Refinancing means replacing your current home loan with a new one, either with your existing lender or a different one. A broker compares what you pay now against products across a panel of lenders, and counts the discharge, application and valuation fees so the comparison reflects the real cost of switching. Brokio arranges refinancing for owners across Melbourne’s western suburbs.
Could you save thousands by switching? We review your current loan and compare 40+ lenders to lower your rate or release equity — with a clear before-and-after.
If rates have moved, your fixed period is ending, or your property has grown in value, refinancing can save money or unlock equity. We show you the real numbers before you commit.
Use the equity in your home for renovations, an investment property or to consolidate debt — structured the right way.
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.
It varies, but many clients save thousands over the life of the loan. We will show you the exact before-and-after for your situation.
Some lenders charge discharge or application fees; we factor these into the comparison so you see the true saving.
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.
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