With interest rates still very low, you need to make sure that your existing mortgage is not costing you more than it should. It is worth considering refinancing if you want to move to a lower rate; or maybe you want to consolidate some personal loans and credit card debt to your home loan. Perhaps you want a different home loan product with more features. Whatever your reasons, TSC Mortgage Brokers mortgage brokers can work through all of this with you and make an assessment fairly quickly as to whether you are best to stick to your existing mortgage product taking into account different fees to switch, or whether we can save you money and get the result that you are after. Rest assured, we are focussed on long term sustainability, not quick fixes.
The process we follow to assess refinancing is usually
Step 1
Chat by phone, face to face, Skype to understand your personal financial situation.
Step 2
Determine your consolidation or refinancing options based on your personal scenario including existing debt, income, expenses, employment details and of course any repercussions in terms of fees or penalties if refinancing a mortgage.
Step 3
Based on the above, assess which lender’s product may be most suited to your scenario – whether it be a mainstream bank; a non-bank lender or a specialist lender.
Step 4
Provide all of the available options to you and then on agreement, proceed with forming an application.
Step 5
Whilst we do the majority of the application paperwork for you, we still require a range of documentation from you as a part of the application process and in order to comply with ASIC regulations. The sooner you supply ALL of the required documentation, the sooner we can get your application in to the bank.
Step 6
Once we receive an approval, it is usually a short period of time to settlement.
TSC Mortgage Brokers mortgage broker 3 top tips for refinancing
- When you talk to any of TSC Mortgage Brokers mortgage brokers, you should never feel ashamed, embarrassed or uncomfortable talking about your financial history. We have ALL made financial mistakes. All of our mortgage brokers are here to support you and find some positive options, to relieve you of possible financial stresses and to help you set some strategies for moving forward.
- Start focusing on your big picture. What do you want to achieve financially? What are your goals? Set some financial and time targets.
- Figure out your PERSONAL PAIN POINT in relation to finance and begin with one manageable issue. If you set out to become knowledgeable about “all things money-related,” it will be too overwhelming. THREE very common ‘pain points’ that we hear regularly are: cash flow concerns, living week to week; not having enough money saved in case of an emergency and not having enough money for retirement. Where do you start? Read books and blogs; talk to professionals in these areas; attend seminars; ask questions; talk to friends that you trust and importantly – make a PLAN. TSC Mortgage Brokers mortgage brokers can help you with this too.
Frequently Asked Questions
Consider refinancing when your current rate is higher than market rates, your fixed term is expiring, you want to access equity, consolidate debt, or your financial situation has improved and you qualify for better products.
Even a 0.5% rate reduction on a $500,000 loan can save over $2,500 per year. Over a 25-year term, this equates to $60,000+. A broker will calculate your exact savings after factoring in exit fees and new loan costs.
Costs can include discharge fees from your existing lender ($150–$500), application/settlement fees for the new loan, valuation fees, and potential break costs if leaving a fixed rate. Many lenders offer cashback deals that offset these costs.
Some lenders offer cash incentives ($2,000–$4,000+) to switch your mortgage to them. It’s worth comparing the cashback against the rate difference and fees to ensure you’re genuinely better off long-term.
Typically 4–8 weeks from application to settlement, though some lenders can settle in as little as 2–3 weeks. A mortgage broker streamlines the process significantly.
It can be more challenging, but specialist lenders may still approve you. Your options improve if you’ve been consistent for the last 12 months. A broker can match you with lenders whose policies are more flexible.
Yes — equity release through refinancing lets you tap into the difference between your property value and loan balance. This can be used for renovations, investment, debt consolidation, or other expenses.
