Refinance Loans on the Gold Coast

Refinance Loans on the Gold Coast

If you’re thinking about a refinance loan on the Gold Coast, then you’re certainly not alone! In fact, homeowners across the country have been refinancing in record numbers to take advantage of low interest rates and rising property values. According to data from the Australian Bureau of Statistics (ABS), home loans totalling $24 billion were refinanced during May 2021, with $15.9 billion of those loans held by owner-occupiers and $8.19 billion held by investors. 

When contemplating a refinance loan on the Gold Coast, you’ve probably got a lot of questions: Is now a good time to refinance a home loan? What are the main reasons why people choose to refinance? How much equity will you need to refinance? And how can a refinance broker on the Gold Coast help you to get the best refinance home loan offer possible? 

Fortunately, the team at Professional Lending Solutions are here to help. We’ve put together a complete guide for refinancing homeowners, including answers to frequently asked questions and expert tips on how to get the most out of refinancing your home loan.

Refinance Home Loans as explained by a top Gold Coast mortgage broker

What is a refinance home loan, and how does refinance work? Refinance home loans are a great way to save money on your mortgage and free up some extra cash. A refinance allows you to take out a new loan with a lower interest rate and use the extra money to pay off your old mortgage. This can save you thousands of dollars over the life of your loan, and it can also help you pay off your mortgage faster. 

Watch the video below as our founder and CEO Phil Verheijen explains the basics of refinancing.

If you’re thinking about refinancing, be sure to speak with Gold Coast mortgage refinance brokers to learn more about your options and get access to the best home loan refinance offers in the market.

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Is Now a Good Time to Refinance a Loan on the Gold Coast?

The current inflation is hitting everything, and the numerous cash rate hikes since May of 2022 are doing a number on the finances of most homeowners who are paying off their mortgages. Lenders are raising the interest rates on their variable loans, and those with a fixed-rate mortgage who are temporarily immune to the rising interest rates are faced with the dilemma of dealing with the ‘revert rate’ once their period ends.

How does that compare to interest rates from just a few years ago? According to a report by the Australian Competition and Consumer Commission (ACCC) released in September 2020, a homeowner with a mortgage between 3 and 5-years old would be paying about 58 basis points more on average than a new borrower. For mortgages that are more than 5-years old, borrowers are paying around 71 basis points more. This shows that Australian homeowners could be missing out on substantial savings by not refinancing. To find out exactly how much you could save by refinancing, talk to a Gold Coast broker today.

Top Reasons for Refinancing a Loan Gold Coast

There are a number of good reasons to consider refinancing a home loan, from saving money on interest to funding a renovation. Usually, the chief motivation is to find a more suitable loan product that is going to provide a better fit for your current financial circumstances. 

The most common reasons why homeowners consider refinancing are: 

  • To escape “loyalty tax”: Many lenders are guilty of charging their existing customers more than their new customers, a practice commonly referred to as “loyalty tax”. Homeowners can potentially save tens of thousands of dollars over the life of their mortgage by routinely refinancing to escape from “loyalty tax” charges. 
  • To access equity: Equity is the difference between your current mortgage balance and your property value. For example, if you have a home loan balance of $430,000 but your property is worth $550,000, you have equity totalling $120,000. Refinancing your home loan could allow you to access the equity to finance a renovation, pay for a new car or even to use as a deposit on an investment property. 
  • To change what kind of interest rate you have: If you currently have a variable interest rate, refinancing could allow you to lock in a lower fixed rate for a set period of time (usually 1-5 years). Alternatively, you could choose from a range of different interest rate options, including principal and interest or interest-only repayments. 
  • To access better features: When you opt to refinance a home loan, you can choose to add (or remove) certain home loan features, depending on your specific needs. Popular mortgage features include redraw facilities, the ability to make additional repayments, offset accounts and home loan portability. 
  • To consolidate personal debt: If you have a lot of personal debt (credit cards, car loans, personal loans, etc.) then you could significantly reduce your monthly repayments by consolidating your debt into your low interest mortgage. Many borrowers find this to be a good option when they’re struggling to service multiple high interest monthly repayments.

The Benefits of Using a Professional Lending Solutions Refinance Broker Gold Coast

What are the benefits of using a refinance broker on the Gold Coast? Ultimately, a broker will be able to help you find the most suitable deal with the most competitive interest rate. They’ll also be able to save you considerable time and hassle. How can they do this?

Wide panel of lenders

A broker has access to a wide panel of lenders, making it easier for them to find a suitable loan product.

Negotiate for you

A broker will actively negotiate with lenders to ensure you’re getting a competitive rate.

