How refinancing and fixed-rate decisions go wrong, how to get a better rate from your lender, hardship help, AFCA complaints and where to check the facts.
Most expensive home loan mistakes are quiet ones: rolling off a fixed rate onto a high revert rate without noticing, refinancing to chase a cashback and resetting the term to 30 years, breaking a fixed loan without asking for the break cost in writing, or waiting until arrears pile up before telling the lender you are in trouble.
The guide to home loan refinancing mistakes is the starting point and links to every guide here. You will find guides on asking your lender for a lower rate, fixed rate break costs, the refinancing process and timeline, using a mortgage broker or going direct, financial hardship and AFCA complaints, and a directory of official sources.
These guides are general information, not financial advice. If you are behind on repayments, the free National Debt Helpline (1800 007 007) can help you prepare a hardship request. For advice on your own situation, speak with a licensed credit adviser or mortgage broker, and for tax questions on investment loans, a registered tax agent.
Refinancing Mistakes and Official Sources
Why Australian lenders charge break costs on fixed rate home loans, a simplified worked calculation, what triggers them, how to reduce them and how to decide whether to break.
Refinancing Mistakes and Official Sources
The most expensive refinancing and fixed rate mistakes on Australian home loans, from term resets and revert rates to cashback traps and LMI, with the dollar cost of each.
Refinancing Mistakes and Official Sources
Why existing Australian borrowers often pay more than new customers, how to check your rate against new-customer offers, and a step-by-step script for asking your lender to reprice.
Refinancing Mistakes and Official Sources
How Australian mortgage brokers are paid and regulated, what the best interests duty requires, when going direct to a bank makes sense, and the questions to ask before you choose.
Refinancing Mistakes and Official Sources
How to request a hardship variation on an Australian home loan under the National Credit Code, what lenders can offer, worked examples of relief options, and how to complain to AFCA.
Refinancing Mistakes and Official Sources
A directory of the official Australian sources for home loan rates, lending rules, first home buyer schemes, credit reports, complaints and hardship help, and what to check at each one.
Refinancing Mistakes and Official Sources
The step-by-step refinancing process in Australia, from application and valuation to the discharge authority, electronic settlement and the payout figure, with a timeline and checklist.
