Last Updated: 9th November, 2022

Get a lower interest rate by refinancing

Want a low interest rate refinance?

Speak with one of our experienced mortgage brokers today by calling 1300 889 743 or by filling in our free assessment form.

How do I get a cheap interest rate when refinancing?

If you’ve been on the same rate with your current lender for more than 2-3 years, you’re certainly paying too much.

Speak with a mortgage broker

Getting a low interest rate refinance from your current lender is all about building a strong case.

Mortgage brokers are home loan specialists who understand how to highlight the best aspects of your situation.

Lenders, especially major banks, are risk-averse so the stronger your application as a borrower, the more negotiating power you have. Showing that you are a good borrower allows you to tell the bank that you want a lower interest rate or you’re switching lenders.

Call us on 1300 889 743 or complete our online enquiry form to discover when you qualify for a low interest rate refinance.

Do Your Research

Being a good negotiator means doing your homework.

Most retail stores will price match or even beat their competitors if you tell the owner that you found it cheaper elsewhere.

The same is true for banks!

They may offer a discounted rate to get your business, but it can get complicated when it comes to home loans.

You could find an advertised rate from a couple of lenders and ask the bank to beat it and they probably will.

The problem is that this may not be the best they can do and the general public just doesn’t know it.

Mortgage brokers know how low the banks are willing to go and the best brokers have the strong relationships in place to refinance at a low interest rate.

Banks Are Starting To Reward Loyalty

Previously, if you asked your bank for a lower interest rate when you refinanced, you wouldn’t get it. Banks used to focus on attracting new customers and rarely rewarded loyalty, so existing customers often missed out. Now, if you tell your bank that you’re planning to switch lenders, you will often be offered a better deal. It costs lenders a lot less to retain an existing customer than to find a new one. It’s one of the reasons most major banks and lenders have large retention teams. If you try to switch lenders, it’s likely that you’ll get a call from someone in this team offering really competitive deals to try to make you stay, such as a heavily discounted interest rate or fee waivers. In spite of this, a mortgage broker can usually get you an even better deal because they have access to special promotions not offered to the general public. This is because they have very strong relationships with a number of Australian lenders due to the sheer amount of loans they write. Start the refinance process today!

We have a list of mortgage discharge forms from a number of banks and lenders.

Start filling out the appropriate one and then tell us that you want to refinance to a better interest rate by filling in ouronline enquiry form.

Be the borrower the banks’ want

If the bank recognises that you’re a good borrower who can easily take their business elsewhere, they’re more likely to negotiate with you.

So what do banks consider as a strong borrower?

  • You’ve been making your mortgage repayments on time, every time.
  • You rarely use your redraw facility.
  • Your last three months bank statements show regular deposits into your offset account (if applicable).
  • Overall, your living expenses are in line with your income and asset
  • position.
  • It helps if you have a lot of accounts with the bank, as this increases your exposure; the higher your exposure, the more valuable you are as a customer and the more banks are willing to fight for your business.

Which Borrowers Get Special Home Loan Deals?

Are you entitled to significantly discounted rates, fee waivers and waived Lenders Mortgage Insurance (LMI) when refinancing up to 90% of the property value?

Call us on 1300 889 743 or fill in our online enquiry form to discover if you qualify for these exclusive refinance deals.

How Much Can I Save By Avoiding LMI?

Lenders typically charge LMI when you borrow more than 80% of the property value. For example, if you want to refinance a $500,000 mortgage and your loan balance is 90% of the property value ($450,000), you could pay as much as $9,000 in LMI. However, if you’re one of the above listed professionals refinancing up to 90% of the property value, and meet all other criteria, you can avoid the LMI premium entirely.

Try the LMI calculator to find out how much you can save when refinancing up to 90% of the property value.

If you’re looking to release equity in your home to continue growing your investment portfolio, we’re experts in helping find the right mortgage strategy for high-net-worth individuals.

Should I Switch To A Fixed Or Variable Interest Rate?

It’s impossible to know when rates are going to rise but there are a few signs that indicate that it may be a good time to lock in. \ In an environment where variable rates are far lower than fixed interest rates, it typically means banks are predicting property markets to fall in the near future so you may want to lock in a good rate now.

Check out the ‘Should I fix my home loan?’ page so you can make an educated decision on your low-interest refinance.

Which Lenders Have Cheaper Interest Rates?

Banks’ appetites for attracting new customers versus retaining existing clients varies on a regular basis. The key to a low-interest refinance is to pick the right time and go with the lender that is being aggressive in their pricing. Sometimes they’re aggressive with their advertising; sometimes they’re not. Generally speaking, you’ll find that small lenders and, in particular, regional lenders tend to be more aggressive in offering negotiated interest rates.

Give us a call on 1300 889 743 or fill in our online enquiry form and we can give you an indicative approval on how much you can save with a low interest rate refinance.