Refinancing means replacing your existing mortgage with a new loan from another bank. It can reduce interest, change your repayment structure or add useful features, but a lower advertised rate is not automatically cheaper. Compare the new loan’s total cost over the period you expect to keep it, include every switching charge, confirm you qualify and keep the remaining term in view. Ask your current lender to improve its offer before you commit, then coordinate discharge of the old mortgage and settlement of the new one.
What refinancing changes—and what it does not
When you refinance, the new bank approves a mortgage secured against the property and uses the settlement funds to pay out the old lender. You then make repayments under the new contract. The interest rate, rate type, fees, repayment rules and optional features can all change; the property and outstanding debt do not automatically change.
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The right comparison is the cost and usefulness of each loan over a realistic holding period. A loan with a lower rate can still cost more after application charges, legal or valuation costs, a fixed-rate break fee, mortgage insurance or a longer repayment term. Conversely, a loan with a slightly higher rate may be worthwhile if its offset, redraw or extra-repayment rules fit the way you manage cash.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11There is no single worldwide refinancing process. The practical sequence below follows Australian Government Moneysmart and Australian Securities and Investments Commission (ASIC) guidance, then identifies United States and United Kingdom exceptions. Your country, state or territory, loan contract and lenders determine the exact documents, taxes, fees and settlement procedure.
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Step 1: Decide what outcome you are buying
Write down the result that would make switching worthwhile before looking at rates. Common objectives include reducing total interest, lowering a required payment, moving from a fixed to a variable rate (or the reverse), gaining an offset or redraw facility, allowing additional repayments, consolidating an eligible debt, or obtaining a more predictable repayment structure.
Choose a comparison period
Compare the loans for the period you realistically expect to keep the new mortgage—such as the next three, five or ten years—not only for the first month. Include the point at which an introductory or fixed rate ends and the rate that would then apply. If you expect to sell or refinance again soon, a large upfront fee may not be recovered even when the long-term rate is lower.
Separate payment relief from a cheaper loan
A fresh 30-year term can reduce the required monthly payment simply by spreading the balance over more years. That may help cash flow while increasing the total interest paid. Your comparison should show both the required payment and the total repayment over the chosen period, using a new term close to the time left on the existing loan when your objective is lower overall cost.
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Step 2: Give your current lender a chance to compete
Tell the current lender that you are considering a cheaper offer elsewhere and ask what it can do. Moneysmart specifically recommends this conversation; a lender may reduce the rate or change fees to retain you. ASIC consumer guidance makes the same point. ASIC Senior Executive Leader Consumer Insights and Communication Laura Higgins said in a 10 May 2021 consumer item: “Tell your current lender you are planning to switch to a cheaper loan offered by a different lender.”
Request the proposed rate, any fee waiver, the date it starts, and whether the change alters features or the remaining term. Put that retention offer into the same comparison as an external loan. Convenience is not proof that it is the best value, and a headline discount can be offset by an ongoing fee or less flexible repayment rules.
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Step 3: Compare the complete loan, not just the rate
Obtain formal product information and a written quote from each prospective lender. Compare the following items on the same balance and term.
| Comparison item | Questions to answer |
|---|---|
| Interest rate and rate type | Is it variable, fixed or a combination? What happens when a fixed or introductory period ends, and how can the rate change? |
| Total cost | What interest, upfront charges and ongoing fees will you pay during the comparison period? |
| Repayment and term | What is the required payment, what term remains, and what is the total repayment if you keep that term? |
| Extra repayments | Can you pay more without a fee or limit, and are unused extra payments refundable or available for redraw? |
| Offset or redraw | Does the feature exist, what balance is recognised, and is there an account or transaction fee? |
| Exit and switching costs | What would you pay to leave the old loan or later close the new one? |
| Eligibility and equity | Will the lender approve your income, debts, property value and loan-to-value ratio, and could mortgage insurance apply? |
| Operational confidence | Can the lender and its loan officer answer your questions and complete settlement within the required timeframe? |
Market pricing can vary substantially. Moneysmart’s switching page, last updated 29 July 2026, says variable home-loan rates on the market can differ by more than 2%. That is a market comparison, not a promise that your application will receive the lowest rate or that you can qualify for the full difference.
