Why Choose a Mortgage Broker to Refinance?

Did you know that seven out of 10 borrowers use a mortgage broker?

During the June 2024 quarter, mortgage brokers wrote 73.7% of all new home loans in Australia – the second highest result on record. 

When it comes to refinancing, many borrowers choose to use a mortgage broker for peace of mind that switching is the right move for them. 

Here’s why many borrowers are using a mortgage broker to refinance, rather than going direct to a lender. 

Professional advice you can trust 

Australians are in the midst of a cost-of-living crisis and money is tight for many. When it comes to your home loan, you want to know that it’s competitive and has the features you need. 

A mortgage broker is a trained finance specialist who can offer support and guidance about whether refinancing is suitable for you. We understand the different home loans and can narrow down your options to find one that marries with your specific financial situation and goals. 

Mortgage brokers are bound by a best interests duty. What that means is we are governed to always act in the best interests of our clients, so you can rest assured we’re on your team. 

A streamlined refinancing process

Do you remember when you took out your existing home loan?  

Maybe you had to jump through a few hoops to get to the finish line? Perhaps it felt like there was A LOT of paperwork to wade through and it all seemed overwhelming at times? 

Mortgage brokers streamline the refinancing process. We liaise with the lender, oversee the paperwork and provide ongoing assistance.  

Bottom line: you’ll have someone to support you throughout the entire refinancing journey. 

Tailored finance solutions 

There’s no one-size-fits-all mortgage. Everyone’s financial situation and goals are different, which is why you need tailored finance solutions. 

A mortgage broker will take the time to understand your financial circumstances and goals. If we think you could benefit from an offset account or redraw facility, we’ll explain why, but we won’t push extras on you that you don’t actually need. 

A panel of lenders 

If you go directly to a lender, they’ll try to sell you their home loans. Naturally.  

We have access to a full panel of lenders, so we can compare the market and find a mortgage that’s suitable for you. Borrowers are spoilt for choice these days, and we will help you pick your home loan from the hundreds of options out there. 

What about commissions? The commissions we receive are pretty similar across lenders. This ensures there’s no incentive for a broker to recommend one lender over another. Our job is to act with our clients’ best interests at heart. 

A holistic approach to your finances 

Banks are generally focused on the here and now. Their primary goal is to secure your business and lock you in.

Mortgage brokers, on the other hand, take a holistic approach to your finances. We’ll take into account your current financial situation and future financial aspirations, then line you up with finance to support those goals.

Common reasons to refinance

If you haven’t reassessed your mortgage recently, now is the time to do it. Refinancing could help you to: 

• Secure a more competitive interest rate 

• Benefit from interest-saving features like offset accounts or redraw facilities 

• Access equity for renovations, additional properties or other financial goals 

• Consolidate debt. 

  
  

Like to explore your options? Interest rates may be on the move again in early 2025, so it makes sense to shop around now to see what lenders are offering.

This article is intended for informational purposes only and does not constitute legal, tax, or financial advice. Always seek professional counsel tailored to your specific situation. Remember, all loan applications are subject to the lender’s approval and conditions, including fees and charges.