When Should You Consider Refinancing?
Many Australians set and forget their home loan, missing out on significant savings. If any of the following apply to you, it may be time to review your mortgage:
- Your fixed rate is expiring — You could be rolled onto a higher variable rate without realising
- You haven't reviewed in 12+ months — Rates change frequently and loyalty rarely pays
- You want to access equity — Use your home's increased value for renovations, investment, or other goals
- You want to consolidate debts — Roll credit cards and personal loans into your mortgage at a lower rate
- Your circumstances have changed — New job, higher income, or changed family situation
- You want better features — Offset accounts, redraw facilities, or extra repayment flexibility
How the Refinancing Process Works
Refinancing doesn't have to be complicated. Here's how it works with BAMA Loans:
- Step 1: Review — We assess your current loan, rate, and remaining balance
- Step 2: Compare — We search our panel of 50+ lenders for better options
- Step 3: Calculate — We show you the real savings after exit fees and any break costs
- Step 4: Apply — We handle the application and manage the switch from your old lender to the new one
What Costs Are Involved?
Before refinancing, it's important to understand the potential costs: discharge fees from your current lender, government registration fees, and possible break costs if you're on a fixed rate. In many cases, the long-term savings far outweigh these upfront costs. As your broker, we'll give you a clear breakdown so you can make an informed decision — no surprises.
Why Use a Broker to Refinance?
Banks will offer their own products, but a broker compares the whole market. We have no obligation to any single lender, which means our only goal is finding the deal that saves you the most. Our service is free — we're paid by the lender when your new loan settles.