Home loan refinancing in Torquay, the Surf Coast and Geelong
Is It Time to Review or Refinance Your Home Loan?
Your home loan should continue to suit your circumstances, priorities and future plans. OCEAN Lending can review your current loan, compare suitable alternatives and help you understand whether refinancing may provide a genuine benefit.
A Home Loan Health Check
Refinancing Should Have a Clear Purpose
Refinancing generally involves replacing your existing home loan with a new loan. The new loan may be with your current lender or with another lender.
A lower advertised interest rate does not automatically mean refinancing will be worthwhile. Application fees, discharge costs, valuation outcomes, fixed-rate break costs, the new loan term and the loan features should all be considered.
We start by reviewing your current situation, loan structure and goals. We can then assess whether refinancing appears suitable or whether another approach—such as requesting a better rate from your current lender—may be more appropriate.
Common Refinance Goals
Why Do People Refinance Their Home Loan?
Refinancing can serve different purposes. The potential benefit depends on your circumstances, the available lending options and the costs involved.
Review the Interest Rate
Compare your current interest rate and fees with suitable alternatives available from the lenders we can access.
Adjust Monthly Repayments
Explore whether another rate, repayment type or loan term may better support your current household cash flow.
Access Property Equity
Subject to lending criteria, available equity may help fund renovations, another property or another approved purpose.
Improve Loan Features
Consider features such as offset accounts, redraw, additional repayments or a different fixed and variable loan structure.
Prepare for a Fixed Rate Ending
Review your options before or around the expiry of a fixed interest-rate period and understand the available next steps.
Restructure Your Lending
Review loan splits, repayment types, account structures and how your lending fits with your broader financial plans.
A Balanced Review
Refinancing Is Not Always the Best Answer
Changing lenders can offer benefits, but it can also involve costs or trade-offs. Our role is to assess the overall outcome, rather than focusing on one advertised rate.
- Discharge, application or settlement costs
- Possible fixed-rate break costs
- A new property valuation
- A complete new credit assessment
- Changes to loan features or account access
- The effect of resetting or extending the loan term
- Potential loss of existing benefits or package discounts
- The time required to recover switching costs
More Than an Interest Rate
What We Consider When Comparing Loans
The right comparison depends on the complete cost, structure, features and suitability of the loan—not only the headline rate.
Interest Rate and Fees
We consider the applicable interest rate, package fees, account fees and relevant establishment or switching costs.
Repayments and Loan Term
We look at the repayment amount, remaining term and how extending or shortening the loan may affect the longer-term outcome.
Offset and Redraw
We consider whether you need offset accounts, redraw, additional repayments or multiple loan accounts.
Fixed and Variable Options
We explain relevant fixed, variable and split-loan options, including the restrictions and features associated with each structure.
Lender Policies
Different lenders assess income, employment, expenses, liabilities, property types and loan purposes differently.
Future Flexibility
We consider foreseeable plans such as renovations, investing, changing employment, paying down debt or moving home.
Our Process
How the Refinancing Process Works
We guide you through each stage, explain what is required and help manage communication with the lenders involved.
Initial Conversation
We discuss your current loan, why you are considering a review and what you would like to achieve.
Portal Completion
You enter your details and securely upload supporting documents through our online client portal.
Financial Position Meeting
We review your current financial position, lending needs, goals and future aspirations in greater detail.
Research and Comparison
We assess your current lender and compare suitable alternatives, costs, policies, features and loan structures.
Application and Approval
We prepare and lodge the application, arrange the valuation and assist with lender and discharge requirements.
Settlement and Beyond
We support you through settlement and remain available for questions and future home loan reviews.
Short on Time?
Start Your Home Loan Review Online
Provide some initial information when it suits you. We can use this to begin understanding your existing loan and what you would like to achieve.
Refinance Resources
Learn More About Refinancing
Explore our short refinancing series for additional information about what refinancing means, why people consider it and the steps involved.
What Is Refinancing?
Read the GuideWhy Would I Refinance?
Read the GuideHow Often Should I Refinance?
Read the GuideThe Process of Refinancing
Read the GuideFrequently Asked Questions
Home Loan Refinancing Questions
How do I know whether refinancing is worthwhile?
This depends on the potential benefit, switching costs, loan features, remaining loan term and your future plans. A review should compare the overall position rather than only the advertised interest rate.
Can I ask my current lender for a better rate first?
Yes. In some circumstances it may be appropriate to request a pricing review from your current lender before proceeding with a full refinance.
Are there costs involved in refinancing?
There may be discharge fees, application or settlement fees, valuation costs, government charges or fixed-rate break costs. The applicable costs depend on your current and proposed loans.
Can refinancing reduce my monthly repayments?
It may, depending on the interest rate, loan balance, repayment type and loan term. Extending the loan term can reduce the monthly repayment but may increase the total interest paid over the life of the loan.
Can I access equity when refinancing?
Potentially. This depends on the property valuation, your current loan balance, the proposed purpose, your borrowing capacity and the lender’s policies and approval.
Can I refinance a fixed-rate home loan?
It may be possible, although break costs and other conditions may apply. These should be considered before deciding whether to proceed.
How long does refinancing take?
Timeframes vary depending on the lenders, valuation, application complexity, document requirements, discharge processing and settlement availability.
Ready to Review Your Current Home Loan?
Book a free, no-obligation conversation with OCEAN Lending. We can discuss your current loan, what you are hoping to achieve and whether refinancing may be worth exploring.
The information on this page is general in nature and does not take into account your objectives, financial situation or needs. Refinancing may involve costs and may not be suitable for every borrower. Eligibility, lending criteria, rates, fees, valuation outcomes and loan features vary between lenders and are subject to change.