Refinance Your Home Loan in Sydney
Refinancing means moving your loan to a new lender, or a new product with your current lender. Done well, it can lower your repayments, add features like an offset account, or release equity. We review your current loan, compare it with 50+ lenders and tell you honestly whether switching is worth it after costs.
Reviewed by Vikas Gupta, MFAA member · Updated
Reasons people refinance
A lower rate
Existing customers are often on higher rates than new customers.
Fixed rate ending
Your loan is about to roll onto a higher revert rate.
Better features
An offset account, redraw or splitting the loan.
Release equity
For renovations, an investment deposit or other goals.
Consolidate debt
Combine credit cards or personal loans into your home loan. This can cut repayments but may cost more interest over time if spread over 25+ years.
Is refinancing worth it? A quick check
Compare the gap
Between your current rate and what's available to you.
Add up switching costs
Discharge fee, application and valuation fees, government registration fees, and break costs on fixed loans.
Work out the break-even point
How many months of savings it takes to cover those costs.
Check LMI
If you owe more than 80% of the property's value, you may have to pay LMI again.
We do this maths for you and put it in writing before you decide.
How long it takes
Usually 2–6 weeks from application to settlement, depending on the lender and whether a valuation is needed. We manage the discharge with your current lender.
Refinancing questions
Should I just ask my bank for a better rate?
It's worth asking. If they won't match what's on offer elsewhere, refinancing may make sense. We'll show you the numbers either way.
Will refinancing hurt my credit score?
A new application adds an enquiry to your credit file. One well-prepared application has a small effect; several declined applications have more. That's one reason to use a broker. Check your credit first →
Can I refinance with bad credit or self-employed income?
Often yes, through lenders with the right policy, though rates may be higher.
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