Home loan refinance

Get a better home loan deal! We GUARANTEE our work and will save you thousands.

Refinancing your home or investment loan:

Stop paying a loyalty tax to your current bank!

When was the last time you had a professional broker in your corner to negotiate updated and more competitive terms with your current lender?

Our Home (or Investment loan) refinance process will secure the following for you:

  • A new negotiated rate with your current bank – We will negotiate better rates and terms with your current bank (at no cost!)
  • We will then compare this to other options for you in the market
  • We will then provide you with a detailed report to compare your options and see how much you could save either staying with your current bank or refinancing elsewhere!

What are the benefits of a refinance?

When was the last time you had a professional broker in your corner to negotiate updated and more competitive terms with your current lender?

  • Lower interest rate and interest costs
  • Up to $4,000 in cashback rebates – Ensure you aren’t out of pocket from refinancing (average changeover cost is $500-$800 in exit fees).
  • Lower repayments, especially if your term if re-structured (can be beneficial in freeing up cashflow to purchase an investment property or consolidate debts)
  • Redraw available equity for further wealth creation, cosmetic renovations or construction plans
  • Hack your home loan – Our brokers will also give you strategies to repay your debt 4-5 years faster that the banks don’t want you to know about!
  • Stop paying a loyalty interest tax to your current bank, potentially costing you thousands every year of unnecessary extra interest.

Working with our experienced and award-winning broker team for your refinance is a service at no cost to you and you’ll have a finance professional at call for the term of your loan, an invaluable resource for you moving forward.

How much can I borrow ?

  • Borrow up to 90% of the property value to refinance and provide further equity (if required)
  • Borrow up to 80% as a low doc refinance
  • Borrow up to 60% for a low doc refinance with the lowest interest rates (same as full doc – ask us how)

What do I need to get approved?

  • You’ll need to provide atleast 6 months repayment history showing perfect repayment history
  • You need a clear credit file
  • You’ll need an eligible property with a value higher than the loan amount needed (see above)
  • You need to have stable employment and a regular income.
  • If you’ve just changed jobs and industries, your property is highly leveraged and you’ve missed repayments you may not be eligible

You may still be eligible to refinance if you don’t meet the above conditions but this will usually be with a smaller lender and more expensive interest rates. Speak to us today to find out your options is the best and easiest way.

Interest rates from:

1.98% | 2.47%* p.a (Comparison Rate)

Lenders available :

Almost all lenders provide a refinance option.
We have up to 34 lenders available (including specialist lenders)

Discover if you qualify:

We can help you refinance a property anywhere in Australia.

How a refinance works

Step 1: Complete a Free Assessment request

  • One of our senior brokers will call you to spend 15 minutes running through your position and overall refinancing goals
  • Along with that information, you’ll then just need to complete our online client profile form (helps us collect all your official details on employment, assets, liabilities and your living expenses)

Step 2: Refinance report

  • We’ll begin securing the sharpest rates possible amongst our 34 lenders
  • We’ll look at ways we can structure your application to save as much as possible on interest
  • We’ll send you a detailed report (refinance comparison report) showing you the savings in our recommendations

We’ll never recommend a refinance to you if it does not put you in a better overall financial position!

Step 3: Arrange approval & settlement

  • Once happy, we’ll send you a document checklist of what we’ll need to secure you a refinance approval
  • We will secure you an approval within 5 business days once all documents are returned
  • After approval, simply work through executing the new mortgage documents
  • Settlement is booked between your old and new lender

Generally from start to finish, our refinance process takes 3-4 weeks (the industry average is 6 weeks).

Self-employed refinances

Is it more difficult to refinance as self-employed?

  • No! We have many self-employed lenders and products and can easily assess your eligibility
  • You’ll need a minimum 12 months ABN/trading history
  • You’ll generally need to be up-to-date on your tax returns or atleast have a strong relationship with your Accountant

Option 1: Fully verified self-employed refinance

  • Provide the most recent financial year’s tax return and profit/loss statement
  • Provide your Accountant’s contact details so we can discuss your business with them (this is the fastest way)
  • Under this policy we can secure the sharpest refinance offers in the market

If this isn’t you don’t give up! We have some surprisingly easy solutions for self-employed – read on..

Option 2: Limited verification *special*

  • You can refinance up to 60% of the value of your property
  • Provide 12 months BAS only for us to analyse and a declaration of income
  • We’ll analyse the above and if eligible, this will also qualify for the lowest interest rates available

Your business will need to be GST registered for a minimum of 12 months under this policy

Option 3: Low Doc verification

  • We’ll discuss with you the best options to verify income
  • As a guide, the options are: Accountant’s Letter, 6 months of business bank statements or 6 months BAS (if GST registered)
  • We’ll analyse the lowest cost solution here for you – but as a guide interest rates can range from 1% up to 2.5% higher than fully verified rates

What are the benefits of a refinance?

Benefit 1: Repayment/cashflow saving

  • Lowered interest rate and refreshed loan term can drastically reduce minimum repayments
  • Can consolidate other debts to magnify the repayment saving

Our tip: Use the repayment saving as additional repayments to pay off the debt quicker wherever possible.

Benefit 2: Leverage off the equity

  • Refinancing can be an excellent time to also redraw the additional equity in the property/asset
  • This can allow you to invest into another property to make your assets work harder for you
  • This equity can also be used to consolidate debt, conduct cosmetic renovations, further investment or even for a holiday or car purchase

Using equity to invest can be one of the most powerful wealth creation strategies!

Benefit 3: Re-structure the property (if needed)

  • This is the best time if you need to add a spouse to the title or remove a guarantor
  • There is minimal cost & paperwork to do this when bundled into a refinance

Speak to us today to find out more on how this can work

Valuing my property

How is my property valued?

Once we’ve locked down a lender strategy we will be able to arrange a bank valuation for you (usually at no cost to you).
Here is a general guidelines on the type of valuation needed on different types of applications:

1. Financing up to 80% of the general value of the property: Electronic or desktop valuation only

2. Financing above 80% of the value of the property: Drive-by valuation or full inspection required

You can learn more about this on our guide to different types of valuations page.

How can I find out the rough value of my property upfront?

That’s a good question and one we are asked alot!

You don’t want to play a guessing game trying to find out what equity growth you have in your property or whether or not you can even change banks without having to pay Lender’s Mortgage Insurance (LMI) again (financing above 80% of the property value).

At Cornerstone Lending – your broker has direct access to bank valuation systems along with independent system (such as Corelogic or RPDATA).
We use a combination of these systems as part of our refinance analysis for you to confirm whether you have the value in your property to be eligible for a refinance and the estimated value of your property.

We can send you a detailed report from these systems for you at no cost.

What if the bank values my property for less than expected?

We’ll then work with you to analyse whether it’s still worth proceeding with the refinance application by comparing:

  1. Staying with your current financier at the higher rate

  2. Proceeding with our recommended lower cost lender even with a shortfall in valuation

Applying for a refinance.

If you need advice on your refinance options, please speak to us!
We’ll give you a thorough overview of your position and the most competitive options available to you in the market.

Complete a Free Assessment Form to get started with our team today.