The NIK Finance refinance Quick Check is a free 2-minute set of questions about your loan balance, property value, job, income and credit history. It works out your loan-to-value ratio and tells you whether you look like a match for mainstream lenders or specialist lenders, or whether to talk to a broker first. It does not check your credit file. A licensed broker then follows up with real rates from our 130+ lender panel.
Estimates are fine.
Switching lenders means being assessed from scratch. A new lender values the property, reassesses your income at a buffered rate, checks your recent repayment history and reviews your credit file. Someone who qualified easily a few years ago can find things have changed, which is why the Quick Check asks the same questions a new lender would.
| What a new lender checks | Why it matters |
|---|---|
| Loan balance against today’s value (LVR) | Over 80% usually means LMI again with the new lender |
| Income and job | Reassessed at a buffered rate, not your current one |
| Repayment history | Missed payments on your current loan can rule out mainstream lenders |
| Credit history | Defaults or hardship since your last loan change your options |
Lenders often price new customers below existing ones. The refinance calculator shows what a lower rate saves.
Review your options before the loan rolls to the revert rate.
Release equity for renovations or investing: equity release.
Roll higher-rate debts into the home loan: debt consolidation.
Your broker compares these costs against the savings before recommending a switch.
No. The Quick Check only uses your answers. Nothing is sent to a credit bureau or a lender. A credit enquiry only happens if you choose to apply with a new lender.
Usually, yes, but the new lender will generally charge lenders mortgage insurance again, which can outweigh the saving. Above 95%, mainstream refinancing is rarely possible. The Quick Check works out your LVR so your broker can weigh this up.
Yes, but leaving before the fixed term ends can mean break costs. Your current lender can quote them, and your broker compares them against the saving from switching.
Yes. The new lender values the property to work out your LVR. If the value comes in lower than expected, your LVR rises, which can change which lenders and rates are available.
Usually a few weeks from application to settlement, depending on the lenders and the valuation. Your broker manages the steps with both lenders.
See how a new lender would view you before any credit enquiry, then get a broker’s call back with real options. No credit check.
NIK Finance Pty Ltd (ACN 685 393 917) is a Credit Representative (567387) of Finsure Finance & Insurance Pty Ltd (Australian Credit Licence 384704). This page is general information only and does not constitute financial advice. Consider your personal circumstances and speak with a licensed broker before applying for credit.