Refinancing and equity releases

Obtain a home loan refinance in Newcastle that saves you thousands or access your equity. We make the process easy and stress-free

Does your current home loan still stack up? Do you want to access equity to invest or for home renos?

With thousands of loan products on the market, it can be hard to know whether your current lender is giving you the best deal or if you have the right product for your specific needs and situation.

Lenders are always introducing new and improved home loan products. With the market being so competitive, many offer lower rates to attract new business, while their existing customers are stuck paying higher interest rates and fees.

Whether you’re looking to revisit your home loan sense and refinance or release equity, we have access to over 40 reputable lenders and will find you a product that saves you thousands and unlock your borrowing potential so you can chase goals.

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Our refinancing home loan lenders

“Ascension Finance was able to help us refinance our home loan for a lower rate than we were paying with our previous lender, which helped to reduce our monthly repayments. We had been saving to install a pool in our backyard, and Joel was able to show us how we could use the equity in our home to access the remaining funds that we needed, which meant we could start the project much sooner than we anticipated. Even when borrowing the additional money for the pool, the lower interest rate meant that our monthly repayments were still lower than we were paying with our old lender, and we have added value to our home.”
—Bec & Patty, Mayfield West NSW
Just think of the money you could save each month or how you could live better and build wealth off your mortgage diligence.
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FAQs—Refinancing and Equity Releases

The average borrower can save a few hundred dollars a month by refinancing their home loan. How much you can save will depend on the difference between interest rates and fees on your current loan versus those currently offered by other lenders.

The home loan refinance costs you have to pay depend on your individual situation, but the average cost is around $700 to $1000, which can be factored into the new loan so that you’re not out of pocket. Common refinance costs include:

  • Discharge fees (paid to your current lender to close your facility)
  • Application fees (if charged by the new lender)
  • Land registration fees (transferring the mortgage from your current lender to your new lender)
  • Break fees (may apply if your current loan is a fixed rate)

Ideally, you should only be refinancing if you can recoup the costs within 12 months.

The different types of refinancing available in Australia include:

  • Rate and term – You refinance your existing loan with the same lender to get a better rate, new product or a new loan term
  • External – You switch lenders to access better rates or features
  • Equity release – You release money from the portion of your property that you own to use for renovations, debt consolidation or investment

The refinancing or equity release process takes approximately 3 to 6 weeks. Documents you need to provide include:

  • Bank statements
  • ID – driver’s licence, passport, birth certificate
  • Recent financial liability statements (e.g. home loans, credit cards)
  • Two most recent pay slips
  • If you’re self-employed, your last two years of personal and business tax returns and ATO assessments, including P&L statements

Most banks and lenders require a valuation before approving a refinancing home loan. This ensures your property fulfils the mortgage’s loan-to-value ratio (LVR) requirement.

In most cases, the new lender will arrange a valuation at no cost to you. They’ll assess whether they send a valuer to your property or if they conduct an automated modelled estimate.

You can technically refinance your mortgage as often as you like. However, you need to consider possible costs and fees. Refinancing too often can also potentially negatively impact your credit score.