Home loan review
A lower rate can be valuable, but refinancing should improve your overall position after all costs and conditions are considered.
Record your rate, repayment, loan balance, remaining term, package fees and fixed-rate expiry. Check whether break costs, discharge fees or deferred establishment costs apply. This creates a proper benchmark for every new option.
Compare comparison rates, annual fees, offset availability, redraw rules, repayment flexibility and the lender's policy for your needs. A loan that is cheap today may be less suitable if it does not support planned renovations, a future investment or your preferred repayment approach.
The new lender will assess your income, expenses, debts and property value again. Good repayment history does not remove the need for a new application. Stronger equity can improve options, while changed circumstances could reduce borrowing capacity.
Estimate the total cost to switch and compare it with the likely repayment or interest saving. Consider how long you expect to keep the loan. Refinancing solely to extend the loan term can lower repayments while increasing total interest over time.