A refinance review is not a sales exercise about finding a new lender. It is a check on whether the loan you already have still matches your situation.
There are usually four useful routes: stay where you are, ask the current lender to improve the deal, change the structure with that lender, or move because a different loan genuinely works better.
The point is not to move banks
I would rather show you that staying put makes sense than move the loan for the sake of moving it. The first step is understanding what you want the loan to do differently.
Your current deal
Balance, rate, fixed or variable, ongoing fees, useful features, current repayment and the years left on the loan.
What needs to change
The goal might be lower cost, better cash flow, useful features, more certainty or funding a clear equity purpose.
The cost of changing
Break costs, discharge and application fees, government charges, possible LMI and any other cost specific to the loan.
The available routes
Stay, reprice, restructure or compare a suitable alternative from the lender panel available to me.
Start by asking the current lender
A better deal does not always require a new application. Asking the current lender to review the rate or available product options is one of the first checks recommended by ASIC MoneySmart.
If the lender improves the loan without a full move, that can avoid switching costs and paperwork. The offer still needs to be compared properly. A small discount may be enough, or another option may still make more sense once the full numbers are visible.
A lower repayment is not always a cheaper loan
A refinance can produce a lower minimum repayment simply because the loan has been stretched over more years.
That may be useful when cash flow is the priority, but it is not the same as reducing the total cost of the loan. I compare the new option against the years you actually have left, then show what changes if the term or repayment changes.
The useful question is not just, “What will the new repayment be?” It is, “What is creating that difference?” The home loan repayment guide explains why term and repayment habits matter.
What it can cost to switch
The costs depend on the current loan, the new lender, the property and the state or territory. The lines worth checking include:
- a fixed-rate break cost, if one applies;
- the existing lender’s discharge fee;
- new lender application, settlement or package fees;
- government mortgage discharge and registration charges;
- valuation or legal costs where applicable; and
- possible lenders mortgage insurance if the available equity is lower than the new lender requires.
Once those costs are known, the break-even question becomes useful: how long will the expected benefit take to recover what it costs to move? A short break-even period may support the move. A long one matters if you may sell or change the loan again.
Equity is not a spending limit
Equity is roughly the value of the property less what you owe. That does not mean the whole difference is available to borrow.
How much may be usable depends on the lender’s valuation, the resulting loan-to-value ratio, your ability to repay the larger loan, what the money is for and the lender’s policy. Any equity you access becomes additional debt secured against the property. It is not free money, and interest applies while that extra balance remains.
For the mechanics, see refinancing, equity and cash out explained. If a valuation may move you into a different pricing band, the LVR guide shows why that can matter.
When a review may be useful
- Your rate and fees have not been checked for a while.
- A fixed period is ending.
- You are paying for an offset or features you do not use.
- Your loan balance or property value has changed.
- You have a clear renovation, next-property or other equity goal.
- Your income, household or repayment priorities have changed.
- You want to know what the current lender can do before considering a move.
When staying may make more sense
- The current lender offers a competitive reprice.
- Break costs, LMI or other switching costs absorb the likely benefit.
- You expect to sell before the switching cost can be recovered.
- The new loan only looks cheaper because its term is longer.
- The new features do not suit the way you use money.
- Your circumstances do not currently fit a new lender’s assessment.
How the review works
- Start with the job. Tell me your rough balance, current rate, whether the loan is fixed or variable, and what you want to change. Do not send account numbers or bank login details through the website form.
- I check the current loan first. That includes whether the current lender may improve its offer and what it would cost to stay.
- I compare the real alternatives. Rate, fees, loan term, features, switching costs and likely break-even time are considered together.
- You see the routes before deciding. If staying makes sense, I will say so. If refinancing appears worthwhile, I will explain why and what the new lender would still need to assess.
- If you proceed, I handle the process. Application, valuation, loan documents, lender follow-up and settlement are managed with you.
Common refinancing questions
Do I need to change lenders to get a better deal?
No. Asking the current lender for a better rate is one of the first checks. Any offer should still be compared with realistic alternatives.
How do I know whether refinancing is worth it?
Compare switching costs, estimated monthly and long-term differences, break-even time, remaining term and useful features. A lower headline rate is not enough by itself.
Can I access all of my equity?
Usually not. The amount that may be available depends on valuation, LVR, repayment capacity, purpose and lender policy.
Does refinancing reset the loan to 30 years?
It does not have to. The new term is part of the loan choice and lender assessment. Comparing against the existing remaining term prevents a longer term from making the new loan look artificially cheaper.
What if my loan is fixed?
Request a current break-cost figure before making assumptions. The cost can materially change whether switching is worthwhile.
What does the broker review cost?
The initial strategy session is free and has no obligation. For most standard residential loans, the lender pays me if a loan settles. Any separate fee that may apply in an unusual or specialist case is discussed before you proceed. You can read the full explanation on how brokers get paid.
Sources and further reading
Reviewed 30 July 2026 against current official guidance from ASIC MoneySmart on switching home loans, its mortgage switching calculator, its guidance on debt consolidation and refinancing, and ASIC’s mortgage broker best interests duty guidance.