Rates on hold? Let’s review.
Let’s review; Tips for reviewing and refinancing your Home Loan.
The inflation rate has increased to 3.2%, up from 2.1% last quarter. Economists are now tipping that the RBA won’t reduce the cash rate next week. While that may mean we don’t see a drop in home loan rates, it doesn’t mean you have to stick with a home loan you’re not happy with.
Reviewing your Home Loan isn’t just about chasing a sharper rate (though that can be a benefit!), it’s about reshaping your loan so it fits your life right now. Many households are using refinancing to create breathing room, consolidate smaller debts into a lower rate, separate owner‑occupied and investment borrowings for clarity, or unlock equity for renovations and future plans. The rate still matters, of course, but so do fees, cashbacks (where available), policy fit and the features that help you manage money day to day.
The smartest refinances start with a health check. What’s your current interest rate versus the market? Are you paying for features you don’t use? Is your loan still structured for your goals? A broker can compare multiple lenders and run the numbers on genuine savings after costs. Sometimes the best answer is to negotiate with your current bank, other times, a switch unlocks better policy treatment of your income, improves your borrowing power, or simply delivers a cleaner, more flexible structure.
If you’re eyeing a renovation or an investment purchase, consider a valuation‑led refinance that recognises current market value and frees up usable equity. Keep in mind that lenders still apply serviceability buffers, so cleaning up credit cards and afterpay facilities, tightening discretionary spending, and lodging up‑to‑date tax returns can materially improve outcomes. For self‑employed clients, a year‑to‑date financial pack prepared with your accountant can help demonstrate strong trading and smooth the path to approval.
The final piece is future‑proofing. You don’t want to refinance today and feel boxed in tomorrow. Many clients choose a split structure, directing savings through an offset on the variable portion and fixing part of the balance to manage risk. Build a small emergency buffer so life’s bumps don’t derail repayments, set calendar reminders for annual reviews, and keep a steady eye on market moves. Done well, refinancing is less about chasing hype and more about crafting a loan that supports everything else you want to do.
Helping business owners across Torquay, Geelong and the Surf Coast secure residential finance that makes sense for their lifestyle and business structure.