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There are many things you need to consider when looking to refinance your home loan.

With the uncertainty of market conditions and changes to your personal life, the home loan you originally signed up for may not suit your needs anymore. If this is the case, it may be time to look at refinancing your home loan. 

Gateway offers a range of competitively priced loans that come with useful features, such as, the ability to make extra repayments (without penalty), 100% offset accounts, and the ability to split your loan; fixing a portion and keeping a portion of your loan variable.

It is always a good start to be clear why you might want to refinance your home loan. Chasing a lower interest rate may seem attractive but it’s important to remember that refinancing may not be the right move for you. There are costs associated with switching home loans and you need to think about the full duration of the loan, not just the eye-catching interest rate.

To give you a better understanding, we have simplified the refinancing process into the following steps:

  1. I want to refinance my home loan

If you have decided to refinance your home loan, you need to compare more than just our interest rates, consider what you want to achieve financially over the long and short term. For example, if you are looking to;

  • Reduce the interest you pay on your home loan

You may choose to select a variable home loan that comes with a 100% offset account.

The benefit of an offset is that any balance held in this account is effectively ‘offset’ against your loan amount. By depositing wages, savings and/or bonuses into your offset, you will reduce the amount of interest you pay on your loan and potentially shorten the life of your loan. Your offset can double as your everyday bank account, meaning you have the flexibility to access these funds when you require.

  • Get access to your money when you need it

Another option is to take advantage of Gateway’s redraw facility. Our variable rate home loans allow you to make additional repayments to your loan without penalty. Our redraw facility makes it easy for you to access these extra funds via our Gateway 2go app or Online Banking. Like an offset account, the extra repayments also generate an interest reduction on the loan.

  • Get greater flexibility

If you’re feeling uncertain about future rate movements, you may need a home loan that offers a split loan facility. Gateway’s Premium Package gives you up to 3 free splits, meaning you can fix a portion of your loan, while maintaining a variable portion. This allows you to protect yourself against sudden rate rises while also taking advantage of current low rates. If you’re a current Gateway Member with a Variable Premium Package home loan you can choose to split your loan at any time for free.

  • Create more certainty

If you’re looking to create more long-term certainty and potentially reduce your monthly repayments, our Premium Package Home Loan has a range of competitively priced fixed rates on offer.

  • Consolidate debt or unlock equity in your home

Gateway also offers a simple loan top-up process for Members. If you’re thinking about renovations, consolidating existing loan debt (such as a car loan or credit cards), or to purchase an investment property, you can talk to a Gateway Lending Consultant to find out more about unlocking the equity in your property. 

  2. Get in touch with a Gateway Lending Consultant

Once you have a good idea of the home loan and features you would like to consider, it may be time to speak to a Gateway Lending Consultant. Contact our Lending team directly on 1300 302 474 (Monday-Friday, 8am-6pm AEST) or click here to arrange a call back, alternatively you can email us on or fill out a general enquiry form here.

They will help you calculate whether a switch could help you save money in the long term.

  3. Submit an application for pre-approval

Having spoken to a Gateway Lending Consultant, they will be familiar with your needs and financial situation and can provide you with an application form as well as a checklist of supporting documents required to submit a formal application. You will need to provide evidence of your income and personal details at this stage. These documents can take time to compile, so it’s a good idea to set aside time to get these organised. Gateway recommends you supply all the required documents upfront in order to minimise any unexpected delays. Here is our supporting document checklist to help make it easier. 

  4. Valuation of the property 

Gateway will arrange a valuation of your property to work out how much it is worth. This process will normally take 3-4 business days.

  5. Formal approval 

Once your financial information has been verified and the property valuation has been conducted and accepted, you will receive formal approval of your application. It is at this stage that Gateway will notify your current lender that you wish to move your loan.

  6. Contract issued and completion 

From here, you are issued with a contract that sets out the terms and conditions of the loan. Make sure you fully understand this document before signing it. You should understand exactly what you have agreed to borrow, your repayment amount, the regularity of your repayments and the length of the loan. Once you are confident you have understood this contract, all that needs to be done is to complete the appropriate paperwork, sign the contract and return these to Gateway.

  7. Settlement 

At this point, there is a period before settlement. This can be as little as 21 days or as long as eight weeks, and may vary in each state or territory. 

The Gateway difference

At Gateway we differentiate ourselves from other lenders with our commitment to our Members. We get to know our Members throughout their refinancing experience. We make the process as easy as possible, by ensuring that you have access to one dedicated Lending Specialist from your initial enquiry, right through to your loan settlement. This unique relationship with our customers also flows through to our lending decisions. At Gateway we seek to understand your needs, it is for this reason credit assessments are conducted by a real person – not a computer. 

So, if you’re ready to refinance your home loan, we want to help you every step of the way. Contact us online or alternatively call 1300 302 474 to see how we can help you.