Refinancing and equity releases
Refinancing and equity releases · Newcastle and Australia wide
Is your home loan still working for you?
Whether you want a sharper rate or to use the equity you’ve built, we review your loan against 40+ lenders and tell you straight whether a change is worth it.
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Two reasons to refinance
A better deal, or a smarter way to use what you've built
Get a sharper rate
Lenders often save their best rates for new customers. If you haven’t reviewed your loan in a couple of years, you may be paying more than you need to.
- We compare your rate, fees and features
- We show you the real numbers, costs included
- You decide, with no pressure to switch
Put your equity to work
Renovate, invest or cover a big life expense. We work out how much equity you can use and set it up so your finances stay clear and flexible.
- Renovations and extensions
- A deposit for an investment property (see investment loans)
- Big life costs, planned properly
Our approach
Sometimes the best move is staying put
Switching lenders isn’t always the answer. Before we recommend a move, we ask your current lender to sharpen your rate. If they come to the party, you save without the paperwork of moving. If they don’t, we show you who will.
We review your loan
Your rate, fees, features and what you need the loan to do next.
We ask your lender first
A rate review request with your current lender, backed by what the market is offering.
We compare 40+ lenders
If your lender won’t move, we find the options that suit you better.
You switch only if it's worth it
We handle the new application and the discharge of your old loan, and keep you updated until settlement.
“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 ★★★★★
Is it worth it?
Know the costs before you switch
A lower rate only helps if the savings outweigh the cost of moving. We work out how long it takes for your savings to cover the costs. If it doesn’t stack up, we’ll tell you.
A cashback offer is nice, but it shouldn’t be the reason you switch. We look at what the loan costs you over the years, not just on day one.
Discharge fee
Charged by your current lender to close your loan.
New loan fees
Application or settlement fees. Many lenders charge none.
Government registration fees
To discharge your old mortgage and register the new one.
Break costs
If you’re on a fixed rate, leaving early can be expensive. We’ll get the figure first.
Lenders mortgage insurance
May apply if you’re borrowing more than 80% of your home’s value.
Debt consolidation
Thinking of rolling other debts into your home loan?
Combining credit cards, personal loans or a car loan into your mortgage can lower your monthly repayments and simplify your finances.
But spreading short-term debt over a 25 or 30-year loan can mean paying more interest overall, unless you pay it off faster. We’ll show you both sides, in dollars, so you can make the call.
Questions
Refinancing FAQs
Can’t see your question? Ask it on your 10-minute call.
Compare what you’d save each month with what it costs to switch, and work out how long it takes to break even. We also look at features, fees and whether the new loan suits your plans, not just the rate.
Usually three to six weeks, depending on the lender and how quickly your current lender releases the old loan.
Yes, but you may pay break costs to leave early. They depend on how rates have moved since you fixed and how long is left on your term. We’ll get the figure before you decide.
Often, yes. You may need to pay lenders mortgage insurance, which can wipe out the savings. We’ll run the numbers first.
Each loan application is recorded on your credit file. That’s why we pick the right lender before applying, rather than applying to several and hoping.
- Photo ID
- Your two most recent payslips
- Your latest home loan statements
- At least three months of bank statements
- Statements for any other debts
- If you’re self-employed: two years of personal and business tax returns and ATO notices of assessment
Find out if your loan is still working for you
Book a 10-minute phone call. We’ll tell you straight whether a change is worth making.