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ichoice award winning home loans, commercial loans & smsf
ichoice award winning home loans, commercial loans & smsf
ichoice award winning home loans, commercial loans & smsf
ichoice award winning home loans, commercial loans & smsf
ichoice award winning home loans, commercial loans & smsf
ichoice award winning home loans, commercial loans & smsf
ichoice award winning home loans, commercial loans & smsf
ichoice award winning home loans, commercial loans & smsf

I’m thinking of refinancing.

Refinancing can be easier than you think these days. There are many reasons why you’d decide to switch, the main one of course being to get a better interest rate to reduce your monthly repayments and pay your home loan off sooner.

Is refinancing easy?

Refinancing can be simpler than you think these days. After a quick chat we can explain exactly how we can improve your financial situation and then we’ll do all the work for you and keep you informed along the way.

What are the main reasons people choose to refinance?

6 Reasons to Refinance, and a 7th that nobody has told you

There are six widely-understood reasons to consider refinancing, and a 7th reason to switch that you haven’t been advised about. So here they are:

1. Get a better structure

Too many Australians don’t use the banks products properly, so refinancing is an opportunity to press the reset button. Some of the things you’re able to do are: Split loans, particularly if a portion is tax deductible; fix a portion to provide certainty and keep a variable split, against which there can be one or two offsets - to ensure your pay immediately saves you interest; linking a credit card to use the bank’s money for up to 55-days interest-free; and eliminate the hassle of manually paying your credit card bill and - if there’s always funds in your offset - never having to pay a cent of interest on your credit card.

2. Debt consolidation

You can wrap small debts into a single structure and even use your home loan to pay off your car loan. While the latter would improve your capacity to service your loan and future loans, it does eat into your equity.

3. Unlock your equity

You could increase your limit to have more money in your offset account, or the extra funds could take the form of a separate split, with its own offset account. Of course, you’d only pay interest on what you actually use. Some banks allow you to unlock your equity all the way up to 80% of your property value - as long as you can afford to service it. Or if you’re ready to buy another property, having the funds to pay a deposit on auction day will help you avoid unnecessarily paying for a deposit bond. To avoid cross-collateralisation, many investment property buyers borrow 80% against the next property and 24% against their existing property. Both loans relate to the investment, so they’re tax deductible, but the securities won’t be crossed and could even be at different banks.

4. Get a better interest rate

If your loan is more than a year old, chances are you’re way behind the eight-ball. Bigger lifetime discounts are offered these days, but are reserved for ‘new to bank’ clients. So many still have an interest rate which is above 4% which is silly.

5. Get a cash rebate

Sure, you wouldn’t switch just for a short-term kick-back, but CBA will pay you $2,000 if you switch to them. Rebates are also offered by ANZ, Bankwest, NAB, St George & Suncorp.

6. Get Professional Representation

If your loan was directly from a bank, over time, they would have taken advantage of you - the Banking Royal Commission says so! By using an expert advisor at iChoice to get you into a better loan, you’ll immediately be professionally represented by someone with an impressive depth of knowledge. You’ll be kept informed, and we’ll ensure your rate remains competitive over time, while also having access to advice about wealth creation and valuable help with avoiding mistakes along the way.

And the mystery 7th reason for refinancing is……

7. Better tax Outcome

If you have a home loan, which must be serviced with your after-tax dollars and also have an investment loan which allows interest to be claimed as a tax deduction, you probably know you should concentrate on paying down the home loan faster.

Until a couple of years ago, you’d keep the investment loan interest-only, so the ‘good loan’ remained high and you could smash down the ‘bad loan’. Now that interest-only loans come at a higher rate, the benefit is washed away, so many of you have changed your investment loan to principal plus interest to get the better rate. Good - that was the right thing to do. So, let’s say you have 20 years remaining on your investment loan. If we help you refinance that, we’ll re-set it over a 30-year term. By stretching the loan term, the repayments will be less. The surplus can then be thrown in the ‘bad’ home loan. You’ll get a better rate and probably a refinance rebate, but you’ll also pay less tax and own your home sooner.

How much will it cost me to refinance?

For a single home loan refinance, the bank you are leaving will charge you a Discharge Fee of around $350 to attend settlement. It’s a fee, not a penalty (the days of unfair Early Repayment Fees are history)

If you’re currently on a fixed rate, there may be a Break Fee, particularly if your fixed rate is way out-of-market, so you need to ask your bank what the fee will approximately be.

Government Fees to discharge and then register the new mortgage, and a Title Search Fee, might amount to a few hundred dollars.

The bank you’re going to shouldn’t have an application Fee, if you’re entering into packaged-type product. The banks even normally waive the application fee for basic type products these days. There may however be a $100 or $200 settlement fee.

So the cost to switch is normally around $700. Of course, an iChoice Recommendation will detail the exact costs to the dollar, and the projected savings you’ll make moving forward.

Do banks offer a Refinance Rebate to cover the cost of switching?

Yes, some banks will pay you a ‘Refinance Rebate’ to compensate you for the cost of refinancing. Often the rebate is far greater than the cost, so you actually make a little cash, for switching to save! Please ask us who’s currently offering these rebates.

We want you to be completely informed and comfortable, so feel free to download our free eBook “10 Must-Do’s when refinancing”