Refinancing Loans for Nurses

To lower repayments, switch between fixed/variable, access features (offset/redraw), consolidate debts, release equity for goals (renovations, investments), or change lenders for better pricing and service.

Yes. You can do a cash-out refinance (subject to policy), a construction/reno loan with progress payments, or a separate split. Lenders may require quotes/plans and will cap the LVR.

ID, income evidence (payslips or tax returns/NOA), bank and liability statements, home-loan statements, rates/insurance notices, and details of the new product. Extras apply for self-employed.

Typically 2–6 weeks from application to settlement, depending on valuation, complexity, and lender turnaround.

Usually yes. Lenders rely on a current valuation (desktop, kerbside, or full) to confirm your LVR and pricing.

Many lenders prefer ≤80% LVR (≥20% equity) to avoid LMI. Equity is your property value minus your loan balance. Higher equity can unlock sharper rates and fee waivers.

No. A top-up increases your existing facility. A refinance replaces your loan (often with another lender). Repricing and features can differ substantially.

There’s usually a small, temporary impact from credit enquiries. With on-time repayments, scores typically stabilise or recover.

It can reduce interest costs and add flexibility, but extending the term can increase total interest. Keep or shorten the remaining term where possible.

1) Goals & numbers; 2) Compare lenders; 3) Apply & supply docs; 4) Valuation & approval; 5) Loan offer & mortgage docs; 6) Settlement & discharge; 7) Post-settle check (offsets, direct debits).

Meet serviceability, acceptable credit history, suitable LVR, and property/security criteria. Some fixed loans have break fees; some cash-out purposes are restricted.

A dated rule of thumb that refinancing “only makes sense if your rate drops by 2%.” Ignore it—use a break-even analysis (savings vs. all costs over the time you’ll keep the loan).

Costs (fees, potential break costs), application effort, and the risk of resetting to a longer term. Poor structuring can also reduce flexibility—compare total cost, not just rate.

Don’t apply with multiple lenders at once, take new debts, miss payments, overstate income/understate expenses, or change jobs mid-process without advice.

Varies by debts and spending. A broad guide: many households need ~A$85k–A$125k+ combined income with minimal other debt, but lender assessments differ.

Common items: discharge (~$100–$400), registration (~$100–$300), application/settlement ($0–$600+), valuation (often covered), fixed-rate break costs (if applicable), and LMI if LVR > 80%.

Keep LVR ≤80% (i.e., ≥20% equity) to avoid LMI and access sharper pricing. Above 80% may still be possible with LMI.

Out-of-pocket costs are often a few hundred dollars; the big variable is any fixed-rate break cost. Many lenders offer rebates at times—compare net benefit.

No cash deposit is required. Your equity acts as the “deposit.” Fees can often be capitalised if LVR allows.

If you’ll sell soon, are within a costly fixed period, have poor credit that would worsen pricing, or the savings don’t beat costs within your expected hold period.

Approval is similar to a new loan: stable income, acceptable LVR, and clean conduct help. A broker can place tricky cases with flexible lenders.

Expect a small, short-term dip from enquiries. Good payment behaviour typically restores your score.

Refinance to a shorter term or keep the 30-year term and pay extra (e.g., fortnightly + extra lump sums). Use an offset and automate surplus repayments.

When your break-even (fees ÷ monthly saving) fits within how long you’ll keep the loan—and you also gain features/service that matter to you.

Rates change frequently by lender and profile. Compare current offers, not averages, and consider package discounts at your target LVR.

Know your goals, costs, LVR, credit position, fixed-rate break risks, and how long you’ll hold the loan. Have documents ready and keep buffers intact.

Only if you do a cash-out (increase) and qualify. Funds must meet acceptable purposes and LVR/servicing rules.

Potentially package discounts, waived fees, or features you liked. You may reset your term. Ensure the new loan equals or improves on what you value.

Run a break-even, compare 3–5 lenders, match structure to goals (fixed/variable/split, offset), and keep your remaining term similar or shorter.

Rate (incl. comparison), fees, cash-out policy, valuation method, LVR-tier pricing, fixed break costs, turnaround, and how offsets/redraw work.

With a 20% deposit (A$520k loan), many households need ~A$90k–A$130k+ combined income assuming low other debts. Lender tests vary.

Indirectly. Strong credit expands lender options and can improve pricing; serviceability still hinges on income, debts, and expenses.

Refinance to a sharper rate, use an offset, pay fortnightly, add extra repayments and windfalls, keep limits low, and avoid redrawing for consumption.

Yes—ask for repricing or an internal refinance. Still compare competitors to maximise leverage.

It’s wise when you reduce total cost, improve features, or restructure debt prudently—and unwise when costs outweigh benefits or buffers shrink.

When your revert rate rises, your LVR improves (post-valuation), your credit profile strengthens, or a compelling offer appears—and before fixed terms end if break costs are acceptable.

An unfamiliar mortgage appearing on your credit file—often a reporting error, old closed account not removed, or potential identity fraud. Dispute with the bureau and contact the lender immediately.

Yes—discharge/registration and any new lender fees apply each time. Some lenders offer rebates; fixed loans can have break costs.

No single “best.” The right lender fits your LVR, income type, property, features, and service levels—now. Compare several.

You cut total interest and shorten the term. Even small, regular extras compound significantly over decades.

Assessment → application → valuation → approval → documentation → settlement (old loan paid out, new loan funded) → post-settlement checks.

Similar to other cost answers: plan a few hundred in government/lender fees, plus any fixed break costs and LMI if over 80% LVR.

Good if you materially lower total cost, gain useful features, or restructure sensibly. Bad if fees, break costs, or longer terms erode benefits.

Yes—brokers compare lenders, policies, and pricing, manage paperwork, and help structure splits/offsets to suit your goals.

Higher total interest if you restart a 30-year clock, unexpected fees, valuation shortfalls, and reduced flexibility if you pick the wrong product.

No universal cutoff. “Good/very-good” with stable income and conduct is usually competitive; stronger scores can unlock better pricing.

Target ≥20% to avoid LMI. Some lenders accept higher LVR with LMI if serviceability and credit are strong.

Prioritise high-rate balances, cut limits/spend, consider a structured personal loan or refinance with discipline, and automate payments above minimums.

P&I guide: at 5% ≈ A$1,610/month; 6% ≈ A$1,799/month; 7% ≈ A$1,996/month. Actual offers vary.