Refinancing makes sense when the savings outweigh the switching costs — and when it helps you achieve a specific goal (better rate, equity access, debt consolidation, better features). The best way to find out is to have Paddy run the actual numbers for your loan. He checks your current rate, compares it against what's available, and calculates your exact saving potential and payback period before you make any decision.

Savings vary significantly based on your loan balance, current rate, remaining term, and what's currently available in the market. As a rough guide, a 0.5% rate reduction on a $500,000 loan saves approximately $2,500 per year. On a $700,000 loan, that's over $3,500 per year. Paddy calculates your exact saving using your real numbers — not averages or estimates.

Typical costs for refinancing a standard variable loan include: a discharge fee from your current lender ($150–$400), a new lender application or establishment fee ($0–$700, often waived), government mortgage registration fees (~$120–$200), and possibly a property valuation fee ($0–$300). Paddy's broker service is free to you — he's paid by the new lender when your loan settles. For fixed rate loans, break costs can be significant and must be calculated first.

Refinancing typically takes 4–8 weeks from application to settlement with most lenders, though it can be faster. The timeline depends on the lender's current processing times, how quickly your documents are submitted, and whether a property valuation is required. Paddy manages the process and keeps you updated throughout — you don't need to coordinate between your old and new lenders yourself.

Yes. If your property has increased in value since you purchased it (which is likely if you bought in Geelong more than two years ago), you may have equity available to access. Common uses include funding renovations, using the equity as a deposit on an investment property, consolidating high-interest debt, or covering major expenses. The amount you can access depends on your current LVR and what lenders are willing to lend. Paddy structures equity release carefully to ensure it doesn't compromise your overall financial position.

It depends on the nature and severity of the credit issue. Defaults, missed payments, or a Part IX debt agreement can make refinancing with mainstream lenders difficult — but specialist non-bank lenders exist for borrowers with impaired credit history. Paddy knows which lenders take a more flexible approach, and he can assess your situation honestly. He won't put you into a loan that doesn't serve your interests just to make the deal work.

When refinancing, you choose the rate structure of your new loan just as you did when you first bought. A fixed rate gives certainty and protection against rate rises, but limits flexibility and typically restricts extra repayments and offset accounts. A variable rate offers full flexibility, offset accounts, and unlimited extra repayments, but your rate can move up or down. Many Geelong homeowners opt for a split structure — part fixed, part variable — to balance certainty with flexibility. Paddy explains the trade-offs for your specific situation.

To refinance, you'll generally need: recent payslips or tax returns (2–3 most recent), your current home loan statement, bank statements (last 3 months), a current property rates notice, proof of identity, and details of any other debts or liabilities. For self-employed borrowers, two years of tax returns and business financials are typically required. Paddy provides a specific document checklist for your situation before you start gathering anything — so you know exactly what's needed and nothing goes to waste.