Refinance Home Loans

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We can help you grow a healthier financial future by refinancing home loan.

At Borro, we understand that homeowners might choose to refinance their home loan for a variety of different reasons. Perhaps you need to consolidate personal debt. Maybe you’re planning to purchase an investment property or renovate your existing home. Or you could simply be looking to save money by switching to a more competitive interest rate. No matter the reason why, the team at Borro can help you grow a healthier financial future by refinancing home loan.

It’s a reality that everyone’s financial situation will evolve over time. What might have been right for you a year ago might not be the next. This is why we believe everybody should review their home loan interest rates annually. An annual home loan check-up will ensure you’ve still got the best mortgage product to suit your needs and that you’ve still got a competitive interest rate. By regularly reviewing your home loan, we can potentially save you thousands of dollars in interest while also keeping the loan term the same or even reducing it (so you can pay off your home and be mortgage-free even sooner!).

We can help you restructure your finances, outlining the best way for you to refinance, come out in front and achieve great savings. Begin the process of finding a better deal by contacting us today on 1300 1 borro or email

Australia’s Refinance Boom

Australia is in the midst of a refinance boom, driven by COVID-led economic uncertainty and record-low interest rates. According to data from the Australian Bureau of Statistics (ABS), lenders processed around 472,597 refinance home loans in Australia between March 2020 and March 2021. And there’s no indication that this focus on refinancing is going to end any time soon. The ABS calculated that $14.88 billion worth of refinance home loans were approved in May 2021, a 76% increase from the pre-pandemic era of March 2019.     

What is Refinancing?

But what exactly is refinancing? Basically, it means taking out a new home loan to pay off your original mortgage. There are a range of reasons why borrowers choose to refinance but it’s usually because the new loan will result in a better deal for the borrower, such as a lower interest rate, better loan features or access to equity.

This renewed focus on refinancing has led to a lot of questions from homeowners in Queensland. How much can you really save by refinancing? How often should you refinance a home loan in QLD? What’s the home loan loyalty tax, and how can you escape it? And who can you trust to help you get the best possible refinance home loans in Australia? 

Can Refinancing Save You from the Home Loan Loyalty Tax?

Homeowners are often encouraged to refinance home loans, but many still wonder what the big deal is. After all, the reasoning goes, if you did your homework before you took out the loan, and you know you got an excellent deal, why bother changing? The answer lies in what’s commonly referred to as the home loan loyalty tax. This term describes the higher interest rates that an existing customer is often charged compared to a new customer.

The practice of charging existing customers more was highlighted by the ACCC Home Loan Price Inquiry, which released a final report in late 2020. This report confirmed that borrowers with older home loans are paying significantly more interest than what they would be paying if they were to refinance. The older the home loan, the more a borrower can expect to save by refinancing.

What Are the Benefits of Refinancing Home Loan?

There are a number of benefits that can come with a refinance home loan in QLD. These include:

  • Getting a better interest rate: Interest rates are substantially lower than they were even just 2 years ago. By refinancing, you can access a better interest rate, which could potentially save you tens of thousands of dollars over the life of your loan.
  • Accessing equity: Equity is the difference between what your property is worth and how much you have remaining on your home loan. Refinancing can help you access this equity, which can then be used to fund a renovation, buy a new car or even as the deposit on an investment property purchase.
  • Consolidating debt: Borrowers with high levels of personal debt may struggle to balance multiple monthly payments with cripplingly high interest rates. Refinancing will enable you to consolidate all of your debt, resulting in a single, manageable repayment and the lowest possible interest rate.
  • Accessing better loan features: Many borrowers find that their financial situation changes over time. The loan features that you chose as a first home buyer may no longer be suitable, and a lack of features could actually be holding you back from reaching your financial goals. When refinancing, you’ll be able to choose a loan product that includes the most suitable features for your current situation.

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We compare all loans across a large panel of 50+ lenders to find the right solution for you. Our Finance specialists are experienced in all types of loans, ranging from home loans to personal loans through to asset and commercial loans, offering you a comprehensive range of options to help you borrow money.

