Refinance Home Loan

Refinance Home Loan | Sutherland Shire

Plan for The Future and Review your Home Loan Today!
Refinance home loan - FirstPoint Mortgage Brokers

Is it time to think “refinance home loan”? Then, refinance and secure your home loan with the best at FirstPoint Mortgage Brokers, your local Sutherland Shire Mortgage Brokers. We are your home loan specialists and will always find the best loan for you.

Sutherland Shire Mortgage Broker

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Why Refinance home loan?

Refinancing your home loan can be the solution if you want a better interest rate or to enjoy more loan features. Refinancing is also an opportunity to tap into the home equity you have built up. When used carefully, it can also be a valuable tool for bringing debt under control by consolidate debt.

The reasons can be many, but also the living expenses, the interest rate going crazy, and home loan repayments increasing. So, it is time to look at your current home loan, compare home loan options, and plan for the future. When is your low-interest-rate loan agreement expiring? How much can you save on your monthly loan repayments with refinancing?

When your fixed term ends, you can look for a few options:
  • Refixing your interest rate for another term
  • Refinancing
  • Switching to the lender’s standard variable rate may not be as competitive.
  • Setting up a split-rate loan to benefit from both fixed and variable loan options.

We can help you save money and find the best deal for each option above.

What is a Home Loan Refinance?

Refinancing refers to paying out your current home loan by taking out a new one, either with your existing lender or through a different one. Refinancing can be many things, for example, a change in your financials, changing the terms of your mortgage to secure a lower monthly payment, switching your loan terms, and even taking some cash from your home equity to put toward bills or renovations.

Refinance turning equity into cash.

After making regular payments on your home loan for several years, you might have accumulated equity that you can use. Equity represents the difference between your remaining debt and your property’s current value. To determine your available equity, you’ll need to obtain a property valuation. Once you have this information, you can access your equity by refinancing your loan.


Refinancing is a solution that can actually save people from losing their homes if their home loan is in arrears.

Tips to follow when refinancing a home loan.

10 steps to follow while refinancing

Step 1

Understand why you're refinancing

Step 2

Know the costs of refinancing

Step 3

Get your documents ready

Step 4

Figure out how much equity you have

Step 5

Shop around with multiple lenders through a broker

Step 6

Obtain a conditional approval

Step 7

Order property valuation

Step 8

Obtain formal approval

Step 9

Complete settlement

Step 10

Set up the new loan

How much can I borrow?

  • You can borrow 80% to 95% of the property price, depending on the lender and loan type.
  • The more equity you have in your home, the more you can borrow.
  • A higher credit score can help you qualify for a larger loan and lower interest rates.

What can I afford to borrow calculator.

When refinancing you are required to document:
  • Last 6 months home loan statements which show the total amount owing to the bank.
  • Recent council rates notice and building insurance on your home.
  • Last three months’ unsecured debt statements such as credit card statements, personal loan and car loan statements etc.
  • You’ll also need to provide your 2 most recent payslips, bank statements and IDs.
  • There’s usually a few additional case-specific and lender specific documents as well.

We can help you save money and find the best deal for each option above.

Why You Should Use Our Team off Professionals?

We have looked after our locals for many years and are proud to be part of the Sutherland Shire Community. We are Shire, born and raised, and here to help our Neighbours.
We can help you refinance, whether for your existing home loan or if you’re looking to switch from another bank or lender. We do the running around and work around your schedule.
We have years of industry experience and helped many home buyers and families in the Sutherland Shire find the perfect financial solution for their needs. Best of all, because this is what we specialise in, we get the refinancing process moving quickly.


Cash-out refinance gives you a lump sum when you close your refinance loan. The loan proceeds are first used to pay off your existing mortgage(s), including closing costs and any prepaid items (for example real estate taxes or homeowners insurance); any remaining funds are paid to you.

Most people review their home loans every 2 years. While mortgages can be refinanced immediately in certain cases, you typically must wait at least six months before seeking a cash-out refinance on your home, and refinancing some mortgages requires waiting as long as two years.

With a standard rate-and-term refinance, you’ll need to wait at least 210 days from your original loan’s closing date. If you’re looking to take cash out with your refinance, you’ll need to have lived in the home for at least one year and made on-time mortgage payments for the last 12 months.

