Refinance Guide
How to Refinance a Lumi Loan
Lumi offers smart business finance with technology-driven assessment and competitive fintech rates. We arrange Lumi facilities for clients who value their open banking integrations and streamlined process. Their pricing is competitive in the fintech space. As your business grows, refinancing to bank alternatives can unlock additional savings.
About Lumi
Lumi provides business loans from $5,000 to $500,000 with flexible terms. We use Lumi when clients need open banking and accounting integrations for faster assessment — their technology makes the process efficient. As your business matures and qualifies for bank lending, transitioning can further reduce your finance costs.
Typical Rates
12% to 28% p.a.
Typical Terms
3 months to 3 years, weekly or fortnightly repayments
Things to Consider with Lumi
- Rates higher than bank or secured alternatives
- Frequent repayments affect cash flow
- Cost adds up over longer terms
- May limit other borrowing capacity
- Better options available for established businesses
Your Refinance Options
Bank Business Loan
Traditional bank loans at 7-12% p.a. with monthly repayments offer material savings for qualifying businesses.
Secured Loan
Property-secured facilities can achieve rates from 6-9% p.a., potentially halving your interest cost.
Equipment Finance
If funds were used for equipment, dedicated asset finance can reduce rates while preserving working capital.
Business Overdraft
For flexible working capital needs, an overdraft at 8-14% p.a. may be more cost-effective than term lending.
Considering Your Lumi Options?
Whether you need additional capital or want to explore refinancing, we can help. Get a free assessment of your options.
How to Refinance Lumi
Obtain payout figure from Lumi
Compile financial documentation
We assess and identify refinance options
Submit to suitable lenders
Settlement — new facility pays out Lumi
Transition to improved terms
Frequently Asked Questions
Other Lender Refinance Guides
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