Refinance mortgage broker.
Switch only if it pays.

We compare your home loan with banks and non-bank lenders, ask your current lender to sharpen its rate first, and show you the full cost of switching before you decide.

$0Our fee for arranging your refinance

3Numbers that decide if switching pays

Refinancing with a mortgage broker or your bank?

A refinance mortgage broker compares your current home loan with loans from many lenders and handles the switch for you. You can refinance three ways: ask your current lender for a lower rate, switch to another of its products, or move to a new lender. A bank can only offer its own loans.

We compare loans across our lender panel

Banks and non-bank lenders
We put your current loan next to loans from banks and non-bank lenders on our panel, on rate, fees, features and total cost over the years you expect to keep it. A bank branch can only show you its own range.

We ask your current lender first

A rate review before a switch
Switching costs money and time, so we start by asking your current lender to reprice. If it matches what the market offers, you may not need to move at all. If it will not, you know exactly what the switch is worth.

We handle it through to settlement

Application, discharge, settlement
We prepare the application, answer the lender’s questions, arrange the discharge of your old loan and stay with you to settlement. Kourosh can take you through every step in Persian if you prefer.

Why people refinance,
and when it pays

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A lower rate on the same debt, once the switching costs are paid back.
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A repayment that fits your budget, by changing the rate, the term or both.
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Access equity for renovations or investing, assessed as a new loan.
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Move between fixed, variable or a split, or add an offset account.
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Roll car loans, personal loans or cards into one loan, on a timeline that clears them.
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Release a guarantor, or restructure the loan after a separation.
Refinancing is a new loan application, so start by checking whether it is worth doing at all.

Your refinance options, from the smallest change to the biggest

Six ways to change a home loan. The first two keep your current lender; the rest move or reshape the loan.

Ask for a rate review

Call your lender, quote what new customers are being offered and ask it to match. It needs no application and no fees, and it adds no credit enquiry. Lenders often reprice to keep a good customer, so this is always step one.

Switch products with your lender

Move to another loan with the same lender, for example to add an offset account or change from fixed to variable. It usually takes a short form and a small switching fee, without the full application a new lender needs.

Move to a new lender

A full refinance: a new application, a valuation and a new mortgage, with the old loan paid out at settlement. It costs the most effort, so it needs the biggest gap in rate, fees or features to be worth it.

Release equity

Borrow more against the value you have built, for renovations, an investment property deposit or other plans. The lender assesses the larger loan against your income as if it were new lending. If the plan is to release equity for a retirement income rather than a purchase, our reverse mortgage calculator works through that separately.

Consolidate other debts

Pay out car loans, personal loans or credit cards with the home loan. It can lower the total repayment, but only saves money if those debts are cleared on a short timeline rather than over 25 years.

Refinance when a fixed rate ends

When a fixed term ends the loan usually rolls to a variable rate that can be well above what new customers pay. The weeks before it ends are a natural time to review, because no break cost applies at that point.
Investment loans can be refinanced the same way. We also refinance car loans, personal loans and credit cards on their own, and for debts in South Australia see debt consolidation in Adelaide. If your own loan is in Adelaide, our refinance home loan in Adelaide page works through the South Australian numbers.

Is refinancing worth it for you?

Three numbers decide it: the gap between your rate and a new rate, the cost of switching, and how long you keep the loan.

Usually worth it when

Most of these are true for you.
Your rate is well above what new customers are offered
You will keep the loan long enough to recover the costs
Your loan is variable, or the fixed term has ended
You have at least 20 per cent equity
Your income and credit history are the same or better
You want a feature your loan lacks, such as an offset

Think twice when

Any one of these can cancel out the saving.
You are inside a fixed term with a break cost
You would have to pay LMI again
Your income has dropped since you last borrowed
You plan to sell within a year or two
A cashback is the main reason to switch
You have applied to several lenders recently
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Not sure which side you are on?
Bring your latest loan statement and we will tell you.

How much does it cost to refinance a home loan?

