Refinancing your home loan

When should I refinance?

There are several reasons why you may consider refinancing, which could include:

• getting a better deal (which could save you thousands of dollars over the life of the loan);
• changing your repayment amounts (for example, if you are ahead in repayments and want to reduce them)
• accessing equity in your property; and/or
• getting a better customer experience

How do you refinance a home loan?

You’ll first need some basic information on your current situation such as your loan amount, loan type, and current interest rate so that you can compare loans.

Once you find a suitable lender, ensure the amount you are asking to borrow will cover the loan (or loans) you are refinancing, including any break or exit fees and outstanding interest.

After this step, you can apply for the new loan. Once approved, the new lender will issue you contracts and organise settlement and transfer of the mortgage.

We make the refinance process as easy and as fast as possible via our digital application process, where approval is possible within 60 minutes. We use automated property valuations, digital credit scores, automatic retrieval of banking transaction and income data, and digital verification of your identity using biometrics. This removes the need for paper-based forms, manual intervention, and long waiting times.

What is the cost of refinancing?

AMP is unable to say exactly how much it will cost you to switch from your existing lender to us, so we recommend you check your existing financial institution’s Terms and Conditions or contact them to be certain.

How long does the refinancing take?

Once you've had your new home loan approved, the settlement process is set by your current lender which usually takes around 2-3 weeks, though it can take longer.