A refinance broker reviews the home loan you are on now and compares it against products from other lenders, counting the discharge, application and valuation fees that switching involves. Brokio arranges refinancing from Williams Landing for owners across Melbourne, and shows the before-and-after figures before you commit to anything.
A rate you have not looked at in three years is a decision you are still paying for. We measure the gap before you move anything.
Refinancing is easy to do and easy to do badly. The lender advertising the sharpest rate may charge fees that eat the saving, may not offer the offset or redraw you rely on, or may not accept your property type. A broker’s job here is arithmetic before advocacy: work out the real gap between your current loan and the market, subtract every switching cost, and tell you plainly whether the number is worth the disruption. Sometimes it is not, and that is a legitimate answer.
Discharge fees from your current lender, application and valuation fees from the new one, and break costs if you are inside a fixed term. Those are the numbers that turn an attractive rate into a marginal move. The useful measure is not the monthly saving but how many months it takes to recover the switching cost — if you expect to sell before then, the switch does not pay for itself.
Three situations come up repeatedly. A fixed term is ending and you are about to roll onto a higher revert rate. Your property has grown enough that a lower loan-to-value ratio opens pricing you did not previously qualify for. Or your loan has simply sat untouched for years while the market moved. In all three, the gap is usually larger than people assume, because nobody sends you a letter when a better rate appears.
Refinancing is the natural moment to restructure rather than just reprice. Releasing equity for a renovation or an investment deposit at home loan rates is usually far cheaper than funding it with personal debt, and consolidating higher-rate debts into the mortgage can lower the monthly cost — though spreading a short debt over a long term can raise the total paid, so the comparison has to be run properly.
It does not fix serviceability. If your income has fallen or your commitments have grown, a new lender assesses you as you are now, not as you were when the original loan was written, and the answer can be no. It is better to know that before an application is lodged, which is another reason to compare before applying.
The loan comparison calculator puts two loans side by side, the extra repayment calculator shows what the saving does if you keep repayments the same, and the offset calculator matters if you are giving up an offset to move.
When and how to switch, a framework for deciding, and our Melbourne mortgage broker page if you are also looking at a purchase.
Tell us your situation on WhatsApp and we will come back with what the panel says — obligation free. Full details of our refinancing service are here.
Typically a discharge fee from your current lender plus application or valuation fees from the new one, and break costs if you are inside a fixed term. We total them before you decide.
It depends on your balance, remaining term and switching costs. On a large balance a small gap matters; on a small balance it may not cover the fees. The break-even period is the number to look at.
You can, but break costs apply and can be substantial. We calculate them before recommending anything.
A refinance involves a credit enquiry, which is recorded. Comparing first and applying once is better than applying to several lenders.
Often yes, subject to your equity position and serviceability. We map out what is available and what it does to the repayment before you commit.
Obligation-free chat — message us now and we'll come back with clear options, usually within minutes.