--- title: Have you refinanced recently? It could be time this summer break description: Have you refinanced recently? It could be time this summer break image: https://moneyplex.au/hubfs/Imported_Blog_Media/Blog-1100x733-refinance-time-2024.jpg --- [Skip to content](https://moneyplex.au/moneyplex-blog/have-you-refinanced-recently-it-could-be-time-this-summer-break#main-content) [![Logo](https://moneyplex.au/hs-fs/hubfs/logo-4.png?width=220&height=40&name=logo-4.png "Logo")](https://moneyplex.au) Call: 1300 648 147 or Book An Appointment - [Get Your Finance Approval Guide](https://moneyplex.au/get-your-finance-approval-guide-1) - Who We Help - [Self-Employed Individuals With Families](https://moneyplex.au/self-employed-individuals-with-families-clone-new) - [Self Employed Professionals & Tradespeople](https://moneyplex.au/self-employed-professionals-and-tradespeople) - [Small Business Owners](https://moneyplex.au/small-business-owners) - [Property Investors And Developers](https://moneyplex.au/property-investors-and-developers) - [Refinancers and Consolidators](https://moneyplex.au/refinancers-and-consolidators) - 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[Business And Asset Finance](https://moneyplex.au/business-and-asset-finance) - [Private Lending](https://moneyplex.au/private-lending) - [Personal Loans](https://moneyplex.au/personal-loans) - [Expert Referral Partners](https://moneyplex.au/expert-referral-partners) - [About](https://moneyplex.au/about) - [Blog](https://moneyplex.au/moneyplex-blog) - [Contact Us](https://moneyplex.au/contact-us-1) - [Contact Us](https://moneyplex.au/contact-us-1) - [Lending Strategy Session](https://moneyplex.au/lending-strategy-session) ![](https://moneyplex.au/hs-fs/hubfs/Imported_Blog_Media/Blog-1100x733-refinance-time-2024.jpg?width=1100&height=733&name=Blog-1100x733-refinance-time-2024.jpg) Uncategorized # Have you refinanced recently? It could be time this summer break ![99ContentEditor](https://7528315.fs1.hubspotusercontent-na1.net/hub/7528315/hubfs/raw_assets/public/mV0_d-cms-elevate-theme_hubspot/elevate/images/avatar-placeholder.jpg?width=48&height=48&name=avatar-placeholder.jpg) 99ContentEditor December 18, 2024 **If you haven’t looked into refinancing since the start of higher interest rates, it might be time to ask yourself ‘why not?’ New research shows it could be time to try again – especially if you want to start 2025 off on the right foot.** A new [report from Canstar](https://www.flipsnack.com/9AC59FC8B7A/canstar-consumer-pulse-report-2024/full-view.html) shows more than one in five borrowers were able to negotiate a better interest rate from their lender this past year. One in ten successfully switched to a new lender in the last 12 months. Even so, [fewer home loans have been refinanced](https://www.abs.gov.au/statistics/economy/finance/lending-indicators/latest-release) this year compared to 2023. With rates looking like they might stay higher for longer, it could be worth taking a fresh look at refinancing over the summer break. ### What’s holding borrowers back? According to Canstar, around 5% of borrowers tried to refinance in 2024 but didn’t have enough home equity. A further 5% didn’t meet the bank’s requirements. It’s a situation dubbed ‘mortgage prison’ – where you’re stuck paying more on your home loan because you don’t qualify for a lower rate home loan. As Canstar notes, a lot of people think they’re in mortgage prison. But if you haven’t tested the lock recently, now could be the time to try. ### Why it could be time to revisit refinancing Even if you’ve had a go at refinancing in the past, it’s worth talking to us to see if you could qualify for a new loan today. On the home equity front, [home prices increased nationally by 