Refinancing a Mortgage Cairns

Are you thinking of refinancing a mortgage in Cairns?

Refinancing a mortgage is a common practice in Cairns. This is so you can secure a better deal on your home loan rate by switching to another bank or home loan lender.

If you have been with your bank for more than two years on a variable rate, chances are that your current variable rate may be higher than the rate you can get as a new client. Banks tend to increase their variable rates and fees as they may not pass on the full interest rate cuts to existing customers.

Most banks are prepared to offer very attractive rates to win new clients. Therefore, this may be a good reason to consider refinancing.

Refinancing can be particularly effective when you have already made repayments on your original home loan and/or when the value of your property has increased. Furthermore, some lenders provide cash back to new clients.

Eakins Finance & Insurance will help you assess your options.

Speak to our team to find out how much you can save through refinancing your mortgage in Cairns.


refinancing a mortgage cairns

Here's why you should consider refinancing your home loan

There are a number of reasons why you should consider refinancing your mortgage, such as:

  • To save money. Over the life of a loan, you can potentially save thousands of dollars on repayments.
  • To access equity. You may wish to access your equity for home renovations or other expenses.
  • To switch lenders. Perhaps you are looking to switch to a bank with lower fees and better customer service.
  • To consolidate debts. You may wish to streamline your finances by consolidating other debts such as credit cards and car loans under a new home loan.

Typical costs of refinancing a mortgage in Cairns

Generally, when home loans are refinanced, the borrower can expect to pay:

  • an application fee to the new bank
  • a valuation fee, as part of the mortgage process.

These are what we refer to as “switch costs”. In many cases, however, banks are willing to waive or meet the borrowers switch costs to get your business.

Here's how to refinance your home loan

Refinancing your mortgage in Cairns is easier than obtaining your first home loan. This is because much of the work done to secure your original loan can be updated and submitted to banks as part of a refinance application.

If you have had your current home loan for several years, you will have paid off some of the loan and/or the value of your property will have increased. This means that you are in a stronger financial position to borrow, and you’ll be able to access to better rates.

Let us help you with refinancing your mortgage in Cairns

If you are considering refinancing your mortgage in Cairns, it is essential that you research the home loan market to understand how competitive your existing home loan is, and what your alternative options are.

As leading mortgage brokers, we can thoroughly review the home loan market on your behalf and source a better rate and terms than your current deal.

Start saving on your home loan today and get in touch with one our mortgage brokers in Cairns!