Refinancing Loans

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Refinancing Loans

Your home loan is usually your biggest household debt, which is why it really doesn’t make sense to simply ‘set and forget’!

When you take out a new home loan with a different lender to replace your current loan, it can help you improve your financial position by potentially offering you:

  • lower interest rates and fees
  • easier repayment terms
  • better loan features, and
  • even reward you with cash back for the life of your loan!

So whether you’re trying to negotiate a better deal on your existing home loan or thinking about switching from another lender, Mates Rates Mortgage Brokers is here to help you.

How does a Mates Rates Mortgage Brokers Cash-Back refinancing home loan help you to save?

While many lenders and mortgage brokers offer lump sum cash back deals for refinancing home loans, our Mates Rates Mortgage Brokers cash back home loan is very different to other kinds of cash back deals.

Most refinancing cash back offers only give you one-off a lump sum payment of $1000 – $5000 at the start of your home loan. This is designed to entice you to sign up with a specific lender for a brand new home loan.

With our Mates Rates Mortgage Brokers cash back refinancing home loan, you will end up receiving a much higher amount of cash back over the life of your home loan. And if your cash back is paid into the home loan as received you’ll also save additional thousands of dollars on compound interest as well!

Cash-Back Mortgage Comparison Chart*

Type of cash back refinancing home loan Mortgage broker compares rates from lenders and organises home loan at no additional cost to you Lowest interest rate guaranteed for the biggest overall savings on your home loan Estimated cash back savings over the lifetime of a $500,000 home loan Combined cash back and compound interest savings over the lifetime of a $500,000 home loan
Mates Rates Mortgage Brokers Trailing commission cash back offer Our unique “Lender Commission Leveller” model ensures we always offer you the best interest rate, regardless of the commission the lender pays us $13,993.68 $21,187.77 in total if cash back is paid into the home loan as received
Refinancing lump sum cash back offer direct from from lender No guarantee the cash back deal offers you the best interest rate Lump sum $600 – $4000, depending on size of cash back offer from lender No guarantee the cash back deal offers you the best interest rate
Upfront commission cash back offer from mortgage broker No guarantee the cash back deal offers you the best interest rate $3000 Lump sum payment so no compound interest advantage
Trailing commission cash back offer from mortgage broker No guarantee the cash back deal offers you the best interest rate $13,993.68 $21,187.77 in total if cash back is paid into the home loan as received

*Savings comparisons in this chart are based on a 4.51% interest rate for a $500,000 home loan paid over 30 years – savings will vary if interest rates change and if the length of the home loan changes.

When was the last time you checked the health of your home loan?

Could refinancing your home loan get you a lower interest rate, help you to pay off your home loan faster, build equity in your home or even earn you cash back for the life of your home loan?

It only takes seconds to take the health of your home loan and find out how easy it is to beat inflation with our FREE home loan check.

Take a look at today’s hottest deal or find out how much you can save with our cash back calculator.

Don’t have the time to refinance your loan?

Don‘t be put off the process of refinancing your loan and the big financial rewards it can deliver you because you’re overwhelmed at the thought of comparing home loans or filling in all the paperwork.

At Mates Rates Mortgage Brokers, we take away the time, stress and hassle it takes to refinance your home loan for you and then we also pay all of the trail commissions to you as cash back, each and every month for the life of your loan!

Our services are free to you and you’ll get the same interest rate as you’d receive directly from the lender. The only difference is, we pay you cash back every single month!

Why use a Mates Rates Cash-Back Mortgage?

Cash-Back Payment

Save thousands of dollars over the life of your home loan with our monthly cash back payments.

Free Service

We don’t charge you for our services – our “fee” is taken from the upfront commission we receive from the lender, instead of from your pocket.

Best Deal For You

Our Lender Commission Leveller ensures no home loan lender is left out of consideration because we are always paid the same amount, regardless of the lender’s commission percentage.

Best Home Loan Rates

We offer the same great rates and deals as you would receive when going direct to the lenders.

Expert Advice

Our expert brokers save you time and money as they guide you and help you through the entire loan process.

Wide Choice Of Lenders

We compare thousands of loans and rates from more than 45 banks and other home loan lenders.

How does a Mates Rates Mortgage Brokers refinancing Cash-Back home loan work?

At Mates Rates Mortgage Brokers, we offer refinancing cash back home loans for an extensive range of home loans, including:

  • Fixed Rate Home Loans
  • Variable Rate Home Loans
  • Split Rate (Fixed/Variable) Home Loans
  • Principal & Interest (P&I) Home Loans
  • First Home Buyer Home Loans
  • Interest Only Home Loans
  • Self Employed Home Loans
  • Full Doc Home Loans
  • Expat Home Loans for UK Citizens
  • SMSF Loans
  • Investment Home Loans
  • DHOAS Loans
  • Bridging Loans
  • Family Equity Loans – also known as Guarantor Loans
  • Low Doc/Alt Doc Loans

Looking for the best deal and the most Cash-Back on your refinancing home loan?

At Mates Rates Mortgage Brokers we are proudly the original and the best cash back mortgage broker. We invented cash back home loans in 2005 and so far, we’ve paid more than $10 million in cash back to people just like you!

To refinance without the hassle and stress, get a better deal on your home loan with cash back every single month of your home loan, give us a call on 1300 558 161, email info@matesratesmortgages.com.au or enquire online.

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Frequently Asked Questions

Some of reasons why you might want to refinance your home loan include:

  • A better interest rate
  • A different kind of interest rate, eg fixed vs variable, principal and interest or interest-only etc
  • A home loan with better features
  • Accessing the equity in your home
  • To renovate your home
  • To consolidate other debts
  • To receive cash back for the life of your loan

Yes, you can refinance your home loan to fund renovations. Although it will add extra to your initial loan principal, it can still be a cheaper way of financing renovations than taking out a personal loan or using a credit card, both of which charge higher interest rates.

It will all depend on the lender and the length of time since your last valuations, however you probably will need to value your property again.

Although most loans allow you to borrow up to 95% of the property’s value, more equity in your home means you’ll be offered lower home loan rates as you’re offering lenders more security as a borrower.

If you own at least 20% of the property you’ll avoid paying lenders mortgage insurance (LMI) again when you refinance.

While refinancing is the act of switching to a new home loan, home loan top-ups are when you increase your existing home loan, allowing you to borrow more by using the equity in your home. There are some similarities between them though:

  • You might have to go through the application process again for a top-up, similar to refinancing
  • Some lenders will charge new fees for top-ups, like establishment fees
  • The lender will reassess your survivability
  • You can use a top-up for financing purchases like weddings or renovations, which you can also do by refinancing

 

Not all home loans allow top-ups, such as most fixed-rate loans. If yours doesn’t, you might need to refinance anyway.

Yes, refinancing can initially lower your credit score for a short while, however, once you start paying off your new loan on time, your credit score will improve.

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