Eight costs can apply when you refinance. Which ones you pay depends on whether your loan is fixed or variable, how much equity you have, and the lenders involved.
CostCharged byWhen it appliesWhat to know
Discharge feeYour current lenderWhen the old loan is paid outSet in your loan contract. Exit fees are banned on home loans taken out since 1 July 2011, but a reasonable discharge fee is still allowed.
Break costYour current lenderLeaving a fixed rate before the term endsDepends on how rates have moved since you fixed and how long is left. Ask for a written quote close to settlement, because it changes.
Government feesYour state land titles officeDischarging the old mortgage and registering the new oneSet by each state and usually updated every financial year.
Application or establishment feeYour new lenderWhen the new loan is set upSome lenders waive it on a refinance. Ask before you apply.
Valuation feeYour new lenderWhen the property is valuedOften included with a refinance, but not always.
Settlement feeYour new lenderAt settlementNot every lender charges one.
Lenders mortgage insuranceThe new lender’s insurerBorrowing more than 80 per cent of the valueA new premium can outweigh the rate saving. A premium paid on your current loan does not move with you.
Ongoing feesYour new lenderMonthly or yearly package feesCount them in the total cost, along with any offset or redraw fees.
Add up every cost that applies to you, divide by the monthly saving, and you have your break-even point in months. Moneysmart suggests asking your current lender for a better deal before paying any of these.

Worked example: one $500,000 loan, three choices

In the early years of a loan, most of each repayment is interest. On a new $500,000 loan at 6.1 per cent over 30 years, about $30,300 of the first year’s $36,400 in repayments goes to interest; by year 25 interest is about 29 per cent of the year’s repayments. Refinancing onto a fresh 30-year term starts that pattern again, which is why the third choice below costs more in total.
ChoiceMonthly repaymentTotal interestWhat it means
Stay put: 6.6 per cent, 25 years left$3,407$522,204The starting point.
Switch to 6.1 per cent, keep 25 years$3,252$475,642$155 a month less. Switching costs of $800 are back in about 5 months, $2,500 in about 16 months, an $8,000 break cost in about 52 months.
Switch to 6.1 per cent, reset to 30 years$3,030$590,791The smallest repayment, but $68,587 more interest than staying put.
Illustrative principal and interest figures, not offers. The rates are examples only and fees are left out of the totals. A reset to a new 30-year term can still make sense when there is a clear reason, such as lowering repayments through a hard period or freeing cash flow for a planned goal. Without one, keep your current remaining term, or keep paying the old repayment on the new loan, so the lower rate cuts the interest instead of stretching it out.

The average loyalty gap has closed.
Yours may not have.

In December 2022 existing owner-occupiers on variable loans paid 5.5 per cent on average, while new borrowers paid 5.0 per cent. By August 2026 both averages were 6.2 per cent (RBA Statistical Table F6). The average gap is gone, but averages hide individual loans. Enter your own balance, rate and switching costs below to see your break-even point.
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We also ask your current lender for a better rate before recommending a switch.

When refinancing is harder, and what to do

Three situations make a switch harder, and each has a workaround.
If your income has dropped, remember that a new lender assesses the loan from scratch and tests the repayments at a rate about 3 percentage points above the actual rate, as APRA expects. If you would not pass, ask your current lender for a rate review or a product switch, which often needs no full new assessment.
With less than 20 per cent equity, moving to a new lender above 80 per cent of the value usually means paying LMI again, which can wipe out years of savings. A rate review with your current lender avoids it. Some professions can have LMI waived; see professional home loan packages.
Missed payments, a new business or casual income narrow the list of lenders but rarely close it. Specialist lenders assess these at a higher cost, so we compare that cost with staying where you are before recommending anything.

How refinancing with us works

Your loan,
checked first
Bring your latest statement. We compare your rate with new-customer rates on our panel and ask your current lender to reprice before you switch.

1

Compare
and choose
We compare rate, fees, features and total cost over the years you expect to keep the loan, with your break-even point. You choose.

2

Application
to settlement
We lodge the application and answer the lender’s questions. Approval and timing are set by the lender; your old loan is paid out at settlement.

3

1

Your loan,
checked first
Bring your latest statement. We compare your rate with new-customer rates on our panel and ask your current lender to reprice before you switch.

2

Compare
and choose
We compare rate, fees, features and total cost over the years you expect to keep the loan, with your break-even point. You choose.

3

Application
to settlement
We lodge the application and answer the lender’s questions. Approval and timing are set by the lender; your old loan is paid out at settlement.
After settlement we check your rate again every year, so the gap does not open up again.

What to bring to your refinance review

With these we can compare real lenders in the first conversation.

Your current loan

Your latest home loan statement, the payout figure if you have it, and for a fixed rate the end date and a break cost quote.

Proof of income

Employees: two recent payslips. Self-employed: two years of tax returns and notices of assessment, or recent BAS for some lenders.

The property

Your latest council rates notice and, if you have one, a recent estimate of the property value. Equity decides which lenders and whether LMI applies.