A refinance typically takes 30 to 45 days to complete. However, no one will be able to tell you exactly how long yours will take. Appraisals, inspections and other services performed by third parties can delay the process.

Debt Consolidation can be an option for you: It Debt Consolidation; it can save you time and money.The benefits are that:
    • You pay the debts back at the rate of the home loan, not at the rate that comes with each debt. A credit card debt, for instance, can have an interest rate as high as 17%.
    • You can consolidate up to about five different debt facilities.
    • You won’t get hit with the fees associated with credit cards and personal loans.
    • You actually pay back a smaller portion for these smaller debts because you’re paying a lump sum on a monthly basis.
    • Instead of trying to manage your payments to several different lenders and credit providers, you can combine all of these into one easy, monthly payment.
Depending on your situation, you can:
    • Borrow up to 90% of the property value: You must have a clean credit history and all of your repayments need to have been paid on time.
    • Borrow up to 80% of the property value: You can have missed payments recorded on your file but you need to show that you’ve been making your payments on time for the last 6 months.
    • Borrow up to 75% of the property value: Your borrowing power will be limited if you have serious credit impairment.

If you have a bad credit rating, your lender may deem you a high-risk applicant. If your rating is terrible, they may outright refuse your application, but in most cases, they will offset the risk of the debt refinance by offering you higher interest rates.

Here are some of the likely costs you’re going to be up for, so make sure you add them up and decide whether the savings you’re going to make in the long term are worth it:
  • Discharge fee: Your current lender will charge you a fee to exit the loan contract, which is usually around $300 or $400.
  • New application fee: The new lender may charge a fee for the paperwork, usually around $500. Some lenders won’t charge anything in order to secure your business.
  • Mortgage registration fees: This state government fee to register a new mortgage is usually around $100.
  • Insurance fee: If you purchased your home with a deposit less than 20%, the original lender would have charged you Lenders Mortgage Insurance. Your new lender could charge you this fee again, which could be tens of thousands of dollars. This is important to ascertain at the start of the process.
  • Early exit fee: You signed a contract, so there will be a fee to break that. Known as an early exit fee, this fee, also known as a ‘break fee’ will be determined by how long you’ve been with the lender.
It’s worth noting that as competition for mortgagees heats up, banks going above and beyond to prevent customers from refinancing and to lure new mortgagees. Many of the above fees are up for negotiation, so shop around.

Sutherland shire suburbs

Alford Point, Bangor, Barden Ridge, Bonnet Bay, Bundeena, Burraneer, Caringbah, Commo, Cronulla, Dolans Point, Engadine, Grays point, Greenhills Beach, Gymea, Heathcote, Illawong, Jannali, Kangaroo Point, Kareela, Kirrawee, Lilli Pilli, Maianbar, Oyster bay, Miranda, Sandy Point, Sutherland, Sylvania, Taren Point, Waterfall, Woolooware, Woronora, Yarrawarrah and Yowie Bay.

St George area

Allawah, Banksia, Bardwell Valley, Bexley, Beverly Park, Blakehurst, Brighton Le-Sands, Carlton, Connels Point, Hurstville, Kogarah, Kyeemagh, Kyle Bay, Lugarno, Monterey, Mortdale, Narwee, Oatley, Peakhurst, Penhurst, Ramsgate, Riverwood, Rockdale, Sandringham and Sans Souci.

Inner West includes the suburbs of

Annadale, Ashfield, Balmain, Birchgrove, Dobroyd Point, Dulwich Hill, Enmore, Haberfield, Leichhardt, Lewisham, Lilyfield, Marrickville, Petersham, Rozelle, Stanmore, St Peters, Summer Hill, Sydenham, Tempe, Camperdown, Croyden, Croyden Park, Hurlstone Park and Newtown.

Eastern suburbs

The suburbs surrounding the southern shores of Sydney Habour:
Vaucluse, Rose Bay, Darling Point, Double Bay, Point Piper, Woollahra, Edgecliff, Woolloomooloo, Watson Bay, Potts Point, Rushcutter Bay, Elizabeth Bay, Bellevue Hill, Waverley and Bondi Junction.


Dover Heights, Bondi, Bronte, Tamarama, Clovelly and Coogee.

Inner City

Darlinghurst, Surry Hills, Moore Park, Centennial Park, Paddington and Queens Park.

South West

Kingford, Kensington and Randwick.