Refinancing with a mortgage manager: what a streamlined refinance means

Last updated 6 November 2026 · Reviewed by 360 MMS Compliance

Why do people refinance?

Common reasons include:

• A better deal: a lower rate or lower fees than your current loan.
• Different features: such as an offset account, redraw on a variable loan or a split loan, so you can fix part and keep part variable.
• Consolidating debt: rolling other debts into the home loan. This can lower your repayments, but stretching short-term debt over a long home loan can mean paying more interest overall.
• Releasing equity: borrowing against your property for renovations, investment or other purposes.
• A change in circumstances: coming off a fixed rate, or needing a loan that suits self-employed income.

What does a streamlined refinance mean?

A streamlined refinance is a refinance with a simpler application process, designed for borrowers who already have an established home loan and a clean repayment record.

Streamlined doesn't mean unassessed. Responsible lending still applies to home loans for individuals: your broker will assess your income and financial situation, and the lender will assess your application against its criteria. Your broker can tell you whether a streamlined refinance may be available for your loan and what you'll need to provide. A streamlined refinance may be available for eligible residential and commercial loans.

Can I refinance from a bank to a mortgage manager?

Yes. A mortgage manager can refinance loans from banks and other lenders, subject to its lending criteria. Many of the features you'd expect from a bank loan, such as offset, redraw on variable loans and split loans, are available on some loans.

What costs should I check before I refinance?

• Discharge fees: your current lender may charge a fee to close the loan, and there are government fees to discharge the old mortgage and register the new one.
• Break costs on fixed loans: if your current loan is on a fixed rate, leaving before the fixed period ends can mean a break cost, which can be significant. Ask your current lender for an estimate.
• A new valuation: the new lender will usually value the property. The valuation affects how much you can borrow and whether LMI or a lender risk fee applies.
• Fees on the new loan: such as application, settlement or ongoing fees.
• LMI or a risk fee: if you're borrowing a high share of the property's value, lenders mortgage insurance or a lender risk fee may apply again, even if you paid LMI on your current loan.
• A longer loan term: starting a new loan over a longer term can lower repayments but increase the total interest you pay.

How does a broker compare refinance options?

A mortgage broker has a best interests duty: the loan they recommend has to be in your best interests. When you refinance, a good comparison looks at:

• the total cost of switching, including the costs above, against the savings;
• the rate, fees and features of each option, not just the headline rate;
• whether your current lender would offer a better deal to keep you;
• how the loan fits your plans, such as selling, investing or fixing part of the loan.

Your broker should be able to explain why one option suits you better than staying put.

Can I refinance an SMSF loan?

We can refinance an existing residential property loan held in an SMSF, where the fund has a corporate trustee, and SMSF loans for commercial property. All SMSF loans are subject to fund, security and borrower assessment, and only a licensed financial adviser or SMSF specialist accountant can advise whether the fund should borrow.

What are the pros and cons of refinancing?

Possible pros:

• You may get a lower rate, lower fees or features that suit you better.
• You can change the loan structure, such as splitting the loan or moving to a loan that suits self-employed income.
• You may be able to release equity or consolidate other debts.
• For eligible borrowers, a streamlined refinance can make the process simpler.

Possible cons:

• Switching costs, such as discharge fees, government fees and break costs on fixed loans, can outweigh the savings.
• LMI or a lender risk fee may apply again.
• A longer loan term or consolidated debts can mean paying more interest overall.
• The new loan is still assessed, so it takes time and paperwork, and approval isn't certain.

How do I refinance, step by step?

1. Talk to your broker or our team. Share your goals, your current loan and any fixed rate period.
2. Compare and check the costs. Your broker compares options and checks the costs of switching against staying put.
3. Gather your documents. Your broker tells you what's needed, including whether a streamlined refinance may be available for your loan.
4. The assessment. Your broker will assess your income and financial situation, and the application is assessed against lending criteria, usually with a valuation of the property.
5. The offer. If the application is approved, you receive a loan offer and loan documents to read and sign.
6. Settlement. You sign a discharge authority for your current lender, and at settlement the new loan pays out the old one.

How can 360 MMS help?

360 MMS is a mortgage manager. Its home and commercial loans are funded by wholesale institutional funders and arranged through accredited mortgage brokers or directly. If you're refinancing, we can help with:

• Refinancing from banks and other lenders: home and commercial loans, subject to lending criteria.
• A streamlined refinance: for eligible borrowers with an established home loan and a clean repayment record.
• Loan features: offset, redraw on variable loans and split loans, available on some loans.
• SMSF refinancing: existing residential and commercial SMSF loans, for funds with a corporate trustee.
• After settlement: our Customer Hub team helps with repayments, variations, hardship requests and discharges.
• Getting started: apply through an accredited broker, or contact our team directly.

FAQs

Sources and further reading:Moneysmart: Switching home loans · Moneysmart: Break fee · Moneysmart: Using a mortgage broker

General information only. It doesn't take into account your objectives, financial situation or needs, and it isn't credit, tax or legal advice. All loans are subject to lending criteria, and fees and charges apply. Kuone Pty Ltd T/As 360 MMS (ABN 81 621 683 672), Australian Credit Licence 504193.