Other debts and ID

Statements for car loans, personal loans and cards, any buy now pay later accounts, and photo ID for everyone on the loan.
Do not have all of it? Come anyway. The first meeting is often where the list gets written, and there is no cost either way.

How we are paid, and the duty we owe you

Three things to ask any broker before you refinance.
How we are paid: the lender pays us a commission when your loan settles, usually an upfront amount and a smaller ongoing trail. We tell you what it is in writing before you commit, and there is no fee from us for arranging your refinance.
The duty we owe you: mortgage brokers must act in your best interests under the best interests obligations, in force since 1 January 2021. If staying with your current lender is the better outcome, that is what we will recommend.
Who we are: Loanity is a credit representative. Green Idea Pty Ltd, Credit Representative Number 576678, is authorised by Red Rock Brokers Group Pty Ltd, Australian Credit Licence 405961. Ask any broker for these numbers before you start.

We compare banks and
non-bank lenders

Banks and non-bank lenders on the Loanity lender panel
Banks and non-bank lenders on the Loanity lender panel
Still got questions?

Refinancing questions, answered

Is it better to refinance with a broker?

A broker compares many lenders and handles the application, usually at no fee to you because the lender pays a commission, which we disclose. Brokers must act in your best interests. Going direct can suit you if your current lender offers to match the market, which is why we ask it first.

Yes, and it is a large part of what we do. We refinance home loans and investment loans, and also car loans, personal loans and credit cards, so we can look at all your debts together rather than one at a time.

It is worth it when the interest you save over the time you keep the loan is more than the cost of switching. Add up the costs that apply to you, divide by the monthly saving to get your break-even point in months, and compare that with how long you plan to keep the loan. The refinance calculator does this for you.

There is no fixed figure, because the costs do not depend on the loan size. On a variable loan the main ones are a discharge fee, government fees to discharge and register the mortgage, and any application or valuation fee from the new lender. A fixed rate loan can add a break cost, which your lender quotes.

It is an old rule of thumb that a rate cut of 2 percentage points makes refinancing worthwhile. It is too blunt to rely on. With low switching costs a much smaller gap can pay off within months, and with a large break cost even a big gap may not. Work out your break-even point instead.

Switching costs, a possible break cost on a fixed rate, a new credit enquiry on your file, LMI again if you have less than 20 per cent equity, and resetting the term to 30 years, which can raise total interest even at a lower rate. Debts rolled in must be cleared on a short timeline or they cost more over time.

Cashback offers change often and usually depend on the loan size and how much equity you have, so we check what is current when we compare. A cashback is paid once. Weigh it against the rate and fees over the years you keep the loan, because a higher rate can cost more than the cashback within a few years.

Each application is recorded on your credit file as an enquiry, and several in a short time can count against you. A rate review with your current lender does not create one. We check which lenders are realistic for you before anything is lodged.

Yes, but a new lender will usually charge LMI on a loan above 80 per cent of the property value, and that premium can outweigh the saving. A rate review with your current lender, or a product switch with it, avoids paying LMI again.

It depends on the new lender’s assessment, the valuation and how quickly your current lender processes the discharge. We give you an estimate once we know the lender and keep you updated, but we do not promise a settlement date, because the lenders set it.

Generally no. Transfer duty is charged when you buy a property, and refinancing replaces the loan without changing who owns the home. New South Wales, for example, abolished its duty on mortgages from 1 July 2016. Government fees to discharge and register the mortgage still apply.

Yes. Kourosh works with a large part of the Persian-speaking community, and the whole conversation can happen in Persian. The loan documents are in English, and we will go through them with you.

Talk to a refinance broker

A free review of your current loan and a straight answer on whether switching pays. Call 1800 237 537 or book a time that suits you.

Important information about this page

Broker services are provided at no cost to you in most cases, as we are paid a commission by the lender. Lender and government fees may apply and are set out in your loan documents. Eligibility, terms and rates vary by lender and by individual circumstances and are subject to change.
This page is general information only. It does not take your objectives, financial situation or needs into account, and it is not tax or legal advice. Average rates are from RBA Statistical Table F6 (August 2026) and are not offers; the worked example uses illustrative rates. Last updated 17 October 2026. Loanity is a credit representative and can provide credit assistance once we understand your circumstances. Green Idea Pty Ltd, Credit Representative Number 576678, is an authorised representative of Red Rock Brokers Group Pty Ltd, Australian Credit Licence 405961.