Check features against your actual habits
An offset account can reduce the balance on which variable interest is calculated while leaving cash accessible, but an account fee can outweigh the benefit for a small balance. Redraw may allow access to additional repayments, subject to the contract and lender procedures. Fixed loans can restrict extra repayments or charge for breaking the fixed period. Record the rules, not just the feature name.
Check what happens after the advertised period
Ask for the rate that applies after any introductory discount and the conditions for keeping a package discount. A comparison that uses only the initial rate can overstate savings. Include likely rate changes as scenarios rather than treating any forecast as certain.
Step 4: Add every switching cost and calculate the break-even date
List the costs of leaving the old mortgage and establishing the new one. Depending on your jurisdiction and contract, they can include:
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- a fixed-rate break or early-repayment charge;
- the old lender’s discharge or termination fee;
- the new lender’s application, establishment or switching fee;
- valuation and legal or conveyancing costs;
- government registration, transfer or stamp-duty charges that apply in your location;
- ongoing package or account fees; and
- lenders mortgage insurance (LMI) or equivalent mortgage insurance if the new lender requires it.
Ask the current lender whether any previously paid fee or insurance premium could be refunded on early closure. Verify each amount in the loan contract, fee schedule and written quote; do not rely on a generic calculator to identify every charge.
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Use a break-even calculation
Estimate net savings over your holding period as the interest and recurring-fee difference, less all one-time switching costs. Divide total one-time costs by the expected monthly saving to estimate the number of months needed to recover them. Recalculate if the rate, balance, term or fees change. A lender or government calculator is useful for an estimate, not a guarantee: the new lender still applies its own credit criteria and may approve a different amount or rate.
Moneysmart illustrates the method with a hypothetical couple whose switch would save $84,040, or $280 a month, over a 25-year loan and recover switching costs in five months. Those figures are an example, not a typical or guaranteed result. Your break-even period can be much longer if the balance is smaller, costs are higher or the rate gap is narrower.
Do not hide costs in a larger balance
Adding fees to the new principal avoids an upfront cash payment but charges interest on those fees. Show the financed costs separately and include them in the total repayment comparison.
Step 5: Check approval, property value and equity before applying
The new lender makes its own lending decision even when your current mortgage is being paid on time. It can reassess income, employment, existing debts, expenses, credit history, property value and the proposed loan-to-value ratio. Prepare accurate information and avoid taking on new debt while the application is being assessed.
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Understand equity-related insurance
In Australia, Moneysmart says borrowers with less than 20% equity may have to pay LMI. That threshold and terminology are not universal; other countries and lenders use different rules. Ask the prospective lender for its exact loan-to-value limits, premium and whether the charge is paid upfront or added to the loan. Compare it with any possible refund from the current lender.
Verify the valuation
A valuation below your expectation can reduce the approved amount, increase the loan-to-value ratio or make the switch uneconomic. Ask whether the lender will accept an existing valuation, who pays for a new one and what happens if the valuation is lower than the application estimate.
Step 6: Keep the repayment term honest
Request a new term similar to the remaining term when the goal is to reduce total interest. For example, replacing 18 years remaining with a new 30-year loan can make the required payment look lower while extending interest for 12 additional years. Compare two figures side by side: the required payment and the total amount paid over the period you expect to hold the loan.
If you intentionally choose a longer term for cash-flow reasons, set a repayment target that reflects the old schedule when affordable and confirm that the contract allows extra payments without a penalty. If the loan is fixed, check the permitted amount and any break calculation before making a large payment.
Step 7: Decide whether to use a mortgage broker
A broker may identify lenders and products you would not find alone, but the recommendation still needs to be tested against your objectives and the written loan offers. ASIC advises asking how a broker is paid and what is in it for them. Ask whether compensation comes from a lender, from you, or both; whether different lenders pay different amounts; and what service continues after settlement.
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Give the broker your comparison period, preferred remaining term, feature requirements and maximum acceptable switching cost. Request the reasons for each recommendation and compare the broker’s figures with direct lender quotes. A broker’s availability does not replace your responsibility to confirm the rate, fees, insurance and settlement conditions.
Step 8: Apply, discharge and settle in the correct order
Once the numbers work and you have confirmed eligibility, follow the exact instructions from both lenders. The sequence below is a practical framework; names, forms and timing differ by jurisdiction and lender.
