Refinancing

Refinancing in a year when rates went up, not down.

The Reserve Bank has now lifted the cash rate four times in 2026. That changes what refinancing is for. It is no longer about riding rates down. It is about one question: are you still on a rate a new customer would be offered today, or are you quietly paying more than you need to?

Checked 30 September 2026 against the Reserve Bank of Australia. Any figures are indicative only and change often.

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Where the market sits right now

The Reserve Bank lifted the cash rate four times in 2026, most recently to 4.60 per cent at its September meeting, citing inflation that remains above its target band. So this is not a moment where switching lets you ride rates down. What it does mean is that the cost of sitting on an uncompetitive loan is higher than it has been in years.

The money in refinancing right now is not in a falling rate. It is in three things: the gap between older loans and current pricing, the jump that comes when a fixed rate expires, and the cash flow that restructuring can free up. Each one is covered below.

The one-line version

If your loan has not been reviewed in the past year, or you are coming off a fixed rate, there is a fair chance you are paying more than a new borrower would today. A review costs you nothing and tells you either way.

What does the latest rise mean for your repayments?

Our rate rise calculator shows your new repayment in about two minutes, including what happens when a fixed rate ends. Have your latest loan statement handy.

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Reserve Bank of Australia, Cash Rate Target. Checked 30 September 2026.

The loyalty tax

Home loan pricing drifts. Lenders keep their sharpest rates for new business, and existing loans do not always follow unless something triggers a review. So a loan taken out a few years ago can sit well behind current pricing without you ever being told.

It is not a penalty anyone charges you on purpose. It is the quiet result of never asking. Reserve Bank research has long shown that longstanding borrowers tend to pay more than new customers for a comparable loan, and industry estimates have put the difference at more than a thousand dollars a year for a typical household. On a larger inner-Melbourne loan it can be more.

What actually closes the gap

Only one thing reliably resets your rate to current pricing: a review. That can be a repricing request to your existing lender, or a move to a sharper one. We do both sides of that comparison and tell you plainly whether the gap is big enough to be worth acting on.

Reserve Bank of Australia research on housing lending rates. General information only; your position depends on your loan, lender and circumstances.

Coming off a fixed rate? Do not wait for the letter.

Many borrowers who fixed during the low-rate years are now reaching the end of their term. When a fixed rate expires it usually reverts to the lender's standard variable rate, which is often well above what you could move to instead. The jump can be sharp. The useful part is that it is predictable, and predictable means it can be planned around.

The 90-day window

Most lenders let us start a refinance around three months before your fixed rate expires. Starting early means the new loan is ready to settle as the fixed term ends, so you are never parked on a high revert rate waiting for paperwork. If you know your expiry date, that is the moment to get in touch.

When refinancing makes sense, and when it might not

Refinancing is not always the right move, and we will tell you if it is not. Here is how we weigh it up before recommending anything.

Often worth reviewing

Your loan has not been looked at in more than a year
You are approaching the end of a fixed term
You have built up equity and want to use it for a renovation or an investment
You are carrying higher-cost debt that could be consolidated to ease cash flow
Your circumstances have changed and your current structure no longer fits
You want features you do not have now, such as an offset account

Worth pausing on first

You are on a fixed rate and the break cost could outweigh the saving
Your loan balance is small and the switching costs eat the benefit
Your equity has dropped below 20 per cent and LMI could apply again
Your income or credit position has changed since you first borrowed
You are close to selling or paying the loan out anyway

What a refinance actually costs

A lower rate only helps once it clears the cost of getting there. Before you commit, we add up every cost and work out your break-even point, the number of months before the switch pays for itself.

Indicative ranges only. Costs vary by lender, loan size and location. We give you the real numbers for your situation before any application is lodged.
Cost	Roughly	Notes
Discharge fee (current lender)	$0 to $400	Charged to release your existing mortgage
Government discharge and registration	Varies by state	Set by the state land titles office
New loan establishment or application	$0 to $600	Many lenders waive this to win refinances
Property valuation	Often $0	Ordered by the incoming lender, frequently at no cost
Break cost (fixed loans only)	Depends on rates	We confirm this with your lender before proceeding
Lenders Mortgage Insurance	Under 20% equity	May re-apply if your equity is below the threshold

Rolling other debts into your home loan

Folding a car loan, personal loan or credit card into your mortgage can lower your total monthly repayment, because home loan rates are usually far below consumer credit. It can be a real relief on cash flow. It is not free, though. Stretching a short debt over a long loan term can mean paying more interest overall unless you keep the extra repayments up.

Where tax comes into it, we stop and hand you over

Anything touching deductibility, investment structuring or the tax treatment of a loan is a question for your accountant, not your broker. We are happy to work alongside them so the loan is set up to suit the advice they give you.

What refinancing with Finseek looks like

You deal with one broker who does the comparison work for you. We are not tied to a single bank, and we will always show you why a particular option came out in front.

Review
We look at your current loan, rate, structure and what you want it to do for you.
Compare
We assess options across our lender panel and rank them against your goals, not ours.
Recommend
You get a clear, like-for-like comparison and a plain explanation of the trade-offs.
Apply
If you go ahead, we prepare and lodge everything and manage the lender for you.
Settle
We coordinate settlement and stay in touch afterwards. The relationship does not end at settlement.

Have your loan reviewed, free and without obligation

Tell us your current rate and lender. We will tell you honestly whether it still stacks up.

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Refinancing, answered plainly

How do I know if refinancing is worth it?

It comes down to the gap between your current rate and what is available to you now, weighed against the switching costs. As a rough guide, if you have not reviewed your loan in the past year, or you are rolling off a fixed rate, it is worth having the numbers checked. We work out your break-even point before you commit to anything.

What does it cost to refinance?

Typical costs include a discharge fee from your current lender, government mortgage registration and discharge fees, a possible new-loan establishment fee, and a valuation the new lender usually orders. If your equity is below 20 per cent, Lenders Mortgage Insurance may apply again. We add these up and compare them against your projected saving.

Will refinancing hurt my credit score?

A refinance application creates a credit enquiry, which can have a small, short-term effect. Applying to many lenders at once has a larger effect, which is one reason working through a broker helps, because we narrow the field to lenders you are likely to qualify with before an application is lodged.

Can I refinance if I am on a fixed rate?

You can, but breaking a fixed rate early can trigger a break cost, which varies with how rates have moved since you fixed. Sometimes the saving outweighs it and sometimes it does not. We check the break cost with your current lender before recommending anything.

How long does refinancing take?

Most refinances settle within three to six weeks from application, depending on the lender, the valuation, and how quickly documents come together. If you are approaching a fixed-rate expiry, we generally start around 90 days out so the timing lines up.

Should I just ask my current bank for a better rate?

It is often a sensible first step, and sometimes a repricing request is enough. We can tell you whether the rate your lender offers to keep you is genuinely competitive or whether a switch would still leave you better off. Either way you get a clear comparison.

Let's see if you can do better.

A quick, honest review of your current loan. If it is already competitive, we will tell you that too.

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No cost, no obligation. Servicing Moonee Ponds, Melbourne and all of Australia.