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Start with the current loan
Record the balance, remaining term, rate, fees and features. This gives you a proper baseline before comparing another lender or structure.
HOME LOAN REFINANCING
Review whether your current home loan still fits
Compare your existing loan with suitable alternatives and see what changing the rate, lender, features or structure could mean after costs are considered.
Talk through your refinanceBEFORE YOU SWITCH
Compare the real change, not just the advertised rate
A refinance can change repayments, features and loan structure. The useful comparison is what you gain after discharge, application, settlement and other switching costs are included.
Calculate the switching costs
Discharge, application, valuation, settlement and fixed-rate break costs may apply. These need to be weighed against the expected benefit of changing loans.
Check what happens to the term
A lower monthly repayment can come from a lower rate, a longer loan term or both. Extending the term may increase total interest even when repayments fall.
A MEANINGFUL COMPARISON
Work out whether the new loan leaves you better placed overall
Refinancing can be useful when the current loan is no longer competitive or your needs have changed, but a lower headline rate does not automatically make switching worthwhile.
We compare the proposed repayment, loan term, features and likely switching costs against the existing facility so the difference is easier to see.
Where equity access or debt consolidation is part of the refinance, the new borrowing also needs to be considered in the wider financial position.
Check the real difference
Refinancing Should Leave You Better Placed Overall
A lower rate can be useful, but switching costs, the new loan term and different features can change the result. We compare the current loan with relevant alternatives so you can see what actually changes before deciding.
Rate and total cost
Compare more than the interest rate. Fees, remaining term and the amount borrowed all affect what the refinance may cost over time.
Loan features
Offset, redraw, fixed and variable options can matter, but only when they suit the way you will actually use and repay the loan.
Equity and additional borrowing
Available equity may support other plans, subject to valuation, serviceability and lender criteria. Additional borrowing increases the debt and should be assessed accordingly.
Professional guidance, clearly accountable
Raise Wealth Pty Ltd trading as The Digital Brokerage is a Credit Representative (553369) operating under Australian Credit Licence 389328.
FREQUENTLY ASKED
Common questions about this loan type
Clear answers to the questions clients often ask before applying.
When is refinancing worth considering?
It may be worth reviewing when your rate is no longer competitive, your needs have changed or you want different features. Whether switching makes sense depends on the benefit after costs are considered.
What costs can apply when refinancing?
Possible costs can include discharge fees, application or settlement fees, valuation costs, government charges and fixed-rate break costs where applicable.
Will a lower monthly repayment always save money?
No. A lower repayment can result from a longer loan term as well as a lower rate. Extending the term may increase the total interest paid over time.
Can I access equity when I refinance?
Potentially, subject to property valuation, serviceability and lender criteria. Any additional amount borrowed increases the debt and needs to be assessed as part of the new loan.
Do I have to change lenders to refinance?
No. A review may include options with your existing lender as well as alternatives from other lenders available through the broker's panel.
We can help you choose
We can help you find a loan that fits your plans
Tell us what you’re planning. We can explain your options, compare relevant lenders and help you work out your next step.
Our process
How to get a home loan online
Start with discovering your borrowing capacity by using our free calculator, then we can help you compare suitable lenders, organise the application online and manage the steps through approval and settlement.
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01
Check your borrowing power
Estimate what you may be able to borrow and talk through your income, expenses, deposit and lending goals with a mortgage broker.
02
Compare and apply online
We compare suitable loan options, then help you provide the information and documents needed to submit your application online.
Application underway
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03
Approval to settlement
We coordinate lender questions, requirements and key milestones, helping keep the application moving from approval through to settlement.
On to settlement ✓
Loan features
Understand the Features That Shape Your Home Loan
Offset accounts, redraw, repayment options and rate structures can change how your loan works. Explore the key features and understand what they mean for you.
Explore all loan features →01
Offset Accounts
Keep savings accessible while reducing the balance used to calculate home loan interest.
Explore feature →02Redraw Facilities
Understand how extra repayments can reduce interest while keeping funds available for later.
Explore feature →03Fixed vs Variable Rates
Compare repayment certainty, flexibility and the trade-offs of fixing your rate.
Explore feature →04Extra Repayments
See how paying more than the minimum can reduce your loan balance and total interest.
Explore feature →05Split Loans
Learn how combining fixed and variable portions can balance certainty with flexibility.
Explore feature →