Refinancing your home loan can save you money — but only if done strategically.
1. Your Interest Rate Is No Longer Competitive
If your rate hasn’t been reviewed in 1–2 years, it may no longer be competitive. Even a small rate reduction can create meaningful savings over time.
2. Your Fixed Rate Is Expiring
Before your fixed rate expires, review your options to avoid unexpected repayment increases.
3. You Want to Access Equity
Refinancing can allow you to:
• Renovate
• Invest
• Consolidate debt
• Purchase another property
4. Your Loan No Longer Matches Your Goals
You may want:
• An offset account
• Greater repayment flexibility
• A different loan structure
When Refinancing May Not Make Sense
• Break costs apply
• LMI would be triggered again
• The long-term savings are minimal
Final Thoughts
Refinancing should be a strategic review, not just a reaction to headlines. If you haven’t reviewed your loan in the past 18 months, it may be worth assessing your options.