Refinancing

Make sure you're not paying more than you should.

A proactive rate review could save you thousands — and it takes less than 30 minutes to find out.

Refinance your home loan in Sydney

Banks reward new customers and quietly increase rates for existing ones — we call this the 'loyalty tax.' If you haven't reviewed your home loan in the past 12 months, there's a good chance you're paying more than you need to.

Refinancing isn't just about chasing the lowest rate. It's about making sure your loan structure still fits your life — your income, your goals, and your plans for the future. Sometimes a small rate improvement makes a big difference. Other times, the real value is in restructuring to unlock features, access equity, or consolidate debt.

Key areas to think about

Check your rate

The first step is simple: find out what you're currently paying versus what's available. We compare your rate against the full market — not just one or two banks — and tell you exactly how much you could save.

Consider the full picture

Rate is only part of the equation. Offset accounts, redraw facilities, loan flexibility, and repayment structures all affect the total cost of your loan. We assess the full package — not just the headline number.

Watch the hidden costs

The biggest mistake refinancers make is resetting their loan to a 30-year term. This reduces repayments but costs tens of thousands more in total interest. We always model the true cost and recommend matching your remaining term.

How we can help

Free rate review

We compare your current loan against the market and calculate the potential savings — including all switching costs.

Negotiation or switch

Sometimes your current lender will match a better offer. If not, we manage the entire switching process from application to settlement.

Ongoing monitoring

We proactively review your rate every 6 months so you never drift above market again.

Refinancing — Frequently Asked Questions

The honest answer: every 2–3 years if you haven't done a proper review, or sooner if any of these apply. Your fixed rate is about to expire and the lender's offered revert rate isn't competitive. You're paying significantly above current market rates (most "loyalty tax" borrowers are 0.5–1.5 percentage points above what new customers get). You want to access equity for a renovation, investment, or other purpose. Your circumstances have changed — divorce, business sale, retirement planning. Or your existing loan structure no longer fits your goals.

It depends entirely on the gap between your current rate and what's available. As a worked example: on a $750k loan, a 0.5 percentage point rate reduction saves roughly $200 per month in interest. A 1 percentage point reduction saves roughly $400 per month. Over 25 years, those numbers compound to $60k and $120k respectively. The trap is that lender retention teams often offer their best rate only when you raise the prospect of leaving — so even if you don't switch, the conversation can be worth thousands.

The standard costs are: discharge fee from your existing lender ($350–$600 typical), state government mortgage registration fees ($150–$200), settlement fees ($300–$500), and any application or settlement fee from the new lender (often waived). Total upfront cost is usually $500–$1,000 net. Most refinances pay back this cost in 1–3 months at the savings rate, but we model the breakeven before recommending.

Typical timeline is 4–8 weeks end-to-end. Application and credit assessment takes 1–2 weeks, valuation takes 1–2 weeks, documents are prepared in around a week, and settlement takes 1–2 weeks. Some lenders offer faster refinance pathways for borrowers who meet straightforward criteria. We give you a clear timeline upfront for your specific lender and situation.

A refinance application creates one credit enquiry on your file, which typically causes a small short-term drop (5–10 points) that recovers within a few months. Frequent applications in a short period can have a larger and longer effect. We pre-screen lenders before submitting an application so you're not applying speculatively to multiple lenders. Provided your refinance is well-planned, the credit impact is minor and temporary.

Variable rates move with the market — typically tracking changes to the RBA cash rate but at the lender's discretion. They're flexible (you can usually make extra repayments and access offset accounts) but uncertain. Fixed rates are locked in for a defined period (typically 1–5 years), giving certainty but with less flexibility — limits on extra repayments, no offset facility on many fixed loans, and break costs if you need to exit early. Many borrowers use a split: part fixed, part variable, to get a balance of certainty and flexibility.

Most lenders will refinance up to 80% of the property value without LMI, and some allow up to 90% with LMI. If you owe less than 80% of your property's current value, you have flexibility on lenders. If you owe more than 80%, your options narrow and pricing typically reflects the higher LVR. A current property valuation is part of the refinance assessment — most lenders order a valuation as part of the application.

Some lenders offer cashback ($2,000–$6,000 typical) as an incentive to refinance to them. They can be genuinely valuable, but they need to be evaluated against the rate and ongoing cost of the loan. A $4,000 cashback paired with a rate 0.5 percentage points above the best available will cost you more than it saves within two years. We model cashback offers on a like-for-like basis with non-cashback alternatives so the comparison is honest.

Yes. This is called a "cash-out" refinance and is one of the most common reasons to refinance. Lenders will let you increase the loan to access equity, subject to LVR limits and serviceability. The purpose of the cash-out affects the lender's appetite — renovations and property investment are easy to fund; cash for "lifestyle" purposes or unspecified purpose can be harder and may attract higher pricing.

The loyalty tax is the difference between what new customers are offered and what existing customers continue to pay. Most lenders price new business sharply to win market share, then drift existing customers' rates upward through cash rate movements that aren't fully passed back. The easy check: look at your current rate, compare to what your lender is offering new customers today on their website, and call them. If they can't or won't match new-customer pricing, you're paying the loyalty tax — and refinancing typically pays for itself fast.

Make sure you're not paying more than you should.

Refinance your home loan in Sydney

Key areas to think about

Check your rate

Consider the full picture

Watch the hidden costs

How we can help

Free rate review

Negotiation or switch

Ongoing monitoring

Refinancing — Frequently Asked Questions

We're here to help

Make sure you're not paying more than you should.

Refinance your home loan in Sydney

Key areas to think about

Check your rate

Consider the full picture

Watch the hidden costs

How we can help

Free rate review

Negotiation or switch

Ongoing monitoring

Refinancing — Frequently Asked Questions

We're here to help