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Build Invest GrowDaniel Kotevski

Refinancing — Could You Be Getting a Better Deal?

If you have not reviewed your home loan in the last year or two, there is a good chance you are paying more than you need to. A quick comparison could save you thousands.

When to Consider Refinancing

Lenders save their best rates for new customers, which means your loyalty is probably costing you money. If your rate has crept up, your fixed term is ending, or you simply have not checked in a while, it is worth a review.

Refinancing is not just about a lower rate. You might want to consolidate debts, access equity for renovations, switch from a variable to a fixed rate (or vice versa), or move to a lender with better features like an offset account or redraw facility.

What to Look for in a New Loan

The interest rate matters, but it is not the whole picture. You should also compare comparison rates (which include fees), ongoing fees, offset account options, redraw facilities, and repayment flexibility.

A loan that is 0.2% cheaper but charges $400 a year in fees might not save you anything. We calculate the total cost across the life of the loan so you can compare apples with apples instead of just headline rates.

Break Costs Explained

If you are on a fixed rate, leaving your loan early can trigger break costs. These fees compensate the lender for the interest shortfall and can be significant — sometimes running into the tens of thousands.

Before you panic, break costs are not always a deal-breaker. If the savings from a lower rate outweigh the cost of breaking your current loan, refinancing still makes sense. We request a break cost estimate from your current lender and run the numbers so you can make an informed decision.

Cashback Offers — Are They Worth It?

A $2,000 or $4,000 cashback sounds great on paper, but these offers often come with strings attached. Some lenders inflate their rates slightly to fund the cashback, or include clawback clauses that require you to repay the amount if you leave within a set period.

We are not against cashback deals — some are genuinely good value. The key is to look at the total cost of the loan over time, not just the upfront sweetener. We help you see through the marketing so you choose the option that saves you the most money overall.

How Refinancing Works with Us

A simple process designed to save you time and money.

1

Review Your Current Loan

We look at your existing rate, fees, and loan features to understand what you are paying now.

2

Compare Better Options

We search across 60+ lenders to find loans that could save you money or better suit your needs.

3

We Handle the Paperwork

Once you choose a new loan, we manage the application, valuation, and settlement process.

4

Start Saving

Your new loan settles, your old one closes, and you start benefiting from a better deal.

Refinancing FAQs

Refinancing is generally worth exploring if your current rate is more than 0.5% above what is available in the market, if your fixed rate period is ending, or if your circumstances have changed and you need different loan features. We run a free comparison that factors in any exit fees, so you can see the real numbers before you decide.
Break costs apply when you exit a fixed-rate loan before the fixed period ends. They compensate the lender for the interest they expected to earn. Break costs can range from a few hundred dollars to tens of thousands depending on the remaining term and how far rates have moved. If you are on a variable rate, there are typically no break costs — just a small discharge fee.
Cashback offers can be attractive, but they sometimes come with higher interest rates, limited features, or clawback clauses if you repay the loan within a few years. We look at the total cost of the loan over its life, not just the cashback amount, to make sure you are genuinely better off.
Applying for a new loan creates a credit enquiry on your file, which can have a small, temporary impact on your credit score. However, if you are refinancing to a single new loan (not adding new debt), the long-term effect is minimal. We submit your application to one lender at a time to avoid multiple enquiries.
Most refinances settle within 2 to 4 weeks from application. If a property valuation is required, it may add a few extra days. We keep things moving and update you at each stage so there are no surprises.
Yes. Self-employed borrowers can absolutely refinance. Lenders typically want to see two years of tax returns or business financials, though some lenders offer low-doc options with less paperwork. We know which lenders are self-employed friendly and how to present your application in the best light.

Could you be getting a better deal?

Request a free home loan review. We will compare your current loan against the market and show you what is possible.

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