Ready to finance your future? Call 1800 195 123

Refinancing a Loan

We don’t believe in ‘one size fits all’ finance. Compare your options and try our loan calculators.

It’s 100% free with no paperwork

Ready to take the first step?
Leave your name and number and we’ll give you a call to get started.

What does refinancing a home loan mean?

Are you struggling with a loan that has become too expensive?

A lot may have changed since you took up the credit

Refinancing is the process of switching home loans by applying for a new loan to pay out your existing loan.

There are a variety of reasons for this financial decision, including saving money, consolidating debt and increasing your loan amount.

Empowered Finance can help you get better terms for the old loan and shift the debt to a more manageable place.

We provide a complimentary refinance service that takes a lot of the pain out of the process.

Our service involves a comprehensive review of your existing lending in conjunction with your current individual requirements.

We have contacts with a large range of lenders to ensure you get the best deal possible. Talking to our refinancing experts about your refinancing needs can help us secure a deal that perfectly suits your financial needs.

With a mobile service that can come to your home or office, complimentary financial advice, and zero fees, we’re ready to give you a better deal.

Reserve your free loan financing consultation

Mobile Service

We come to you to make
the process simple.

No Fees

We don’t charge a fee as
we’re paid by lenders.

Ongoing Support

We’re available for the
life of your loan.

What happens when you refinance your home loan?

Advantages


  • Lower payments – Refinancing can leave you with a smaller loan balance and more time to repay. This can allow you to pay lower monthly repayments than before. It can free up more money for your monthly expenses and allow for easier cash flow management.
  • Save money – You can save money on interest rates by refinancing into a loan with a lower interest rate. Borrowing a larger amount on a long-term basis can give you the benefit of lower interest rates.
  • Shorter loan term – Did you know that you can refinance into a loan with a shorter repayment period and lower interest rate?
  • Change the loan type – Refinancing can allow you to switch from a variable rate loan to a fixed rate loan. If the rates are currently low but are expected to rise, a fixed interest rate can offer protection.

Disadvantages


  • Lost benefits – The current loan may have certain useful features that may be lost if you refinance. Fixed rate and variable rate mortgages have particular aspects and bonuses that may be lost if one opts for one over the other.
  • Higher interest costs – Refinancing can involve stretching out the new loan tenure, to be paid over an extended period. As much as you may enjoy lower monthly payments, you may end up paying higher interest costs at the end of the loan tenure.
  • Transaction costs – Refinancing can involve expenses like closing costs if you are refinancing a home loan, or origination and processing fees for online transactions. The transaction costs for refinancing can be expensive. Just make sure you will come out ahead before paying the transaction costs.

Aspects of the loan that don’t change after refinancing

Collateral

The collateral used in taking the current loan will be required for the new credit. This means that you could lose your asset if you fail to make the payments for the new loan.

Debt

Your debt balance may not change with refinancing. However, the debt can change if you decide to roll over your switching costs into your loan.

Have a Question or Looking for Free Advice?

7 Reasons to refinance a loan

When your credit score has improved

You went through a financial situation that ruined your credit score, and your current loans have high interest rates. It could have been a medical emergency, a divorce, losing a job, or even filing for bankruptcy. Refinancing a home loan with bad credit is possible, as long as you take the right steps towards improving your credit score.

When you have renovated your home

Do you have a lot of equity in your home? Reinvesting the equity can help you carry out some repairs or add a swimming pool or bathroom. Refinancing home loans with bad credit is very difficult, but with good credit, you can get cash-out refinance.

When you want to save money

Refinancing allows us to assess your current interest rate in search of a better option. This may be with your existing lender or with a different lender entirely.

When you want to consolidate your debts

Most lenders will allow you to consolidate multiple debts, including credit card debt, and other unsecured debt, into your existing home loan. This process allows you to access lower, secured home loan interest rates.

When you want to facilitate a lending restructure

At Empowered Finance we work with lenders to facilitate necessary changes in your current loan structure such as, changing repayment types, changing loan products or loan purposes, as well as variable and fixed rate changes.

When you want to access the latest products

We appreciate how quickly loan products and features evolve. As a result, we offer ongoing advice to take advantage of the rapid changes in the financial world. Refinancing can allow you to access the latest features that you may otherwise have not been able to access in your previous home loan.

