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Why Perth Homeowners Refinance

Refinancing means switching your existing home loan to a new product — either with your current lender (repricing) or a new lender (full refinance). Perth homeowners refinance for a range of reasons:

• Rate reduction — current rates across the market are lower than your existing loan, and your bank hasn’t passed on the difference
• Cash out equity — access equity built up in your home for renovations, investment, or debt consolidation
• Debt consolidation — roll credit card debt, car loans, and personal loans into a lower-rate home loan
• Better loan features — offset account, redraw, split loan capability your current product doesn’t have
• Switching from fixed to variable (or vice versa) as interest rate conditions change
• Releasing a guarantor — parents who went on the loan when you first bought need to be removed
• Splitting an investment portfolio — restructuring loans across properties for tax efficiency
• Preparing for a major purchase — refinancing to free up equity before buying a second property

The Finance Agency advises on all of the above. We don’t just find a lower rate — we assess whether refinancing actually improves your position.

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The Real Cost of Staying

Banks count on inertia. The gap between what a loyal existing customer pays and what a new customer at the same bank gets offered is often 0.3–0.8% p.a. On a $600,000 loan, that’s $1,800–$4,800 per year.

Most refinances also cover their own costs within 12–18 months. Break costs, discharge fees, and valuation costs are one-off. The ongoing savings are annual.

We’ll do the exact numbers for your situation before you commit to anything.

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What The Finance Agency Does Differently

We compare across 30+ lenders. Your bank will offer you one option. We compare dozens, including non-bank lenders that regularly beat the majors on both rate and features.

We assess the full picture. A lower rate isn’t always better if the product has no offset account or if the break costs on your current loan wipe out two years of savings. We model the actual outcome — not just the headline rate.

We handle the paperwork. The reason most people don’t refinance when they should is the perceived complexity. We manage the discharge from your old lender, the application with the new lender, and the valuation — end to end.

We have no lender allegiance. We’re paid by the lender you settle with, but our job is to find you the best outcome across the market — not to push a preferred lender relationship.

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How The Finance Agency Refinancing Works

Step 1: Current Loan Assessment

We review your current loan — rate, product, remaining term, break costs, and whether there are clauses that affect switching. We also assess your current equity position and what options it opens.

Step 2: Market Comparison

We run your profile against our panel of 30+ lenders and present the best 3–4 options with full cost modelling — not just rates. You see the total cost of switching (break costs, fees) vs the total saving over your remaining loan term.

Step 3: Application

Once you select your preferred product, we manage the full application. Most applications require updated payslips or tax returns, your current mortgage statement, and a current property valuation (we order this on your behalf).

Step 4: Settlement and Discharge

We coordinate settlement between your old lender and the new lender. Once complete, your old loan is discharged, the new loan is live, and you receive a confirmation from both lenders.

Typical timeline: 3–6 weeks from assessment to settlement for a standard refinance. More complex restructures (multiple properties, debt consolidation) typically 4–8 weeks.

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Frequently Asked Questions

How much does it cost to refinance in Perth?

Typical refinancing costs include: discharge fee from your current lender ($150–$400), valuation fee ($200–$600, sometimes waived by the new lender), and government transfer/registration fees ($150–$250 in WA). Many lenders offer cashback incentives ($2,000–$4,000) for new refinance customers which can offset or exceed these costs entirely. We’ll model the exact net cost for your situation before you decide.

Can I refinance if I have less than 20% equity?

Yes, but your options narrow. Below 80% LVR (loan-to-value ratio), most lenders require LMI (Lenders Mortgage Insurance) unless you can access a guarantor or specific professional/income programs. Between 80–90% LVR, some lenders move without LMI. We’ll tell you exactly what’s available at your current equity position.

Will refinancing affect my credit score?

Yes — a new credit application creates a credit enquiry (small, temporary impact) and your new lender will run a credit check. However, refinancing doesn’t fundamentally damage credit. The key is not submitting multiple applications across multiple lenders — we submit once, to the right lender.

Can I access equity when I refinance?

Yes. If your property has increased in value and your outstanding loan is less than 80% of the current value, you can often borrow additional funds at the same time as refinancing. Common uses include funding a renovation, contributing to an investment property deposit, or consolidating other debt. We’ll assess the available equity and the best way to structure the access.

Is refinancing worth it if I have 10 years left on my loan?

It depends on your current rate, the refinancing costs, and how much of your loan is principal vs interest. With less time remaining, you need a larger rate saving to justify the break costs. We’ll model the exact payback period for your situation — if it doesn’t stack up, we’ll tell you honestly.

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Ready to Check If You’re Overpaying?

Most homeowners are. A 30-minute conversation and we’ll know exactly whether refinancing improves your position — and by how much.

Book a Free Consultation

The Finance Agency — Perth’s independent mortgage brokers. No bank allegiance. No fluff.

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*The Finance Agency