Your home loan shouldn’t be something you set up once and forget. Your life changes, lenders change their products, and the loan that suited you a few years ago may not be the right fit now.
At Nexus Money we’ve helped Brisbane and Gold Coast families with their home loans since 2004, and we’ve settled more than $2 billion in loans. We compare options from more than 60 lenders, explain them in plain English, and do the paperwork for you.
Start your free Loan Health Check → or call us on (07) 3146 5732.
Why people refinance
Refinancing means paying out your current home loan and taking out a new one — with a new lender or your current one. People refinance for lots of reasons:
- To pay less over the life of the loan. A loan with a lower overall cost or fewer fees can free up money each month or help you pay the loan off sooner.
- To get features that suit you now. For example an offset account, redraw, or the ability to make extra repayments without a penalty.
- To use the equity in your home. That could be for a renovation, an investment property, or helping family.
- To bring debts together. Rolling a car loan or credit cards into your home loan can make repayments simpler. We’ll talk you through the trade-offs first, because spreading short-term debt over a long home loan can cost more overall. See also our debt consolidation page.
- Because your fixed rate is ending. When a fixed period finishes, many loans roll onto a different variable rate. It’s a good time to check your options. Our Fixed Rate Expiry tool can help you work out the timing.
- Because your life has changed. A new job, a new baby, separation, or moving from one income to two can all change which loan suits you.
Signs it might be time to review your loan
You don’t need to wait for something to go wrong. Common signs it’s worth a chat:
- You haven’t looked at your loan in two years or more.
- Your fixed rate ends in the next six months.
- You’ve noticed new customers are being offered a better deal than you.
- Your repayments are stretching the household budget.
- Your home has gone up in value and you’d like to know how much equity you have.
- You’re planning a renovation, an investment purchase or a big life change.
- You’re paying fees for features you don’t use, or missing features you’d like.
If any of these sound familiar, the Loan Health Check is a quick way to start. It takes a few minutes, and a broker will follow up with what they find.
What refinancing can cost
Refinancing is not always free. Typical costs can include:
- a discharge fee from your current lender
- government registration fees when the new mortgage is registered
- application or valuation fees with the new lender (some lenders waive these; others don’t)
- a break cost if you leave a fixed rate early
We’ll estimate the likely costs up front and weigh them against any benefit of switching. If the numbers don’t stack up, we’ll say so.
Who can refinance (eligibility in plain English)
Every lender has its own rules, but they usually look at:
- your income and job (PAYG, self-employed, or a mix)
- your living costs and other debts
- your credit history
- your property value and how much you still owe
- how the new loan will be used (owner-occupied, investment, renovation, cash-out)
You don’t need perfect credit or a huge deposit. Many people refinance with less than 20% equity, though lenders mortgage insurance (LMI) may apply and that changes the cost. Self-employed borrowers are often fine too — different lenders treat income differently, which is why comparing 60+ lenders helps. We’ll tell you what paperwork you’re likely to need before you apply.
Risks to watch — including a longer loan term
Refinancing can help, but it isn’t automatically the right move. Things to watch:
- Resetting the clock. If you move to a new 30-year loan when you’ve already paid down several years, your monthly repayment may look lower, but you can pay more interest over the full life of the loan. We can keep a similar remaining term if that suits you better.
- Break costs on a fixed rate. Leaving early can be expensive. Sometimes it’s still worth it; sometimes it’s better to wait. We can ask your lender for an estimate first.
- Upfront fees vs long-term benefit. If you plan to sell or move soon, the switch costs may not be worth it.
- Debt consolidation trade-offs. Rolling short-term debt into a home loan can drop the monthly bill, but stretch the debt over many more years.
- Credit enquiries. Each formal loan application adds an enquiry to your credit file. We compare first so we only apply where you have a solid chance of approval.
When staying put may be better
Sometimes the best answer is to stay with your current lender. That can be true when:
- the switch costs are higher than any benefit
- your fixed rate still has a long way to run and the break cost is high
- your current loan already has the features you need at a fair cost
- you’re planning to sell or move in the near term
- a simple change with your current lender (for example a product switch or a negotiated variation) gets you most of the way there
If staying put makes more sense, we’ll tell you. There’s no pressure to refinance.
