5 things to keep in mind before refinancing
Something to keep in mind when looking to refinance your home loan is lenders vary greatly in what they can offer. You may want to find the lowest interest rate possible, however there are a number of other factors to consider that could save you time and money.
Some areas lenders can vary greatly include:
1. Serviceability criteria. Each lender has its own criteria to determine whether you can easily make the repayments. This can impact the amount it may be willing to lend you and whether you qualify for a loan in the first place.
2. Fee differences. Loans cost more than just the interest rate. Some charge annual fees, fees for features and even things like lenders mortgage insurance (LMI) can come at a different cost depending on the lender.
3. Turnaround times. Some lenders can approve loans much faster than others. It’s important to factor in the approval times when changing lenders and to factor potential extra time into your calculations to determine whether it impacts your cost saving compared to another lender that may be faster.
4. Lending criteria. Some lending criteria are the same across lenders – such as being at least 18 years old and your resident status. However, other criteria vary depending on the lender, such as your employment (including if you are self-employed) and the details of the property (some may have restrictions on building types or locations).
5. Promotions. Depending on your situation, there may be promotions available that you could qualify for. For example, some lenders offer “green loans” if a home fulfils certain sustainable, energy-efficient criteria. Others offer special deals for people in certain professions including the medical industry.
On top of this, you may want to structure your loan differently to better suit your current circumstances or goals. The structure of your loan can make a difference to your repayments, interest you pay and time it will take to pay off.
As a broker, I work with lenders day in, day out, and have a good understanding of how long approvals are taking and how they vary in their policies and offerings. If you’re considering refinancing, arrange a free, no-obligation chat. I’ll assess your situation and make recommendations in your best interest.
Licensing statement: Rayne Finance ABN [70 605 100 838] is authorised under LMG Broker Services Pty Ltd Australian Credit Licence 517192. Disclaimer: (1) As with any financial scenario there are risks involved. This information provides an overview or summary only and it should not be considered a comprehensive analysis. You should, before acting in reliance upon this information, seek independent professional lending or taxation advice as appropriate and specific to your objectives, financial circumstances or needs. This publication is provided on the terms and understanding that: (2) LMG Broker Services Pty Ltd, Rayne Finance (Seed Lending Pty Ltd) and the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication. (3) LMG Broker Services Pty Ltd, Rayne Finance (Seed Lending Pty Ltd) and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to the maximum extent permitted by the law to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication.
Explore other FAQs and Facts
What happens to my mortgage in a divorce?
Dividing property after a separation can be overwhelming, especially when a mortgage is involved. Whether you plan to sell or refinance, it’s vital to understand your legal and financial responsibilities. This guide answers common questions to help you navigate your options with more clarity and avoid costly missteps during divorce.
How to buy your first home with a sibling or friend
Buying your first home with a sibling or friend can make it easier to get into the market. By combining deposits and sharing costs, you may be able to buy sooner or buy better. With support like the First Home Guarantee, co-ownership can be a practical path to ownership.
Experts outline their price and rent forecasts for 2026
Australia’s property market is entering 2026 with continued momentum, according to forecasts from Domain, SQM Research and Ray White Group. While growth rates are expected to vary by city and property type, the overall outlook points to rising prices and rents, shaped by interest rates, supply levels and broader economic conditions.
Grants, Schemes & Deposits: A 2026 Guide for First Home Buyers
Buying your first home is about more than just saving a deposit. This guide breaks down what a deposit really means, how much you might need, and the key government grants and schemes available in 2026 to help first home buyers get into the market sooner.
Savings: The Foundation of Your First Home Deposit
Saving for your first home is not just about how much money you have. Lenders also look at how your deposit has been built over time. Understanding the difference between savings and genuine savings early can make the entire home buying process clearer and far less stressful.
Buy now pay later (BNPL): Helpful for Christmas but will it hurt your home loan chances?
Did you use BNPL to get through Christmas? You’re not alone. But with new credit rules now in place, even small pay-later habits could affect your chances of getting a home loan. Here’s what’s changed, what lenders are looking at, and how to make sure your BNPL use doesn’t hold you back.
Regional Victoria: Why buying now stacks up
Regional Victoria’s property market has hit a sweet spot in 2025. Towns like Ballarat, Bendigo and the Surf Coast are seeing steady growth supported by real demand, thriving infrastructure and better buyer choice. With balanced conditions and lasting value on offer, it’s an ideal time to make your move locally.
The Block Daylesford: TV Hype vs. Market Reality
The Block’s Daylesford finale made headlines for all the wrong reasons, but beyond the TV drama, the regional outcome was far from a failure. With three homes selling over $3 million and millions injected into the local economy, the real winner wasn’t the contestants, it was the town.
Five tips to get your property ready for sale
Spring is peak selling season, with listings up 14.4% in August alone. Warmer weather, blooming gardens, and longer days bring buyers out in force. If you’re thinking of selling, small changes like freshening up your street appeal or boosting natural light can make a big impact on both speed and price.
50,000 new places in the Home Guarantee Scheme
From 1 July 2025, an extra 50,000 places are available in the Home Guarantee Scheme, helping eligible buyers purchase a home with a smaller deposit and avoid lenders mortgage insurance. The scheme has already supported over 160,000 Australians since 2020, with tailored guarantees for first-home buyers, regional buyers, and single parents.