Refinancing cluster
Refinancing a mortgage
Refinancing means replacing your current home loan with a new one, often to change rate, features or loan structure. Before you switch, weigh the costs against the benefit, and check when your fixed term ends.
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Key checks before you refinance: costs, timing and equity
The cost of switching home loans
Refinancing calculations must factor in discharge, application and valuation fees. A lower rate can be offset by upfront costs, so compare the total before you move.
Use a refinance calculator
Enter your balance, current rate and the new rate to see the monthly and total difference.
Count the fees
Discharge, application and valuation fees can add up quickly and reduce the saving from a lower rate.
Compare switching options
Switching home loans can mean a new lender or the same lender offering a revised package, so compare both.
Accessing equity
Refinancing to get a better rate
Accessing home equity requires proving ongoing serviceability to the lender. Lenders will assess your income, expenses and existing debts before approving a larger loan.
