Can I refinance from a specialist lender to a big bank?

Generally yes, once you can show clean repayments, current income and a credit file the mainstream bank is comfortable with. Around 12 months is usually the first time it's worth looking.

How long do I need to stay with a non-bank lender?

There's no set rule, but 12 months of clean repayments is generally the first point where better options open up, either a better product at the same lender or a move to a mainstream bank.

What is a reduced assessment buffer on a refinance?

Some banks test a straightforward refinance at a smaller buffer, around 1% instead of around 3%. It's generally limited to loans at or under 80% of the property's value with a clean recent repayment history.

Can I get a better rate without leaving my specialist lender?

Often, yes. Many specialist lenders have tiered products, and a year of clean repayments can see you moved to a better tier.

Are there costs to leave a specialist lender?

There can be. Some specialist loans have exit or discharge costs, especially in the early years. Check them before you refinance.

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Straight Answers · Refinancing

I'm with a specialist lender. Am I trapped, or how do I get over to a big bank?

Bayley Clarke · Mortgage broker on the road · Last checked 11 November 2026 · 3 min read

The short answer

You're not trapped. A specialist lender is where some people start, because their credit's been rough or their business is too new to show full financials, and the plan from day one is to get you back over to a mainstream lender in due course.

That typically happens in stages. Generally 12 months in is the first opportunity to look at it, because by then you can show a clean repayment history and you've probably got the financials you didn't have before.

The 90 second version, filmed from the driver's seat. The rest of this page is the detail underneath it.

Why people end up with a specialist lender

There are two common reasons. Either the credit file has been through the wringer, a default or some missed payments, and it's now on the track to improving. Or someone has recently started a business and we can't quite show full financials yet, so the big banks won't touch it.

So we go to one of the second tier or specialist lenders so that you can actually get the money you're looking for. You go there because they'll say yes, not because you care about the rate. It's a stepping stone, not a destination, and it's worth thinking of it that way from the start.

The 12 month check in

Generally, 12 months is when we can sit down and go, all right, we've been with them for a year, what's changed? You've got a year of clean repayments on the new loan, your business has another set of financials, the old marks on your credit file have aged a bit, and that changes the conversation.

Sometimes the first move is within the same lender. A lot of specialist lenders have several tiers of product, and a year of clean conduct can get you moved to a better tier and a lower rate without a full refinance. Other times we may be able to move straight over to a mainstream bank, if we can show the income and the credit history to support it.

When you're close but not quite there

When banks assess whether you can afford a loan, they test your repayments at a higher rate than the one you'd actually pay. That's usually a buffer of around 3% on top. For a straightforward refinance, some banks will use a smaller buffer, closer to 1%, which can sometimes move the needle on whether you can or can't switch to a mainstream bank.

There are conditions. Those reduced buffer paths are generally only open if your loan is at or under 80% of the property's value, the new repayment isn't higher than what you're paying now, and you've got a clean recent repayment history. So the 12 months of clean conduct with the specialist lender is doing two jobs: it fixes the credit story, and it can open up the easier assessment as well.

The honest bit: it's a plan, not a guarantee

The goal is always to get you onto a better rate over time, and for most people who keep their repayments clean, that's how it plays out. But it depends on your income, your credit file and your equity at the time, and there can be exit costs on the specialist loan, so we check those before we move anything.

If month 12 comes and it's not quite there yet, we look again at month 18. It's a when, not an if, for most people, as long as the repayments stay clean.

Been with a specialist lender for a while?

A 30 minute call. We go through your repayment history, your income and your credit file, and work out whether you're ready to move or what to tidy up first.

Book a 30 minute call Call 0437 189 939

No cost to you. The bank pays me when a loan settles. · How I get paid

Next question

I've never missed a repayment, so why won't the bank refinance me?

Refinancing is a full assessment from scratch, with a 3% buffer on top of the rate.