Self-employed income
What income evidence may be relevant?
Business structure, tax records, financial statements and income history can all affect which documents and questions need to be considered.
Refinancing
Should you refinance your home loan in Sydney?
Refinancing may be worth exploring when your rate, loan features or circumstances no longer fit. This guide covers what to review across Sydney and the Eastern Suburbs before you decide.
A broader lender panel
One conversation.34 lenders.Your interests first.
When you go to your bank, you see what that bank offers. Will works for you across a panel of 34 lenders, looking for options that fit your goals and circumstances.
As a mortgage broker, Will has a legal duty to act in your best interests when providing credit assistance and to prioritise your interests if a conflict arises.
In most cases, the lender pays Will directly if your loan settles, so there is usually no broker fee for you. Any fees or commission arrangements will be explained before you decide to proceed.
A clear starting answer
Refinancing is a review, not just a rate change.
Your home loan was set up for where you were at the time. But life changes. If your income, family, property value or plans have shifted since then, your loan may no longer be doing its job.
Refinancing means moving to a new loan, with your current lender or a new one. That can change your rate, structure, features or all three. A good review looks beyond the headline rate to your repayments, fees and break costs, offset and redraw access, when any fixed period ends, your current equity, and what you want to do next.
Will works with homeowners across Sydney’s Eastern Suburbs and the greater Sydney region, and he explains the process in plain English. He will look at your actual situation and tell you whether a change makes sense. Sometimes the answer is that your current loan is working fine.
Sydney · Eastern Suburbs
Ignite Mortgages is built for a local, direct conversation with homeowners in Sydney’s Eastern Suburbs, as well as clients across Sydney.
Start with what has changed in your loan or your life.
See Refinancing FAQsThe refinancing process
From your current loan to settlement.
A clear sequence keeps the comparison grounded in your needs and gives you the numbers before any move is made.
Start with your current loan.
Will reviews your rate, fees and loan features alongside what you want the loan to do next. That may mean lower repayments, an offset account, accessing equity or preparing for an investment.
Ask your current lender first.
If your lender can improve the rate or terms, staying put may be the simplest win. If it cannot, Will can take your loan to the wider market.
Compare policy and pricing across 34 lenders.
Rates matter, and so does lender policy. Self-employed income, investment loans, interest-only terms, trusts and SMSF structures can be treated differently. Will looks for a lender that fits your situation and negotiates pricing where available.
See the real numbers before anything moves.
You will see switching costs, potential savings and how long it may take to break even. If refinancing does not stack up, Will will tell you before an application proceeds.
Will manages the move through to settlement.
He coordinates the application, valuation, discharge from your current lender and settlement, with updates along the way so you know what is happening.
When a review may help
Three signs your current loan deserves a closer look.
None of these signs means you should refinance. They are prompts for a more specific review of your loan, costs and next goal. If your loan has not been reviewed in the last two years, it may be worth having a conversation.
Your rate or discount has changed
Check the rate you are actually paying, when any discount ends and how a change would affect repayments.
Your circumstances or property plans are different
A change in income, household, occupancy, moving, investing or renovating can make the wider loan conversation more relevant.
You need a different loan structure
Offset access, redraw, repayment flexibility, fixed-rate timing and total costs all deserve a place beside the headline rate.
What to compare
Look beyond the headline rate.
A useful refinancing comparison puts the current loan and potential new loan in the same frame.
| Area | What to review | Question to ask |
|---|---|---|
| Rate and repayments | Current rate, potential new rate and how repayments may change. | What happens if the rate or assessment changes? |
| Fees and exit costs | Existing discharge or break costs, new lender fees and other transaction costs. | How long could it take to recover the switching costs? |
| Loan features | Offset, redraw, fixed-rate terms, repayment flexibility and account conditions. | Which features will you actually use? |
| Loan purpose | Owner-occupied or investment use, ownership structure and the next property goal. | Does the structure still fit what the loan is for? |
| Timing and process | Documents, valuation, lender requirements and any fixed-rate end date. | What needs to be ready before an application starts? |
A simple break-even example
Test the cost before you count the saving.
This illustration shows the logic only. It is not a current rate, quote or forecast of your repayments.
Illustrative example
$850,000 balance · 0.50 percentage point difference
- Initial interest difference
- $4,250 p.a.
