Refinance your home loan in Melbourne
Property finance
Refinancing mortgage broker in Melbourne's west
Refinancing a home loan means replacing your current mortgage with a new one, with your existing lender or a different one, to change your rate, features or loan structure, or to access equity. It may suit borrowers whose circumstances or goals have changed. Attain Loans works with homeowners across Melbourne's west, comparing options across our 70+ lender panel and weighing switching costs against potential benefits before you choose a new home loan.
Refinancing involves replacing your current home loan with a new one, often with better terms or features. This can be with your existing lender or a new one. The new loan pays off the old one, and you start making repayments on the new loan. Refinancing can offer significant benefits, but it's not the right move for everyone. At Attain we can help you assess whether refinancing is the right option for you.
Book a consultationAdvantages of refinancing your home loan
- Potentially reduce monthly repayments
- Potentially access loan features that better suit your needs
- Use equity in your home to get additional cash
- Potentially pay a lower interest rate
- Allows you to consolidate multiple debts into one repayment
Disadvantages of refinancing
- If getting cash out this will increase your mortgage repayment and the size of your mortgage and reduce the equity in your home
- It may increase or extend the length / term of your mortgage
- There may be fees or costs to refinance
- Potentially higher long-term costs of repayment of a loan resulting from extending the loan term
How our home loan refinancing service works
At Attain we always put your best interests first. We'll help you find a competitive rate and loan structure that suits your needs, from our lender panel.
In most cases there is no charge to you because the lender pays us a commission, which can vary between lenders. We disclose this before you proceed, and when arranging a home loan we must act in your best interests.
1
Getting to know you
We're flexible to fit in with you. We can do face to face, phone, or video call meetings. We're flexible on times and can do after hours and weekend meetings by request.
2
Researching your options
We review your existing loan, including the interest rate, fees, and features. We will research and make recommendations from our panel of approved lenders.
3
Choosing a lender
We will look at both the immediate and long-term financial impacts of refinancing. Once we all agree on the most suitable option we will prepare the application paperwork and request supporting documents from you.
4
Application
We will submit your loan application.
5
Approval
If approved, your new loan will be used to pay off the old one, and you'll start making repayments on the new loan.
6
Ongoing support
Once your loan is in place the work doesn't stop there. We regularly check in to see whether your loan is still competitive, and if a more suitable option is available we will help you assess whether switching is worthwhile.
Home loan refinancing questions
Get in touch and we will help you with any questions you have about refinancing your existing mortgage.
Let us help with your questionsWhat is mortgage refinancing?
Mortgage refinancing is the process of obtaining a new home loan to replace your existing loan. This new loan is used to pay off the old one, either with the same or a different lender. People refinance for reasons such as obtaining a lower interest rate, changing the loan term, or accessing home equity. The goal is to improve the terms of the mortgage, potentially saving money on interest or repayments over the life of the loan.
What are the benefits of refinancing?
Refinancing may offer several benefits, including the potential to lower your interest rate, reduce monthly repayments, consolidate other debts into a single loan, or access the equity in your home for renovations or investments. Additionally, you may switch from a variable to a fixed-rate loan or vice versa, which can provide stability or flexibility depending on your financial situation. Over time, these changes may reduce your costs, but refinancing involves fees, and extending your loan term or consolidating debts can mean paying more interest overall.
What costs are involved in refinancing?
Costs associated with refinancing include discharge fees to exit your current loan, application fees for the new loan, and potentially valuation fees for the property. If you are refinancing a fixed-rate loan, break fees may apply if you exit before the end of the fixed term. Additionally, if you have less than 20% equity in the property, you may need to pay lenders mortgage insurance (LMI). It’s important to calculate these costs to determine if refinancing is financially beneficial.
How much equity do I need to refinance?
Most lenders require at least 20% equity in your property to refinance without having to pay lenders mortgage insurance (LMI). Equity is the difference between the value of your home and the balance of your mortgage. If your loan-to-value ratio (LVR) is above 80%, you may still be able to refinance, but it could come with added costs such as LMI. The higher your equity, the better the terms you may qualify for.
