Why homeowners refinance
A better interest rate is just one reason to review your home loan. I'll help you understand what's available and whether switching makes sense for your situation.
Review where you stand
Before making any changes, I review your current loan, interest rate, repayments and loan features to see how it compares with today's market.
For educational purposes only. Open the full calculator for more detail.
Explore your options
Lower your repayments
A lower interest rate could reduce your monthly repayments and the total interest you pay over the life of your loan.
Access your equity
Use the equity you've built to renovate, invest or fund your next goal.
Improve your loan
Switch to a loan with features that better suit the way you manage your money, such as an offset account or more flexible repayments.
Simplify your finances
Consolidate eligible debts into your home loan to reduce complexity and potentially lower your overall repayments.
When it's worth reviewing your home loan
A lot of the refinance calls I get start the same way: the client has been with the same bank for years and feels they haven't been treated properly.
They've watched new customers being looked after better than existing clients like them, and loyalty hasn't earned them a better deal.
That's one reason to review. If any of these sound familiar too, a review is worth doing:
- Your fixed rate period is ending, or has just rolled onto a variable rate.
- You haven't compared your rate with what new customers are offered in the last year or so.
- Your home has gone up in value, so you may have more equity than when you first borrowed.
- You're carrying credit cards, a car loan or other debts at higher rates than your home loan.
- Your income, family or plans have changed, and the loan's features no longer fit.
- You're planning a renovation, an investment property or your next move.
If you want to see what's possible first, the accessible equity calculator estimates how much of your home's value you may be able to use, and the debt consolidation calculator weighs rolling other debts into your home loan against the extra interest over a longer term. If you're refinancing because you're moving, our guide to security swaps vs refinancing explains the other option.
If switching makes sense, I'll handle it
I'll compare suitable lenders, explain the numbers and tell you whether refinancing is actually worthwhile. If it is, I'll manage the process from application through to settlement.
How the switch works, step by step
Tell me about your current loan, your rate and what you want the loan to do next. I look at how it compares with what's available now.
Sometimes the simplest win is a better rate from the lender you already have, without switching. I'll tell you when that's worth asking for first.
I weigh any saving against every switching cost, including discharge fees and break costs, so you see the real outcome before deciding. If the benefit doesn't outweigh the cost within a year, I'll tell you not to switch.
If switching makes sense, I handle the application, valuation, discharge and settlement, and keep you updated throughout.
Your loan shouldn't sit untouched for years. I keep reviewing it as rates and your circumstances change.
What refinancing actually costs
Refinancing isn't free, so the saving has to outweigh the cost of switching. These are the costs I check before recommending anything:
| Cost | What it's for |
|---|---|
| Discharge fee | Your current lender closing the old loan |
| Break costs | Only if you leave a fixed rate before it ends; these can be significant, so I check them first |
| Application or settlement fees | The new lender setting up the loan (sometimes waived) |
| Valuation | The new lender valuing your home |
| Government fees | Discharging the old mortgage and registering the new one; these vary by state |
| Lenders mortgage insurance | May apply if the new loan is more than 80% of your home's value |
My rule is simple: if the benefit of switching doesn't outweigh the cost within a year, I tell you not to refinance.
Costs vary by lender, loan and state. I put the full cost and benefit in writing before you commit.
Refinance with your current lender, or switch?
Refinancing doesn't always mean changing lenders. If your rate has drifted above what new customers are offered, your current lender may agree to lower it, which avoids most switching costs and paperwork. It's often worth asking before you move.
Switching makes more sense when the gap is bigger, when you need features your current loan doesn't have, such as an offset account, or when you want to restructure the loan or release equity at the same time. Either way, I compare both paths and tell you which leaves you better off once the costs are counted.
Two things that surprise my refinance clients
The first is the loan term. Most people assume refinancing means starting a new 30-year loan and paying more interest. It doesn't have to:
Your loan term doesn't need to be increased. You can keep the same loan term you have left, so switching doesn't quietly add years of extra interest.
The second is equity. Your accessible equity isn't one fixed number: it varies by lender, because each lender works it out from its own valuation of your home. That's why I compare lenders before you decide how much you can use, whether it's for a renovation, an investment property or your next move.
What my clients say
You deal with me directly, start to finish. The homeowners who've already switched say it best.
“Scott has been fantastic from the beginning. He answered every call, helped me with what felt like a 1000 questions, and supported me through every step of the process. Nothing was ever too much trouble, and his…”
Refinance questions, answered
Answers to the questions I hear most from homeowners thinking about switching.
How much could I save by refinancing?
Are there costs to refinancing?
How long does refinancing take?
Will refinancing affect my credit score?
Can I refinance if my property has fallen in value?
When should I refinance my home loan?
Can I refinance with my current lender?
Do I have to pay LMI again if I refinance?
Does refinancing reset my loan term to 30 years?
Why would one lender offer me more equity than another?
Can I use refinancing to consolidate debts?
Last updated: October 2026
This page is general information only. It doesn't take into account your objectives, financial situation or needs, and it isn't credit, financial or tax advice. Figures are indicative estimates that vary by lender, state and property and can change, so we confirm your real numbers before you act. For tax questions, speak to a registered tax agent or accountant. Scott Lung, credit representative 567904 of Purple Circle Financial Services Pty Ltd (Australian Credit Licence 486112).
Find out if you're overpaying
Book a free 15-minute discovery call. I'll review your loan, compare the market, and tell you honestly whether it's worth switching.