How do I know if I should refinance?

If you're paying more than 0.5% above current market rates for your loan size, refinancing is likely worth investigating. Factor in exit fees and break costs.

How long does refinancing take?

With a broker, most refinances settle in 3-4 weeks from application to settlement, including new application, property valuation, and discharge of existing loan.

Will refinancing hurt my credit score?

Every application creates a small temporary impact, typically recovering within months. We submit to one lender at a time to minimise credit enquiries.

What are break costs and when do they apply?

Break costs apply when exiting a fixed-rate loan early, calculated on the difference between your rate and the lender's current wholesale rate. They can be thousands of dollars.

Can I refinance if I'm self-employed?

Yes — most lenders are comfortable refinancing self-employed borrowers with 2+ years of tax returns and clean repayment history. Low-doc refinance options also exist.

How much could I save by refinancing in 2026?

Based on current market conditions, borrowers with $600k+ loans paying above 6.5% are seeing estimated savings of $300-$700 per month. Individual results depend on your specific situation.

Speak to a Broker Now — 0432 634 648 · Mon–Sat 9am–7pm

0432 634 648

Free Refinance Assessment · No Credit Check

You Could Be Overpaying
Thousands Every Year

Name: Mortgagefy
Address: Sydney, NSW, AU
Telephone: +61432634648
Price range: Free

Mortgagefy Broker Team · Published 2026-04-07 · Last reviewed 2026-04-29

The average Australian homeowner overpays $430–$840/month by staying with their original lender. Find out your savings in 60 seconds.

MFAA Accredited

Wide Lender Panel

$0 Broker Fee

See My Savings Call 0432 634 648

Get My Free Refinance Assessment

A mortgage broker will contact you within 24 hours. No credit check.

$430–$840/mo

Average savings when refinancing

3 in 5

Australians on a rate above market

2–6 wks

Typical refinance timeline

Wide Panel

Banks + Specialists

See How Much You Could Save

Enter your current loan details and the rate you could switch to.

Your Current Loan Details

Current Loan Balance

Current Interest Rate %

New Rate (we can typically find this)

Remaining Loan Term (years)

yrs

Tip: Current average variable rate is 7.2% p.a. We regularly secure rates from 5.7% p.a. for eligible borrowers. Your rate may vary based on LVR, loan size, and lender.

Live Estimate

Estimated Monthly Saving

$430/mo

7.2% → 5.99% on $450,000 balance

Annual saving ~$5,160/yr

Full interest saving Locked

Full breakdown — total interest savings, break-even, comparison

Why Australians Refinance

Refinancing is one of the most effective wealth strategies available to Australian homeowners.

Get a Lower Rate

Even 0.5% less on a $500k loan saves $142,000 in interest over 30 years. Most Mortgagefy clients save 0.8–1.4% when they refinance. Your bank will rarely offer you its best rate unprompted.

Access Cash (Equity Release)

Unlock the equity built up in your home for renovations, investment property deposits, or debt consolidation. Access your money without selling — refinancing lets you put your equity to work immediately.

Consolidate Debt

Combine personal loans, credit cards, and your mortgage into one low-rate repayment. Stop paying 15–22% interest on credit card debt. Simplify your finances and potentially save hundreds per month.

How Refinancing Works

A broker does the heavy lifting. You just need to say yes.

Check Savings

Use the calculator above to see your estimated monthly and lifetime savings — takes 60 seconds.

Broker Reviews

We search across our wide panel of lenders and identify your best 3–5 options including rates, fees, and features.

Application

We handle all paperwork, property valuations, and lender communications. You approve, we execute.

Settled

New loan settled, old loan discharged — you start saving from your very first repayment.

Refinance Case Studies

MFAA Accredited

The following case studies are illustrative examples based on typical borrower scenarios. They do not represent specific individual clients. Actual outcomes depend on individual circumstances, lender assessment, and market conditions at time of application. Mortgagefy (Credit Representative No. 532656) provides credit assistance only and does not guarantee loan approval or specific outcomes.

📋 Illustrative Case Study

Refinance — Sydney Homeowner, Epping

In this scenario, a homeowner paying 7.18% variable (not reviewed in 3 years) refinanced to 5.94% — a saving of approximately $617/month based on a $650,000 loan over 30 years.

What we did: Compared wide lender panel, identified a better-suited product, and managed the full refinance in under 2 weeks.

~$617/mo saving

Illustrative example only. Individual outcomes vary.

📋 Illustrative Case Study

Equity Release — Property Owner, Chatswood

In this scenario, a homeowner used a refinance to access approximately $180,000 in equity, which was then structured as a deposit for investment properties while maintaining tax deductibility.

What we did: Cross-collateralisation avoided, clean loan structure created, tax position preserved.

~$180k equity

Illustrative example only. Individual outcomes vary.

📋 Illustrative Case Study

Portfolio Refinance — Investor, Mosman

In this scenario, an investor with 4 properties across 3 lenders had loans restructured, resulting in estimated savings of approximately $840/month in total repayments.

What we did: Consolidated lending structure, negotiated better rates across the portfolio.

~$840/mo saving

Illustrative example only. Individual outcomes vary.

Wide lender panel · Banks + Specialists

Compare loan options from major banks and specialist lenders.

Explore All Our Lenders

Wide lender panel · Banks + Specialists Personalised Loan Options No Obligation Assessment

We work with a wide panel of lenders across Australia. We are not tied to any one lender and compare loan options to help find a solution that suits your needs. All applications are subject to lender approval and lending criteria.

