Refinancing your home loan can be a smart way to save money, access equity, or get features that better suit your current situation. But with so many options available, it helps to understand what’s involved before you start comparing lenders.

I’m Albert from Awesome Lending Solutions, and refinancing conversations make up a large part of what I help clients with. Here’s what to know before you refinance.

What’s changed in 2026

The Reserve Bank has lifted the cash rate five times this year, taking it to 4.85% in November. For most variable borrowers, repayments have gone up each time. Lenders haven’t all moved in step, though. Some are competing hard for new customers, while others leave existing customers on higher rates. That gap is why a review is worth doing now. Read more on whether to refinance when rates are rising.

Common reasons to refinance

People refinance for a variety of reasons, including securing a lower interest rate, consolidating debts, accessing equity for renovations or investment, switching to a loan with better features, or moving away from a lender that’s no longer serving their needs well. Understanding your own reason for refinancing helps clarify what to prioritise in a new loan.

Checking the costs involved

Refinancing isn’t free, so it’s worth weighing up the costs against the benefits. Potential costs include discharge fees from your current lender, application or valuation fees with the new lender, and government fees for registering the new mortgage. Break costs may also apply if you’re on a fixed rate. A good broker will help you work out whether the savings outweigh these costs.

Getting your paperwork ready

Refinancing generally requires similar documentation to a new loan application, including recent payslips, bank statements, and details of your current loan. Having this ready in advance helps keep the process moving quickly.

Comparing more than just the interest rate

While rate is often the headline feature, it’s worth comparing comparison rates, fees, loan features such as offset accounts and redraw, and the lender’s service reputation. The lowest rate isn’t always the best overall deal once fees and features are considered.

Your next step

Want to know where you stand? Our free Credit Ready Check looks at the 4 things lenders judge you on and compares 60+ lenders. You’ll get a written answer within 48 hours, including whether you’re better off staying put. For the full process, costs and options, see our refinancing guide.

Frequently Asked Questions

How long does refinancing take?
It varies by lender, but the process typically takes a few weeks from application to settlement, depending on how quickly documentation is provided and how complex your situation is.

Will refinancing affect my credit score?
Applying for a new loan involves a credit check, which can have a small, temporary impact. Generally this is outweighed by the benefits if refinancing achieves your goals.

Is there a minimum time I need to wait before refinancing?
There’s no set rule, but some loans have break costs or minimum periods before certain benefits apply, so it’s worth checking your current loan’s terms.

Can I refinance if my property value has changed?
Yes, and it’s worth doing so, as a change in property value can affect your loan-to-value ratio and the options available to you.

If you’re considering refinancing, I’m happy to review your current loan and see whether a change could benefit you. Get in touch for an obligation-free chat.

Phone: 02 7904 9560