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Refinancing my home loan


What is refinancing?

Refinancing is what happens when you decide on a new home loan. This may be with your current lender or a new lender. Your old loan is paid out by the new loan, and you make repayments on your new home loan. When you deal with a Resolve Finance broker, we’ll handle the refinancing process for you to make it as simple and easy as possible.

How much does it cost to refinance my home loan?

There are a number of costs to be consider when refinancing your home loan. Not all of them may apply to you. These costs include:

  • Exit fees:  Fees that may exist to pay out a loan early and break costs on fixed rate home loans
  • Borrowing costs: Upfront fees that may apply when taking out a new home loan
  • Lenders Mortgage Insurance (LMI): Depending on the amount of equity in your home, you may be obliged to take out LMI when you refinance.


Your Resolve Finance broker will be able to assess which of these may apply and work with you to get the best deal for your lifestyle, rather than just the best interest rate.

How could I benefit from refinancing?

Refinancing is a simple and effective way to restructure your home loan to ensure it better aligns with your current situation.

Some of the ways you may benefit from refinancing include:

  • Reduced monthly repayments
  • Fixed monthly repayments
  • Opportunities to make extra repayments
  • Consolidate your debts
  • Access cash via equity in your home for things such as: a holiday, a wedding, a renovation project, a business venture or an investment
  • Peace of mind knowing that your home loan is suited to your individual needs, even as they change
What do I need to think about when refinancing?

The personal and financial aspects to consider when you are looking at your options for refinancing include:

  • Your short term and long term financial goals
  • Your current personal situation
  • Capacity for your situation to change in the short term
  • Costs vs savings  – short to long term


It can be difficult to know where these considerations sit in order of importance when looking at your refinance options. When you work with your Resolve Finance broker in considering refinancing your home loan, our thorough understanding of both the technical and personal elements of your situation will ensure we can work out a solution that is best suited to your needs.