If you haven't reviewed your mortgage in the past two years, there's a very real chance you're paying more than you need to. Lenders reward new customers — not loyal ones. Blambles compares 40+ lenders to find a genuinely better deal for your situation, at no cost to you.
Refinancing means replacing your existing home loan with a new one — usually with a different lender, though sometimes with your current lender. People refinance for a variety of reasons: to get a lower interest rate, to access better loan features (like an offset account), to unlock equity for renovations or a deposit on another property, or to consolidate other debts into a single, lower-rate loan.
The most common motivation is simply to reduce the interest rate. Australian banks and lenders routinely offer significantly lower rates to new customers than they charge existing ones — a practice sometimes called "loyalty tax". If you set up your loan three or more years ago and haven't renegotiated since, you may be paying a materially higher rate than a new customer would receive for the same loan today.
Refinancing does come with some costs — discharge fees from your current lender, application fees at the new lender, government fees for mortgage registration changes and sometimes a valuation fee. If you're on a fixed rate loan, you may also face a break cost to exit early. A good broker will model these costs against the savings from a lower rate to establish whether refinancing makes financial sense — and how long the break-even period is.
Cash-out refinancing is a variation where you borrow more than your existing loan balance — for example, to fund a renovation, purchase a vehicle or consolidate other debts. The additional amount is released to you at settlement. Your equity in the property must support the higher loan amount, and lender policies around cash-out vary. Blambles can help you understand whether this is appropriate for your situation and which lenders are most suitable.
Even a 0.5% reduction in your rate can save tens of thousands over the remaining loan term — and the difference between lenders can be much greater than that if your loan hasn't been reviewed in years.
Not all loans are equal on features. A better offset account structure, more flexible repayment options or a redraw facility can add real value beyond just the headline rate.
If your property has increased in value since you bought it, refinancing can unlock that equity for renovations, an investment deposit or other financial goals.
Rolling high-rate personal loans or credit card debt into your mortgage can significantly reduce your monthly repayments — though the overall cost depends on how long the consolidation term is.
Refinancing can allow you to switch from interest-only to principal and interest (or vice versa) — which may not be available simply by requesting a change with your current lender.
For property investors with multiple loans at the same bank, refinancing provides an opportunity to restructure — separating loans, removing cross-collateralisation and improving your overall position.
We start by reviewing your current loan — rate, features, remaining term and any exit costs (including fixed rate break costs if applicable). This establishes the baseline for the comparison.
Blambles identifies the lenders and products that best suit your current situation — income, equity, loan purpose — and presents you with a genuine comparison, including the real costs and savings.
We calculate how long it takes for the savings from the new rate to outweigh the costs of switching — giving you a clear picture of whether the refinance is worth it financially.
Once you decide to proceed, we manage the new loan application — and coordinate the discharge of your existing loan with your current lender to ensure the transition is seamless.
The new lender pays out the existing loan at settlement. Your new, lower-rate loan begins immediately. Blambles confirms the setup of any offset account or other features at this point.
Going to your bank and asking for a rate discount is better than nothing — but you'll rarely get the best rate that way. Banks typically offer retention discounts that are still not as competitive as new customer pricing. A broker gives you genuine market access — comparing 40+ lenders simultaneously — so you know you're getting the best available deal, not just the best your bank is prepared to offer.
The refinancing process also involves paperwork, coordination with your current lender and a new application — all of which Blambles manages on your behalf. There's no cost to you as a borrower, and the amount of time and effort you save — combined with the likely savings on your loan — makes it an obvious choice.
Blambles also reviews your overall loan structure as part of a refinance, not just the rate. If there are structural improvements to make — standalone accounts, better offset configuration, removing cross-collateralisation — this is the time to do it.
The savings depend on the size of your loan, the difference in rate and how many years are remaining on the loan. On a $500,000 loan, a 0.5% reduction in rate saves around $2,500 per year — or around $50,000 over 20 years. On larger loans or where the rate difference is greater, the savings are proportionally higher. Blambles will model the actual numbers for your specific loan.
Typical costs include a discharge fee from your current lender (usually $150–$400), government mortgage registration fees (which vary by state — around $170–$300 in Queensland), a valuation fee if required (often waived by the new lender) and sometimes an application or settlement fee at the new lender. These total costs are typically $1,000–$2,000. If you're on a fixed rate, a break cost can be significant — Blambles will establish this before you proceed.
Every formal credit application leaves an enquiry on your credit file. Multiple enquiries in a short period can affect your credit score — which is why it's important to identify the right lender before applying, rather than shotgunning applications to several at once. Blambles conducts thorough research and pre-qualification before any application is lodged, reducing unnecessary credit enquiries.
It depends on the LVR after the valuation. If your property has fallen in value and the loan represents more than 80% of the current value, your refinancing options are more limited — some lenders won't accept the application, and LMI may be required at the new lender. Blambles can assess your likely position before you apply and identify which lenders are most likely to proceed in this scenario.
Yes — "cash-out" refinancing allows you to borrow more than your existing loan balance (up to the lender's maximum LVR for your property) and receive the difference in cash. This is commonly used for renovations, investment property deposits or other large purchases. Lenders apply different policies to cash-out amounts — some are more flexible than others. Blambles can identify the right lender for your specific situation.
Free consultation, no obligation. Send us your current loan details and Blambles will tell you exactly what's available — and whether switching makes financial sense for you.