The RBA has cut interest rates twice this year
Has your bank done the same for you?
If you have had your home loan for over 2 years, you may be on an
uncompetitive interest rate.
Find out how much you can save
Refinance now and you could be
eligible for up to $4,000 cash back*
Did you know that some banks will actually give you money to refinance your mortgage with them?
Sometimes you can have your cake and eat it too
Competition between the banks is at an all-time high. You can benefit by switching to a
lender that has a competitive interest rate and a cash rebate.
Why should I refinance my loan?
Reduce your home loan repayments
If interest rates have changed since you got your original home loan, you could be able to refinance into a new loan with a lower rate. This can save you thousands of dollars over the life of your loan.
Consolidate your debt
Pay out your credit card and personal loans under your mortgage. Pay off all of your deebts with one home loan repayment and a single, lower interest rate.
Increase your loan and take cash out
Has your house now gone up in value? Refinance your home loan to get access to some extra cash for investment or personal use.
Renovate your home
Kitchen or bathroom looking a little tired? Acess your home equity to fund some renovations and give your home a new lease on life.
Why do I need a broker if I can get a loan through my bank?
Compare these two options when refinancing your loan
Refinance with Hunter Galloway
- We take extra time up front to go through your full situation and provide a complete lending solution.
- Our brokers will look at your needs now and into the future, to make sure you have the best possible loan that looks after all of your needs.
- A mortgage broker acts on your behalf to arrange a home loan through a bank or lender. Australian banks and lenders have different policies and loan requirements, and it is a brokers job to find a loan from one of these parties that fit with your individual situation.
Apply directly to a lender
- You might have a situation where your bank will approve a loan for you to buy a block of land and then not approve the construction loan when its time to construct a house on it!
- Quite often bank policy can be set in stone, and due to the complexity bank staff quite honestly don’t know it nor do many mortgage brokers Brisbane. They are not familiar with complex situations and how to correctly assess them. This can sometimes cause it to take quite a long time to process your application and even in some instances mean your loan will get declined for no good reason.
How much does it cost to use a broker and your services?
Our services are completely free for all home and investment loans. We get paid by the lenders for doing the work, collating your loan application and meeting with you. This work would otherwise be done by a bank manager or branch lender so you get access to the same rates as if you went to the lender directly.
The advantage for you is that unlike when dealing with one bank, we can help you work with a wider variety of lenders and get the best options that work for you choosing from our panel of over 30 banks and lenders!
Would you like to learn about your options?
Our reputation and achievements
Case study: Mark and Joanna
Mark and Joanna were able to save $6,500 per year on their loan repayments and received a cash rebate of $9,000.
Mark and Joanna had been with their bank (one of the big four) for over 10 years. Joanna had heard of their friends who went to another bank, got paid a $3,000 rebate and saved 0.50% on their interest.
They went to their bank directly to renegotiate thier loan. The bank told them there wasn’t anything they could do.
They came to Hunter Galloway for a second opinion. We reviewed their situation and saw that their rates were pretty far outside the market. Here’s what we were able to negotiate for them:
Original home loan rate: 3.00%.
Refinanced home loan rate: 2.78% (saving 0.22%)
Original investment loan rate: 3.84%
Refinanced investment loan rate: 3.33% (saving 0.51%)
Across a total loan portfolio of $1.3 million dollars, we were able to save them $6,500 per year - $130,000 in savings over the 20 years that remained on their loans. We also secured them a $9,000 refinance rebate from the bank across their three properties.
Your Mortgage Broker?
Google reviews of our customers
Hunter Galloway Mortgage Brokers have helped hundreds of home owners.
We have built a brilliant reputation for being extremely well organised, helpful and making the home loan process as smooth as possible
My mortgage was not your typical simple loan; it required a lot of attention and out of the box thinking. ... All of this was provided by the team. Both Nathan and Josh worked tirelessly to get the result and outcome that I needed. They are incredibly personable, professional and a joy to work with.
