How this lending option works
A meaningful loan comparison starts with your actual balance, remaining term, repayment type, rate, annual fees and offset balance. We then compare your present loan against both a repricing request to the existing lender and suitable refinance options. The objective is a better overall position—not simply a lower advertised rate.
- Current rate and package fees
- Offset, redraw and repayment structure
- Refinance costs and break-even period
Current loan snapshot
Send us the numbers that matter
We'll use these figures to identify whether pricing, structure or refinancing deserves a closer look.
The figures needed for a useful comparison
Start with the current loan balance, interest rate, minimum repayment, remaining term, fixed-rate expiry (if applicable), package or account fees and average offset balance. Also identify each loan split and whether it is owner-occupied, investment, principal-and-interest or interest-only. Without these figures, a rate comparison can be misleading.
- Current balance, rate, repayment and remaining term
- Annual package fees and any discharge or break costs
- Offset balance, redraw and separate loan splits
Compare three outcomes—not two
The practical choices are usually to keep the loan unchanged, ask the existing lender to reprice it, or refinance. Repricing can capture some savings without switching costs. Refinancing may create a larger benefit or improve structure, but only if the expected savings and strategic value justify the cost and administration.
Calculate the break-even point
Add discharge, application, valuation, settlement, registration and any fixed-rate break costs. Divide the net switching cost by the realistic monthly saving to estimate how long it takes to recover the cost. Incentives should reduce the cost in the calculation but should not make an otherwise unsuitable loan look attractive.
Check whether the structure still fits your plans
A loan can be competitively priced and still be poorly structured. Consider whether the offset is being used effectively, loan purposes are separated, the remaining term is appropriate, fixed and variable splits still make sense, and the lender can support planned investments, renovations or business needs.
Common questions
How often should I review my home loan?
A yearly pricing and structure review is sensible, and an earlier review may be useful after a fixed rate expires, a major rate change, a material change in equity or income, or before another property purchase.
Should I refinance for a small rate reduction?
Not automatically. The balance, remaining term, switching costs, expected holding period and loan features determine whether the reduction creates a worthwhile net benefit.
Will refinancing restart my loan term?
A new lender may offer a fresh term, but extending the repayment period can increase total interest. You can request a shorter term or maintain higher repayments where suitable.