It may be worth reviewing your loan if your property has increased in value, your interest rate is no longer competitive, your repayments seem too high, your financial situation has changed, or your current loan no longer suits what you’re trying to achieve.

The potential savings depend on your current loan balance, interest rate, remaining loan term and the alternative options available to you. We can compare the numbers, including refinancing costs, to determine whether switching lenders actually makes financial sense.

Refinancing can involve costs such as discharge fees, government registration fees, valuation fees and potentially lender application or settlement fees. Depending on your circumstances, lenders may also offer refinance incentives. We’ll factor the costs into the comparison before recommending a refinance.

Potentially, yes. If your property has increased in value or you've reduced your loan balance, you may have usable equity that could be accessed when refinancing for purposes such as purchasing another property, renovations or other eligible uses.

How to calculate usable equity:

(Property value $ x 80%) - existing debts on property = usable equity for this specific property.

Keep in mind, you still need to have the borrowing capacity to extract your equity. This isn't free money to spend, it is an additional loan, commonly referred to as a cash-out or a top-up loan.

You can access your equity for a range of acceptable reasons such as; purchasing a vehicle, home renovations, personal expenses, holidays, or deposit for another property.

Potentially. Changes to your income, employment, expenses, debts or property value can all affect your refinancing options. Different lenders also assess applications differently, so we can review your current position and determine which options may be available.

A Mortgage Broker helps you understand your borrowing options, compare suitable loans across a range of lenders and manage the loan application process through to settlement. At Prestige Home Loans, we also look at how your loan is structured with your broader property goals in mind.

Going directly to a bank generally means you're only seeing that bank's products and lending policies. A Mortgage Broker can compare options across multiple lenders to help identify which may be better suited to your circumstances and objectives.

In most residential lending scenarios, the lender pays the Mortgage Broker a commission when your loan settles, meaning there is generally no direct cost to you. If any broker fees apply to your situation, these will be disclosed and discussed with you upfront.

Timeframes vary based on a number of factors; the lender required, the complexity of the financials or the deal structure, and the ability to get information and documents returned quickly. Generally once all information and documentation is returned, we will issue a loan proposal within 24 hours.