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Seven lanes of Australian borrowing, sorted.

Lane 2 of 7

Refinance

Moving an existing loan to a different lender or a different product, where the switching cost decides whether it was worth it.

You are in this lane if

  • You already have a mortgage and are past any fixed term, or close to it
  • Your circumstances or the market have moved since you signed
  • You want to change structure — offset, split, interest-only, loan term

You are not, if

  • You only want a better rate from your current lender — that is a repricing request, not a refinance, and it costs nothing to ask first
  • You are inside a fixed term with a large break cost — check the break figure before anything else

What actually decides the outcome

In order. Getting these settled first is the difference between a useful conversation and three weeks of email.

  1. What is your current rate, and what did the lender offer when you asked them to match? A repricing call is free and takes days, not weeks. It sets the floor that a refinance has to beat.
  2. What does switching actually cost? Discharge fee, new application or settlement fee, government registration charges, and any break cost on a fixed portion. Add them up before comparing rates.
  3. How long until you break even? Switching cost divided by monthly saving gives you a month count. If you plan to sell before then, the maths does not work.
  4. Has your property value or income changed? A higher valuation can push you under 80% LVR and remove mortgage insurance from the equation. A lower income can stop the application entirely.

Have this ready

Assembled before you start, not chased afterwards.

  • Current loan statements, six months
  • Latest rates notice and building insurance certificate for the property
  • Income evidence at the same standard as a new purchase
  • A written figure for discharge and break costs from your current lender

Where people get caught

  • Comparing a headline rate against your comparison rate. Compare like against like, or the saving is imaginary.
  • Extending the loan term back out to 30 years. The monthly payment falls, the total interest rises.
  • Chasing a cashback without checking the ongoing rate afterwards, or the minimum time you must stay.

The official source

These set the rule. Anyone describing it to you — including this page — is a summary, and summaries go stale.

Structure of this page reviewed 17 August 2026. Follow the links for the current position.

How your income changes this lane

Salaried employee Undisclosed buy-now-pay-later accounts and unused credit card limits. The limit counts against you, not the balance. Self-employed or ABN holder Outstanding tax lodgements or an ATO payment arrangement. Fix these before an application, not during one. Contractor or casual worker Gaps between contracts that look like unemployment on a bank statement. Be ready to explain them in writing. New to Australia Foreign investment rules are federal and separate from lending. Check them before you sign a contract, not after. Downsizer or near retirement Selling and buying in the same market. A bridge is a tool, not a plan; the plan is the sale.

Not your lane after all?

First home loanInvestment property loanSelf-employed and low docCommercial and business lendingCar and personal loansBridging finance

Run the three questions again

General information. General information about how Australian lending is organised. Rules, thresholds and eligibility are set by government agencies and change; each lane links to the source so you can check the current position. It does not take your own circumstances into account.