3 weeks ago
These gentlemen came recommended and I was genuinely impressed; the personalized service and ... very rapid reply to queries and constant updates was impressive as well as the ease with which they performed all the necessary work. They are very thorough and whilst collating paperwork is never much fun, they make it easy and explain why having all in place first is the best method. Very impressed!
3 weeks ago
Thank you so much to Nathan, Josh, Jared and the team for everything that they did for us in the process of buying our ... first house. They truly made it a seamless process. The team were always so on top of everything and kept us in the loop every step of the way. We will recommend Hunter Galloway to everyone we know! Thanks again boys!
3 weeks ago
We had a really great experience with Nathan from Hunter Galloway. Would definitely recommend him ... to anyone who is looking for a finance broker. He certainly knows his stuff, and his constant communication during the loan approval process was incredible.
3 weeks ago
I would recommend Nathan team to everyone. They are very professional and efficient.I previously had unpleasant ... experience when dealt with bank directly. Lucky, found Nathan, Josh and Jared just on time. Through them, bank even offered the loan more than I need. I could not settle this investment without Nathan's help!
3 weeks ago
After being stuffed around for over two weeks by another broker - got in touch with Nathan and ... had a first-home loan approval within 48 hours of speaking with him. First-class customer service and demonstrated wealth of experience. Can't recommend Hunter Galloway enough.
3 weeks ago
Lenders on our panel
Questions and Answers
What is refinancing?
Refinancing refers to the process of changing your existing home loan for a new one. You can refinance your loan with your current lender, or more commonly, you transfer your loan to a new bank.
How does refinancing work?
When you take you a new home loan, you will use some or all of the funds from the new loan to pay out your current loan. Once you have paid off your existing loan, your mortgage with your current bank will be closed and you will start making repayments to your new lender.
In order to refinance your loan you will need to complete the following steps:
- Shop around for a new loan (or save yourself the trouble and have one of our friendly mortgage brokers shop around for you). Once you find the right lender and the right home loan, you will start the application process.
- When you begin the application process, the lender will complete an initial assessment to make sure that you can afford the new loan. They will want to take a look at supporting documentation such as payslips and your current home loan statements. Once completed, assuming that you qualify, they will issue a conditional approval for your loan.
- Next, the bank may order a property valuation. This valuation will determine how much you can borrow and whether your property is an acceptable security for the loan.
- Once the valuation and any other conditions have been reviewed, the bank will unconditionally approve your loan and send contracts for you to sign and return.
- The bank will contact your previous lender to arrange a changeover of the loan once they receive your signed contracts. This changeover process is called settlement and occurs on a date mutually agreed upon by the banks.
- On settlement day, your old loan will be paid out and the title of the property will be handed over to your new lender.
- Once settlement is complete, you will start making repayments to your new bank.
What are the benefits of refinancing?
Refinancing your home loan can open up a lot of different opportunities for you to better manage your finances, including:
- Consolidate your debt into one repayment (for example, personal loans or credit card debt)
- Get a better home loan product with more flexible features
- Reduce your loan repayments by securing a lower interest rate
- Invest in shares or property using the equity of your home
- Unlock some extra cash to renovate your home
- Repay your mortgage faster
How long does it take to refinance?
The timeline for refinancing is generally 3-6 weeks, depending on a few variables.
When can I refinance my mortgage?
It’s generally a good idea to review your mortgage every two years, depending on your circumstances.
Can I borrow more money when I refinance?
Absolutely. Many borrowers refinance their loans at a higher loan amount. You can use this to fund other expenses, such as renovations, holidays, a new car, or debt consolidation.
You can typically borrow up to 80% of the value of your property. For example, if your property is worth $650,000 and your loan amount is $450,000, you could borrow up to an additional $70,000 (bringing your new loan amount up to $520,000 which is 80% of your property’s value).
Can I refinance my mortgage if I have bad credit?
It is possible to refinance your mortgage if you have bad credit, but it is a bit more difficult. It comes down to finding the right lender and demonstrating a promising outlook that you’re making a conscious effort to improve your credit rating.
We will need to get a copy of your credit file, work on trimming your debt, and work closely with a specialist lender to refinance your loan. You will also need to borrow less than 80% of the value of your home.
