Refinance
See what a change could mean.
Moving your home loan can make sense, and sometimes it does not. Weigh up the reasons, the costs and the alternatives before you decide.
Who this helps
- Borrowers who feel their rate or features no longer suit them
- People whose circumstances have changed since they took out the loan
- Homeowners coming off a fixed-rate period
- People wanting to restructure or consolidate borrowing
What will be considered
A sound comparison looks at more than the headline rate.
Your reasons for change
A lower cost, different features, a change in circumstances or simply wanting a better fit.
Your current arrangements
Your balance, rate, loan type, remaining term and any fixed-rate period still running.
Features that matter
Offset accounts, redraw, the ability to make extra repayments, or splitting between fixed and variable.
Switching costs
Discharge fees, new application and settlement fees, government registration fees and, for fixed loans, possible break costs.
Asking your lender first
Your current lender may be willing to review your rate. That can be a good outcome with less paperwork.
Potential alternatives
Staying put, repricing, changing product with the same lender, or moving to a new lender. Each is a legitimate choice.
Keep the term the same when you compare
Extending your loan term can lower monthly repayments while increasing the total interest you pay. A fair comparison keeps the remaining term the same, and keeps upfront switching costs visible.
How it would work
A short journey, with your decision at every step.
- 1
Describe your loan
Your reason for change, current loan type and preferred timing.
- 2
Compare fairly
See what staying, repricing or moving could mean, costs included.
- 3
Choose your path
Stay, ask for a review, or move. Nothing proceeds until you say so.
Questions
It is often worth asking. Some lenders will review the rate on an existing loan, which can be simpler than moving. A comparison helps you know what to ask for.
If you leave a fixed-rate loan before the fixed period ends, your lender may charge a break cost. It depends on interest rate movements and can be significant, so ask your lender for an estimate before deciding.
It varies by lender and how quickly information is gathered. Onlend will keep the next action and who it is waiting on visible throughout.
It can, if switching costs outweigh the difference, or if a longer term increases total interest. That is why costs are kept visible rather than folded into a monthly figure.
Weigh it up, then decide.