Refinancing Your Home Loan: Tips and Tricks to Get It Right
Refinancing your home loan can be one of the simplest ways to reduce interest, improve cash flow, or make sure your mortgage still suits your lifestyle. But while refinancing can deliver great results, the process works best when it’s approached with the right preparation and guidance.
If you’re considering refinancing, understanding a few key tips and tricks can help you avoid common mistakes and get the most value from the process. Below are practical insights to help you refinance with confidence.
Tip 1: Start With a Clear Review of Your Current Loan
Before looking at new options, it’s important to understand what you have now. This includes your interest rate, remaining loan balance, repayment type, fees, and features such as offset or redraw.
Many homeowners are surprised to learn their loan is no longer competitive simply because it hasn’t been reviewed in years. A clear review highlights whether refinancing could genuinely improve your position.
This is also a good time to consider broader financial implications. For example, refinancing may affect tax outcomes or long-term planning, which is why insights from
The Accountants
can be helpful when reviewing your overall strategy.
Tip 2: Don’t Focus on the Interest Rate Alone
A lower interest rate is often the main reason people refinance — but it shouldn’t be the only consideration.
Loan structure, flexibility, fees, and features all matter. A refinance should support how you manage money day to day and align with where you’re heading financially, not just offer short-term savings.
Tip 3: Prepare Your Financial Position Before Applying
Refinancing involves applying for a new loan, so lenders reassess your financial position. Income, expenses, debts, and credit behaviour all come into play.
Reducing credit card limits, clearing buy now pay later balances, and minimising unnecessary debts before applying can improve your options and reduce friction during the process.
Tip 4: Understand How Property Value Affects Refinancing
Your property will usually be revalued as part of the refinance process. Changes in value can affect loan-to-value ratios, interest rates, and whether lenders mortgage insurance applies.
Understanding where your property sits in the current market helps set realistic expectations and avoid surprises during approval.
Tip 5: Use Refinancing to Improve Cash Flow
One of the biggest benefits of refinancing is improved cash flow. This might come from a lower rate, better loan structure, or consolidating higher-interest debts.
Used strategically, refinancing can free up funds that support savings, lifestyle goals, or longer-term financial plans.
Tip 6: Be Clear on Why You’re Refinancing
Refinancing works best when there’s a clear purpose. Whether it’s reducing repayments, accessing equity, or simplifying your finances, clarity helps ensure the new loan genuinely improves your situation.
This is especially important when equity or restructuring is involved, as refinancing decisions should align with broader financial and tax considerations. Educational resources from
The Accountants
can help provide useful context.
Tip 7: Let an Expert Manage the Process
Refinancing involves multiple steps — application, valuation, approval, discharge, and settlement. While much of it happens behind the scenes, small delays or errors can slow things down.
Having someone manage the process on your behalf helps ensure everything progresses smoothly and keeps you informed at each stage.
Tip 8: Understand the Discharge and Settlement Process
Once approved, your new lender coordinates with your existing lender to discharge the old loan. This stage is largely administrative but requires accuracy and timing.
Understanding this step helps set expectations and reduces unnecessary stress.
Tip 9: Make the Most of Your New Loan After Settlement
Refinancing doesn’t end at settlement. Knowing how to use features like offset accounts effectively or adjusting repayments can maximise the benefits of your new loan.
A well-managed loan can continue delivering value long after the refinance is complete.
Refinance With Confidence — Book Time With Chase
Refinancing doesn’t have to be complicated, but it does need to be done properly.
Chase Douglas has extensive experience in mortgage lending and helps clients navigate refinancing with clear advice, practical guidance, and end-to-end support.
From reviewing your current loan to managing the application and settlement, Chase ensures you understand what’s happening at every step — and why it matters.
If you’re considering refinancing and want to know whether it’s right for you, the next step is simple:
👉 Book a refinance review with Chase Douglas and get personalised guidance on your options and potential savings.
With the right tips, preparation, and expert support, refinancing can be a confident step forward — not a stressful one.
