If you are looking to contact us regarding either your indemnity or travel policies, we are currently experiencing higher than expected enquiry volumes resulting in long wait times. You can access further information about these policies, including alternative contact options, via the member portal. We apologise for the inconvenience this may cause.

Is now the time to refinance? 3 points you should consider

When considering refinancing your home loan, there are three main questions you should ask yourself to ensure you get the best outcome for your unique financial situation.

Male doctor thinking in his office.

Question 1: What are your reasons?

Getting the best interest rate possible is one, but may not be the only motivation for refinancing.  There are other reasons that can make good financial sense:

  • Accessing equity to fund home renovations, business expenses, other property investments or major expenses like a new car
  • Shortening or lengthening the term of your loan to suit your current or changing circumstances
  • Consolidating debt – like high interest smaller loans or credit card debt – to simplify the management of your finances

Question 2: How much equity do you have in the property?

Using the current value of your property and the amount owing on your loan you can determine your equity. Using the Avant Property Report platform# generated by CoreLogic can provide you with an estimated value of your property and other handy insights, such as suburb growth trends and estimated rental yields.

If the equity in your home is under 20%, a new lender may charge lenders mortgage insurance (LMI) when refinancing your loan for their protection against possible default.  However, many lenders will waive LMI for doctors who are seen to have a lower credit risk profile, so it is important you work with a lender who understands your circumstances.

The larger the amount of equity in your property, the greater your borrowing potential, which will be helpful if your goal is to finance renovations or other investments.

Question 3: What will refinancing cost?

While finding a lower rate may be easy, you also need to identify the associated fees and charges, which should be factored in when calculating the total savings.  Common costs to be aware of include:

  • Discharge fee – paid to your current lender to cover administration costs of terminating your loan.
  • Break costs – if your current loan has a fixed rate your lender may charge you to cover the cost of your loan ending before the originally agreed term.
  • Application fees – charged by some lenders and can cost up to $1,000.
  • Valuation fee – covers the cost of valuation of the security property.
  • Government charges - the cost charged to deregister and re-register the mortgage.
  • Settlement fee – paid to your new lender to cover the cost of arranging settlement for your loan.

Finding the right loan can be difficult and time consuming.  It is important to have a medical finance expert guiding you through the process and helping you secure the most appropriate loan product for your unique needs. 

Ready to achieve your refinancing goals?

Book a free consultation

Disclaimers

#Digital property profile reports (Property Reports) are produced by RP Data Pty Ltd trading as CoreLogic Asia Pacific (CoreLogic). Avant is not liable for any loss, damage or injury suffered (even if caused by negligence) as a result of using or relying on a CoreLogic Property Report.

Topic

Related resources

A young adult female unpacking boxes in her new home.

Knowledge is power for homeowners and buyers when it comes to residential property.

Blue car driving on highway.

The season to consider a new car

Image of couple receiving keys from a real estate agent for their new home.

Rent, renovate or relocate?

More ways we can help you

Indemnity insurance
Health insurance
Practice solutions
Finance
Legal services
Life & income protection
To Top

NSW State Office AddressLevel 6, Darling Park 3, 201 Sussex Street, Sydney NSW 2000
Telephone 02 9260 9000 | Facsimile 02 9261 2921

Mailing addressPO Box 746 Queen Victoria Building NSW 1230

Connect with Avant

facebookxlinkedininstagramyoutube

In the spirit of reconciliation, Avant acknowledges the Traditional Custodians of Country throughout Australia, and their connections to land, sea and community. As a national organisation, we pay our respects to Elders past and present, of the lands on which we gather and work, and extend that respect to all Aboriginal and Torres Strait Islander peoples.

IMPORTANT: Professional indemnity insurance and the Practice Medical Indemnity Policy available from Avant Mutual Group Limited ABN 58 123 154 898 (Avant Mutual) are issued by Avant Insurance Limited, ABN 82 003 707 471, AFSL 238 765 (Avant). Avant Cyber Insurance cover is available to eligible Avant Practice Medical Indemnity Policy holders up to the cessation of their policy and is provided under a Group Policy between Liberty Mutual Insurance Company ABN 61 086 083 605 (Liberty) and Avant. Private health insurance products are issued by The Doctors’ Health Fund Pty Limited, ABN 68 001 417 527, a member of the Avant Mutual Group. Avant arranges Avant Business Insurance as agent of the insurer Allianz Australia Insurance Limited ABN 15 000 122 850, AFSL 234 708 (Allianz) and may receive a commission on each policy arranged. Avant Travel Cover is available under a Group Policy between QBE Insurance (Australia) Limited, ABN 78 003 191 035, AFSL 239 545 (QBE) and Avant Mutual. Avant Travel Cover is underwritten by QBE and Avant may receive a benefit for arranging cover. Avant Finance is a registered business name of Avant Doctors’ Finance Pty Ltd (ACN 637 769 361) and licensed to Avant Doctors’ Finance Brokers Pty Ltd (ABN 75 640 406 784). Avant Doctors’ Finance Brokers Pty Ltd is a wholly owned subsidiary of Avant Doctors’ Finance Pty Ltd. Loan products may be provided by Avant Doctors’ Finance Pty Ltd or arranged by Avant Doctors’ Finance Brokers Pty Ltd. Credit services or assistance to which the National Credit Code applies are provided by Avant Doctors’ Finance Brokers Pty Ltd as authorised Credit Representative (Credit Representative Number 523242) for LMG Broker Services Pty Ltd ACN 632 405 504 Australian Credit Licence 517192. Legal services are provided by Avant Law Pty Ltd ABN 63 136 429 153 (Avant Law). Liability limited by a scheme approved under Professional Standards Legislation. Legal practitioners employed by Avant Law are members of the scheme.


The information provided on this website is general advice only and has been prepared without taking into account your objectives, financial situation and needs. You should consider these, having regard to the appropriateness of the advice before deciding to purchase or continue to hold these products. For full details including the terms, conditions, and exclusions that apply, please read and consider the relevant Product Disclosure Statement or policy wording and Target Market Determination (TMD) which are available on this website or by contacting us on 1800 128 268. Information on this site does not constitute legal or professional advice, and is current as at the date of initial publication.


*Terms and conditions

1. The waiver of establishment fee and discounted rate is only available for eligible business equipment loans. The discounted rate applies for 6 months only and is applied as a 0.65% discount against the applicable variable rate for that loan type. The current rates after the discount is applied are 6.59% for cars and 6.89% for equipment. If the applicable variable rate changes during the 6 months, the reduction will be applied to the new rate for the relevant remaining period. After the 6-month discount period, the variable rate will be the rate determined in accordance with the loan agreement and notified by us.

2. The offer is only available if your loan application is approved between 1 November and 31 December 2024 and settled before 31 March 2025.

3. The establishment fee waiver only applies to the establishment fee for the eligible business equipment loan. All other fees and charges (including any other applicable upfront loan fees and charges) will still be payable. Our standard loan terms and conditions will also apply.

4. This offer is not available in conjunction with any other offer.

5. This offer may be varied or withdrawn at any time. Approval of any loan is subject to standard credit assessment and is at our complete discretion.