Worried about rising interest rates? Here’s how refinancing could help alleviate the pressure

2 MIN READ June 24, 2024
Are you nearing the end of your fixed-rate period and worried about refixing at a higher interest rate?


Many homeowners are feeling the pressure as interest rates continue to remain high. However, there are options to help make an increased interest rate more affordable.

One option we see more clients exploring is refinancing. Although it might seem daunting, it can come with significant benefits. Refinancing involves moving your mortgage from your current lender to a new lender to negotiate better terms.

Benefits of refinancing

One major benefit of refinancing is qualifying for a cash contribution from your new lender. Many banks are now offering increased cash contributions to attract new customers, often up to 0.9% of the loan value. This cash boost can help offset the costs associated with higher interest rates, easing your cash flow pressures just when you need it most.

Costs associated with refinancing

All refinances involve a solicitor to discharge or register a mortgage over your title. Typically, this costs around $1,500. However, through Haven Mortgages’ preferred supplier agreement with certain legal practices, this cost can be reduced to $900, making refinancing more cost-effective. We even have one banking provider who can assist a refinance completely free of charge. 

So how could this look for you? 

If you have a $500,000 loan up for a fixed-rate review, we could negotiate a cash contribution of up to $4,500. After deducting legal fees of $900*, you’d have a net cash benefit of $3,600. Additionally, we can use this opportunity to optimise your loan structure and ensure your loan repayment settings are fully aligned to your financial goals.

*Or perhaps nil legal costs with the right settings. Speak to Haven Mortgages for more information. 

Talk to the experts

If you’re approaching the end of your fixed-rate period, get in touch with our Haven Mortgages team as soon as possible. We’re here to guide you through the options available and make the process as simple as possible. We’re here to help you make the most of the current market offering and secure the best deal. Get in touch today at  


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