Why use a mortgage broker to refinance?

Do you remember dial-up internet access? How about audio cassettes? Don’t worry if you don’t; they are, of course, a thing of the past.

A 30-year mortgage with one lender is a bit the same – a thing of the past and something that is largely obsolete nowadays. Especially given the present climate.

With the cost of living going through the roof and home loan interest rates shooting up from a record low of 0.1 since last May, more and more people are refinancing their mortgages – 2,370 every working day in Australia, to be precise.

Homeowners have faced the fastest tightening cycle in a generation, and many are leaving their current lender for a more competitive mortgage elsewhere.

Analysis from the Australian Banking Association (ABA) found 70 per cent of bank customers who refinanced their mortgage in the past six months did so with another lender.

If, like them, you feel it’s time to shop around, here’s why you should use a 1st Street Mortgage Broker to refinance.

Expertise you can trust
At the moment, there is strong competition in the home loan industry. Banks are eager for your business and are offering all sorts of sweeteners to get you on board. Cashback offers. Rate discounts. Package deals. The whole shebang. So, how do you know which home loan is most suited for you?

That’s where you need a professional on your team. A Sydney Mortgage Broker is a trained finance specialist. We know the system and which products best suit our clients’ needs. The 1st Street Financial team are also across all the recent industry developments, so you gain access to a wealth of knowledge by working with us.

Tailored finance solutions
There’s no one-size-fits all mortgage. Everyone’s financial circumstances and aspirations are different, which is why you need tailored finance solutions. Your Sydney Mortgage Broker will find a loan that’s suitable for your particular needs.

If we think you could benefit from loan features like an offset account or redraw facility, we’ll describe why. But we must work in your greatest interests and won’t push any extras on you that you don’t really need.

Options, options and more options
If you go directly to your existing lender asking for a more competitive rate, you only get what they can offer i.e. their loan products and the rates they are able to put on the table.

Your Sydney Mortgage Broker, on the other hand, has access to the full assortment – a panel of lenders with diverse types of products, features and benefits.

What about commissions? The fees we receive are fairly similar across lenders. This ensures there’s no incentive for a broker to suggest one over another. Our role and obligation is to act with our clients’ best interests.

Make your life easier
Trying to figure out all the different home loan products out there can be stressful and overwhelming. With a Sydney Mortgage Broker, we can take the burden out of refinancing. We can also coordinate with your chosen lender and facilitate the whole process.

Prepare for the fixed rate cliff
One fifth of Australian home loans will go back from fixed to variable in 2023. Do you fall into this category? If you do, it’s worth talking to a Sydney Mortgage Broker about your refinancing options. Your current lender’s variable rate may not be the most competitive or suitable for your circumstances, so it’s important to get a second opinion.

Common reasons to refinance

  • Secure a more competitive interest rate
  • Make the most of potential interest-saving features like offset accounts or redraw facilities
  • Access equity for renovations, additional properties or other financial goals
  • Consolidate debt

Like to chat?
We at 1st Street Financial understand the market. We understand mortgages. And we’ll take the time to understand your financial situation and goals.

Speak to us about how your home loan compares to others, and we will explain if changing lenders could be financially worthwhile. Get in touch today.

Our service is completely

Free

Yes, that’s right. You pay zero, zip, nada.

1st Street’s premium service comes at no cost to you! 1st Street is paid by the lender when your loan settles, however, this will not affect your interest rate or loan fees! It is often more cost-effective for a mortgage broker to process a loan rather than the lenders processing it themselves in-house. In fact, we often find that we can save you money by negotiating on your behalf.

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Use our online calculators to work out how much you can borrow, loan repayments, stamp duty and lots more.

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With 40+ lenders to choose from, the options are never ending!

A word from our satisfied customers

Maxine Zhong
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process. Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps. She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time. Will definitely refer Yuval again.
Sophie Linehan
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
Yossi Bengida
23 July 2023
Another amazing job by David and Bree. Always available for our questions, helpful and just 10/10 Seriously good work !! See you on the next one :) Yossi and liz