Does refinancing affect my credit score?
Refinancing affects your credit score because it involves a new credit application, which triggers a credit inquiry. This can temporarily lower your credit score. Applying for multiple loans within a short time can have a greater impact. It's important to limit your applications and research different loan options thoroughly before proceeding to minimize the effect on your credit score.
How long does the refinancing process take?
The refinancing process typically takes between two and six weeks. This time frame depends on how quickly you can provide the required documents and how efficiently the lender processes the application. The process usually includes submitting your application, undergoing a credit check, providing financial documentation, and possibly getting a new property valuation before the new loan is finalized.
Can I refinance to access home equity?
You can refinance to access the equity in your home, which is the difference between your home's market value and the outstanding balance on your mortgage. This is commonly done through a process called cash-out refinancing, where you borrow more than your current loan balance. The extra funds can be used for various purposes, such as home renovations, purchasing an investment property, or consolidating other debts. Borrowing more increases your loan size and repayments and reduces the equity in your home.
What documents are required for refinancing?
The documents required for refinancing are similar to those needed when you first applied for a home loan. These include recent payslips, tax returns, identification documents, and financial statements such as credit card or mortgage statements. You may also need a property valuation if your lender requires it. Having these documents prepared can help streamline the refinancing process.
Can I refinance with a fixed-rate loan?
It is possible to refinance a fixed-rate loan, but it may come with significant break costs if you refinance before the end of the fixed term. Break costs are fees charged by the lender to compensate for the loss of interest that would have been paid over the fixed period. These costs can vary depending on how much time is left in the fixed term and the terms of your loan contract.
Is there a limit to how many times I can refinance?
There is no legal limit on how many times you can refinance your mortgage, but refinancing frequently can have downsides. Each refinance affects your credit score and involves costs such as discharge fees and application fees. Over time, the costs associated with refinancing can outweigh the benefits, especially if done too often. Most lenders also have a waiting period between refinancing, usually six months to a year.
How do I refinance my home loan?
Start by reviewing your current loan's interest rate, fees, features and any break costs. Next, compare options from other lenders, or check what your current lender can offer. Then apply with the chosen lender, providing documents such as payslips, tax returns and statements, and the property may be valued. If approved, the new loan pays out the old one at settlement. A broker can compare options across their lender panel and manage the paperwork for you.
When should I refinance my home loan?
It may be worth reviewing your loan if your fixed term is ending, your circumstances have changed, your property value has increased or your loan no longer has the features you need. Refinancing generally only makes sense when the potential benefits outweigh the costs, such as discharge, application and valuation fees, break costs on fixed loans, and LMI if you have less than 20% equity. Extending your loan term can also mean paying more interest overall.
Can I refinance with a mortgage broker in Melbourne?
Yes. A mortgage broker can review your existing loan, compare refinancing options across their lender panel and manage the application and settlement with your new lender. Attain Loans works with homeowners across Melbourne's west and compares options across 70+ lenders. Mortgage brokers must act in your best interests when arranging a home loan (the Best Interests Duty), and our service is generally at no cost to you because we're paid a commission by the lender.
Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product. The information contained in this website is of a general nature and does not take in to account your personal needs and requirements.
Refinancing guides
Why choose Attain Loans?
We are experienced mortgage brokers providing access to a wide range of lenders and loan products. We assist you throughout the entire loan refinancing process, from initial consultation to provisioning and beyond.
We're family
We are a small family owned, Altona based business that understands your needs at different stages of your life.
We listen
Identifying your goals and finding services and products that meet your needs is our number one job, and we love it!
22 years industry experience
We know the intricacies of the mortgage market and can tailor mortgage solutions for your individual needs.
We have access to the very best lenders
Over 70 of them, including the majors. We're accredited, which means we are fully trained and know all the best options available for you.
Ongoing support
Even when we've found you a great deal we undertake regular reviews to see if we can find you something even better.
We're awesome!
We have an honest, client focused business model and we aim to create long lasting relationships built on trust and respect.
Our happy customers
Financial security gives you choices. It lets you move home, learn new things, travel, or start and grow a business. When you're financially secure, you can focus on what's important. Your family, health, and personal growth.
