Get a lower interest rate by refinancing
- Refinance to a lower interest rate and save thousands in mortgage repayments. Try the refinance calculator to find out how much you can save.
- We have nearly 40 lenders to choose from on our panel.
- We can often negotiate sharper variable and fixed rates than your bank is offering.
- Further specialist discounts are available to doctors and select professionals.
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?
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 that understand how to highlight the best aspects of your situation.
Lenders, especially major banks, are risk-averse so the stronger you are as a borrower, the more negotiating power you have.
Identifying that you are a good borrower means you can effectively 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 get a low interest rate refinance.
Banks don’t reward loyalty
The fact is that unless you ask for a lower interest rate, you won’t get it with your bank when you refinance.
Banks tend to focus on attracting new customers and rarely reward loyalty, so existing customers often miss out.
In our experience, the quickest way to get the bank to act is to call the bank and tell them that you’re switching lenders.
Pretty quickly, you’ll get a call from their retention team offering you a sharp interest rate and fee waivers to keep you as a customer.
Most lenders have retention teams that are larger than their sales teams, but they don’t let the general public know this.
They especially don’t advertise that it costs them a lot less to retain an existing customer than to find a new one!
Start the refinance process today!
We have a list of mortgage discharge forms from a number of banks and lenders.
Start filling it in and then tell us that you want to refinance to a better interest rate by filling in our online 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 3 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 (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?
- If you’re one of the following professionals, then you’re likely to qualify:
- Doctors and select white-collar professionals like lawyers and accountants.
- Certain mining professionals including mine surveyors and geologists.
- Professional entertainers and athletes.
How much can I save by avoiding LMI?
Mortgage insurance is typically charged when borrowing over 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 loan balance), you could pay as much as $9,000 in LMI.
However, if you’re one of the above 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 matching 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 the good times now.
Check out the ‘Should I fix my home loan?’ so you can make an educated decision on your low interest rate refinance.
Which lenders have cheaper interest rates?
Bank appetite for attracting new customers versus retaining existing clients varies on a regular basis.
The key to a low interest rate 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.