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An existing loan is repaid by new loan with improved terms.

There are many reasons to consider refinancing a current loan:

  1. The interest rate is too high.

  2. To assist with applying for a home loan, by reducing the existing repayments.

  3. To consolidate more than one debt.

  4. To extend the loan term, to reduce the repayments.

  5. A Residual Value has become due.

  6. Removing a Borrower from the loan.

  • Reducing your Interest Rate and consequently your interest charges over the life of the loan..

  • Improve your monthly cash flow.

  • Bundle all of your loans in to one. easy to manage repayment.

  • Loan Terms up to 7 years.

  • Reducing the overall repayments to satsify the requirements of getting a home loan.

  • To release an asset as security over the existing loan.

Anyone is eligible as long as they meet the Lenders minimum requirements.

There must be a financial benefit in refinancing a loan. This can be an interest charge saving over the remaining term of the loan, a debt consolidaiton that forms part of an overall debt reduction strategy and a reduction in repayments to help with a home loan application. Lenders are careful when assessing the financial benefit, to ensure it does not put the borrower in an inferior position. For example, if the existing loan has 3 years remaining and a total amount payable of $ 15,000.00. The new loan over the same term can not have a higher amount payable. If it did, then there is no financial benefit.

Check out some of our blogs before you buy and apply.


Yes, there will be fees. There could be fees charged by your existing Lender and by the new Lender. Your broker or Lender should ensure there if a financial benefit in moving before incurring unnecessary fees.

Yes, however the Lender will need to be comfortable with the financial benefit i.e. is there a benefit to you in extending the loan term?

A secured loan uses an asset (such as a car) as collateral for the loan. An unsecured loan has no security.

No, you can look to refinance a secured or unsecured loan, and loans secured against assets such as boats, caravans, motorcycles and business assets.

Normally a Lender will not refinance their own loan. There may be some exceptions, such as refinancing from secured to unsecured or if you are under financial distress.

It is no different to the normal process of applying for finance. Further checks may be required if the loan is secured. For example, if it is a secured car loan then a PPSR and Vehicle inspection may need to be conducted.

Yes, you can reduce the debt with savings and refinance the balance.

If there is no benefit in refinancing, your Broker or Lender should advise you. If your Broker is regulated by the Best Interest Duty (2020) they have a duty to notify you.

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