Owen
Chrystal has been absolutely amazing from start to finish. As a first time home buyer I had little understanding of the whole process and was quite overwhelmed. Chrystal took the time to thoroughly explain all aspects to me and was always available whenever I had any questions and made the whole process much less stressful. I highly recommend her to anyone looking for a mortgage broker.
Danny Simpson
Chrystal was incredible throughout the entire process. She helped me review numerous listings, connected me with a great conveyancer and building inspector, supported me on auction day, and found the best home loan to suit my needs while guiding me through the details. Overall, I highly recommend Attain Loans for going above and beyond!
Macca Playz
Chrystal's outstanding performance throughout the process was truly impressive. Her assistance in reviewing various listings, arranging introductions to a trusted conveyancer and building inspector, providing support, and sourcing a home loan that met my specific needs while offering detailed explanations of the terms, was truly exceptional. I strongly recommend Attain Loans for their outstanding commitment to customer satisfaction and service excellence.
Emma Kirkham
I went to Attain Loans to reduce my mortgage repayments and secure financing for a truck-mounted EWP. Chrystal went above and beyond to ensure I got the best deal possible. She took the stress out of the process and made everything happen smoothly. Thanks to Chrystal, I was able to combine my home and truck loans and even purchase a brand-new car—all while paying much less than I ever imagined. I highly recommend Attain Loans. It’s Chrystal’s personal touch and dedication that make her exceptional at what she does!
Ian Martin
We were introduced to Chrystal and Attain Loans by a mutual colleague and we are very pleased that we were. Chrystal is an absolute finance whizz and a diamond of a lady. She is thorough, professional, patient, 'on your side', and will work her hardest to get the job done for you. We are pleased to have met Chrystal and have her setup our home loan and finances for us, and we will continue to work with Chrystal for any of our finance needs in the future.
Nichie S
Chrystal Evans, Director & Mortgage Broker at Attain was truly a lifesaver. In a stressful time where I needed assistance and some advice, Chrystal was this and more for me. Her knowledge of the banks, packages, fees etc. and advice was excellent, giving me confidence while also making everything really easy. Lastly her follow-up and communications were solid, I would highly recommend Chrystal. Also, after trying to negotiate an interest rate after coming off a fixed rate with my bank, where I was told they couldn't help me and spoke with 3 different people with wait times on the phone, I will not deal with a big bank again and only with Chrystal/Attain.
Cindy Kelly
Chrystal and Attain Loans were instrumental in assisting us to secure our dream home. Chrystal’s professionalism, knowledge and high level skills secured us the best loan for our needs. Chrystal is very thorough and assisted us through the whole process, from finding the best loan to ensuring everything was in line and ready for settlement day. We will definitely utilise Chrystal’s expertise for our next property purchase and highly recommend Chrystal and Attain Loans.
will miller
Chrystal and her team are amazing to deal with extremely helpful and couldn't ask for better service. Chrystal and her team have helped us secure our first home and we have now settled. Chrystal is still working with us through every stage of the project. It's great to know that I had Chrystal on hand anytime I needed direction and advice. Thanks heaps guys from will and Zoe miller
Nikola M.
Chrystal is by far the best broker I’ve met. Not only she found a great rate and conditions, she advised me on how to restructure the loans to get a better return down the road. Definitely recommend her, won’t even think of going elsewhere.
Renee Blake
Chrystal and her team @ Attain Loans are amazing. Chrystal makes the whole process so easy and understandable. She always has her clients needs at the forefront of her mind and does everything possible to help. Not only is she an AMAZING broker with integrity, she is reliable with a client first focus. If I could score her 100 I would. The only broker for me.
Callan Applebee
The best! Highly recommend for those lookong for people that care and honesty in financial requests for mortgae and loan services. From someone who has just begun owning land and building a home, all I can say is that Chrystal and her amazing team have held customers like myself and my wife at the forefront. We are still in the process and this company and its ideals and staff are and continue to be amazing. The trust, confidence and support model they uphold is something that all other institutions should refer to. Thank you Chrystal and your team members for everything thus far. I look forward to our continued relationship and your growth. Thank you.
