Refinancing your mortgage can feel like a hassle – until you realise just how much it could save you over the life of your loan. In a market like Perth, where interest rates are on the move and property values continue to shift, homeowners and investors alike are looking for smarter, more strategic ways to manage their loans.
At Strategic Mortgages Perth, we believe refinancing isn’t just about switching lenders. It’s about understanding your full financial picture and making your mortgage work harder for you, whether that’s reducing repayments, accessing equity, or setting yourself up for future goals.
What Does Refinancing a Home Loan Actually Mean?
There are two main types of refinancing:
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External refinance:
Moving your loan to a different lender to get a better deal.
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Internal refinance:
Restructuring your loan with the same lender (e.g. changing loan type, fixing a rate, adding an offset account).
Common reasons people refinance in Perth:
- Interest rate is no longer competitive
- Household budget has tightened after rate rises
- You’re coming off a fixed-rate period
- You want to consolidate personal loans or credit cards
- You need funds for a renovation or investment
- Your property has increased in value, unlocking equity
Refinancing isn’t always about short-term savings. It can also help you get access to better features, increase loan flexibility, or reduce stress through smarter repayment terms.
Looking to switch lenders or review your setup? Book a meeting now.
How Do You Know If Refinancing Is Worth It?
This is where many borrowers get stuck. A slightly lower interest rate sounds good, but is it really worth the time and cost? At Strategic Mortgages Perth, we do a full analysis to help you answer that question with confidence. This includes:
- Reviewing your current loan rate, features, and remaining term
- Calculating the total cost of refinancing (including exit and setup fees)
- Comparing the savings over 1, 3 and 5 years
- Factoring in any available cashback offers or incentives
- Highlighting opportunities to access equity or simplify your structure
Example:
A Perth couple with a $500,000 loan at 6.1% interest could potentially save over $15,000 in repayments across five years by refinancing to a 5.6% rate – even after fees.
Ready to crunch the numbers? Book a free loan review.
What Fees Are Involved When Refinancing?
While refinancing often saves you money in the long run, it’s important to be aware of the upfront and hidden costs. We’ll walk you through these in detail before recommending any changes, but here’s a general guide.
Potential refinancing costs:
- Discharge fee from your current lender (usually $200–$400)
- Application fee for your new loan (some lenders waive this)
- Government registration fees (varies by state)
- Lender’s Mortgage Insurance (LMI) if your equity is under 20%
- Valuation fees, especially for unusual properties or rural locations
Many lenders offer refinancing cashback bonuses ($2,000–$4,000) that can offset these costs – but the real question is whether the savings stack up after all fees are accounted for.
Refinancing for Property Investors in Perth
If you’re a property investor, refinancing isn’t just about saving money – it’s a strategic tool to grow your portfolio. We work closely with investors across WA to help:
- Access equity from one property to fund another
- Improve cash flow by moving to interest-only or split loan options
- Separate owner-occupied and investment debt for better tax clarity
- Avoid cross-collateralisation that can restrict future borrowing
- Leverage offset accounts to reduce interest while keeping funds flexible
Example:
A client with $200,000 in usable equity was able to refinance and use that equity as a deposit on a second investment property – all without dipping into their savings.
The Role of a Mortgage Broker in Refinancing
A good mortgage broker doesn’t just hunt for low rates – they help you refinance with purpose.
At Strategic Mortgages Perth, we:
- Review your current loan and future goals
- Explain your options clearly (no jargon)
- Compare multiple lenders across our panel
- Help you weigh up costs vs long-term savings
- Manage all paperwork, negotiations and approvals
- Provide follow-up support to ensure your new loan runs smoothly
Whether you’re navigating a fixed-rate cliff, restructuring your investment loans, or just want to see what’s out there – we’ll guide you every step of the way.
Learn more about refinancing and how our mortgage broker services work.
How Often Should You Review Your Home Loan?
If it’s been more than 2 years since you last looked at your loan – it’s time to consider refinancing your home loan.
Lenders rarely reward loyalty. In fact, new customers often get better deals than long-term clients. By reviewing your loan regularly (ideally every 1-2 years), you stay on top of market changes and ensure your mortgage stays aligned with your financial goals.
Refinance with Confidence
At Strategic Mortgages Perth, we believe refinancing should be simple, strategic, and stress-free. Whether your goal is to reduce repayments, pay your loan off faster, or unlock equity for your next move, we’ll help you understand the full picture and make an informed decision.
We’re here to do more than just get you a loan – we’re here to help you build a better financial future.
Ready to get started? Book a free strategy call with us today.
From application to approval, you’ll have a real person in your corner who understands the Perth property market and will advocate for your best interests.
