The easiest way to refinance multiple properties

Refinancing More Than One Property on a FIFO Income

You can refinance multiple properties at the same time, and it often makes sense to do it in one application rather than dragging the process across separate submissions. The lender assesses all your loans together, which means you lodge your income proof once, complete one valuation round, and settle everything in a coordinated timeframe.

When you're running a roster and juggling multiple properties, doubling up on applications just creates more work. If you have an owner-occupied home and an investment property, or two investment properties, treating them as a single refinance keeps the timeline tight and the admin manageable. Some lenders will even discount their application fees when you bring multiple loans across.

Why FIFO Mobile Plant Operators Refinance More Than One Loan

The two main reasons are bringing down the interest you're paying and pulling equity out for the next purchase. If your fixed rate period ended on one or more properties and you're now sitting on a revert rate, you could be paying more than you need to. Refinancing lets you lock in a lower variable or fixed rate across the portfolio.

If you're planning to expand your holdings, refinancing multiple properties at once can release equity from all of them in a single settlement. That gives you a larger deposit for the next property without needing to refinance again in six months. We regularly see operators who have built equity across two or three properties use a portfolio refinance to fund the deposit on a fourth.

Another scenario is consolidating your loans with one lender. If you've picked up properties over a few years, you might have loans scattered across different banks with different rates, features, and expiry dates. Bringing them under one lender can improve your cashflow and give you a clearer view of your total debt position.

How the Application Works When You Refinance Multiple Properties

You submit one application covering all the properties you want to move. The lender orders valuations for each property and assesses your income against the total loan amount you're requesting. Because you're on a FIFO roster, you'll provide your latest payslips showing your base wage, roster allowances, and any overtime or site allowances that form part of your regular income.

If you're refinancing an owner-occupied home and an investment property, the lender treats them as separate securities but assesses your capacity to service both loans at the same time. They'll factor in rental income from the investment property and apply a shading percentage, usually around 80%, to account for vacancies and maintenance costs.

The valuation process can add a week or two to the timeline, especially if one of your properties is in a regional area where the lender needs to engage a valuer who covers that location. Once valuations come back and the lender is satisfied with your serviceability, you move to formal approval. Settlement is typically coordinated so all properties discharge and settle on the same day, which keeps your interest exposure predictable.

Structuring the Loans Across Multiple Properties

You don't have to set up identical loans for each property. Your owner-occupied home might suit a variable rate with an offset account, while your investment property might work with a fixed rate to stabilise your cashflow and keep the interest deduction consistent. Lenders allow you to split the rate structure across properties within the same application.

Consider a mobile plant operator who owns a home with a loan amount that has dropped below the original valuation and an investment property that has increased in value since purchase. Refinancing both properties allows them to access equity from the investment property while switching the owner-occupied loan to a lower rate with an offset feature. The lender structures one loan with a variable rate and offset, and another with a two-year fixed rate. Both loans settle at the same time, and the operator walks away with equity released and lower repayments across the portfolio.

If you're planning to buy another property soon, you might access equity from your existing properties to fund the deposit. Refinancing multiple properties at once gives you a larger equity pool without needing to refinance again when you're ready to purchase. That approach works well if you're building a portfolio and want to minimise the number of times you go through the application process.

What Happens If One Property Doesn't Value Where You Need It

If one property comes back under the figure you were expecting, the lender will adjust the loan amount for that property or ask for additional equity from another property in the application. You can still proceed with the refinance, but you might not release as much equity as planned, or you might need to accept a higher loan-to-value ratio on one of the other properties.

In some cases, it makes sense to pull one property out of the application and refinance the others. That keeps the process moving and means you're not held up by a single valuation issue. You can always revisit that property later if the market shifts or if you pay down enough debt to improve the equity position.

Lenders won't usually kill the entire application over one property, but they will re-assess your serviceability based on the adjusted loan amounts. If you're tight on capacity, that can affect whether the application proceeds. Running the numbers before you apply helps you understand where you have room to move if a valuation comes in low.

Timing the Refinance Around Your Roster and Settlement Dates

You don't need to be home to settle a refinance, but you do need to be contactable and able to respond to any last-minute requests from the lender or your solicitor. If you're heading to site for a four-week swing, let your broker know so they can schedule the key stages around your availability.

Most lenders will accept electronic signing for refinance documents, which means you can complete the paperwork from site if you have internet access. If you're refinancing multiple investment properties, your solicitor will coordinate discharge and settlement across all loans, and you'll typically receive confirmation once everything has settled.

Settlement is usually scheduled for a specific date, and all loans discharge and settle on that day. Your current lenders release their mortgages, and the new lender registers theirs. If you're pulling equity out, the funds are released to your nominated account once settlement completes. If you're just switching loans without releasing equity, your new repayments start immediately and your old loans close.

When It Makes Sense to Refinance Properties Separately

If your properties are with different lenders and one loan is performing well while another is on a high revert rate, you might choose to refinance only the property that needs attention. That keeps the application focused and avoids unnecessary valuations or discharge fees on loans that don't need to move.

Another reason to stagger refinances is if you're planning to sell one property in the next six to twelve months. Refinancing a property you're about to sell can trigger discharge fees twice in a short period, which eats into your sale proceeds. In that situation, it's usually worth leaving that loan where it is and refinancing the properties you're holding long-term.

If you're considering a home loan health check across your portfolio, a broker can run the numbers on each property and show you whether refinancing all of them together delivers the outcome you need, or whether a staged approach makes more sense based on your equity position and where rates are sitting.

Getting the Refinance Started

Start by gathering your loan statements for each property, recent payslips showing your FIFO income, and any rental statements if you have investment properties. A broker who works with FIFO mobile plant operators will know how to structure the application so your roster income is recognised in full and your capacity across multiple loans is assessed properly.

Call one of our team or book an appointment at a time that works for you.

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