Refinancing in Carnegie
Your circumstances change and your home loan should always keep up.
Whether your rate hasn’t been reviewed in years, you’ve built up equity you want to put to work, or you just want a loan that fits your life better, refinancing could save you money or open up options you didn’t know you had. Karthik compares across 30+ lenders to find out if you’re better off somewhere else – and if you are, he handles the switch.
A recent client story
Michelle Cartwright from Glen Waverley came to me four years into a loan she’d never reviewed. Her rate was sitting 1.2% above comparable products on the market and she had no idea. I refinanced her to a new lender, kept her offset account intact, and cut $380 off her monthly repayment.
How it works
30 minute call
We start with a conversation. I’ll ask about what you’re looking to do, how you earn, and where your finances sit – enough to put together a rough picture of your borrowing capacity and what you’d need to settle. You’ll leave with a clear sense of what’s realistic before anything moves forward.
Get Documents
I’ll send you a short list of what I need – usually payslips or tax returns, ID, and any existing loan statements. Nothing excessive at this stage. Once I have them, I handle the legwork.
Find Options
I compare your situation across 30+ lenders and find the best fit for how you earn, what you owe, and which lenders are actually likely to approve. I’ll run you through the options before anything gets submitted.
Apply
Once you’re happy with the recommendation, I prepare and lodge the application. I stay across it until settlement and let you know if anything needs attention.
Who this suits
Set-and-forget borrowers – if you haven’t reviewed your loan in more than two years, there’s a good chance you’re paying more than you need to.
Equity builders – if your property has grown in value, refinancing can unlock that equity for renovations, an investment, or other goals.
Life changers – separation, a new job, or a shift in income can all be good reasons to revisit your loan structure.
Fixed rate expiries – coming off a fixed rate and heading onto a variable? It’s worth comparing before your bank rolls you onto whatever suits them.
Common questions
When does it make sense to refinance? The most common trigger is rate – if your current rate is noticeably higher than what’s available, the savings can be significant. Other good reasons include switching from principal and interest to interest only (or vice versa), accessing equity for a renovation or investment, or consolidating debt. A quick comparison can show whether the numbers stack up after fees.
How much equity do I need to refinance? Most lenders want at least 20% equity in the property, which means an LVR of 80% or below. Below that, you may need to pay LMI again, which can make refinancing less worthwhile. If your property value has risen since you bought, you may have more equity than you think.
Will refinancing affect my credit score? Refinancing involves a credit application, so it does show up on your file. One application is unlikely to cause any issues. Multiple applications in quick succession can have a more noticeable impact, which is why it’s worth getting the comparison right before lodging anything formal.
What fees are involved in refinancing? Discharge fees from your current lender, application or establishment fees from the new lender, and potentially a property valuation cost. The total is usually between $500 and $1,500. I factor these in when running the comparison so you know the true break-even point.
Can I refinance to access equity for a renovation? Yes – this is one of the most common reasons people refinance. If you have enough equity, you can increase your loan to release funds for improvements. The new loan amount is assessed against the property’s current value, so an updated valuation is usually needed.
How long does refinancing take? From application to settlement, most refinances take 2-4 weeks. I handle the paperwork and the communication with both lenders, so you’re not stuck chasing it yourself.
My current lender offered to match the rate – should I just stay? Sometimes that’s the right call, especially if the difference is small and the switching costs outweigh the savings. But a rate match doesn’t always mean you’re getting the best structure, features, or flexibility. Worth a quick second opinion before deciding.
Why Loanset?
Karthik is an accredited mortgage broker operating under National Mortgage Brokers (NMB), Australian Credit Licence 391209, Credit Representative 556382. He works with a panel of 30+ lenders including major banks, regional lenders, and specialist financiers. Based in Carnegie, he meets clients in person, by phone, or via video.
I'm here to help
Whether you’re just starting to think about your options or ready to move – reach out.
Find a time that suits you below and let’s chat.