When you want to reduce your repayments

Life has a way of throwing us a few curveballs. If your situation changes and you need to change your repayment structure to reflect that, refinancing your loan can help. Refinancing may allow you to reduce your monthly repayment commitments. This can give you some much needed breathing room when times are tough.

Benefits of using Empowered Finance when refinancing a loan

Save Time

Empowered Finance is the one-stop-shop for many lenders in the Australian market. We can save you the time you would spend moving from lender to lender.

Save Money

Empowered Finance does not charge you a service fee. We can also link you to a lender with the most competitive interest rates for refinancing so that you can save more in the long run.

Expert Advice

We offer expert advice with your best interests in mind, to secure you the better terms for the new loan. Empowered Finance treats each case in isolation, listens, and recommend a refinancing option that can give you more value.

What our Client Say

Matt helped me refinance my house and negotiated a significant reduction in the interest rate. He was very professional and made it easy to understand what he was doing. I would recommend his services to anyone! ?
Richard W.
Matthew was responsive, polite and professional. He assisted me to refinance using the best deal that was available. I wouldn't hesitate to recommend his services to anyone.
Mitchell S.
Empowered Finance assisted with finance for my first home. They walked me through every step of the process. I found them to be knowledgeable &a,mp; professional. Thanks Empowered Finance!
Steve Z.
Matthew was excellent in providing obligation free advice and supplied strategies for us to move forward with our loan. Matt explained everything in great detail that was easy for us to understand. I would highly recommend Mathew’s service to family and friends
Kelly B.
Matt helped us with our loan for our dream property earlier this year. He went above and beyond to help us! He made the whole process so straight forward and go so smoothly. We never felt like we were asking the 'silly' questions, he clearly explained our options and his support and advice through the purchase was second to none! I have recommended Matt to friends and family, he will be looking after all our finances and loans in the future. Thank you again Matt!
Amanda D.
Fantastic service from Matt! I had been putting off negotiating a lower interest rate for my home loan and Matt was so enthusiastic and professional. He managed to get us a great rate! I highly recommend Empowered finance.
Esther W.
Matthew’s service was faultless in assisting with my refinance. With his extensive product knowledge he was able to provide me with the best package and interest rates that suited my home loan. Always available to help with nothing ever to much trouble, I would highly recommend Empowered Finance to anyone after any finance advice.
Tanya R.
Matt has been so helpful with my personal and business loans. I am self employed so getting loans can be pretty painful in the past, Matt made the experience quick and easy on all counts. Would highly recommend him!
Matty G.
We can highly recommend Matthew from Empowered Finance. Matthew is professional, hard working, attentive and very helpful. He made the whole process pain free and easy to understand. We will be back again. Thank you!
Em A.
Matthew made financing my first home seamless! He explained everything in depth and made the process easy to understand for me, which as a first home buyer was very reassuring. He listened to what I was looking for and provided me with the best options tailored to me. I will definitely be back in the future and would recommend him to anyone looking for financial advice. Thanks Matt!
Matthew H.
Matt went above and beyond when refinancing our home loans! Having more than one home, it was testing from the start. Matt sorted them out, found us a great deal, saving us thousands of dollars, and was with us every step of the way. It wasn't easy, but Matt handled it with Humour, Professionalism and no doubt, many sleepless nights! He was only ever a phone call or email away, and answered many questions, quickly and efficiently, and always made us feel like we were the mos... t important client. Our refinance certainly put Matt through his paces, and he never once gave up, even when we were ready to admit defeat! I cannot speak highly enough of Matt. Hes worth the phone call.
Pauline W.
Very good service and communication, highly recommend for first home homebuyers
Simon S.
Matt was great and went over and beyond to help us overcome some obstacles to get our loan approved.
Juanro P.

Dreaming of something bigger?

We provide rapid and reliable access to the finance you need to move forward with your business and life goals.

Step 1 - Choose a location

  • Subiaco Office: 1/100 Hay Street, Subiaco, WA 608
  • Your House - Please provide address in details box
  • Your Office - Please provide address in details box
  • Phone - Please provide phone number

Step Two - Choose an appointment type

  • Free 15 minute callback
  • Free 30 minute phone consultation
  • Free 60 minute appointment
  • Free 90 minute appointment

Step 3 - Choose preferred date and time

Step 4 - Enter your details

Step 5 - Confirm

You will receive an appointment confirmation email within 2 hours.

Book a Free Appointment