Tailored solution

A broker can assess your financial situation and then recommend which loan products would be most suitable. best home loan refinance


A broker can use the latest loan comparison software to compare loans quickly and accurately.

Industry expert

A broker has a wealth of industry expertise, making it easy for them to identify and recommend the right loan product for your specific needs.


Working with banks means you have to adjust to standard business hours, which is not always ideal. A broker can meet you at any time and place of your choosing.

For expert refinance advice from a broker you can trust, contact the team at Professional Lending Solutions today.

Tips for Refinancing a Home Loan on the Gold Coast

To ensure you get the most out of refinancing your home loan, keep these 3 important tips in mind: 

Try to improve your credit rating

Without a good credit rating, you won’t be eligible for the most competitive refinance deals. So, check your current credit score and see if there is anything you can do to improve it before you get started refinancing. Improving your credit score could be as simple as paying your monthly bills on time and building up an established credit record (i.e., paying off your credit card in full each month). 

Do a regular home loan check-up

Don’t wait until you know you’re paying too much before you start looking at refinance options. Instead, schedule a routine (at least every two years) home loan check-up with your PLS mortgage broker. This will allow your broker to assess whether your current home loan is still meeting your needs and offering competitive interest rates. If it is, fantastic! But if not, you have the option to refinance to something more suitable. 

Compare complete loan products, not just interest rates

Some lenders offer fantastic introductory deals for refinancing homeowners. This could be exceptionally low interest rates for the first 12 months, a refinance cashback deal or access to added loan features. However, make sure you’re not so dazzled by these offers that you forget to check the fine print. To ensure you’re refinancing to a loan that will still be in your best interests once the honeymoon period is over, make sure you compare complete loan products. A PLS mortgage broker will include interest rates, ongoing fees, loan structure and relevant mortgage features when assessing the suitability of a refinance deal.

Frequently Asked Questions About a Getting a Refinance Loan Gold Coast

When you refinance, you take out a new loan to pay off your old one. This new loan usually has a lower interest rate, which can save you money in the long run.

Refinancing also gives you the opportunity to switch from a variable interest rate to a fixed interest rate, or vice versa. A variable interest rate will go up and down with the market, while a fixed interest rate will stay the same for the entire life of the loan.

Finally, refinancing can help you get out of debt more quickly. By consolidating your high-interest debts into one lower-interest loan, you can reduce the amount of money you have to pay each month and get out of debt faster.

There are a few reasons why you might want to refinance your home loan. One reason is if you can get a lower interest rate. This will save you money in the long run, because you will be paying less interest on your loan. Another reason is if you need to lower your monthly payments. Refinancing can help achieve this goal, and it might also allow you to pay off your mortgage sooner. Finally, refinancing can be a good option if you need to free up some cash. You can use the money from the refinanced loan for any purpose you choose.

There are a few things to think about when refinancing your home loan. First, it’s important to determine if refinancing is the best option for you. There are a few factors to consider, such as whether or not you’ll save money on your monthly payments, how long it will take you to break even on the costs of refinancing, and how much money you’ll need to pay in closing costs.

It’s also important to shop around and compare interest rates from different lenders before you decide to refinance. And be sure to read the fine print carefully, so you know exactly what you’re getting into. If you’re ready to refinance your home loan, be sure to consult with a refinance mortgage broker so you’re off to a good start.

Yes, you can refinance your home loan — but only if you pass the eligibility criteria which could vary from lender to lender. When you refinance, you take out a new loan to pay off your old loan. This new loan will have a different interest rate and terms than your existing loan.

Refinancing can be a good idea if interest rates have gone down since you took out your original loan, or if you want to get a lower monthly payment or switch from an adjustable-rate mortgage to a fixed-rate mortgage. However, refinancing can also be expensive and may not be worth it if you don’t plan to stay in your home for very long. Best to shop around for the best interest rate and terms.

The cost of refinancing is usually low, and you may find that it can pay off in lower repayments. The only thing to be aware if you’re going from a fixed rate mortgage with an expensive break fee – which will cost around a few hundred bucks depending on your lender. For a full picture on the costs involved in a home loan refinance, consult with a refinance mortgage broker.

Anytime soon is a good time to review your loan and possibly refinance your mortgage, as long as your financial situation can accommodate it. The home loan market is changing significantly, and new, more competitive products are being offered constantly. Refinancing costs are also typically low, so another sign to refinance. Other signs to know when to refinance are:

  • When you want to take advantage of ‘new customer’ lending rates
  • When your introductory rate or honeymoon rate ends
  • When your fixed term period ends
  • When your economic circumstances change
  • When you want to access equity in your home
  • When you want more flexibility in your home loan

The refinance home loan rates change along with the movement of the official cash rate which is dictated by the Reserve Bank of Australia. Since the lifting of cash rate in May 2022, interest rates for mortgages have climbed to above 4% at the time of this writing.

