Refinancing
When did your loan last earn its place?
Set-and-forget is exactly what your lender is counting on. A free loan health check takes half an hour and tells you what staying is costing — and whether repricing, restructuring or switching is worth it.
When to look
Four signs it’s time to check your loan
Your loan is 2+ years old
Lenders reserve their sharpest rates for new customers. If you haven't repriced or moved in two years, you're probably paying the loyalty tax.
Your fixed term is ending
Rolling onto a lender's revert rate is usually the most expensive thing you can do quietly. Line up the next move before the term expires.
Your equity has grown
Values may have risen since you bought. Dropping below 80% loan-to-value can unlock better pricing — and potentially equity for renovations or investing.
Your life has changed
New job, new baby, new business, debts that crept up. Refinancing can consolidate repayments and rebuild breathing room.
A worked example
What half a percent actually buys
Take a $550,000 balance with 25 years to run. Moving from 6.60% to 5.75% p.a. cuts repayments by about $290 a month — roughly $87,000 over the remaining term, before switching costs of perhaps $1,000. Break-even arrives in about four months.
- Current repayment (6.60% p.a.)
- $3,752 / month
- New repayment (5.75% p.a.)
- $3,460 / month
- Monthly difference
- about $290
- Saved over 25 years
- about $87,000
Example rates are illustrative only, not an offer of credit. Any interest rates shown are examples only and subject to change. A comparison rate is calculated on a loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Run your own numbers
Refinance savings calculator
Drop in your balance and rates for an instant estimate of monthly savings and your break-even point.
This calculator provides an estimate only, based on the figures you enter and simplified assumptions. It is not an offer of credit, a quote, or financial or credit advice, and it does not take your personal circumstances into account. Lender assessment criteria differ and change. Speak with us for an assessment based on your actual situation. Any interest rates shown are examples only and subject to change. A comparison rate is calculated on a loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Prefer the full picture? See all calculators
Good to know
Refinancing questions, answered
What owners ask before making the switch — including the costs lenders don't advertise.
Typical costs are a discharge fee from your current lender (often $150–$400), government fees for swapping the mortgage registration (several hundred dollars), and occasionally application or valuation fees at the new lender — though many waive these or offer cashback. Most refinances cost well under $1,500 all-in, and we count every dollar in the savings maths before recommending a move.
As a rule of thumb, a gap of 0.25%–0.5% or more is worth investigating on a typical loan balance. On $550,000, half a percent is roughly $160 a month. The real test is your break-even point: if the switching costs are recovered within a few months of savings, the move usually makes sense.
A refinance application creates a credit enquiry, which has a small, short-lived effect. What damages scores is many applications in quick succession — which is exactly what we prevent by checking lender policy before anything is lodged, so you apply once, to the right lender.
Often, yes — but lender choice matters more than ever. Some lenders are flexible on recent job changes or self-employment; others aren't. If your equity is thin, we'll tell you honestly whether waiting or repricing with your current lender is the better play.
Two to four weeks is typical from application to settlement, and some lenders offer fast-track digital refinances that complete in under a week for straightforward files. Repricing with your existing lender — which we'll also test — can happen in days.
Take the first step
Find out what staying is costing you
A free loan health check compares your current rate against 50+ lenders. If staying put is your best option, we'll tell you that too.
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