Why consider refinancing your home loan?
Your home loan might be the biggest financial commitment you’ll ever make, but that doesn’t mean you have to stick with it forever.
Banks are notorious for offering their best rates to new customers while leaving existing loyal clients on higher rates. As your broker, our job is to ensure you aren’t paying a “loyalty tax” to your lender.
Refinancing your mortgage could lower your monthly repayments, unlock equity, or help you pay off your loan faster. The challenge is knowing where to start.
The Broker Team is a local Bendigo-based mortgage broker with access to dozens of lenders. We do the comparison work for you, and we’ll tell you honestly whether refinancing makes sense for your situation, or whether your current deal is actually a good one.
Lower Your Interest Rate
Some borrowers end up paying higher rates than new customers. Refinancing may help you access more competitive rates and reduce repayments.
Fixed Rate Expiry
Your fixed rate period is ending and you’re about to roll onto a higher variable rate.
Access Equity
If your property has increased in value or you’ve paid down your loan, you may be able to access equity for renovations, investing or other major expenses.
Consolidate Debt
You may be able to combine credit cards, personal loans or car loans into one repayment. This can simplify your finances, but long-term costs should be considered.
Improve Loan Features
Refinancing can give you access to features like offset accounts, redraw facilities or more flexible repayment options. We can even help you re-structure your property investment loans if you have an existing property invest portfolio.
Reduce Fees
Switching to a simpler loan structure may help reduce ongoing fees and improve overall value.
Refinance Calculator
Not sure if refinancing is worth it? try our free Refinance Calculator to get a quick estimate of your potential savings based on your current loan balance, interest rate, and remaining term.
Refinance Process with The Broker Team Bendigo
Refinancing your home loan can seem like a lot of effort however a 15 minute home loan health check over the phone could save you thousands of dollars. We strive to make the process as smooth and hassel free as possible. We’ll even try to get you a better deal with your current lender first.
How The Broker Team Approaches Refinancing
Our Process
We’re based in Bendigo and work with homeowners across Central Victoria including Castlemaine, Kyneton, Macedon Ranges, Eaglehawk, Kangaroo Flat, and surrounding areas.
Whether you’re in the Bendigo CBD or a rural property 40 minutes out, we can work with you in person, over the phone, or via video call.
There are no upfront fees for our service. We’re paid by the lender when a loan settles, which means our job is to find the right outcome for you, not to push a particular product.
Refinancing for debt consolidation
If you have multiple debts (eg. credit cards, a car loan, a personal loan) rolling them into your home loan through refinancing can significantly reduce your total monthly repayments. Home loan interest rates are typically much lower than personal debt rates, so consolidation can provide real relief if your finances are feeling stretched.
It’s not the right move for everyone, and there are important considerations around extending loan terms and total interest paid. We’ll walk you through the full picture so you can make an informed decision.
Refinancing - Frequently Asked Questions
When should I consider refinancing my home loan?
A good time to review your loan is when your fixed rate period ends, when interest rates change significantly, or when your financial situation improves. As a general rule, if you can reduce your rate by 0.5% or more, refinancing is usually worth exploring. The Broker Team offers free loan health checks so you can find out quickly whether you’re on a competitive rate.
What is a cash-out refinance?
A cash-out refinance is when you refinance your home loan for a higher amount than your current balance, releasing the difference as cash. For example, if your home is worth $650,000 and your remaining loan balance is $350,000, you may be able to refinance up to 80% of the property value ($520,000) and access up to $170,000 in equity. This cash can be used for any purpose — renovations, purchasing an investment property, or consolidating debt. Interest rates on cash-out refinances are typically the same as standard home loan rates, making them significantly cheaper than personal loans or credit cards.
How much does it cost to refinance?
Refinancing costs can include a discharge fee from your current lender (typically $150–$400), government registration fees, and potentially lender’s mortgage insurance if your equity is below 20%. In many cases, the savings from a lower rate outweigh these costs within the first 12–24 months. We’ll calculate a break-even point for you as part of your free home loan health check.
How long does refinancing take?
Most refinances take between 2 and 6 weeks from application to settlement, depending on the lender and the complexity of your situation. We manage the process on your behalf and keep you updated at each stage.
What’s the difference between a refinancing with a mortgage broker and going direct to a bank?
When you go directly to a bank, they can only offer you their own products. A mortgage broker like The Broker Team in Bendigo compares loans across multiple lenders simultaneously, which means more options and often a better outcome. We also handle the application process for you, which saves significant time and reduces the risk of errors that can delay approval.
Do I need to use a local broker to refinance in Bendigo?
Not necessarily, but there are real advantages to working with a local mortgage broker who knows the Bendigo and Central Victoria property market. We understand local lenders’ policies, regional property valuations, and the specific needs of buyers and owners in this area. And we’re available for face-to-face meetings if you prefer.
Can I refinance to access equity for renovations?
Yes — this is one of the most common reasons homeowners refinance. If your property has increased in value or you’ve paid down a portion of your loan, you may have accessible equity. A cash-out refinance allows you to borrow against that equity and use the funds for renovations, investments, or other purposes. The amount you can access depends on your property value, remaining loan balance, and the lender’s maximum LVR (loan to value ratio). The Broker Team can assess how much equity is available in your situation and identify lenders with competitive cash-out options.
Can I refinance if I'm self-employed?
Yes. Self-employed borrowers can refinance, though lender requirements for income verification vary. Most lenders require two years of tax returns and business financials. Some lenders offer low-documentation (low-doc) refinance options for self-employed borrowers who cannot provide traditional income evidence. A mortgage broker can identify which lenders are best suited to your income structure and help you prepare the right documentation to support your application.
What happens to my offset account when I refinance?
Your existing offset account stays with your current lender when you refinance — you’ll need to set up a new offset account with your new lender. Most competitive variable rate home loans include an offset account, so your new loan should offer the same functionality. Before switching, make sure any funds in your offset account are accounted for in your settlement planning. The Broker Team will walk you through the transition so nothing gets missed.
What our local Bendigo clients say...
Phil Brien
“We were put onto the Broker Team via recommendation from a close friend who has bought 2 homes and refinanced through them. Working with Brenden I was immediately impressed. He was honest, transparent and very non-judgmental of my sometimes ignorant questions. He was always readily available, and when we did make an offer, got us approval within a few business days on a highly competitive rate that met all of our agreed needs.” — Phil Brien, Google Review
Michael Hartmann
“We have used Trev from the Broker Team for the best part of 10 years for home finance, refinance, bridging finance and construction loans. Trev has always been professional, courteous with amazing attention to detail and an ability to get the best deal for his clients. His advice and help have been invaluable, and I have no hesitation to recommend him. The same goes for the support staff at the Broker Team: always courteous, professional and very fast replies to any queries.” — Michael Hartmann, Google Review
Tash
“Trev from the Broker Team has been extremely helpful and proactive in helping us refinance our property very quickly. He has been very responsive, flexible with appointment times, kind, understanding and personable throughout the process. He has made sure we fully understand all our options which has helped us make decisions that are best for our situation. I would highly recommend Trev.” — Tash, Google Review
