Refinance
Refinancing costs explained
A guide to common refinance costs such as discharge fees, application fees, valuation fees, government charges, break costs, and package fees.
Reviewed for general guidance
Reviewed for general guidance. Reviewed by emoney broker team. Last updated 15 June 2026. Sources are listed below so borrowers can check the public references behind this general information before speaking with a broker.
Key checks before you decide
- Discharge, settlement, and government registration charges.
- Application, valuation, package, or annual fees.
- Legal or settlement agent costs where applicable.
- Costs connected to changing loan type, lender, or security.
- Ask the current lender for a break-cost estimate before acting.
- Check whether the estimate can change before settlement.
Full guide
Now read the full guide
Checklist
Some costs are upfront
Refinancing can involve costs from the current lender, the new lender, and settlement. Some are paid upfront, some may be added to the loan, and some depend on lender policy or loan structure.
- Discharge, settlement, and government registration charges.
- Application, valuation, package, or annual fees.
- Legal or settlement agent costs where applicable.
- Costs connected to changing loan type, lender, or security.
Watch out
Fixed loans need extra care
Changing a fixed-rate loanHome Loans / Loan decisionsFixed vs variable loansCompare rate certainty, flexibility, break-cost risk, offset access, and repayment changes.Open page before the fixed period ends can create break costsRefinance / Before changingRefinance costsCheck discharge fees, new-loan costs, settlement adjustments, break costs, and the time needed to recover switching costs.Open page . The amount can depend on lender calculations, interest-rate movements, remaining fixed term, and loan balance, so it should be checked before comparing savings.
- Ask the current lender for a break-cost estimate before acting.
- Check whether the estimate can change before settlement.
- Compare the cost with the benefit of moving early.
- Consider whether waiting until expiry is more practical.
Example
Compare the payback period
A refinance saving is clearer when you compare estimated monthly benefit with the total cost to switch. The payback period helps show how long it may take before the move has recovered its costs.
- Add known current-lender and new-lender costs.
- Estimate the monthly repayment or interest difference.
- Check how long you expect to keep the property or loan.
- Ask whether fees, cashback, or loan term changes alter the result.
Checklist
Watch for costs that are easy to miss
Some refinance costsRefinance / Before changingRefinance costsCheck discharge fees, new-loan costs, settlement adjustments, break costs, and the time needed to recover switching costs.Open page are not obvious in the headline rate. A longer term, reduced offsetHome Loans / Loan decisionsOffset vs redrawCompare how offset accounts and redraw may affect interest, access to cash, and loan structure decisions.Open page value, new package fee, or LMIHome Loans / Loan decisionsLVR and LMI explainedUse this when a guide mentions loan-to-value ratio, lenders mortgage insurance, or low-deposit trade-offs.Open page at a higher LVR can reduce the benefit.
- LMI if equity is too low or the loan amount increases.
- Package fees, annual fees, account fees, or offset fees.
- Cashback conditions and minimum hold periods.
- A longer term that reduces repayment but increases total interest.
Next step
Want a broker to check this against your situation?
Answer a few questions so emoney can route your enquiry to the right broker conversation.Check refinance savingsBroker note
Ask the broker to compare more than rate
A broker can help test the refinance against the goal, not only the advertised rate. That includes lender policy, documents, valuation, settlement timing, fees, and whether the current lender can solve the issue.
- Would current-lender repricing solve the problem?
- What costs should be included in the comparison?
- Does the new loan term change the total interest picture?
- What documents or valuation issues could affect the option?
Broker note
Use the calculator before lodging
A refinance savings calculatorRefinance savings calculatorCompare the current loan with a new-rate scenario and see whether switching costs may be recovered.Deciding whether a refinance is worth a broker review before starting lender work.Open calculator can show whether the numbers are worth taking further. It should sit before the application, not after, so the broker can challenge assumptions before lender work starts.
- Run the estimate with conservative savings.
- Add every known cost, even small ones.
- Save the scenario for the broker conversation.
- Check whether the result still works if settlement takes longer than expected.
Calculator next step
Refinance savings calculator
Compare the current loan with a new-rate scenario and see whether switching costs may be recovered.
- Best for
- Deciding whether a refinance is worth a broker review before starting lender work.
- What it calculates
- Current repayment, new repayment, estimated switching costs, monthly difference, and rough break-even.
A broker still needs to check discharge costs, valuation, features, cashback rules, income, documents, and lender policy.
Open Refinance savingsSources used
This guide is general information and does not take into account your objectives, financial situation, or needs. A broker can review your circumstances before any recommendation.
Related guides
Keep moving through the decision.
Refinancing guide: how to review your home loan
A direct refinancing guide for reviewing your current loan, checking costs, comparing options, and deciding whether to speak with a broker.
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How refinancing works
Understand the refinance process before comparing rates, documents, valuation, lender policy, and switch costs.
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When should I refinance my home loan?
Common refinance triggers to check, including rate changes, fixed-rate expiry, equity use, repayment pressure, and life changes.
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