Refinancing and debt consolidation in Adelaide

A lower rate can reduce the interest charged on your home loan, but the rate alone does not tell you whether refinancing is worthwhile. 

Rise High will help you consider application, discharge and other switching costs, ongoing fees, loan features and whether the new loan term could increase the amount of interest you pay overall. 

When you choose Rise High, we do the comparing for you. We look past the advertised interest rate to compare fees, features, repayment flexibility, loan term and total cost across lenders, then help you understand which structure is likely to suit your circumstances.  

Yes, but refinancing before your fixed period ends may come with a break cost. The amount can vary quite a bit depending on your loan, how much of the fixed term remains, and current market rates. It is worth asking your existing lender for an estimate before you decide.  

That depends on the lender, the loan, and your financial circumstances. Your loan-to-value ratio, or LVR (essentially how much you owe compared to what your property is worth), can affect which refinancing options are available to you, and whether extra costs like lenders mortgage insurance might apply. A Rise High mortgage broker can work through your position using the current property value and loan balance. 

Yes. Refinancing does not always mean changing lenders. Your existing lender may offer another loan product or structure that better fits your needs. It can still be useful to compare alternatives, so you understand how your lender’s offer stacks up against other available options. 

Applying to refinance generally involves a credit enquiry, which may be recorded on your credit report. Lenders may also review your repayment history, existing debts, income and expenses. One application is not necessarily a problem, but making multiple credit applications within a short period can affect how lenders assess your position. 

It varies between lenders and applications. How quickly you can supply documents, property valuation timing, lender processing times, and the discharge process with your current lender can all play a part. More complex applications will usually take longer than straightforward ones. 

Potentially. If your property has gone up in value, or you have paid down your loan balance, you may have equity available to use. Whether you can access it depends on lender requirements, your borrowing capacity, and what you intend to use the funds for. It is worth remembering that increasing your loan also increases what you owe. 

Having other debts does not automatically rule out refinancing. Lenders will generally look at your income, expenses, existing loan balances, credit limits, repayment history and your ability to meet the proposed repayments. What is available to you will come down to your overall financial position and each lender’s assessment criteria.