When you apply to refinance your home loan, it counts as a credit application. This means that multiple applications in quick succession can have a negative impact on your credit rating. Rejected refinance applications also aren’t a good look for your credit score. To protect your credit rating, opt to refinance with an experienced mortgage broker who can maximise your chances of obtaining loan approval.

The paperwork for a refinance loan is similar to that required for a new home loan application. This includes providing 100 points of ID, along with proof of income and copies of relevant financial documents (including bank and mortgage statements). Once you’ve provided all the necessary documentation, your mortgage broker can complete the rest of the paperwork and submit the application on your behalf (saving you a lot of time and stress!).

The time it takes to refinance your home loan will depend on a few different variables, mostly to do with how long it takes your existing lender to discharge your home loan to your new lender. Some lenders are actually approving loans within 2 hours! On average, the total process will take 2-4 weeks (although, in some cases, it can take up to 6 weeks). To prevent any avoidable delays, it’s important to include all of the requested documentation and apply through an experienced and thorough refinance broker.

When a lender is assessing your refinance application, they’ll want to know how much equity you have in your current property. Why is this important? Because the equity in your property is used as the “deposit” for your new loan. If your equity is less than 15% – 20% of the total property value, the lender will likely want to charge you Lenders Mortgage Insurance (LMI). To find out more about how equity can affect your refinance options, talk to a PLS refinance broker on the Gold Coast.

It depends on a variety of factors, including the interest rate you’re currently getting and the closing costs associated with refinancing. Generally speaking, it’s usually not worth it to refinance if you’re only going to save a fraction of a percentage point on your interest rate, and if the break fees are too high to be offset by the potential savings of your new home loan from another lender. However, if you can get a much lower interest rate or if you plan to stay in your home for several more years, then refinancing could be a smart move.

Here are some thing to consider:

  • How much money will you save by refinancing?
  • Will you have to pay closing costs?
  • What is the current interest rate on your mortgage?
  • How long will it take you to break even on the refinancing costs?
  • Are there any other fees associated with refinancing?
  • Is your credit score good enough to qualify for a lower interest rate?
  • What are the terms of your current mortgage agreement?

Be sure to consult with a mortgage refinance broker or banker who can help crunch the numbers and determine whether refinancing with your existing lender or a new one is right for you.

Using a mortgage broker to refinance can be helpful, but it’s not always necessary. If you have a good relationship with your current lender, they may be able to help you refinance without using a mortgage broker. However, if you’re looking for a lower interest rate or want to explore all your refinancing options, then a mortgage refinance broker can be a valuable resource.

Refinance mortgage brokers can help you compare rates from different lenders and find the best deal for your needs. They can also walk you through the entire refinancing process and make sure everything goes smoothly. So if you’re considering refinancing, it’s definitely worth getting in touch with a refinancing mortgage broker to see what they can do for you.

Mortgage Brokers Reviews for Our Professional Lending Solutions Refinance Mortgage Brokers Gold Coast

Nick Hurrell
Nick Hurrell
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“We were initially stuck with a bank with a ridiculous rate, luckily Phil was able to get us out and in with another top bank at a rate that is saving us about $800/month. Phil was fantastic from the start and gave us his promise that he would look after us and get us the best rate possible. I tried myself with a new bank but got nowhere near the rate Phil was able to secure for us! Thank you again so much Phil, we can now breathe much easier and have extra cash in the bank to do some renovations. I would highly recommend to anyone looking to get out of a bad situation and into a bloody good one!”
 Michael McShanag
Michael McShanag
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“Great service from everyone in the team. They've helped us out more than once and continue to update us with the best deals as they become available. Definitely recommend their ongoing service.”
Nathan Marchant
Nathan Marchant
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“Phil and the team have been fantastic from the first time we used their services buying our first home 5 years ago to now helping us turn a dream in to a reality by refinancing to renovate. We couldn’t be happier with the service we have had over the years with multiple loans and would recommend anyone in need of financial services to get in touch with Phil and his team.”
Dominic Dang
Dominic Dang
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“Awesome service and quick results! Very understanding and listens to what you have to say. Phil gives you all the options that are available and from his experience how to approach things. Highly recommend to anyone looking to take out a loan or refinance their mortgage or just general enquiries. Phil was a true professional from the start to finish. He gets results! We highly recommend Phil.”

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