Refinance
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.
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
- Your fixed, introductory, or interest-only period is ending.
- Your repayment has changed or feels too tight.
- Your income, expenses, job, family, or property plans changed.
- You want to renovate, invest, consolidate debt, or use equity.
- Add discharge, settlement, application, valuation, and government charges.
- Check whether LMI could apply at the new LVR.
Full guide
Now read the full guide
Checklist
Do not wait for pressure to build
A refinance review is easier before the decision becomes urgent. Fixed-rate expiryRefinance / Review goalsFixed rate endingReview revert rates, timing, break-cost issues, split loans, and refinance options before the fixed period ends.Open page , repayment pressure, a planned renovation, a property purchase, or a major income change can all be reasons to check the loan early.
- Your fixed, introductory, or interest-only period is ending.
- Your repayment has changed or feels too tight.
- Your income, expenses, job, family, or property plans changed.
- You want to renovate, invest, consolidate debt, or use equity.
Watch out
Check the net benefit
A lower repayment or lower rate is only part of the decision. Compare switch costs, new fees, cashback conditions, fixed break costsRefinance / Before changingRefinance costsCheck discharge fees, new-loan costs, settlement adjustments, break costs, and the time needed to recover switching costs.Open page , feature differences, and whether a longer new loan term is creating the benefit.
- Add discharge, settlement, application, valuation, and government charges.
- Check whether LMI could apply at the new LVR.
- Compare cashback conditions against rate and fees.
- Watch for a term reset that lowers repayments but increases total interest.
Guide
Use goals to frame the review
Different goals can point to different pathways. Lower repayments, faster payoff, equity access, offsetHome Loans / Loan decisionsOffset vs redrawCompare how offset accounts and redraw may affect interest, access to cash, and loan structure decisions.Open page use, debt consolidationRefinance / Review goalsConsolidate debtCompare repayment relief with long-term interest cost, behaviour risk, and lender policy before consolidating debt.Open page , repayment certainty, or better lender service should not all be measured with the same question.
- Repayment pressure may need a rate, term, or structure conversation.
- Faster payoff may need extra repayment, offset, or term discipline.
- Equity access needs purpose, valuation, and policy checking.
- Debt consolidation needs careful cost and behaviour review.
Broker note
Ask the current lender first
Refinancing is not the only possible result of a review. A current-lender repricing or structure change may be simpler if it solves the goal at a fair cost.
- Can the current lender reprice the loan?
- Would a split, offset, or repayment change solve the problem?
- Would refinancing still be useful after switch costs?
- Is the current lender's offer strong enough to keep?
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.Request a loan reviewExample
Use calculators as an early filter
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 test whether switching costsRefinance / Before changingRefinance costsCheck discharge fees, new-loan costs, settlement adjustments, break costs, and the time needed to recover switching costs.Open page are likely to be recovered. A repayment calculatorHome loan repayment calculatorTest whether a loan amount, rate, term, and repayment type feel workable before taking the numbers further.Checking repayment comfort across purchase, refinance, or rate-change scenarios.Open calculator can test comfort at a few rates. Both are estimates, not lender decisions.
- Compare the current repayment with one realistic alternative.
- Include known costs before judging the result.
- Test the result over the time you expect to keep the loan.
- Ask a broker to check the policy assumptions before lodging.
Broker note
Prepare documents when the trigger is real
If the review points toward a lender change, document timing starts to matter. Income evidence, current loan statements, debts, expenses, and property details can decide whether the option is ready or still needs work.
- Recent income evidence for each borrower.
- Current loan statements and fixed expiry details if relevant.
- Credit-card limits, personal debts, and living expense changes.
- Property, valuation, rental, insurance, or strata details where relevant.
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.
Read guide
How refinancing works
Understand the refinance process before comparing rates, documents, valuation, lender policy, and switch costs.
Read guide
Refinancing costs explained
A guide to common refinance costs such as discharge fees, application fees, valuation fees, government charges, break costs, and package fees.
Read guide