You Could Be Overpaying Thousands Every Year

Refinancing typically makes sense when you can save 0.5% or more on your interest rate, and when the break-even on refinancing costs is under 24 months. Typical refinancing costs range from $1,000–$2,500 (including discharge fees from your current lender and application fees with the new one). If your monthly saving is, say, $400/month, you'll break even in under 5 months — and after that the saving may continue, depending on your circumstances. It also makes sense when you want to release equity, consolidate debt, or change loan features (like adding an offset account).

Total refinancing costs typically range from $1,000 to $2,500. This usually includes: a discharge fee from your existing lender ($300–$400), a new application or settlement fee ($300–$600), and potentially a valuation fee ($0–$300 — many lenders waive this). Your broker will itemise all costs upfront so there are no surprises. Whether the savings outweigh the costs, and how quickly, depends on your circumstances. Some lenders also offer cashback offers of $2,000–$4,000 when refinancing to them, which can more than offset switching costs entirely.

The typical refinancing timeline is 2–6 weeks from application to settlement. This includes credit assessment, property valuation, loan approval, and discharge of your current loan. Using a broker can help the process run more smoothly — we understand how turnaround times can differ between lenders, what documentation they require, and how to avoid common delays. Timing varies by lender and depends on how quickly your documents are ready. Your broker will give you a realistic timeline based on the lender selected.

Refinancing requires a hard credit inquiry, which may temporarily reduce your score by a small amount (typically 5–10 points). However, this impact is usually short-lived — your score typically recovers within 3–6 months, especially if you continue making repayments on time. Importantly, our initial savings assessment does NOT involve a credit check. We only proceed with a formal application once you've confirmed you want to move forward with a specific lender. For some borrowers, the long-term financial benefit of refinancing may outweigh a temporary score dip, depending on their circumstances.