For most homeowners, the first question is simple: would changing the mortgage leave me financially better off?
A better deal is not just the lowest advertised rate. A refinance review should consider the full financial effect of moving.
Cashback can be a meaningful reason to consider switching lenders, particularly on larger loan balances. It should still be considered alongside the interest rate, repayments, switching costs, loan terms, and any cashback conditions or clawback period.
MortgageDesign can compare suitable lending options and explain how any cashback or incentive fits into the overall refinance decision.
Not every refinance enquiry is simply about getting a lower rate or changing banks. Some homeowners want to understand whether the equity in their property could help fund the next step. Depending on your position and lender requirements, that could include:
This is one of the most important parts of a mortgage review and a key part of how MortgageDesign approaches lending.Even if the interest rate looks competitive, the way the mortgage is structured can affect day-to-day cash flow, repayment flexibility, how quickly debt is reduced and what may be possible later. A structure review may look at:
If you are wondering whether you could get a better overall deal, access equity or improve the way your mortgage is structured, start with a review. MortgageDesign can assess your current position, explain the available pathways and help you decide whether refinancing is worth pursuing now.
A review does not automatically mean changing lenders.
Stay with the current lender and choose a new fixed period.
Change how the lending is arranged - loan splits, repayment approach or the mix of fixed, floating and revolving credit where suitable.
Change the existing lending arrangement, which may include moving to another lender when the overall benefit supports the move.
Understand
Review your current mortgage, financial position and what has changed.
Define the goal
Clarify whether the priority is savings, equity, flexibility, another property or a better overall structure.
Review
Assess the current lender, structure, repayments, equity and relevant switching costs.
Compare
Where appropriate, compare suitable lender and structure options.
Recommend
Explain whether refinancing, restructuring, refixing or staying where you are is the most suitable next step.
There is documentation and coordination involved, but you do not have to manage the process alone. MortgageDesign can explain what is required, compare suitable options, prepare the application and help coordinate the lending process through to settlement.
Not always. The costs of moving, your current loan structure, lender terms and future plans all matter. The purpose of a review is to work out whether refinancing makes sense now, whether restructuring or refixing is more suitable, or whether staying with the current lender is the better option.
Possibly, but it depends on your current circumstances and the lender's policy. A review can be particularly useful if you are self-employed, your income or employment has changed, you have new debts or credit commitments, you need higher lending, or your income or existing structure is more complex. Different lenders may assess the same situation differently.
No. The overall result depends on the rate, repayments, switching costs, incentives, loan terms and any relevant cashback conditions or clawback period.
No. Refixing generally means choosing a new fixed period with the current lender. Refinancing involves changing the lending arrangement and may include moving to another lender.
No. A mortgage review may identify suitable options with your current lender as well as alternatives elsewhere.
