Judge Lending · Refinancing
Refinancing, with the sums done first
We compare your current loan with what other lenders will offer, work out the real cost of switching including fees and break costs, and check the tax effect with your accountant before anything changes. Sometimes the best result is a better rate from your current lender, and we’ll ask for it.
Reasons to refinance
A lower rate
If you’ve had the same loan for a few years, there’s a good chance new customers are being offered a better rate than you are.
A fixed term ending
Avoid rolling onto a higher standard variable rate by comparing your options before the fixed period ends.
Consolidating debt
Bringing personal loans, car loans or credit cards together into one lower-rate loan, with a plan to pay it off.
Releasing equity
Using the equity in your home to renovate, invest or buy another property, structured so the tax works.
Better features
An offset account, redraw, or splitting the loan between fixed and variable.
A change in circumstances
A separation, a new job or starting a business can all mean the loan you have no longer fits.
What we check before you switch
- The saving. New rate and fees against your current loan, over the time you expect to keep it.
- The costs. Discharge fees, break costs on fixed loans, government registration fees and LMI if your loan is over 80% of the property’s value.
- The tax. Whether any part of the loan is deductible and how to keep it that way.
- The process. We handle the application and the discharge of your old loan through to settlement.
Important information
Judge Lending brokers are credit representatives of Mortgageport Management Pty Ltd, Australian Credit Licence 386360, through MAB Broker Services Pty Ltd ACN 616 236 527 trading as Mortgage Advice Bureau. [check: confirm licensee and ACL are current, and add Judge Lending’s entity name and each broker’s credit representative number]
The information on this page is general and doesn’t take into account your objectives, financial situation or needs. All loans are subject to the lender’s terms, conditions and lending criteria. Fees and charges apply. Judge Lending works alongside Judge Accountants; tax advice is provided by Judge Accountants, registered tax agent 24767487.
Frequently asked questions
Is refinancing worth it?
Often, but not always. A lower rate has to be weighed against discharge and application fees, break costs if you’re fixed, and lenders mortgage insurance if you owe more than 80% of the property’s value. We work out the real saving before you switch.
My fixed rate is about to end. What should I do?
Talk to us a couple of months before it ends. Your lender will roll you onto its standard variable rate, which is often higher than what it offers new customers. We can ask your current lender for a better rate and compare it with others.
Can I refinance to consolidate debts?
Yes, rolling car loans or credit cards into your home loan can cut repayments, but it can also mean paying them off over 30 years. We show you the total cost, not just the monthly figure, and suggest how to pay the extra down faster.
Will refinancing affect my tax?
It can. Interest on an investment loan is deductible because of what the money was used for, not what property secures it. Drawing extra money out for private use from a deductible loan mixes the purposes and complicates your claims. Your accountant can tell you how to set up the new loan so the deductions stay clean.
Ready to talk?
Book a free consultation of up to an hour, in the office or by video, or just call.