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Patrick Williamson
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One of the many great things I can say about Cara and Karlee is they've always got your back. When one of the Big 4 banks tried to give us a variable interest rate 1% higher than the rate we had applied to rate lock because they had dragged their feet processing the rate lock payment despite repeated reminders from Karlee, Cara escalated to a state manager to fight for the original rate, and would not take no for an answer. Her determination caused the reluctant manager to back down and give us the original rate. Not only will this save us a LOT of money, it demonstrates how fiercely the crew at Borro were prepared to defend our interests, and it comes after a strong history of high quality service and responsiveness. I cannot praise the Borro team highly enough, and would not hesitate to recommend them to anyone. Professional integrity like this is hard to find!
Kelsea Johnson
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Can’t thank Karlee and Cara enough for all of their help and support in making our dream into a reality. Before we had our first meeting with Cara, we thought that purchasing our block of land and building our home was not possible. We’d had set backs with other bank/brokers and we were feeling very deflated. We left our meeting with Cara and we’re approved within weeks. Karlee has been so amazing and supportive with all of the paperwork, and is so quick to respond and action anything. She has been so patient with all of the blocks development delays, and has made the process so easy and stress free. She communicated with us throughout the process so we always knew what was happening. The knowledge and experience that these ladies have has made our dreams a reality, and I would recommend them to anybody.
Angela Willis
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I feel on my feet after finding Cara and Karlee from BORO. They were both there from start to finish in finding the right home loan and consolidating my debts they always returned my emails and phone calls promptly and happy to try and answer any questions I had. They are both kind, caring, smart, and very knowledgeable brokers. I give them 5 stars out of 5! I would highly recommend them to anybody looking for a great broker ! Thank you once again Cara and Karlee X
Ric Ha
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Cara and her team have been wonderful to deal with for my first property purchase! I decided to engage Cara because I got to see first-hand her capabilities when previously working in conveyancing. I noticed that Cara was willing to go above and beyond and actually cared about her clients. Cara made the process as simple and stress free as possible. Cara and her team provided quick responses to all my queries during the process which was much appreciated. I am more than happy to recommend Cara to anyone looking to engage a mortgage broker. Cheers - Ricco
Blue Mountain
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Cara and team are absolutely fantastic to deal with.. swift and prompt service throughout. Cara managed to get almost double the borrowing amount for our investment than our bank. There were no delays and always had accurate communication with us and the conveyancer. Cara and Karlee were quick in all their replies to our calls and emails. Helped us to buy our second investment property in Aus and refinance existing home loans. Team borro went above and beyond to get the best deal possible for us. Thankyou. Positive: Professionalism, Quality, Responsiveness, Value
htein lin oo
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I rarely give review on google but for Cara I have to give them 5 stars. She is the BEST mortgage broker I have been dealt with in last 7 years.Not one of the best I mean the BEST. Professional, very quick response, make job done in one week (not even one week actually). She works for you man, not for the big banks !! Positive: Professionalism, Quality, Responsiveness, Value
Nicole Pyrcz
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We have just recently refinanced our home loan through the team at Borro and I honestly couldn't recommend them enough to anyone in need. We mostly dealt with Cara who was extremely professional, helpful and efficient. Customer service is a very important aspect for us and I was blown away by the level of service we received in comparison to other brokers we have used in the past. The documentation process was very easy and quick to use online and Cara was so good at anticipating what the banks may require in advance so there was never any time wasted. I also really like how Borro have a dedicated team structure such as client services managers to assist with the whole process to ensure everything is streamlined. Karlee followed up with us on a regular basis and nothing was ever too much trouble. We will definitely be using their services again. We are really grateful for their quality service and are really happy with the outcomes. Positive: Professionalism, Responsiveness
Nicole Patterson
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Thank you to Cara and the team at Borro for going above and beyond with our recent property refinance. Cara’s in-depth knowledge and expertise meant that we were met with professional service and advice from start to finish. Every query and question was answered straight away and the process was simple, fast and streamlined, which is exactly what we needed being busy, working parents. We are extremely happy with the outcome and highly recommend Borro. Thank you for exceeding our expectations and we look forward to working with you again in the future!
Mccarthy Jane
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The support I received from Cara in sourcing my mortgage was Outstanding. I currently live overseas, which in self, came with its own challenges. But with Cara’s ‘can do’ attitude, financial knowledge and strong communication skills, she successfully secured the right package for me. I would highly recommend Cara and Borro and really appreciate all the help she has provided me.
Susanne Hayward
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Cara will move mountains to get the best value. Extremely motivated and will not giveup. Cara is Professionally Dedicated. Her expertise, knowledge in finance Industry is guaranteed service with a smile, value honesty and integrity. Cara is An amazing Lady and she will inspire you, and strive to deliver results for you Making you feel like you have won lotto. However you may not of won lotto, You have however won and met Cara. Positive: Professionalism, Quality, Responsiveness, Value
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Frequently Asked Questions For Refinancing Your Home Loan

At Borro we understand that homeowners choose to refinance their mortgage for different reasons. It might be to consolidate debt, purchase an investment property, renovate your existing home, or maybe you are simply looking for a lower interest rate. No matter the reason we can help you grow a healthier financial future by refinancing home loan.

