Your current rate feels high
If your rate has drifted above comparable options, it may be worth checking repricing or refinance options.
Review timing
When should I refinance?
Refinancing is worth reviewing when something about your current loan, household or plans has changed. It is not something every borrower should do automatically.
Broker-led review
Use triggers, not pressure.
The page should help you decide whether a review is sensible. Sometimes the answer is to compare options now. Sometimes the better answer is to wait, reprice with the current lender or prepare documents first.
Signs a review may be worth it
Repayments have changed
Higher repayments can make it useful to compare rate, term, repayment type and support options before stress builds.
Your fixed rate is ending
The loan may roll to a variable revert rate unless you refix, split, renegotiate or refinance.
Equity has increased
A higher property value or lower loan balance may change LVR, pricing, usable equity or options.
Your income or expenses changed
New income, parental leave, business income, higher expenses or new debts can change what lenders may assess.
The features no longer fit
Offset, redraw, split loans, extra repayment limits and package fees should match how you actually use the loan.
When waiting may be better
A review is still useful, but switching may not be the next move.
You recently refinanced
Costs, credit checks and lender policy may make another immediate switch less useful.
You may sell soon
If you plan to sell or move soon, check whether switch costs can be recovered in time.
Break costs are high
Fixed-rate break costs should be quoted before deciding whether to move early.
Your documents need work
If income, expenses or credit conduct need clarification, preparing first may improve the review conversation.
Common traps
Only comparing the headline rate
Fees, comparison rates, features, cashback conditions and loan term can change the outcome.
Resetting the term without checking total interest
A lower repayment can cost more over time if a short remaining term becomes a new long term.
Consolidating debt without checking behaviour risk
Short-term debts moved into a home loan can cost more over time if the term is longer or cleared limits are reused.
Useful next checks
Use calculators and related pages as preparation only. The figures are estimates and need broker and lender review before you rely on them.
CalculatorRefinance savings calculatorCompare the current loan with a new-rate scenario and see whether switching costs may be recovered.Best forDeciding whether a refinance is worth a broker review before starting lender work.Estimate only. A broker still needs to check lender policy and fit.Open calculator CalculatorHome loan repayment calculatorTest whether a loan amount, rate, term, and repayment type feel workable before taking the numbers further.Best forChecking repayment comfort across purchase, refinance, or rate-change scenarios.Estimate only. A broker still needs to check lender policy and fit.Open calculator CalculatorHome equity calculatorEstimate total and usable equity before planning a refinance, investment property, renovation, or loan review.Best forChecking whether equity may support the next conversation without assuming it is available.Estimate only. A broker still needs to check lender policy and fit.Open calculator CalculatorOffset account calculatorEstimate how money held in offset may reduce interest over time compared with leaving the loan unchanged.Best forChecking whether savings could work harder inside the loan structure.Estimate only. A broker still needs to check lender policy and fit.Open calculator
Ready for a refinance review?
Turn the refinance question into a broker review.
Quick Check collects the basic context for emoney. It is not a loan application, approval, credit advice or a loan recommendation.
Refinance FAQ
Questions borrowers ask before changing loans
Should everyone refinance every year?
No. A yearly review can be useful, but the outcome may be to stay with the current lender, negotiate, restructure, prepare documents or refinance.
Is a lower rate enough reason to refinance?
Not by itself. Costs, features, term, lender policy, cashback conditions and the break-even point should be checked.
What if I am struggling with repayments?
Speak with your lender early about hardship support as well as reviewing options. A broker review can help compare options, but hardship help should not be delayed.
Before changing
Check rate, costs, documents and timing first.
Refinance decisions are easier when the whole loan is reviewed, not only the advertised rate.