- Request written figures. Obtain the new lender’s rate, term, repayment, fees, feature rules and conditions, plus the current lender’s payout and discharge figures valid for a stated date.
- Submit the application. Provide the income, asset, liability and identity information requested. Ask what conditions must be met before an unconditional approval and whether a valuation is required.
- Review the approval documents. Check the approved amount, rate type, term, repayment frequency, offset or redraw terms, insurance, fees and any special conditions against your comparison.
- Authorise discharge of the old mortgage. Complete the current lender’s discharge or termination request and ask how long it normally takes. Confirm whether a fixed-rate break amount is calculated on the proposed settlement date.
- Coordinate settlement. The lenders or their settlement representatives arrange for the new loan funds to pay the old loan and for the old mortgage security to be released. Do not assume a universal completion time; obtain a date and a contact for each side.
- Confirm the first payment. Check the new direct debit date, amount, account details and whether interest is charged from settlement. Keep funds available so the old and new payment instructions do not create a missed payment during the changeover.
- Close or redirect linked services. Move salary credits, automatic payments and offset balances only after the new account is active and you have verified the old account’s closure requirements.
Do not cancel the old repayment arrangement before the old lender confirms payout and mortgage release. A missed payment during settlement can create fees or credit consequences.
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Australia
Australian Government Moneysmart and ASIC guidance supports asking the existing lender for a better offer, comparing the full loan cost and features, and checking break, discharge, application, internal-switching, government and LMI costs. State and territory charges and the exact fee list depend on the property and contract. The 20% equity reference is an Australian guidance point, not a universal rule.
ASIC reported that 320,000 people in Melbourne used its mortgage calculator in 2020, a 75% increase from the previous year. That is historical calculator usage, not a measure of typical refinancing savings or current demand.
United States
For a US mortgage, use US disclosures, rules and settlement practices rather than importing Australian terms such as LMI or a 20% equity threshold. Consumer Financial Protection Bureau comparison guidance emphasises cost, the loan officer’s ability to answer questions and confidence that the lender can meet the closing timeframe. Include those operational factors alongside rate and fees.
United Kingdom: Help to Buy equity-loan exception
A borrower changing lender while remortgaging a Help to Buy home without borrowing more must obtain scheme permission because a Deed of Postponement is required. GOV.UK lists a £115 administration fee and a six-month permission period for this scheme process. These details apply to that Help to Buy arrangement only; they are not general UK remortgage fees or a universal six-month timeline.
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- Choosing the lowest headline rate: add upfront, ongoing, insurance and exit costs, then compare total cost over your holding period.
- Ignoring the current lender: request a retention offer before paying application or valuation costs elsewhere.
- Resetting the term without noticing: compare the remaining term and total repayment, not only the new monthly amount.
- Assuming approval is automatic: confirm income, debts, property value and equity requirements with the new lender before committing to a discharge date.
- Leaving out fixed-rate break costs: obtain a payout figure valid for the planned settlement date and ask how it changes if settlement moves.
- Overlooking features: verify offset, redraw and extra-repayment rules in the contract; a feature with a high fee may not suit your balance.
- Treating calculator output as a promise: use it to screen options, then rely on written lender figures and formal approval.
- Assuming a universal timeline or document list: ask both lenders for their current process and named settlement contacts.
- Failing to ask a broker about compensation: request a clear explanation of who pays the broker and how that could affect recommendations.
A decision checklist before you sign
- My objective and comparison period are written down.
- I asked the current lender for a better offer and recorded its terms.
- I compared rate type, post-introductory rate, term, repayment, total cost and useful features.
- I have written estimates for break, discharge, application, valuation, legal, government, ongoing and possible insurance costs.
- I tested whether savings recover those costs before I expect to sell or refinance again.
- The new lender confirmed eligibility, valuation requirements and equity-related charges.
- The new term does not accidentally extend interest costs beyond my objective.
- If I used a broker, I understand compensation and the reason for the recommendation.
- Both lenders confirmed the discharge, settlement contacts, conditions and first-payment arrangements.
Refinancing is worthwhile only when the new loan’s verified benefits exceed its costs for the time you expect to keep it, without compromising features or approval certainty that matter to you.
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