Refinancing isn't just about chasing a lower rate. Here are the moments when reviewing your loan tends to pay off — sometimes by hundreds a month.
Loyalty rarely gets rewarded in home lending. The rate you signed up for a few years ago may no longer be competitive — and a review takes one conversation to find out.
1. Your fixed term is ending
When a fixed period rolls off, your loan usually reverts to a higher variable rate. That's the perfect moment to compare the market before you're moved onto a rate you didn't choose.
2. Your rate starts with a higher number than your neighbour's
Rates drift over time. If you haven't reviewed yours in two or three years, there's a good chance a sharper option exists — the difference on a large loan can be hundreds of dollars a month.
3. You've built up equity
If your property has grown in value, your loan-to-value ratio may now be low enough to unlock better rates or avoid LMI on a new loan.
4. Your life has changed
A new job, a growing family, renovation plans or consolidating debt can all mean your current loan no longer fits. Refinancing can restructure things around where you are now.
5. You want features you don't currently have
An offset account, a redraw facility, or the ability to make extra repayments can save real money over time. If your loan lacks them, that's a reason to look.
Refinancing has costs and isn't always the right move — but you won't know until someone runs the numbers. That's what I'm here for.
