Refinance Your Home Loan

Need to unlock the equity in your home? At AFM, we understand that circumstances change and the home loan you signed up for years ago, might not suit your needs today. Perhaps you want to renovate, take a holiday or consolidate debt—whatever the reason, you’re sure to find a suitable home loan in our suite of products.

Upfront costs when buying a home

When To Refinance

There are a many reasons for refinancing your home loan:

  • Consolidate debt into one simple repayment with a lower rate of interest
  • Unlock the equity in your home for the things you need, like a new car, renovations or purchasing an investment property
  • Get a better interest rate & reduce your repayments
  • Access more loan features like offset accounts, extra repayments & redraw facilities
Choose the right home loan

Costs Of Refinancing

When refinancing your home loan, it’s important to consider the associated costs to determine whether a new home loan is the best solution for your needs. Refinancing fees are likely to include:

  • Fees to discharge your current loan
  • Set-up fees for the new loan
  • Government mortgage registration fees
  • Lender’s Mortgage Insurance (LMI) if applicable

LMI is only applicable if your new loan amount is more than 80% of your property value. LMI cannot be carried over to your new home loan, so even if you paid LMI on your existing mortgage, you will have to pay it again.

5-Step Refinance Application Process

Refinancing your home loan to AFM is hassle-free and can be done in these five easy steps

pre-qualify for a mortgage


Assess your current situation to see if refinancing is a viable option.

Submit your mortgage application


Submit your completed application form with accompanying documents.

What is mortgage conditional approval

Conditional Approval

Conditional approval is valid for 90 days. Once granted it is still subject to valuation and LMI approval

Home loan formal approval

Formal Approval

Once all conditions have been met your home loan will go unconditional

Home loan settlement step 5


Settlement occurs when the mortgage transfer from your existing lender has been completed

Not sure where to start or want to know which properties are in your budget?
Try our borrowing power calculator to see how much you are eligible to borrow.

Key Refinance Home Loan Features

100 per cent offset account

100% Offset Account

Save on interest by attaching a 100% offset account to your home loan.

home loan for up to 95 percent of property price

Borrow Up To 95%

Depending on how much deposit you have saved, you can borrow up to 95% of the property value.

Flexible mortgage repayments

Flexible Loan Repayments

Have the option to pay the principal and interest during and after construction, or you can take advantage of interest only repayments while construction is in progress (up to a maximum of 12 months).

We service large sum home loans

Large Loan Size

AFM’s home loans will allow you to borrow up to $2 Million.

Credit card with line of credit home loan

Line Of Credit

We also have the option for investors to take advantage of a Line of Credit investment loan with VISA debit card access.

Tips To Improve Your Mortgage Application

1   Equity

Before applying to refinance your home loan you need to know the value of your property. If you have less than 20% equity in your home, you should take steps to pay down your home loan.

2   Employment Stability
If you’re thinking of applying for a home loan, it helps to have been in stable employment for at least 6 months, longer if you are self-employed.
3   Credit History

All lenders will run a credit check to see if you have any defaults on record. Your credit history gives a snapshot of your repayment habits, so try and make loan or bill payments on time and in full.

4   Assets & Liabilities/Living Expenses
Your lender has a responsibility to ensure you can comfortably afford to make repayments on your loan. You will need to provide information on your living expenses, liabilities and income. Also, it might be worth paying down any debts and close any unused credit cards or buy now pay later (BNPL) accounts like Zip Pay and Afterpay.
© Australian First Mortgage 2019 | ACN 079 790 364 | Australian Credit Licence 386 494