If you haven't looked at your home loan for a couple of years, there's a fair chance a new customer at your own bank is paying less than you. Refinancing can lower your repayments, consolidate debts, release equity for renovations or investing, or move you to a loan with features you'll actually use.
When refinancing is worth it
- Your rate is noticeably higher than what lenders are offering new customers
- Your fixed rate is about to end and you'd roll onto a higher variable rate
- You want to use equity to renovate, invest or buy your next home
- You're carrying car loans or credit cards at much higher rates than your home loan
- Your circumstances have changed and a different structure would suit you better
When it isn't
Refinancing has costs: discharge fees, government registration fees and sometimes break costs on a fixed loan. If the saving is small or you're planning to sell soon, staying put or asking your current lender to sharpen your rate may be the better move. We'll tell you honestly which makes sense.
Start with a free rate check
Send us your latest loan statement. We'll compare your rate against the market, show you the likely saving after costs and, if it stacks up, handle the switch from application to settlement. If your current lender will match a better offer, we'll tell you that too.
Use the repayment calculator on our home page to see what a lower rate or extra repayments could mean for you.
Guides
- Fixed rate ending? A 30-day checklist before your loan rolls off
- Debt consolidation: when rolling debts into your home loan helps, and when it costs more
- Bridging finance: how to buy your next home before you sell the current one
- Your annual home loan health check
Common questions
How much does it cost to refinance?
Costs can include a discharge fee from your current lender, government registration fees, and break costs if you are on a fixed rate. Some lenders offer cashback or cover some costs. We set out every cost before you decide.
How often should I review my home loan?
At least once a year, and whenever a fixed rate is about to end. We review our clients' rates every year as part of our service.
Can I refinance to consolidate debt?
Yes, if you have enough equity and the numbers work. Rolling short-term debts into a home loan can lower repayments, but it can cost more in interest over a longer term unless you pay it down quickly. We will show you both sides.
Will my current bank match a better rate?
Sometimes. We will tell you if asking your current lender is the simpler option.