Refinancing

If your mortgage has not been reviewed in the last two or three years, there is a good chance you are paying more than you need to. The lending market moves, lender pricing shifts, and the loan that was competitive when you took it out may no longer be the best available option today. Refinancing with TAP Mortgage Solutions is a straightforward process - we compare your existing loan against options from over 50 lenders, identify the best available path, and manage the switch from start to finish.

Common Reasons to Refinance

People come to us to refinance for all sorts of reasons, and none of them are wrong. Securing a lower interest rate is the most common - even a modest reduction can translate into thousands of dollars saved over the remaining loan term. Other clients are rolling off an expired fixed rate and want to move to something more competitive before their lender automatically rolls them onto a standard variable rate. Others are looking to access equity in their property for a renovation, an investment deposit or another financial goal. And some simply want to move to a loan with better features - an offset account, redraw access, or more flexible repayment terms. Our Loan Health Check is a free and quick way to see whether a refinance is worth exploring.

Understanding Break Costs

If you are currently on a fixed rate loan, it is important to check whether any break costs apply before initiating a refinance. Break costs are calculated based on the difference between your contracted fixed rate and the current wholesale rate, and the remaining term on your fixed period. In some market conditions they are minimal, in others they can be significant. We calculate the break cost scenario and weigh it against the potential savings of moving to a new product, so you can make a fully informed decision about whether the timing is right.

The Refinancing Process - What to Expect

Refinancing involves a full reassessment of your financial position by the new lender. Income, expenses, existing debts and the current value of the property are all reviewed. In some cases, borrowers find their position has changed since the original loan was approved - and we work through your current financial situation with you before approaching any lender, so there are no surprises during the credit assessment. We then handle document preparation, lender communication and the settlement of the new loan, including discharge of the old one. Most refinances complete without any disruption to your day-to-day banking.

Equity, LVR and Getting a Better Deal

If your property has increased in value since you took out your original loan, refinancing may also move you into a lower LVR bracket - potentially eliminating LMI premiums on some loan structures and opening up access to more competitive products. We factor any change in property value into the refinancing assessment as a matter of course.

For clients with both a home loan and investment loans, refinancing both facilities together gives us the opportunity to optimise the structure across both at the same time. Book a free consultation with the TAP team to find out what is available for your situation.

Refinancing does not have to be complicated. We handle the heavy lifting from start to finish, and we keep you in the loop at every stage so you always know where things stand. Here is what the process looks like when you work with us.

Lap 1: Book a Meeting

It starts with a straightforward conversation. We take the time to understand your current loan situation, what is driving your interest in refinancing, and what a better outcome looks like for you. Whether you are chasing a lower rate, looking to access equity, or simply want to know if you are on the right product, this is where we get the full picture.

Lap 2: Fact-Finding

We gather the key details about your financial position - your income, assets, liabilities, existing loan details and credit history. This gives us a clear view of what lenders will see when they assess your application and helps us identify the most suitable options from our panel of 50+ lenders.

Lap 3: Working With You, Not Just For You

This is where we sit down together and work through your options as a team. We are not here to push a product - we are here to make sure the solution we recommend genuinely aligns with your financial goals and makes sense for your situation long term. You ask the questions, we give you honest answers.

Lap 4: Refinance Recommendation

Based on your financial profile and goals, we identify the most suitable lenders and loan structures for your refinance. We walk you through the options clearly - fixed vs variable, rate comparisons, features like offset accounts and redraw - and explain the potential savings so you can make a confident, informed decision.

Lap 5: Document Gathering

Once you are happy with the recommended loan, we help you pull together everything needed for submission. This typically includes recent payslips, bank statements, your existing loan details and identification. We tell you exactly what is needed and make the process as straightforward as possible.

Lap 6: Application Lodgement

We submit your refinance application to the lender and manage all communication on your behalf. You will not be left chasing the lender for updates - we do that. If the lender needs anything further, we handle it promptly and keep you informed throughout.

Lap 7: Approval

Once the lender completes their assessment - including a property valuation if required - your new loan moves to formal approval. At this point the lender has confirmed the loan is fully assessed and ready to proceed. We make sure all conditions are met and that you understand your new loan structure, including any changes to your LVR position, before moving forward.

Lap 8: Document Signing

With approval confirmed, you will receive formal loan documents to sign. We walk you through the key terms and conditions so you understand exactly what you are signing up for and what your obligations are under the new loan.

Lap 9: Settlement

On settlement day, your existing loan is discharged and your new loan is drawn down. The transition happens in the background - in most cases there is no disruption to your banking at all. We guide you through the final steps depending on your loan structure and lender requirements to make sure everything lands cleanly.

Lap 10: Ongoing Check-Ins

Our support does not stop at settlement. We stay in contact to make sure your new loan continues to work for you as rates and your circumstances change. If a better option becomes available down the track, we will let you know - you should never have to wonder whether you are still on the right deal."