A refinance home loan broker reviews your current loan, compares lenders and manages the switch if moving makes sense. If you are weighing up whether to hire one, this guide covers what they do, how to choose a good one and what to have ready.
Want to know whether refinancing itself is worth it? Read mortgage broker to refinance. To see the loans we arrange, visit refinance loans.
What Does a Refinance Home Loan Broker Do?
- Reviews your current loan: rate, balance, fees, features and any fixed term.
- Compares lenders: across their panel, not just one bank.
- Calculates the saving: weighs the lower repayments against discharge, application and break costs.
- Negotiates: can help you ask your current lender for a better deal using competing offers.
- Manages the switch: prepares the application, coordinates the valuation and settlement.
If you are new to brokers, see what is a home loan broker.
Refinance Home Loan Broker vs Doing It Yourself
| Factor | Refinance home loan broker | Doing it yourself |
|---|---|---|
| Lenders compared | Many on their panel | Only the ones you research |
| Time and effort | Broker prepares and lodges the application | You compare, apply and chase |
| Working out the saving | Done for you, including costs | You must do the maths |
| Cost to you | Usually paid by the lender, ask about fees | No broker involved |
For a wider comparison, see home loan broker vs bank.
How to Choose a Refinance Home Loan Broker
- Check their Australian Credit Licence or credit representative number.
- Ask how many lenders are on their panel.
- Ask how they are paid and whether you will be charged anything. See mortgage broker fees.
- Ask them to show the saving after costs, not just the new rate.
- Read recent reviews and check how they communicate.
Red Flags to Watch For
- They push one lender without explaining alternatives
- They will not put fees or commission in writing
- They promise approval or a specific rate before assessing you
- They pressure you to decide quickly
What to Have Ready for Your Refinance Home Loan Broker
- Photo ID
- Recent payslips or, if self-employed, tax returns
- Recent loan and bank statements
- Your latest rates notice or property details
- A list of other debts such as credit cards and car loans
Having these ready can help the application move faster. Our loan process page explains each stage.
How Long Does It Take?
It commonly takes a few weeks from application to settlement, depending on the lender, the valuation and how quickly documents are supplied. Your broker can give you a realistic timeline for your chosen lender.
Refinance First, or Ask Your Current Lender?
It is often worth asking your current lender for a better rate before you leave, and your broker can help you do this with competing offers in hand. If your lender will not match, a switch may still pay off. Use our free calculators to test the numbers.
Related Guides
Speak to a Refinance Home Loan Broker
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Book a Free Loan Review Explore Refinance LoansFrequently Asked Questions
What does a refinance home loan broker do?
Is a refinance home loan broker worth it?
Do I pay a refinance home loan broker?
What documents does a broker need to refinance my loan?
How long does it take a broker to refinance a home loan?
Can a broker help me negotiate with my current lender?
This article is general information only and is not financial or credit advice. Speak to a licensed broker about your situation.
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The information provided on this website is general in nature only and does not constitute personal financial or credit advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information, you should consider its appropriateness to your circumstances.
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