Are you thinking of refinancing, either with your existing lender or a different lender? It’s a good option if you want a better interest rate, access to flexible loan terms/features, special cashback offers, discounts, or to consolidate your debts.

Should you refinance directly through the lender or enlist a mortgage broker to help? You might be surprised to discover how much difference your choice can make.


Why Choose A Mortgage Broker Over A Bank When Refinancing?

Refinancing Through A Mortgage Broker Refinancing With The Bank
Serves your best interests. With their network of lenders, they have access to dozens of lenders and their home loan products. Access only to the bank’s own set of home loan products. Bigger banks have loans for borrowers who qualify, but specialist lenders may have fewer options.
Will analyse your credit score and other financial considerations to determine the likelihood of you getting approved for refinancing, especially if you are targeting a new lender. A credit enquiry goes on your credit file if you enquire, even if you do not get approved.
Can help you learn about offset accounts, redraw facilities, and strategies for extra repayments. Offers products but might not give the guidance you require about which facilities serve your needs.
Will show you what refinancing fees you can expect to pay. Will not take the time to explain fees.
Can tell you when a better interest rate is available and will help you decide whether it makes sense for you to change your mortgage product or lender. Has limited options when it comes to interest rates, and may not be the best available.
Can help you stay organise the required documents ahead of time and also tell you how to avoid things that could delay refinancing. Will expect you to prepare documents and anything else you need on your own. Won’t let you know upfront if there’s anything that could delay refinancing.
Will help you determine whether it is a good idea to refinance, given your current financial situation; for instance, if you are on a fixed rate, your mortgage broker might advise you to stick around for a bit to avoid paying break fees. Doesn’t assess whether a refinancing option is the best for your financial condition; for instance, a bank profits from break fees, so might not tell you how to avoid them.
Can explain how consolidating loans through refinancing helps you manage your finances better. Won’t be concerned with giving you ways to manage your finances.
Can show you the perks and pitfalls of going with a fixed or a variable rate. Decisions about fixed or variable rates are up to you.

Is It Cheaper To Refinance Without A Broker?

There are no extra fees associated with using a mortgage broker or going directly to a bank to refinance your mortgage. Mortgage brokers get their commission from the banks for introducing loan applications and doing some of the work that one of the bank’s staff members would otherwise complete.

Lenders will not charge you a higher interest rate via a mortgage broker. In fact, mortgage brokers can usually negotiate discounts and better interest rates when you refinance.

Questions To Ask A Mortgage Broker When Refinancing

  • Am I eligible for a cashback?
  • Is refinancing a good move for me? financial conditions.
  • How is the refinancing process going to proceed?
  • How much does it cost to refinance?
  • How soon can I refinance?
  • Should I refinance with my current lender?
  • What loan features are available when I refinance?
  • I have existing loans, should I refinance to consolidate them?
  • Are there any restrictions when I refinance my loan?
  • Should I go with a fixed or a variable-rate mortgage?
  • Can I put the cashback into my mortgage repayments?

A mortgage broker can help you out with all of the above queries. They know the best cashback offers (up to $4000). You can get facilities like redraw, offset, extra repayments etc., when you refinance. A mortgage broker can guide you on what’s best for you and help you make the crucial decisions.


Why Use A Home Loan Experts Mortgage Broker To Refinance?

When you’re ready to refinance your mortgage, Home Loan Experts has everything you need for help with all aspects of the process:

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.

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Australia-wide services

We finance properties anywhere in Australia for people anywhere in the world.

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Get incredible interest rates

Our relationships with our panel of lenders allow us to negotiate your interest rate.

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We get tough loans approved

We can help you navigate the often complex pre-approval and application process.

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Our customers love us

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How we find you the right solution

We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just a few simple steps.

free assessment
1

Complete our free assessment form or call us.

situation
2

We assess your situation.

options
3

We look at all the options from our panel of lenders.

suitable home loan deals
4

We will find you the most suitable home loan deals.

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Facts
about us

50+

lenders on
our panel

$4B+

lent Australia-wide
and counting

Westpac
ANZ
Nab
AMP
Qudos
Firstmac
Common Wealth
St George
ING
Homeloans
Macquire
Suncorp
Pepper Money
Me Bank
Bankwest
75%

of our borrowers get
approved with a major bank

95%

of our borrowers get a discount
below the bank standard variable rate