Refinancing Your Home Loan | Melbourne, Victoria
Your home loan should continue working for you as your life and financial goals change. Refinancing may help you reduce your repayments, access equity, consolidate debts, or move to a loan with better features and a more competitive rate.
At RCMR Finance we review your current loan, compare options across multiple lenders, and give you a clear picture of whether refinancing makes sense for your situation — with no obligation to proceed.
Refinancing Benefits
Lower your monthly repayments and free up cash flow with smarter refinancing options.
Benefit from competitive rates tailored to your unique financial situation and goals.
Refinance Today
REFINANCE FAQ’s
What is refinancing?
Refinancing means replacing your existing home loan with a new one — either with your current lender or a different one. Homeowners in Melbourne, Victoria typically refinance to secure a lower interest rate, reduce monthly repayments, access better loan features, or unlock equity in their property for renovations, investments, or other major expenses.
When should I refinance my home loan?
You may want to consider refinancing your home loan if:
- Your current interest rate is no longer competitive compared to what other lenders are offering
- Your repayments have become difficult to manage
- Your loan features no longer suit your needs — for example, you want an offset account or redraw facility
- You want to access equity in your property for renovations, an investment property, or a major expense
- You’re looking to consolidate other debts, such as a car loan or credit card, into one manageable repayment
Can refinancing save me money?
Yes, refinancing can potentially save you money — but it depends on your current rate, loan balance, remaining loan term, and the costs involved in switching. Savings can come from:
A lower interest rate, which reduces the total interest paid over the life of the loan
Lower monthly repayments, freeing up cash flow for other goals
A better loan structure, such as splitting into fixed and variable portions, which suits some borrowers’ needs
It’s important to weigh any savings against exit fees, discharge fees, or upfront costs on the new loan.
A broker can run the numbers and give you a break-even point — the point at which your savings outweigh your switching costs.
Can I use the equity in my home to renovate or invest?
Yes. If your property has increased in value since you purchased it, or you’ve paid down a significant portion of your loan, you may be able to access that equity by refinancing. Equity is the difference between your property’s current market value and the outstanding balance on your home loan.Accessible equity is commonly used for:
Home renovations — increasing your property’s value or liveability
Purchasing an investment property — using equity as a deposit
Debt consolidation — rolling higher-interest debts into your home loan
Major expenses — such as education costs or medical expenses
How much equity you can access depends on your lender’s policy, your property value, and your current loan-to-value ratio (LVR).
Most lenders allow you to borrow up to 80% of your property’s value without requiring lender’s mortgage insurance (LMI). A mortgage broker can calculate how much equity may be available to you.
What is the refinancing process take and how long does it take?
Refinancing is generally a straightforward process, especially when working with a mortgage broker. The key steps typically involve:
1. Reviewing your current loan — understanding your rate, fees, and remaining term
2. Comparing lenders — a broker can assess options across multiple lenders on your behalf
3. Submitting an application — your broker handles the paperwork and liaises with the lender
4. Settlement — your new lender pays out your existing loan and your new loan begins
The process usually takes between two to six weeks, depending on the lender and your circumstances. Most clients find it far simpler than their original home loan application. RCMR Finance manages the process end-to-end so there’s minimal burden on you.