Compare the total cost
Review interest, application or discharge costs, annual fees and any break costs before deciding whether to switch.
Home loan refinancing
Mortgage broker for refinancing in Melbourne
Work with a mortgage broker for refinancing advice built around your current loan and future plans. Chris Berry compares suitable options from more than 40 lenders, explains the costs and potential savings, and helps you decide whether to stay, negotiate or switch.
Tell Chris about your current loan and what you want to change. He’ll contact you to discuss the next step.
Estimate refinance savings firstYour options
How a mortgage broker helps with refinancing
Your refinance mortgage broker reviews more than the advertised rate. Chris considers your remaining loan term, income, property and goals, then compares the total cost and useful features of suitable loans from our lender panel. The panel does not include every lender or loan in the market.
Test your break-even point
Estimate how long it may take for projected savings to recover the upfront costs of refinancing.
Match features to your plans
Consider offset accounts, redraw, fixed or variable rates and flexibility for future property or investment goals.
Stay, negotiate or switch?
A review does not have to end in a new loan. Compare the options against your costs, the features you use and how long you expect to keep the mortgage.
Stay
Keep your current loan
Worth considering when your loan remains competitive, its features suit you, or the cost of moving outweighs the benefit.
Before deciding: Check your rate, ongoing fees and when any fixed or introductory period ends.
Negotiate
Ask your lender for a better offer
Worth considering when you like your current loan but comparable offers suggest there is room to improve the price.
Before deciding: Ask for the revised rate, fees and conditions in writing. Your lender may decline; compare its answer with alternatives.
Switch
Refinance to another lender
Worth considering when an alternative offers a worthwhile benefit after costs or features that better suit your plans.
Before deciding: Include switching costs, the remaining term and any features you lose. A new lender must assess and approve your application.
Illustrative example — not a customer outcome or rate offer
What could you save after switching costs?
Assume a $500,000 principal-and-interest loan with 25 years remaining. Compare an illustrative rate of 6.50% p.a. with 6.00% p.a., keeping the balance and remaining term the same.
| Comparison | Current loan | Refinance |
|---|---|---|
| Loan balance | $500,000 | $500,000 |
| Remaining term | 25 years | 25 years |
| Interest rate | 6.50% p.a. | 6.00% p.a. |
| Monthly repayment | $3,376.04 | $3,221.51 |
| Total interest over 25 years | $512,810.74 | $466,452.10 |
Assume $2,000 in total upfront switching costs, paid separately: $350 discharge fee, $500 application fee, $450 settlement/legal fees and $700 government/registration charges. These are example allowances, not fee quotes.
- Monthly repayment reduction: about $154.53.
- Simple cash-flow break-even: about 13 months. $2,000 ÷ $154.53. This measures when lower repayments recover the upfront outlay; it is not a comparison of outstanding balances.
- Three-year cash-flow saving after upfront costs: about $3,563. 36 months of lower repayments minus $2,000. This is repayment relief, not the interest saving over those three years.
- Total interest saving after upfront costs over 25 years: about $44,359. $512,810.74 − $466,452.10 − $2,000, if both loans run for the full remaining term on these assumptions.
Calculated with monthly interest and end-of-month repayments, using unrounded values before displaying results. Rates remain unchanged throughout; there are no offset balances, extra repayments, cashback, break costs or lenders mortgage insurance, and no difference in ongoing fees. Actual lender calculations, rates and costs may differ. If costs are added to the loan, the repayments and savings also change.
A lower repayment can hide a longer loan
Resetting that $500,000 loan to 30 years at 6.00% would lower the repayment to about $2,997.75, but total interest would rise to about $579,191 before switching costs. That is more than keeping the current 25-year loan at 6.50%. Compare the same remaining term before treating lower repayments as savings.
Read ASIC Moneysmart’s guide to switching home loans for more on costs and loan terms.
Tell Chris about your current loan and what you want to change. He’ll contact you to discuss the next step.
Estimate refinance savings firstMeet your broker
Refinance with personal guidance from Chris Berry
Chris brings more than 18 years of expertise across home lending, refinancing and property finance. Based in Melbourne, he helps homeowners and investors compare options and understand the reasons behind a loan recommendation, with phone and video appointments available Australia-wide.
Meet Chris and learn about his experiencePrefer a city-based broker? Explore our Melbourne CBD mortgage service and discuss your refinance with Chris.
Understand fees before you refinance
Separate the cost of switching loans from how your broker is paid. Switching costs can include lender discharge and application fees, government registration charges and fixed-rate break costs. Ask about any other costs that apply to your circumstances.
Many residential mortgage brokers receive lender commissions, but fee arrangements vary. Chris will explain applicable remuneration and any client fee before you proceed. Your initial appointment is free.
Read ASIC’s Moneysmart guide to using a mortgage brokerHow it works
Refinancing support from review to settlement
- 01
Review your current loan statement, income, expenses and goals with Chris. Compare suitable alternatives, switching costs and the option of staying with your lender.
- 02
If you decide to refinance, Chris helps organise your supporting documents and application, and follows up lender questions and valuation requirements. Approval remains subject to the lender’s assessment.
- 03
Once approved, Chris helps coordinate the loan documents, discharge of your existing mortgage and settlement. Confirm your new repayments and account arrangements as the switch is completed.
Common questions
Mortgage broker refinancing questions
Why use a mortgage broker for refinancing instead of going directly to a bank?
A bank discusses its own loans. A mortgage broker can compare suitable loans across their panel and explain differences in costs, features and lender requirements. Chris also helps with the application and settlement process if you choose to switch.
How much does a mortgage broker charge for refinancing?
Your initial appointment with Chris is free. Broker remuneration and any client fee will be explained before you proceed. Many brokers receive lender commissions, but arrangements vary. Lender and government switching costs are separate and should be included in your refinance comparison.
What documents should I prepare for a refinance review?
Start with your current home loan statement, income evidence, an outline of regular expenses and details of other debts. Depending on your circumstances, the lender may need identification, bank statements or business financial records. Chris can explain which documents apply to your application.
When is refinancing a home loan worth considering?
It may be worth reviewing when your rate is no longer competitive, your loan features do not suit you, your fixed period is ending or your financial goals have changed. The projected benefit should be compared with every switching cost.
What costs can apply when refinancing?
Depending on the loans and lenders, costs can include discharge, application, valuation, settlement, package and government registration fees. A fixed loan may also have break costs.
Can a mortgage broker help negotiate with my current lender?
A broker can help you understand comparable options and discuss whether staying or switching better fits your circumstances. Your current lender decides whether it will offer a revised rate.
How long does refinancing take?
Timing varies with the lender, valuation, document requirements and application complexity. Your broker can explain the expected process after reviewing your circumstances.
Find out whether staying or switching suits you
Start with your current loan statement, remaining term and the changes you want to make. Chris can help you compare the next steps.
Tell Chris about your current loan and what you want to change. He’ll contact you to discuss the next step.
Estimate refinance savings first