Half of the clients we work with are refinancing rather than buying. It's usually framed as "getting a better deal," but the more useful way to think about it is a full review of whether your loan structure still fits your life. Here's what that review should cover.
1. Has your goal changed since you took out the loan?
A loan set up for a first home may not suit someone who's since started using the property to build equity for an investment purchase. Start by asking what you actually want the loan to do for you now.
2. Is your current structure still efficient?
Fixed, variable, split, offset — the right combination depends on your circumstances today, not when you first applied. If your income, savings pattern or risk tolerance has shifted, your structure might need to shift with it.
3. What has your property's equity position done?
Rising equity can open options that weren't available at your original settlement — from removing lender's mortgage insurance to accessing equity for a renovation or second property.
4. Have your income or expenses changed?
A change in income, a new dependent, or a shift to self-employment can all affect what a lender is willing to offer, and can also change which loan features actually make sense for you.
5. What will it cost to switch?
Refinancing can involve discharge fees from your current lender, application or valuation fees with the new one, and in some cases government charges. None of these are usually large enough to rule out a genuinely better structure, but they should be weighed up as part of the decision, not discovered afterwards.
It's also worth checking whether your current lender offers any retention incentive before you commit to switching elsewhere — some do, some don't, and it only matters if you ask.
6. Are you consolidating any other debts?
Some clients use a refinance to fold in a car loan or credit card debt at the same time. This can simplify repayments, but it's worth understanding the full picture of what you're extending and over what term before doing so.
7. Who else needs to be involved?
Your broker manages the lender side, but depending on your situation you may also want your accountant to weigh in — particularly if the property is an investment or the refinance affects your overall financial structure.
Chris Brown
Managing Director & Finance Broker at New Vision Financial Services, a credit representative under Australian Credit Licence 384704 and a member of the FBAA and AFCA. More about Chris →
→ See our dedicated Refinance page
Frequently asked
How often should I review my home loan?
Many brokers suggest reviewing your loan every one to two years, or whenever your circumstances change significantly, such as a change in income, property value, or family situation.
What costs are involved in refinancing?
Refinancing can involve discharge fees from your current lender, application or valuation fees with the new lender, and government charges in some cases. A broker can outline the specific costs for your situation before you proceed.
Can I refinance if I've become self-employed?
It's often still possible, though the documentation and assessment process can differ for self-employed applicants. Discussing your specific situation with a broker is the best way to understand your options.