Vanessa Terekia
I have had the pleasure of working with Chrystal who helped to get my home loan approval. This women went out of her way to help me above and beyond my expectations, I was so ready to give up on a few occasions but she wasn't going to let me and I could not thank her enough for all of her efforts. I am now in my own home thanks to Chrystal and her team, I would always recommend her service, its like no other :).
Skruffy Inc
If it's a no fuss, simple process you're after - then Chrystal is your go to! As a first home buyer I was totally out of my league, everything was foreign. Chrystal quickly established a rapport and from the beginning I felt secure in her expertise and genuine interest to help me realise my goals. Whenever there were things that I wasn't quite sure about, Chrystal jumped in and took the reins without hesitation. When investing in one of the biggest purchases in your lifetime, having someone you trust at the helm is everything! Chrystal is that someone. Her easy going nature coupled with the depth of knowledge, experience and professionalism is second to none! I can't recommend her highly enough. Appreciate your support solution oriented outlook Chrystal. Thank you so much! Whakamānawatia koe, ka tika! Nāku noa Trish Brisbane, QLD
Suzanne McHugh
Chrystal was fantastic, she took the time to help us urgently obtain finance after not getting any help directly from the banks. She was very informative, was able to explain all the details. We would not have been able to have a successful bid without her help.
Luke Applebee
Thanks to the incredibly hard-working team at Attain (Chrystal and Pam) we were able to settle literally days before Christmas last year in our first home. At every step of the home buying journey we were well informed and felt like our interests were always the top priority. It was a stressful time for us to keep up with the paperwork and everything however Attain did a superb job at keeping us on track (and sane). If you have no idea where to begin if you're looking at purchasing a home, I highly recommend giving Attain a call. Excellent customer service and ongoing support. We have recommended Attain to family and friends, too. Absolutely impressive team. Can't thank them enough.
Jessica Joy
I cannot recommend Attain Loan & Mortgage Services enough. As a first home buyer I was nervous with very limited knowledge of how the entire loan process worked. Chrystal made it absolutely seamless and took all of the stress out for me. 12 months on, they assisted me with my first re-finance and again were there for me every step of the way. I couldn't be happier and wouldn't trust anyone else! Thankyou so much! Positive Responsiveness, Quality, Professionalism, Value
Jessica Winter
Chrystal, Pam and the team at Attain loan & morgage services are the best brokers in business. They literally held our hands throughout the whole process of our home loan. And we were not easy customers! They went above and beyond to help us get the best outcome in the process of attaining our first family home. Their attitude, customer service and professionalism was second to none. Couldn't recommend this company more! They literally did all the HARD work for us and made the process stress free :) Thanks Team!! Jessica Winter
Americar Auto
I've been using Attain Loans for years. Each time Chrystal has helped us get the loan through, being a small business can be tricky sometimes but Chrystal never gives up and always gets a result. I would give her a higher score if I could :)
Gary Capeling
My wife and I were in a vendor finance agreement and due to some financial hardship issues brought about by the Covid pandemic not looking like we would ever be able to get ahead. The team at Attain Loans helped steer us in the right direction to be able to finally have a mortgage of our own and also clear up our debts and hopefully repair our credit issues. I would definitely recommend them to anyone looking to just refinance or that is in a similar boat to us! 10 out of 10 for these guys!
Rebecca Smith
Excellent communication throughout entire process. Second time we have obtained finance through Chrystal and would use her again.
Peter Sz
Chrystal and the team from Attain Loan & Mortgage Services, 14 Harrington Square, Altona, VIC, 3018, Were a pleasure to deal with, they provided us with great service and prompt settlement, our circumstances were delicate and they worked though the steps to help us achieve the results desired, We would highly recommend Attain Loan & Mortgage Services for all your home loan needs, Thanks for all your help Peter
Lisa L
I recently bought a new house and usually the process can be quite stressful. Luke made everything run smooth from start to finish and got me a good rate! Highly recommend
Ray Jensen
Got the job done that no one else could!!!!! Very happy customer, thanks for all your all help……