Refinancing — Your Questions Answered

Common questions from Australian homeowners considering refinancing.

Refinancing typically makes sense when you can save 0.5% or more on your interest rate, and when the break-even on refinancing costs is under 24 months. Typical refinancing costs range from $1,000–$2,500 (including discharge fees from your current lender and application fees with the new one). If your monthly saving is, say, $400/month, you'll break even in under 5 months — and then it's pure savings. It also makes sense when you want to release equity, consolidate debt, or change loan features (like adding an offset account).

Total refinancing costs typically range from $1,000 to $2,500. This usually includes: a discharge fee from your existing lender ($300–$400), a new application or settlement fee ($300–$600), and potentially a valuation fee ($0–$300 — many lenders waive this). Your broker will itemise all costs upfront so there are no surprises. In most cases, the savings vastly outweigh the costs within 6–12 months. Some lenders also offer cashback offers of $2,000–$4,000 when refinancing to them, which can more than offset switching costs entirely.

The typical refinancing timeline is 2–6 weeks from application to settlement. This includes credit assessment, property valuation, loan approval, and discharge of your current loan. Using a broker significantly speeds up the process — we know which lenders have the fastest turnaround times, what documentation they require, and how to avoid common delays. In some cases, fast-track lenders can settle within 10 business days when your paperwork is in order. Your broker will give you a realistic timeline based on the lender selected.

Refinancing requires a hard credit inquiry, which may temporarily reduce your score by a small amount (typically 5–10 points). However, this impact is usually short-lived — your score typically recovers within 3–6 months, especially if you continue making repayments on time. Importantly, our initial savings assessment does NOT involve a credit check. We only proceed with a formal application once you've confirmed you want to move forward with a specific lender. Most borrowers find that the long-term financial benefit of refinancing far outweighs any temporary score dip.

Related Calculators

Borrowing Power Calculator

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Extra Repayments Calculator

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Equity Calculator

Calculate your usable equity and see what you could access via refinancing

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Ready to Start Saving?

A broker will calculate your exact savings and present your best refinance options — completely free, no obligation.

Free Refinance Assessment

Takes 60 seconds. A broker will call you within 24 hours.

Ask Mortgagefy — Refinancing Questions

Common refinance questions from Sydney homeowners. Straight answers.

A simple rule of thumb: if you're paying more than 0.5% above what's currently available for your loan size and type, refinancing is likely worth investigating. Factor in any exit fees, break costs if fixed, and the time to recoup refinancing costs. We run this analysis free of charge. Use our savings calculator →

With a broker, most refinances settle in 3–4 weeks from application to settlement. The process involves a new application, property valuation, and discharge of your existing loan. We manage every step and liaise with both lenders on your behalf. Start your refinance →

Every credit application creates a small, temporary impact on your score, which typically recovers within a few months. We submit to one lender at a time to minimise credit enquiries. The long-term savings of a lower rate far outweigh the short-term minor credit impact. Talk to a broker first →

Break costs apply if you exit a fixed-rate loan before the fixed period ends. They're calculated based on the difference between your current rate and the lender's wholesale rate for the remaining term — they can run into thousands of dollars. We help you calculate whether breaking is still worthwhile given potential savings. Estimate your savings →

Yes — many lenders are comfortable refinancing self-employed borrowers, especially with 2+ years of tax returns and a clean repayment history on your current loan. Some specialist lenders also offer low-doc refinance options where full financials aren't required. Learn about self-employed loans →

Savings depend on your current rate, loan balance, and remaining term. Based on current market conditions, borrowers with $600k+ loans paying above 6.5% are seeing typical estimated savings of $300–$700/month. We'll calculate your specific potential savings in a free, no-obligation assessment. Get your savings estimate →

Still have a question? Our mortgage assistant answers instantly — free, no obligation.

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Find out if switching lenders saves you thousands — without the runaround

Start Your Free Assessment Call 0432 634 648

You Could Be Overpaying
Thousands Every Year

Get My Free Refinance Assessment

See How Much You Could Save

Your Current Loan Details

Your Full Savings Summary

Why Australians Refinance

Get a Lower Rate

Access Cash (Equity Release)

Consolidate Debt

How Refinancing Works

Check Savings

Broker Reviews

Application

Settled

Refinance Case Studies

Wide lender panel · Banks + Specialists

Refinancing — Your Questions Answered

Related Calculators

Ready to Start Saving?

Free Refinance Assessment

Ask Mortgagefy — Refinancing Questions

Unlock Your Full Refinance Savings

Get your free Sydney refinancer assessment

You Could Be OverpayingThousands Every Year

Get My Free Refinance Assessment

See How Much You Could Save

Your Current Loan Details

Your Full Savings Summary

Why Australians Refinance

Get a Lower Rate

Access Cash (Equity Release)

Consolidate Debt

How Refinancing Works

Check Savings

Broker Reviews

Application

Settled

Refinance Case Studies

Wide lender panel · Banks + Specialists

Refinancing — Your Questions Answered

Related Calculators

Ready to Start Saving?

Free Refinance Assessment

Ask Mortgagefy — Refinancing Questions

Unlock Your Full Refinance Savings

Free Refinance Assessment

Don't Leave Without Your Savings Estimate

Get your free Sydney refinancer assessment

You Could Be Overpaying
Thousands Every Year