Refinancing your loan

Our review of your loans and credit facilities can lead to optimising your financial position and reducing interest payable.

A refinance could be as simple as a straight home loan for home loan swap, or it could be more complicated involving further debt consolidation, a re-structure, or an increase to an existing loan to free-up cash to spend elsewhere. Refinancing to a new lender should enable you to achieve greater savings, structure and flexibility that is tailored to an individual’s circumstances.

Switching lenders will come with a cost and ensuring that cost is offset by the benefits you should receive, is where a skilled Bernie Lewis Home Loans Mortgage Broker can assist.

What is

Refinancing refers to paying off an existing loan(s) and replacing this debt with a new loan or loan structure. Refinancing should be the solution to saving some money off of your monthly debt repayments, by way of a cheaper product or a structure that may be more suitable for your needs.

Save money

  • A lower interest rate to reduce interest payable on your repayments
  • Shorten the term of your loan and pay off your debt quicker
  • Reduce total interest paid with a more suitable product
  • Take advantage of lender cashback offers

Access different loan features and options

  • Switching from a fixed rate to a variable rate (or vice versa)
  • Apply for package loan benefits such as a discounted rate, bundled extras such as credit card and linked offset
  • Addition of a linked offset account

Fund a further purchase

  • Utilise equity in your home to finance a large purchase, such as a deposit for a new home purchase, a car, renovations, holidays etc

Consolidate debt

  • Most personal debts are repaid at a higher interest rate than a home loan. By consolidating your credit card debt and personal loan(s) into your mortgage you can save money while also simplifying your repayments

Should you refinance?

A Bernie Lewis Home Loans Mortgage Broker will weigh up the costs against any potential savings in interest rates to ensure refinancing is the right option for you.
Consider all the fees charged by lenders and your State Revenue department. The costs to refinance can range from $600 – $1,000 and typically include:

  • Outgoing lender’s discharge fee
  • State revenue office fees for new mortgage registration and mortgage discharge
  • New lender’s setup & settlement fees

Make sure you get advice from our Mortgage Brokers before refinancing your home loan or switching lenders, as we can help you determine if refinancing is right for you. We can look at your individual situation and help you determine if there is a benefit.

Self-Managed Super Fund (SMSF) refinance

Bernie Lewis Home Loans partner with new lenders who really want to refinance SMSF loans.  An SMSF refinance has long been viewed as a tedious and expensive task, but with far cheaper rates on offer and our SMSF experts it should be on your to do list.
With the assistance of our specialist Mortgage Brokers, there could be thousands of dollars which can be saved and reinvested back into superannuation.

What cost savings can be expected?

It’s all dependent on the loan size, interest rate, establishment & exit fees involved with the scenario, but recently we have had great success in obtaining substantial net benefit, and quickly too.

Why are SMSF loans difficult to refinance?

There are a number of factors which make the lending application a little different to a standard home loan, it is a little complex, but shouldn’t be difficult if handled by the right mortgage expert.

  • There are less lenders in the SMSF space than traditional residential investment lending
  • Fees associated in establishing or exiting from a SMSF loan
  • Most refinances are limited to just the dollar-for-dollar loan amounts
  • Specific documentation is required from an accountant to detail the SMSF
  • Security requirements including location and property type
  • Liquidity requirements i.e. liquid assets retained in the SMSF

With a Bernie Lewis Home Loans Mortgage Broker, you’ll partner with a skilled professional who can quickly identify where they can help you save. 

Meet our

Your first home loan is a journey. Wouldn't it be nice if you had an expert guide who would give you a hand in making the best decisions and avoiding the pitfalls?

Well that is exactly what Bernie Lewis Home Loans brokers do. In fact we have been doing this for decades. Best part – it doesn’t cost you anything extra. So what are you waiting for?


I was extremely nervous about changing my mortgage but my broker took away all my concerns. My broker included me at every opportunity and gave me clear instruction on the process needed to secure my new mortgage. The new mortgage is with a trusted bank and has given me much more financial freedom. Paying off my mortgage before I retire is now an option which is very exciting. Thank you to Bernie Lewis, an excellent service.

J Hogan

Happy Home owner

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We strive to make this process as easy for you as possible. See related articles and common topics.

Still not sure how to get started? Give us a call to see if we can clarify anything over the phone.

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Lending terminology explained

The following is a list of terms and their meanings that you may come across when purchasing a home and arranging a home loan.

This is the person who acts on your behalf for the purchase of the property. They will attend the settlement and ensure that you get clear and unencumbered title or ownership of the property. They may also conduct various searches of the title to ensure that everything is in order as well as collect and disburse all funds in the transaction and provide you with your detailed settlement statement. A solicitor can also perform this function.

Any contract to purchase property, may have conditions imposed on it by either the vendor or purchaser; however a contract for a property purchased at auction usually cannot have any conditions, These could be conditions such as subject to a satisfactory building or pest inspection, or subject to finance. In fact, any condition can be placed on a contract but it must be agreed to by both vendor and purchaser. If a condition is not met by the nominated date or time then either party can cancel the contract, usually without penalty.
The purchase contract will specify a deposit amount that must be paid prior to the end of the cooling off period, or in the case of an auction, on the fall of the hammer. This amount is usually 10% of the agreed purchase price; however it is open to negotiation. The money is held by the selling agent in their trust account until settlement. You should ensure that you are issued with a receipt for the deposit paid.

When you sign a contract to purchase a property, you then have until midnight two clear business days later to cancel the contract without penalty. Any deposit paid will be refunded in full.

A property purchased at auction does not have cooling off rights. Cooling off rights can also be waived by signing the appropriate document prepared by a solicitor. This is generally done for a property going to auction and purchased prior to the auction.

This is a once only premium payable by the borrower at establishment of the loan. Most lenders will insist on LMI cover whenever the loan is greater than 80% of the value of the property. It protects the lender (only) in case of default on the loan. If the lender takes possession of a property after a borrower defaults and there is a shortfall on sale of the property, the insurer will cover that shortfall. The insurer will then seek reimbursement from the borrower.
This is the document that is lodged with the Land Titles Office (LTO) detailing the change of ownership of the property. This is usually prepared by the conveyancer for the purchaser.
Is the legal document that registers the lender’s financial interest in the property, and gives them the legal power to sell the property if the Mortgagor is in default on the loan.

The lender who is providing the loan and therefore holds the mortgage on the property.

The lender will register their financial interest in the property by way of a notation on the title. This is done by the LTO and they will charge a fee for this.
This is you, or the person borrowing the money to fund the property.
This is the process by which the conveyancer acting on your behalf lodges the Memorandum of Transfer with the LTO to transfer ownership of the property. The LTO charges a fee for this based on the contract price of the property.
This is a fee levied by the State Government on all property transactions. It is calculated on the contract price, or fair market value of the property and is payable on settlement.