Refinance Your Home Loan in Perth

Refinancing in Perth typically takes four to six weeks from application to settlement. The process involves reviewing your current loan, comparing lenders, applying for the new loan, and settling once your new lender pays out your existing mortgage.

Here’s how it generally plays out:

1. Review your current loan: your rate, fees, features and remaining term.
2. Compare lenders: a broker compares your loan against 30+ lenders, not just the advertised rate, to find options suited to your goals.
3. Apply: you’ll provide payslips, bank statements, identification and details of your property, and your broker manages the paperwork.
4. Get approval: the new lender assesses your application and issues formal approval.
5. Settle: your new lender pays out your existing loan directly. In Western Australia, this is coordinated electronically between your bank and, where relevant, a settlement agent.

If you’re still weighing up whether refinancing in Perth is the right move for you, our guide to what refinancing means covers the basics in more detail.

There is no single right time that applies to every borrower. Refinancing tends to make sense when your current rate is no longer competitive, your fixed-rate period is ending, or your financial situation has changed. The interest rate environment matters, but the deciding factor is usually how your own loan compares to what is available now.

Interest rates move over time. The Reserve Bank of Australia’s cash rate influences what lenders charge, and it shifts from one decision to the next, so a rate that was competitive when you took out your loan may no longer be. You can check the current cash rate on the RBA website, but the more useful comparison is between your existing rate and the options a broker can show you today.

Property values across many Perth suburbs have also risen over time, from the western coastal areas through to the outer growth corridors. If your property has increased in value since you bought, you may hold more equity than you realise, which can open up more competitive rates or reduce the need for Lenders Mortgage Insurance for some borrowers. REIWA publishes suburb-level data if you would like to check how your area has moved.

It may be worth taking a closer look if:

• Your fixed-rate period is ending, or has recently ended
• You haven’t reviewed your loan in the last 12 to 24 months
• Your income or financial situation has changed since you took out your current loan

Our guide to the seven trigger points Perth homeowners tend to miss and the five signs your rate could be costing you money go into this in more depth. If you’re also weighing up whether a fixed or variable rate suits your next loan, our fixed vs variable rates in Perth comparison can help.

Our Perth-based refinance mortgage team has decades of experience in the local property market. Always informed on the latest developments, we help homeowners reassess and refinance their home loans to suit their goals.

Led by Trent Fleskens, a trusted voice in WA property circles, our team understands the unique dynamics of the Perth housing and finance market. Whether you’re seeking better rates, more flexible terms or debt consolidation, we’ll guide you through every step.