Refinance & debt consolidation
Is your home loan still working for you?
Rates, lenders and your own circumstances change. A free review shows how your loan stacks up and whether switching could leave you better off.
Why people refinance
What a refinance could do for you
A sharper deal
Lenders often keep their best offers for new customers. A review shows how your current loan compares with what else is available.
One simpler repayment
Rolling credit cards, car loans and personal loans into your home loan could reduce your total monthly repayments.
Features that fit now
Offset accounts, redraw, fixed or split rates. What suited you five years ago may not suit you today.
Access to equity
If your home has grown in value you may be able to use equity for renovations or other goals, subject to lender criteria.
Illustrative example only
Debt consolidation: before and after
A hypothetical household with a home loan, a car loan and a credit card. The figures and rates are made up to show how the maths works. They are not rates offered by any lender, and your results will differ.
Before: three repayments
- Home loan $520,000 (25 yrs left)
- $3,544/mth
- Car loan $28,000
- $640/mth
- Credit card $12,000
- $360/mth
- Total
- $4,544/mth
After: one repayment
- Consolidated loan $560,000 over 30 yrs
- $3,394/mth
- Difference
- $1,150/mth less
Assumes hypothetical variable rates of 6.6% p.a. (before) and 6.1% p.a. (after) for illustration only, principal and interest, no fees.
The honest bit: lower repayments can cost more overall
In this example the consolidated loan runs for 30 years. Total interest on it would be about $661,685, compared with about $543,092 on the original home loan alone. Stretching a car loan or credit card over a home loan term, or extending your term, may mean you pay more interest in total even though each repayment is smaller. Making extra repayments can reduce that. We'll show you both sides before you decide.
Run your own numbersCurrent offer
Refinance cashback from $500 to $2,000
Eligible refinances settled through Homewise Lending may receive a cashback of between $500 and $2,000. The amount depends on your loan size and lender, and is paid after settlement.
T&Cs apply. Subject to lender criteria and approval. Not available on all loans. Read the cashback terms.
FAQ
Refinancing questions
How do I know if refinancing is worth it?
It depends on your current rate, loan size, remaining term and the costs of switching, such as discharge and application fees. We compare the numbers for you so you can see whether a change could leave you better off.
Does debt consolidation always save money?
No. It can lower your monthly repayments, but spreading short-term debts like a car loan over a longer home loan term may mean you pay more interest overall. We show you both the monthly and long-term picture.
What does it cost to refinance?
Costs vary by lender and may include a discharge fee from your current lender, government registration fees and possibly application or valuation fees. If you are on a fixed rate, break costs may apply.
How long does refinancing take?
It varies by lender and how quickly documents are provided. Many refinances take a few weeks from application to settlement.
Get a free home loan review
Fifteen minutes on the phone is usually enough to tell you whether it's worth looking further.