Latest Home Loan Interest Rates
5.99
Starting from
p.a.
%*
6.35
Comparison rate
p.a.
%*
Disclaimer: Your actual interest rate may vary depending on the lender you choose, as well as your specific mortgage situation and needs. For a personalised quote, speak with our experts today.
Why refinance with Avenstone?
Access to Better Rates: Leverage our network of over 40 trusted lenders to find the most competitive rates and rebates tailored to your needs.
Time-Saving Expertise: Save time by letting us streamline your search and narrow down the best lender options for smoother approvals.
Pre-Assessment of Application: Improve your chances of approval by avoiding unsuccessful enquiries that could impact your credit file with our pre-assessment process.
Empowering Product Insights: Get a detailed breakdown of loan product options, helping you make informed decisions with expert guidance on the pros and cons of each.
Post-Settlement Support: Continue benefiting from our ongoing support as we monitor your loan and negotiate with lenders to secure better rates when available.
"Unlock better rates and save time with expert guidance from over 40 lenders, tailored to your needs – start today with a free 30-minute discovery call."
The Refinance Process
Homeowners should consider refinancing every three to four years to ensure they are securing the best deal. Banks often offer more competitive interest rates to new customers than to existing ones, and many also provide refinance cashback offers and waive application fees. This makes refinancing a valuable option. Fortunately, the refinancing process has become much simpler. Here’s an overview of what the process typically looks like for most borrowers:
Step 1
Understand why you're refinancing
Step 6
Obtain conditional approval
Step 2
Understand the costs of refinancing
Step 7
Oder valuation
Step 3
Prepare necessary documents
Step 8
Obtain formal approval
Step 4
Find out how much equity you have
Step 9
Finalise settlement
Step 5
Find best deal through a broker
Step 10
Set up new loan
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Understand Your Motivation: Clearly define why you're refinancing — whether it's for a better interest rate, lower payments, or accessing equity. This will guide your decision-making.
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Know the Costs: Take into account potential fees such as discharge fees, application fees, and valuation fees. Weigh these costs against potential savings to determine if refinancing is financially worthwhile.
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Assess Your Equity: Calculate your equity by subtracting your mortgage balance from your property value. Aim for at least 20% equity to avoid additional fees.
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Prepare Your Documents: Gather all necessary documents, including home loan statements, proof of income, and identification.
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Consult with a Broker: Work with a mortgage broker to explore various lender options and refinance cashback offers. At Avenstone, our experienced brokers will assess your financial situation and recommend competitive loan products tailored to your needs.
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Obtain Conditional Approval: Once you’ve chosen a lender, your broker will assist you in submitting the required paperwork for conditional approval.
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Prepare for Appraisal: Your lender will provide a ‘Statement of Credit Advice’ outlining all key mortgage details. Carefully review each term and condition before proceeding.
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Obtain Approval: After your lender has reviewed your financial documents and conducted an appraisal, you’ll receive formal approval.
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Complete Settlement: If switching lenders, your broker will manage the discharge process with your current lender, ensuring all necessary forms are completed and any discharge fees are accounted for.
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Set Up Your New Loan: Once your loan is approved, you’ll receive a welcome letter detailing your interest rate and repayment terms. Ensure repayment details are accurate, and any desired features, such as offset or redraw, are activated.
By following these steps and consulting with a mortgage broker, refinancing your home loan can be a seamless process, helping you access better rates, improved terms, or additional cash. To get started, book a free 30-minute discovery call today to see how we can help.
Frequently Asked Questions about Refinancing
Years Experience
20+
in Residential & Commercial Banking