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A refinance loan is a type of loan that lenders offer that allows you to replace your existing home loan with a new one, either with the same lender or a different one. Refinancing may provide access to a different interest rate, repayment structure or loan features. It may also allow eligible borrowers to access usable equity, subject to valuation, serviceability and lender approval. Nice Loans helps borrowers compare potentially suitable refinancing options available through our lender panel, considering rates, fees, features, criteria & long-term effect of switching.
A refinance loan involves paying off your current mortgage and replacing it with a new one. Homeowners usually refinance for many reasons, including lowering repayments, consolidating debts, accessing equity, or adjusting loan features to suit the changing circumstances.
Refinancing may be worth considering when another loan could offer an overall benefit after rates, fees, features, switching costs and the remaining loan term are compared.
Depending on the lender and loan type, refinance loans may include:
We know that every borrower's situation is different. That's why we compare potentially suitable loan options available through our approved lender panel, considering relevant rates, fees, features & lender criteria. Here are some of the loan options we can help you with.
With a principal & interest repayment structure, you are required to pay down both interest and the original loan amount (principal) over the term of the loan.
In an interest only loan, you only pay the interest for a set period, without reducing the loan principal. This will lower monthly repayments during the IO period and improve cash flow.
In a variable-rate refinance, the interest rate and repayments may increase or decrease over the loan term. Features and fees vary between products.
The interest is fixed for an agreed period, providing repayment certainty during that period. A limit may apply to extra repayments and redraw. Break costs may apply if the loan is changed or repaid during the fixed term.
A split loan combines both fixed and variable rates in one mortgage. This allows you to enjoy repayment stability while still retaining flexibility.
This option will allow you to refinance for a higher amount than your existing loan and access the difference as cash. However, subject to lender approval & serviceability assessment.
Refinance loan come with specific terms and conditions different than other type of home loan set by lenders that can be favorable to certain group of people. Here's a breakdown of pros and cons:
Disclaimer: Loan suitability depends on individual financial circumstances, lender policies, and long-term property plans. This is general information only and does not constitute financial or legal advice. Please seek professional advice before making any investment decisions.
Use our mortgage refinance calculator to estimate potential differences in repayments & interest based on the assumptions entered.
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Refinancing means replacing your current mortgage with a new one. It is either with a same lender or a different one to access better rates, features, or loan structures.
Refinancing may help in reducing repayments or total interest when the new loan provides a sufficient benefit after fees, switching costs & the loan term are considered. A lower monthly repayment doesn’t necessarily mean a lower overall cost, particularly if the loan term is extended.
Refinancing costs may include discharge or termination fees, application fees, valuation fees, settlement or legal fees, government charges, package fees, fixed rate break costs & LMI. The applicable costs will depend on the existing and proposed loans.
Some lenders may allow eligible borrowers to refinance up to 80% LVR without LMI. This doesn’t mean that 80% of the property’s value is available as cash. The accessible equity depends on the existing loan balance, lender valuation, acceptable LVR, serviceability, loan purpose and credit criteria.
It can. Many borrowers refinance back to a 25- or 30-year loan term which can lower the repayments but may increase the total interest payable over time if not managed carefully.
You can refinance with your current lender or switch to a new one depending on where you’re getting better terms and features.
In most standard residential refinancing cases, borrowers don’t pay broker fee to us as we receive commission from the lender. Fees may apply to certain loan types or complex applications. Any applicable broker fee, lender fee or commission will be disclosed to you before proceeding.
Refinancing may be worth reviewing when your existing rate or features are no longer competitive, when your fixed period is ending, when your circumstances have changed or you want to assess usable equity. The decision should be based on the total costs, remaining loan term, expected benefit & lender eligibility, not interest rates or property values alone.
Answer a few quick questions so we can understand your situation and discuss possible options.
Select the option that best matches your situation.
Enter the purchase price, how much you'd like to borrow, and your deposit amount.
Based on your loan amount, the following estimate illustrates repayments using interest rates from 6% to 7% p.a.
How will you be securing this loan?
You may be eligible for federal and state or territory first-home-buyer assistance. Available grants, concessions, property limits and eligibility requirements depend on where you purchase.
This helps us discuss potentially suitable options available through our lender panel.
Be as honest as you can — it helps us find the right lender for your situation.
We’ll provide an indicative equity calculation and compare your existing loan with potentially suitable refinancing options available through our lender panel.
Based on your refinance amount, the following estimate illustrates repayments using interest rates from 6% to 7% p.a.
This helps us discuss potentially suitable options available through our lender panel.
Be as honest as you can — it helps us find the right lender for your situation.
Select your land situation, then enter the values. Total project value is calculated automatically.
Enter the amount you would like to borrow. The amount available is subject to lender assessment, valuation and lending criteria.
Based on your construction loan amount, the following estimate illustrates repayments using interest rates from 6% to 7% p.a.
How will you be securing this construction loan?
This helps us discuss potentially suitable options available through our lender panel.
Be as honest as you can — it helps us find the right lender for your situation.
We'll use this to get back to you, usually within one business day.
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