5.5%](https://www.corelogic.com.au/news-research/news/2024/national-upswing-in-home-values-is-all-but-over-with-values-rising-just-0.1-in-november) in 2024. So you could have more equity than you realise. Also, if you have a solid record of regular repayments, some lenders may be willing to [stress-test refinancers](https://www.canstar.com.au/home-loans/housing-costs-top-2025-money-worries/?utm_source=moengage&utm_medium=email&utm_campaign=money_mentor_161224&_branch_match_id=1249896502269392927&_branch_referrer=H4sIAAAAAAAAAx3KsQrCMBCA4bfpaEgRByE4OOgidFNcwjVe02DvEi4XxMVn1zr8y883q5a6NyYAVwWBUjZrS%2BKnuZ0uw%2FV%2BttMwHpqSD0AFUmRHmfHtCVmzeLuzfb%2FtVkD4SI0cEqTlP2puEvDnkSNE7D6CE4okjn6U%2FKoo7jhLJvwCRMqcV4cAAAA%3D) using a loan serviceability buffer as low as 1% ([below the standard 3%](https://www.apra.gov.au/news-and-publications/apra-maintains-current-macroprudential-settings-uncertain-environment)). The important thing is that you speak with us to get to know your options. ### How much could you save by refinancing? Well, that depends on how big your current home loan is, what your current interest rate is, and how much you reduce that rate by. But an [analysis by RateCity shows](https://www.ratecity.com.au/home-loans/mortgage-news/average-borrower-paid-almost-6k-extra-last-year-even-rates-hold) the average borrower who has not refinanced their home loan in the past 12 months has paid almost $6,000 more interest during that period as a result. ### Is refinancing difficult? Almost one in five (17%) borrowers surveyed by Canstar said they had no plans to refinance because they believe “it’s too much like hard work”. Let’s clear the air on that one. As home loan professionals, we’ll help you with the legwork, track down a home loan that meets your needs, help with the paperwork, and liaise with lenders on your behalf. The bottom line is that we can streamline the refinancing process for you. Put us to the test. Get in touch today to see if your home loan is still suitable for your needs – and if not, we’ll help you find one that is. **Disclaimer:** The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent. ## Share this post [mailto:https%3A%2F%2Fmoneyplex.au%2Fmoneyplex-blog%2Fhave-you-refinanced-recently-it-could-be-time-this-summer-break](mailto:https%3A%2F%2Fmoneyplex.au%2Fmoneyplex-blog%2Fhave-you-refinanced-recently-it-could-be-time-this-summer-break) ## Keep reading ### [![](https://moneyplex.au/hs-fs/hubfs/Blog%201100x733%20refinancing%20July%202026.jpg?width=1100&height=733&name=Blog%201100x733%20refinancing%20July%202026.jpg) New financial year, new reasons to review your home loan](https://moneyplex.au/moneyplex-blog/new-financial-year-new-reasons-to-review-your-home-loan) ### [![](https://moneyplex.au/hs-fs/hubfs/Blog%201100x733%20market%20budget%202026.jpg?width=1100&height=733&name=Blog%201100x733%20market%20budget%202026.jpg) How the property market is shaping up in your area post budget night](https://moneyplex.au/moneyplex-blog/how-the-property-market-is-shaping-up-in-your-area-post-budget-night) [![logo](https://moneyplex.au/hs-fs/hubfs/logo-1.png?width=240&height=44&name=logo-1.png "logo")](https://moneyplex.au) Call:1300 648 147 - [Home](https://moneyplex.au) - [About MoneyPlex](https://moneyplex.au/about) - [Lending Strategy Session](https://moneyplex.au/lending-strategy-session) - [Compliments & Concerns](https://moneyplex.au/compliments-concerns) - [Contact Us](https://moneyplex.au/contact-us-1) MONEYPLEX PTY LTD (ACN: 656 436 627) is a corporate credit representative (Representative Number 541146) of QED CREDIT SERVICES PTY LTD (Australian Credit Licence 387856). \*The amount of money we may be able to save you depends on your personal financial situation. 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