The ACCC Home Loan Price Inquiry report recommended that lenders prompt borrowers to consider refinancing every 3 years. However, we believe that a reassessment should be carried out once a year for maximum benefit. This doesn’t mean that you need to do a complete refinance every 12 months. But a reassessment completed by an experienced mortgage broker will tell you if your home loan is still offering a competitive interest rate or whether you would be better off refinancing. Additionally, it’s important to do a home loan reassessment whenever you’re approaching the end of a fixed interest rate period. This is because most lenders will automatically roll a home loan over to their standard variable rate once the fixed rate term has concluded (which may be significantly higher than your current low fixed rate).

Many homeowners are wondering if now is a good time to refinance home loans in Australia. For most, the answer will be “yes” if you’ve had your current home loan for 2 years or more. The official RBA cash rate has been sitting at just 0.10% for over 7 months, which has resulted in lenders dropping their interest rates to remain competitive. How far have rates dropped? Well, the average variable home loan rate in Australia is now 106 basis points lower than it was in June 2019. While most interest rates in 2018/2019 began with a 4, many fixed interest rates now start with a 2, and some lenders are offering interest rates as low as 1.99%!


Meanwhile, property prices in South-East Queensland have been steadily rising as interstate migration increases demand in the local property market. This means that many homeowners will now have more equity, which puts them in a stronger refinancing position.

If you’re considering refinancing your home loan, start by talking to a mortgage broker at Borro. That will allow you to explain what you hope to achieve from your refinance and get expert answers to any questions that you may have. We can then assess your current home loan and compare it with a wide range of mortgage products from a diverse panel of lenders. Once we’ve identified which home loan product will present you with the best possible results, we can then get started on your refinance application.


The process of refinancing is similar to what you would have experienced when you applied for your original home loan. The new lender will want to see evidence of your current income and living expenses, as well as recent statements from your current mortgage lender. They’ll also arrange for an evaluation of your property to determine how much equity you currently have. The good thing about refinancing is that borrowers are often in a stronger financial position than when they were first home buyers. And the stronger your financial position, the easier it is for us to negotiate better loan terms.


Once the refinance home loan has been approved, the new lender will arrange for your existing home loan to be repaid in full. You’ll then start making repayments to the new lender.

The length of time it takes to process a home loan refinance will vary depending on a range of variables, including which lender you’ve chosen and how complex your application is. Typically, to refinance a home loan in QLD will take around 4-6 weeks from start to finish. However, thanks to the ongoing ramifications of COVID (and the surge in refinance applications), most refinance applications are currently taking slightly longer to finalise (averaging around 6-8 weeks).

Some borrowers hold off on refinancing because they’re happy with their current lender and don’t like the idea of having to switch. The good news is refinancing doesn’t necessarily mean changing lenders. We can approach your current lender about refinancing your existing home loan to a product with a more competitive interest rate or with more suitable loan features. Many lenders will readily allow existing customers to refinance because it’s more economical for them to lower your rate than lose your business altogether.

Many lenders are currently offering refinance cashback deals of up to $3,000 to refinancing homeowners. For some borrowers, this will not only cover the costs associated with refinancing but also leave them with a bit of leftover cash. However, before refinancing for a cashback deal, it’s important to assess whether the loan product on offer is right for you. There’s not much point in refinancing if the loan isn’t competitive or won’t support your long term financial goals. To ensure a cashback refinance deal will be beneficial, talk to one of the experienced brokers at Borro.

According to a 2020 study by CoreData, almost 1 in 2 homeowners don’t think banks are acting in their best interests. Additionally, over half of those surveyed were sceptical about whether a bank would provide them with unbiased financial advice. Considering this is how so many homeowners feel, it’s easy to see why some may be hesitant to refinance.


Fortunately, the mortgage brokers at Borro can help. Our brokers are governed by legislation known as ‘Best Interests Duty’, which means that we are legally required to always act in the best interests of our customers. We can provide you with expert advice that is totally unbiased and tailored to suit your current financial situation. So, when you work with a broker from Borro, you can trust that you’re getting the best refinance deal to suit your needs.


The experienced team of mortgage brokers at Borro can help you successfully restructure your finances, ensuring that when you refinance, you’ll always come out in front and achieve great savings. If you’re ready to start the process of finding a better deal, then contact us today on Ph: 1300 1 BORRO or email: loans@borro.com.au.

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