- Illustrative switching costs
- $1,500
- Simple break-even point
- About 4.2 months
The calculation is $850,000 × 0.005 = $4,250 a year, then $1,500 ÷ ($4,250 ÷ 12) = about 4.2 months. Actual results depend on the balance, repayments, fees, loan structure and how the rate changes over time.
Prepare for a review
Bring the current picture, not a perfect one.
A useful first conversation can begin with a general picture. These are the details that may help make the next questions more specific.
Current loan and costs
Have a recent statement, balance, rate, repayment, fees and any fixed-rate end date if known.
Income and expenses
Bring a general view of income, regular expenses, debts and other commitments.
All debts and commitments
Include credit cards, buy now, pay later accounts, personal loans and any other commitments so the full lending picture can be reviewed.
Property and ownership
Note the property purpose, ownership, address and any current valuation information you have.
Goal and open questions
Be clear about the change you want to understand. Uncertainty is useful context; you do not need lender language first.
Common mistakes to avoid
A lower rate is not the whole decision.
These reminders can help keep a refinancing comparison grounded in the full loan picture.
Compare total costs, not just the rate
Include exit costs, new fees and the time it may take for any benefit to outweigh the switching cost.
Check features and fixed-loan timing
Review offset, redraw, repayment flexibility, account conditions, fixed-rate end dates and break-cost questions.
Allow for a fresh assessment and future plans
A new application can involve current lender requirements, so allow time before a move, renovation, investment or cash-flow change becomes urgent.
When the details are more complex
The right questions depend on how your income and property are structured.
A general checklist cannot replace a review of the details. These situations may need extra context before a useful comparison can be made.
Investment property
Does the loan still fit the property plan?
Rental income, property expenses, ownership and future plans may be relevant when reviewing an investment loan or a broader portfolio position.
Trust or SMSF structures
Which ownership details need to be clear?
More involved ownership or borrowing structures can have specific lender and documentation requirements that should be discussed early.
Refinancing FAQs
Start with the questions that come up first.
These general answers can help you prepare for a more useful conversation about your current loan and what you want to change.
When should I consider refinancing?
When your rate has crept up, a fixed term is ending, or your plans have changed: renovating, investing, or needing more flexibility. A review every two to three years is a good habit even when nothing feels wrong.
How does refinancing work?
Your new lender pays out your old loan, and you start repaying the new one. Will reviews your current loan, compares options across 34 lenders, and handles the application, valuation, discharge and settlement for you.
What should I compare beyond the interest rate?
Fees, break costs, offset and redraw, repayment flexibility, and how long it takes for the saving to outweigh the cost of switching. The lowest rate isn’t always the best loan for your situation.
Do I need to know exactly what I want before asking?
No. Bring the question you have, and Will helps you work out what’s worth looking at.
What costs should I check before refinancing?
Discharge fees from your current lender, break costs if you’re on a fixed rate, and application, valuation or settlement fees on the new loan. Will sets these out upfront so you can see the break-even point before deciding. Sometimes it’s best to wait and if that’s the case, we will let you know.
How long does refinancing take?
Typically 2–3 weeks from application to settlement, depending on the lender, the valuation and how quickly documents come together. Will keeps it moving and tells you what’s needed at each step.
What documents will I need?
Usually recent loan statements, payslips or tax returns, details of your expenses and other debts, and ID. Will gives you a checklist specific to the lender.
Can self-employed or investor borrowers refinance?
Yes. Lenders vary widely on how they assess business income, rental income and interest-only loans. This is where comparing lender policy, not just rates, makes the biggest difference.
Does it cost anything to use Will?
There’s usually no cost to you. Will is paid by the lender, and any commission is disclosed through the refinance process.
Can I just get a better rate from my current lender?
Sometimes, yes. Will often goes to your existing lender first. If they’ll match the market, staying put can be the simplest option.
I’m on a fixed rate. Can I still refinance?
Yes, but break costs may apply. Will checks the cost first so you can decide whether to switch now or plan for when the fixed term ends.
Will refinancing affect my credit score?
Each formal application is recorded on your credit file. Will compares options before applying so you’re not making multiple applications.
Can I access equity or consolidate debts when I refinance?
Often, yes. Will can structure equity for a renovation, an investment or an offset account. He also explains the trade-offs of rolling other debts into your home loan.
Ready when you are
Bring your refinancing questions into focus.
Tell Will what you are looking to understand. The first conversation can begin before you have decided whether refinancing is right for you.
Start a refinancing conversation