Thinking of Refinancing? The End of Financial Year Could Be Your Golden Window.

With June 30 just around the corner, now is the perfect time to review your home loan. Whether you’ve had your mortgage for a few years or you’re simply curious about getting a better rate, refinancing before the new financial year could lead to serious savings—and smarter tax outcomes.

Here’s why it pays to act before EOFY.

5 Strong Reasons to Refinance Before June 30

1. Lock in a Lower Rate Before Lenders Adjust Their Policies
Lenders often update interest rates, credit policies, and product features in July.

Refinancing now means you can secure a competitive rate and avoid tighter conditions that may come into effect after EOFY.

2. Save on Tax with Deductible Refinance Costs (for Investment Loans)
If you’re refinancing an investment loan, certain expenses—such as loan application fees, valuation costs, and discharge fees—may be tax-deductible in this financial year.

Completing your refinance before June 30 ensures you’re eligible to claim these deductions in this tax cycle.*

3. Improve Your Cash Flow by Reducing Monthly Repayments
With interest rates gradually trending down, switching to a lower rate can provide immediate relief on your monthly budget.

Even a 0.40% reduction on a $600,000 loan could save you around $1,800 a year.

4. Access Equity for Renovations or Debt Consolidation
EOFY is also a great time to review your home’s equity position.

Refinancing could unlock funds to invest in renovations, purchase an investment property, or consolidate high-interest debts such as personal loans or credit cards.

5. Take Advantage of EOFY Promotions and Cashback Offers
Many lenders offer limited-time deals during June—including refinance cashback offers, reduced fees, and discounted fixed rates.

These promotions may disappear come July, so timing your refinance strategically could deliver extra financial perks.

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Case Example: The Savings Add Up

Let’s say your current home loan is $600,000 at an interest rate of 6.29%. Refinancing to 5.89% could:

• Lower your monthly repayment by approximately $150
• Save you over $54,000 in interest over the life of the loan
• Free up cash flow for investment, offset savings, or emergencies

These benefits can add up quickly—and the earlier you refinance, the more you save.

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Refinance Preparation: What You’ll Need

To streamline the process before EOFY, have the following ready:

• Current loan statements (last 6 months)
• Two most recent payslips or tax returns (for self-employed)
• ID documents (e.g., driver’s licence, passport)
• Breakdown of current expenses (living costs, other debts)
• Credit card and personal loan statements
• Evidence of savings or offset account balance (if applicable)

Working with a mortgage broker can simplify the comparison process and ensure you meet all lender requirements quickly—helping you refinance before the 30 June deadline.

Steps to Prepare for Refinancing before eofy

To ensure a smooth refinancing process before EOFY:

1. Review Your Current Loan: Assess your existing loan’s interest rate, fees, and features.
2. Check Your Credit Score: A good credit score can enhance your eligibility for better rates.
3. Determine Your Loan-to-Value Ratio (LVR): A lower LVR can qualify you for more competitive rates.
4. Gather Necessary Documentation: Prepare recent payslips, tax returns, and statements of assets and liabilities.
5. Consult a Mortgage Broker: Professionals can help compare loan options and navigate the refinancing process efficiently.

Traditionally, refinancing your home loan involves a number of steps—from reviewing your loan and checking your credit score, to calculating your loan-to-value ratio and gathering supporting documents. While these steps are still important, you don’t need to do it all manually.

With Loan Match 360, you’ll have access to everything you need—rates, features, lender comparisons, borrowing capacity estimates, and more—in just a few clicks. Our smart tool simplifies the process so you can make informed decisions without the overwhelm.

Let Loan Nerds do the heavy lifting. All you need to do is start the conversation.

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Frequently Asked Questions (FAQs)

What is the advantage of refinancing before EOFY?
Refinancing before EOFY allows you to lock in better rates, claim tax-deductible expenses this financial year (if you’re an investor), and prepare your finances for the new financial year. It also gives you access to EOFY-specific cashback and promotional offers.

Can I refinance my home loan if I recently fixed my rate?
Yes, but there may be break fees associated with exiting a fixed-rate loan early. These fees should be weighed against potential savings. A broker can help calculate the real cost-benefit.

Is there a deadline to complete my refinance for EOFY benefits?
To claim any refinance-related deductions this tax year, the loan must typically settle before 30 June. It’s best to start the process by mid-June to allow enough time for approval and documentation.

How do I compare home loans effectively before refinancing?
Focus on interest rate, comparison rate, loan features (offset account, redraw facility), annual fees, and flexibility (extra repayments). Loan Match 360 can present options from over 50 lenders to simplify this step.

Will I pay stamp duty again if I refinance?
No. Stamp duty is only paid on property purchases, not on refinanced loans—unless additional properties are added as security or titles are changed.

Will refinancing affect my credit score?
A credit check is required for a refinance, which may result in a temporary dip in your credit score. However, consistently managing the new loan responsibly can improve your score over time.

Can I refinance if I’m self-employed or have variable income?
Yes, but you may need to provide extra documentation—such as two years of tax returns or BAS statements. Low-doc loan options are also available if you’re self-employed and meet lender criteria.

Is refinancing worth it if I only have a small amount left on my mortgage?
Possibly. If you have less than five years remaining, weigh the interest savings against any upfront fees. In some cases, consolidating other debts or accessing equity might make refinancing worthwhile.

What happens if I refinance and then decide to sell?
There’s no issue refinancing before a sale, but keep in mind break costs or new fixed-rate lock-ins may apply. Discuss your future plans with your broker before refinancing.

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Ready to Refinance Before the New Financial Year?

Loan Nerds compares over 50 lenders to find the best refinance option for your financial goals. Whether you’re seeking a lower rate, better loan features, or planning ahead for the year to come, our brokers make the process smooth and stress-free.

Let’s get your refinance underway. Contact us today and take control of your home loan before June 30.

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Disclaimer: The information provided in this article is general in nature and does not constitute financial or tax advice. We recommend speaking with a qualified accountant or financial adviser regarding your personal circumstances.