How much will it cost me to refinance?
Refinancing does come at a cost, so it’s important to be aware of the expenses involved. Often these costs are minor compared to the money you will save over the life of your loan. To give you an idea of what costs might be applied to your refinance:
- Loan Application Fee: Applicable by the lender when applying for a new loan.
- Exit Fees/Break Costs: Although earlier termination fees were abolished in 2011, lenders will charge an exit fee/break cost for fixed rate loans that are still in their fixed term. The fee is calculated by the lender on a daily basis – based on the fixed rate, the variable rate, loan balance and remaining term.
- Valuation Fee: Your lender may charge a fee to have your property valued.
- Settlement Fee: Your lender may charge a fee to pay out your current mortgage.
- Discharge Fee: Most lenders will charge $150 – $400 to discharge your loan
- Mortgage Registration (Government Fee): The land titles office will charge a mortgage deregistration and registration fee. This is to register the mortgage on the title.
- Lenders Mortgage Insurance (LMI): One-off fee only applicable if you have more than 80% of the purchase price owing on your home loan refinance.
Do I need to change banks to refinance my home loan?
You can refinance your home loan from any bank or lender you choose, including your existing bank. These days we find that banks do not typically reward loyalty. In most cases we find lenders offer better deals to new customers rather than rewarding existing ones.
That being said, we are often able to negotiate a better rate for you even if you choose to stay with your existing bank.
What will my property be valued at?
The banks will have a professional valuer complete a valuation report on your property as part of the refinance process. They give the property a value that the lender uses in their calculations as well as providing information about the property and the market conditions in the area. You won’t know all of this until the report is completed.
You can get an idea about what your property is worth by doing your own research:
- Look at sales of similar properties in your suburb in the past 6 months
- Look at websites such as realestate.com.au or domain.com.au for recent sales history
- Speak to local real estate agents about activity in your area
- Compare your property with other similar properties. They should have similar construction, land size, number of bedrooms and improvements.
Will I need to pay Lenders Mortgage Insurance (LMI)?
If the outstanding balance of your loan is higher than 80% of your property’s value you may need to pay LMI with your new lender. LMI is not transferable between lenders, so if you refinance to another lender, if your loan is not below 80%, it will be payable again.
If your loan amount is below 80% you will not need to pay LMI again.
FBAA & Credit and Investments Ombudsman Membership
Award winning Mortgage Broker in Brisbane
As members of the Financial Brokers Association of Australia (FBAA) and the Credit and Investments Ombudsman (CIO) we must uphold the highest level of excellence when helping clients with their finances. The members of each organisation must meet a minimum standard in experience, education and ongoing training to maintain membership each year and as active members, we commit to upholding these standards, ensuring we maintain their high levels of compliance, integrity, and professionalism with all of our mortgage clients.
Valuation issues & credit scores
One of the most common issues we see is with valuations and shortfalls which can ultimately stop your property journey before it even begins. We can order free upfront valuations with many of our lenders, meaning we can find out what your bank thinks your property is worth way before applying with them.
From experience, we know that ordering a valuation prior to applying for a home loan makes sure your credit file doesn’t get damaged from having multiple enquiries.
We can provide free valuations and also a copy of your credit file so you know where you stand way before applying for a loan with the banks!
Complex Credit Policy Pitfalls
Each lender and bank in Australia has a unique credit policy, meaning while some will accept your full income, others may not allow it due to their policy.
Quite often bank policy can be set in stone, and due to the complexity bank staff quite honestly don’t know it nor do many mortgage broker Brisbane. They are not familiar with complex situations and how to correctly assess them. This can sometimes cause it to take quite a long time to process your application and even in some instances mean your loan will get declined for no good reason.
With banks making their policies more and more complex it becomes more important to correctly package, and assess your application before it is even lodged with the bank – showing the banks all of the strengths of your home loan application and making sure it fits all of their policies.
At Hunter Galloway we have our own in-house credit team and we make sure your application is going to fit with the bank each time.