It’s important for you to remember as time goes by, banks change the interest rates they offer. Therefore it makes sense that you would need to review your home loan interest rate regularly. We find that the right time to review your home loan is every 12 months. We do this on behalf of our existing clients to ensure their interest remains competitive.

Reviewing the type of home loan you have is also important. Is a variable rate or fixed rate most appropriate for you? Do you want the ability to pay down the loan ahead of time? Do you want an offset account if your current home loan doesn’t offer one?

If you do decide that it’s best to explore alternatives and look at another provider, the process for refinancing your home loan can be broken down into five easy steps.


The settlement process from start to finish usually takes anywhere from 21 to 45 days, and the cost involved with refinancing typically includes

  1. Discharge fee with your existing bank. This is usually $395 for a variable rate loan. For a fixed rate loan, discharge or break fees can be very high, and can range anywhere from $2,000-$10,000 in most cases.
  2. There’s usually also a mortgage registration and de-registration fee of $362 to pay,
  3. And setup fees associated with your new lender.

Total fees to change over from one bank to the other are usually in the order of $700 to $1000, assuming you’re moving from a variable rate home loan.

We hope this has been of assistance. If we can assist at all in the future, please contact us on 07 3268 7493. There are home loan rates from as low as 3.59% currently, if you’d like your home loan reviewed.


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