If you have had your home loan or investment loans for a while, your current lending may not reflect what is available on the market today.
Some clients have remained with a higher-rate or non-tier-one lender because they were previously unable to meet the standard servicing requirements needed for refinance. But lending policies change, property values shift, personal circumstances improve, and new refinance options can become available over time.
There are now alternative refinance pathways available through selected lenders. Depending on your circumstances, these may include a reduced serviceability buffer, such as the 1% refinance buffer, or a simplified assessment based largely on your repayment history, without requiring the usual income documents.
This may be worth exploring if you:
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have maintained your loan repayments satisfactorily
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have equity in your property
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have held your current loan for at least 12 months
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have multiple loans or investment properties
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were previously placed with a non-tier-one lender
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have been told refinancing was too hard because of servicing
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could benefit from a lower interest rate, improved structure, or reduced repayment
These options will not suit everyone and remain subject to the lender’s eligibility requirements, credit assessment, and property valuation. However, if you have previously been told that refinancing was not possible, or if your loans have not been reviewed in the last 12 months, it may be worth taking another look.