Refinance your home loan and actually save

Every 12–18 months at minimum. The home loan market is competitive: new products and lower rates appear constantly, while existing customers often end up on higher 'loyalty tax' rates. A quick annual review with your broker takes 15 minutes and can uncover thousands in savings.

Typical costs to refinance a home loan are $800–$2,000, covering discharge fees ($150–$400), government registration fees ($150–$400), and potentially application/valuation fees with the new lender. If you are on a fixed rate, break costs can add significantly more, so always get a payout figure first. Some lenders offer cashback deals of $2,000–$4,000 which can more than offset these costs. Your broker will calculate the net benefit before recommending a switch.

Sometimes. A $2,000–$4,000 cashback can cover switching costs several times over, but a cashback attached to a rate 0.2% above the market best costs more than it pays on a typical loan within two years. The right comparison is total cost over three to five years: rate, fees and cashback together. We run that calculation across the lenders offering cashbacks before recommending one.

From application to settlement is typically 3–6 weeks. The process involves a new credit assessment, property valuation, loan approval, and legal discharge of the old loan. Some lenders can move faster. The admin is mostly handled by your broker. you'll primarily just sign documents.

Every credit application creates a hard enquiry on your credit file, which can temporarily reduce your score by a small amount. A single refinance enquiry is generally not material. However, applying with multiple lenders in quick succession creates multiple hard enquiries. A broker applies to one lender on your behalf, minimising credit footprint.

Yes, though with fewer options. Below 80% equity (i.e., LVR above 80%), most mainstream lenders will require you to pay LMI again on the new loan. which can be substantial. Some lenders may waive LMI in specific circumstances, and certain non-bank lenders are more flexible. If you're close to 80%, it may be worth waiting. we'll model the breakeven for you.

Many lenders offer cashback incentives ($1,500–$4,000) to attract refinancers. These can be valuable but shouldn't be the primary driver: a 0.30% lower rate on a $500k loan saves ~$16,500 over 5 years, far more than any cashback. Your broker will compare the total package: rate, fees, features, and any cashbacks, and recommend based on total value not just the headline offer.