Home Loans
Home Loan Refinance

Refinancing with Domain Home Loans

Save time and money with low rates and cashback offers.

Whether you're looking for a better rate, to lower your repayments or want to pay off your loan faster and save money, at Domain Home Loans we’ll help you through every step of the process.

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Understand refinancing to see if it’s right for your situation

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Estimate monthly savings on your repayments

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Find the best rate and home loan for your needs

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Apply online for your new home loan in 3 easy steps

1. Provide a few details and see your preliminary loan matches

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2. Upload your documents and submit application

3. Track your progress anytime via your dashboard

Need any help? Book an appointment with a Home Loan Specialist

Why refinance with Domain Home Loans?

Refinancing could have lots of benefits for you depending on your circumstances. While you’re making the best decision for your home loan, don’t forget that there may be some refinancing costs to consider.

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The most popular reason to refinance is to move to a lower interest rate. Many lenders offer new customers attractive deals including cashback offers and low rates. For you, this could mean lower repayments or paying your loan off faster. Use our refinance savings calculator to see how much money you could be saving each month.

When looking at your refinance options, you also need to consider product flexibility, fees and charges and the costs of discharging. Our Home Loan Specialists can help you find the best option to save you money and meet your needs.

If you’ve had your home loan for some time and the value of your home has increased or you’ve made extra repayments on your home loan, chances are that you’ve built equity in your home. You may be able to access additional funds to renovate, fund personal large purchases or put towards a deposit on a new holiday home or investment.

Our equity calculator can help you calculate how much additional equity you could access. Just remember that with additional funds borrowed, it may take you longer to pay down your loan, and any amounts over 80% of the value of your home could mean you have to pay lender’s mortgage insurance.

Over time, you may have accumulated multiple debts in addition to your home loan such as credit cards, car loans or personal loans. In addition to higher interest rates, multiple repayments can be difficult to juggle.

By refinancing your home loan, you can consolidate your other debts into one new debt with a lower interest rate. However, it’s important to note that paying off personal debt over a longer time period could mean you pay more interest in the long term.

You may find that your current lender doesn’t offer the right amount of product flexibility for your needs. Some key features you may want to have access to include:

Redraw - this is the ability to make additional payments towards your loan over the minimum required payment and also withdraw these extra payments, usually at no cost.

Offset - this links your loan to your savings or transaction account. Any funds sitting in your account can help reduce the balance of the loan on which interest is charged.

Fixed rates - the ability to access a loan where the rate does not change during the term of that fixed rate.

Split loans - the ability to split your loan into multiple parts with one part on a fixed rate and the other on a variable rate.

Interest-only options - the ability to make interest-only repayments for a certain period of your loan, an option particularly useful for investors.

Line of credit - this feature works similar to a credit card by allowing you to access funds up to a pre-approved credit limit, secured against the value of your home equity. You only pay interest on what you borrow, and aren't required to pay any of the principal until you reach the credit limit.

Package benefits - some lenders offer additional banking benefits as part of the home loan package, including reduced or no annual fee on credit cards, fee-free banking and discounts on insurance.

Our Home Loan Specialists can help you understand the different product types and ensure you get the right product to suit your needs.

Costs to consider when refinancing

There are some costs to think about when you’re refinancing your home, but depending on your circumstances, not all of them will apply. To get a more accurate understanding of costs for your situation, it’s worth having a chat with our Home Loan Specialists.

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Discharge fees may apply depending on your current lender and your loan. These fees are estimated at $250 - $500 per property attached to your loan.

Conveyancing and legal fees may be charged by your current lender for the costs of using a conveyancer or lawyer to remove the registration of titles and finalise your payout figure. This is estimated at $150-$500.

Fixed-rate break costs may apply if you refinance while your loan is on a fixed-rate loan product. Lenders obtain finance for fixed rates from the wholesale market based on what they believe your repayments will be, and this fee represents the loss to the lender if you repay that loan early.

These costs may be high if:

• Your fixed-rate home loan balance is high
• If you have a long time remaining on your fixed term
• If rates have gone down since you took out the fixed rate

Speak to your lender to get an exact quote on the break-fee cost for your circumstances.

When you take out a new loan, you may be required to pay application fees, settlement fees and new conveyancing fees. Some lenders will waive these fees.

Borrowing costs can vary greatly between lenders. Our Home Loan Specialists can help you find the lender that best suits your needs.

This may apply if you borrow amounts greater than 80% of the value of the property. This amount is paid upfront, so if you decide to refinance there’s no refund. If you refinance and your loan amount is still above 80%, then you may need to pay this insurance again. Some lenders will waive these insurance costs for certain eligible customers.

Our Home Loan Specialists can help you find these lenders if it’s appropriate for your situation.

Mortgage Registration Fees are imposed by state land titles offices and vary by state. These fees are charged for registering your mortgage onto the title record for the property.

PEXA and other payment fees can also add to your costs. These are charges passed on from lenders and solicitors for the use of third party payment systems required as part of settlement.