Refinance your home loan
Banks keep their sharpest rates for new customers. We check what staying put is costing you, and whether switching is worth it.
The loyalty tax
Lenders compete hardest for new borrowers. If your loan is more than two years old, there is a fair chance a new customer at your own bank is paying less than you.
On a $550,000 loan, a gap of 0.40% to 0.60% is roughly $2,200 to $3,300 a year in extra interest. Run a 15-minute health check on your own loan.
When refinancing makes sense
- Your rate is above what lenders offer new customers
- A fixed term is about to end and roll to a higher variable rate
- Your home has risen in value, so a lower loan-to-value ratio may earn a better rate
- You want equity for a renovation, an investment or your next home
- You want an offset account or a split loan your current lender doesn’t offer
- Your income has improved since you first applied
What it costs to switch
- Discharge fee from your current lender. See discharging a mortgage.
- Break costs if you leave a fixed rate early. These can be large, so we get the figure in writing first.
- Government fees to register the new mortgage and remove the old one.
- New lender fees. Some charge an application or valuation fee and many charge none.
A cashback offer can help, but we compare the rate and fees over the next few years, not just the cash up front. Refinancing is not always the right move, and if your loan is already competitive we will say so.
Releasing equity
Equity is your property’s value less what you owe. Most lenders let you borrow up to 80% of the value without lenders mortgage insurance. We set new borrowing up as its own loan split so it is easy to track. Try the equity calculator.
After you settle
Every year we check your rate against the market and against your own lender’s new customer rate. If there is a gap, we ask for a reprice or show you the alternatives.
How we handle it
The same four steps on every loan, whatever the size.
Talk
A 20-minute call about what you want to do. No documents needed yet.
Compare
Your scenario priced across 40+ banks, mutuals and non-bank lenders, explained in plain English.
Settle
We package the application, lodge it and chase the lender through to settlement.
Stay sharp
Every year we check your rate against the market, so the loyalty tax never gets a grip.
Questions people ask
Should I just ask my bank for a better rate?
It is a good first step and it often works. Banks usually offer enough to keep you, which is not always the best rate available. Knowing what the market would offer gives you something to ask for.
Does refinancing affect my credit score?
Each application is recorded on your credit file. One application with a lender whose policy fits you is better than several, which is a reason to compare before you apply.
Can I refinance while on a fixed rate?
Yes, but break costs may apply. We ask your lender for the exact figure before you decide.
General information, last updated November 2026. Scheme figures, lender policies and duty rates change, so confirm them before you rely on them.
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Let’s talk about your next move
Twenty minutes on the phone. No documents and no sales pitch.