How Nexus Money helps
You deal with a named broker, not a call centre. You’ll know who’s looking after your loan, and you can call them directly. Meet our team. We work from Toowong in Brisbane and on the Gold Coast.
We compare widely. We have access to more than 60 lenders, including major banks, regional banks and non-bank lenders. That means we can look past the one or two banks you already know.
We look at the whole picture. The cheapest-looking loan isn’t always the right one. We look at fees, features, how long you plan to stay, whether you want to fix or stay variable, and what you’re trying to achieve. Then we explain the options side by side — without quoting example rates on this page.
We check if staying put makes sense. Sometimes the right move is a conversation with your current lender. If that’s the case, we’ll say so.
We handle the switch. From the application to the valuation, the discharge of your old loan and settlement, we do the running around and keep you updated.
How we’re paid. Like most brokers, we’re generally paid by the lender when a loan settles. We’ll explain how we’re paid, in writing, before you go ahead. Ask us about any fees that may apply in your case.
How refinancing with us works
- Quick chat or Loan Health Check. Tell us about your current loan and your goals. You can start online or call (07) 3146 5732. Or contact us.
- We review your current loan. We look at your loan statement, your repayments, the features you use and any fixed-rate or break costs.
- We compare your options. We search our panel of 60+ lenders and short-list a few that fit. Then we walk you through the pros and cons in plain English.
- You decide. There’s no pressure. If you’d rather stay where you are, that’s fine.
- We prepare and lodge the application. We collect the documents, put the application together and lodge it with the lender.
- Approval and valuation. The lender values your property and assesses the loan. We keep you updated at each step.
- Settlement. The new lender pays out your old loan, and we check everything has gone through properly.
- We keep in touch. We’ll check in down the track, and before any fixed period ends, so your loan keeps working for you.
Most refinances take a few weeks from application to settlement. Timing depends on the lender and how quickly documents come together.
Frequently asked questions
Does it cost anything to refinance?
There can be costs — discharge fees, government registration fees, and sometimes application or valuation fees. If you’re on a fixed rate, there may be a break cost. We’ll show you the likely costs up front so you can weigh them against the benefits.
Will refinancing hurt my credit score?
Each loan application adds an enquiry to your credit file, so it’s worth applying carefully rather than to lots of lenders at once. We do the comparison work first so we only apply where you have a good chance of approval.
Can I refinance if my fixed rate hasn’t ended yet?
Yes, but there may be a break cost. Sometimes it’s worth paying and sometimes it isn’t. We can ask your lender for an estimate and help you decide. Many people simply start the process a couple of months before the fixed period ends. Try our Fixed Rate Expiry tool.
How much equity do I need?
It depends on the lender and your situation. Many lenders prefer around 20% equity to avoid lenders mortgage insurance, but there are options with less. We’ll look at your property’s value and loan balance together.
I’m self-employed. Can I still refinance?
Often, yes. Different lenders treat self-employed income differently. That’s where comparing 60+ lenders helps. We’ll tell you what paperwork you’re likely to need.
Could a longer loan term cost me more?
Yes. A lower monthly repayment on a longer term can mean more interest paid over time. We can match a similar remaining term if keeping the overall cost down matters more to you than the monthly figure.
Do I have to come into the office?
No. We’re happy to meet in Toowong or on the Gold Coast, but plenty of clients do everything by phone, video call and email. See Contact Nexus.
Ready to check your home loan?
Whether you’re in Toowong, the western suburbs, across Brisbane or down on the Gold Coast, we can help you see if a better-fit loan is out there — or confirm that staying put is the smarter move.
Start your free Loan Health Check →
Or call (07) 3146 5732 to speak with a broker.
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General information only. This page doesn’t consider your objectives, financial situation or needs. Speak to a Nexus Money broker before making any decision about your home loan. Lending criteria, fees and charges apply.
