Refinance and loan review
Refinance and loan reviews, including when it is not worth it.
Finsap reviews your current home or investment loans and compares them with options from a panel of 30+ lenders. Danny Saputra looks at the rate, fees, features and structure together, and tells you plainly when refinancing is not worth it.
Credit is subject to lender criteria, assessment and approval. Fees, charges and eligibility criteria may apply.
Timing
When is it worth reviewing your loan?
Your lender may not be rushing to adjust your rate. Loans that have not been reviewed in a while can fall behind what is available, and your needs may have changed since you first borrowed. A review is worth considering when:
- your loan has not been reviewed in the last 12 months
- a fixed rate period is ending
- your income, family or plans have changed
- you want to use equity or consolidate debts
A review looks at the whole loan, not only the rate.
The review
What does a loan review cover?
Danny compares your current rate, fees and features with options from our panel of 30+ lenders. He also looks at the structure: whether your loans are split sensibly, whether an offset account is working for you, and whether your current lender's policies could limit your next purchase.
You get a clear picture of where your loan stands and what, if anything, is worth changing.
Honest guidance
When is refinancing not worth it?
Refinancing has costs, and sometimes they outweigh the benefit. It may not be worth it when:
- break costs on a fixed rate loan are high
- discharge, application and valuation fees would take too long to recover
- you would lose a feature you rely on, such as an offset account
- a new lender's assessment would reduce your future borrowing capacity
- your current lender will adjust your rate if asked
If staying put is the right answer, Danny will tell you.
Debts
Should you consolidate debts into your home loan?
Consolidating credit cards, car loans or personal loans into your home loan can reduce your repayments, because the debt is spread over a longer term at a home loan rate. It can also increase the total interest you pay over the life of the loan. Danny will show you both sides before you decide.
Debt consolidation may reduce repayments but could increase total interest paid over the life of the loan. Consider whether it is suitable for your circumstances.
Questions
Common questions
Should I refinance if my rate starts with 6?
It depends on more than the rate. The answer comes from comparing your current rate, fees and features with what is available, then allowing for the costs of switching. Danny can review your loan and show you whether a change is likely to be worthwhile. Any repayment or savings estimate is illustrative only and based on the information you provide. Actual outcomes depend on your loan amount, rate, fees, loan term, repayment type, lender criteria and approval. Refinancing may not be suitable for everyone.
Do I pay a fee for a loan review?
No separate broker fee is payable to us for our refinance review. We may receive commission from the lender if your loan settles. Other lender, government, valuation, discharge, break or loan-related fees may apply.
Can I refinance an investment loan?
Yes. Investment loans can be refinanced, and a refinance is a good time to check the structure, including whether any properties are cross-collateralised.
Will refinancing affect my credit file?
A new loan application is recorded on your credit file. Danny only recommends applying once a change looks worthwhile, and chooses lenders carefully to avoid unnecessary applications.
General information only, not personal advice.
Speak to Danny
You deal with Danny Saputra directly.
- Call
- Book a Strategy Call with Danny