. We know which lenders are most competitive right now, which ones are easiest to deal with, and how to structure a switch that actually delivers the savings on paper. We also know when refinancing isn’t worth it and we’ll tell you that too – because our job is to get you the right outcome, not just to move your loan.

And we stay in touch. If rates change or your circumstances shift, we’ll let you know if there’s an opportunity to do better. That’s something your bank won’t do.

What our
clients say.

We worked with Angelo from Oracle for the purchases of our businesses and investment properties. The level of personalized care, attention to detail, and professionalism demonstrated by Angelo and his team surpassed our expectations. As owners of small businesses, we appreciated the honesty, transparency, and especially the warm compassion throughout the whole mortgage process. We highly recommend Angelo and his team to all our professional colleagues, and thank him immensely for all his help so far.

Le Anh

From the time I first met with Jaidan who developed a plan for me and answered all my questions, who was there for me when I thought I was stuck and answered all my calls, either driving in his car on the way to an important meeting or after hours with a crying baby in his arms - thank you so much Jaidan - you are a gun! And Isabelle who cheerfully and effortlessly handled all my queries, handled the paper work and helped me RE concerns on the late contract and helped with the FHLDS paper work. Thank you so much!

Richard

I highly recommend Jaidan Ianni from Oracle. He worked very hard on my behalf to make my life long dream come true. Thanks to Jaidan my home is being built as I write. Jaidan diligently explained each process to me every step of the way. He was always available to speak to , and on the rare occasion he wasn't available he got back to me promptly. I really enjoyed working with Jaidan due to his friendly and caring nature. And I look forward to working with Jaidan in the future .

Sonia

Jaidan's integrity is what stands out the most. He is a listener, he asks the right questions and offers appropriate advice. His support and guidance through processing our financial needs, from beginning to end is the highest professional quality anyone could expect. Jaidan is well mannered, approachable, knowledgeable and willing to support our financial needs and I couldn't recommend his services more highly. I feel safe in the knowledge I am in good hands.

Jay

Jaidan was very professional from first communication right until the end. Jaidan always went over and above to ensure I was being looked after and knew what was going on. Jaidan is very knowledgeable and is able to cater to any circumstance. Being my first loan, I thought this experience would be very daunting and was unsure about the whole process prior to speaking with Jaidan. Jaidan made the whole experience a breeze, I would highly recommend Jaidan for any finance services.

Brodie

FAQs

How do I know if refinancing is worth it?

The honest answer is – it depends on your numbers. We’ll look at your current rate and loan balance, calculate what you’d save with a lower rate, factor in any exit and establishment costs, and tell you your break-even point. If it stacks up, we’ll move forward. If it doesn’t, we’ll tell you that too.

How often should I review my home loan?

At a minimum, every two to three years – or whenever there’s a significant change in interest rates or your financial situation. Many people never review their loan and quietly pay more than they need to for years. We’re happy to do a free review at any time, even if you don’t end up refinancing.

Will refinancing affect my credit score?

Every home loan application involves a credit check, which leaves a mark on your credit file. This is minor and typically temporary. One of the reasons to work with a broker is that we identify the right lender for your situation before applying – rather than making multiple applications with different lenders, which can have a bigger impact on your score.

What is a break cost and when does it apply?

A break cost is a fee charged by your lender if you exit a fixed rate loan before the fixed period ends. The amount depends on the difference between your fixed rate and current wholesale rates – it can be significant in a falling rate environment. We’ll get the exact figure from your lender before you make any decisions.

Can I refinance to consolidate debt?

Yes. Rolling credit cards, personal loans, or other higher-interest debts into your home loan can reduce your total monthly commitments. The key thing to understand is that you’re extending shorter-term debts over a longer period – which means you need to manage repayments carefully or you can end up paying more in interest over time even at a lower rate. We’ll help you model both scenarios.

Can I refinance if I’m self-employed?

Yes. Self-employed refinancing is more involved than a standard PAYG application but very achievable with the right lender. We work with lenders who understand self-employed income and who assess applications in a way that reflects what you actually earn.

How long does refinancing take?

From decision to settlement, typically three to six weeks for a straightforward refinance. More complex situations can take longer. We’ll give you a realistic timeline at the start and keep you across the process throughout.

Can I refinance to fund a renovation or investment?

Yes – this is called a cash-out refinance or equity release. If you have sufficient equity in your property, you can increase your loan amount as part of the refinance and use the additional funds for a renovation, an investment property deposit, or other purposes. We’ll help you work out how much equity you can access and whether this approach suits your goals.

Wondering if you could be doing better on your home loan?

There’s one way to find out. A loan review with us costs nothing and takes less than an hour. We’ll tell you honestly whether refinancing makes sense for your situation – and if it does, we’ll handle everything from there.

Let’s grab a coffee. 📞 08 8151 0400 ✉️ hello@oraclelend.com.au