Why refinance?
There are many reasons why people choose to refinance. Lenders rarely reward customers for being loyal, so it’s a good idea to regularly check to see if there is a better-suited loan for you. Some benefits can include:
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Things in life change - and that includes interest rates, your circumstances and goals. When they do, it could be time for your home loan to change too. It’s a way you could potentially save money, trim your mortgage and ultimately, get a better deal. You don’t have to go it alone - with a broker doing the legwork with your best interests at the heart of all recommendations, refinancing can be easier than ever.
Refinancing with Loan Market Clayfield
A lower rate is only part of the picture. When we look at a refinance we review the whole loan, so the new one suits where you are now and where you are heading.
What we look at
- Rate and fees. The ongoing rate, annual or monthly fees, and any package costs.
- Switching costs. Discharge fees, government registration fees, and break costs if you are on a fixed rate.
- Lenders Mortgage Insurance. If you owe more than 80% of the property value, a new lender may charge LMI again. We check this early.
- Loan term. Moving to a fresh 30 year term can lower repayments but increase the total interest you pay. We show you both.
- Offset and redraw. Whether you use them, and whether a split between fixed and variable would suit you.
- Your plans. Renovating, investing, buying the next home or selling in a few years all change what the right loan looks like.
When staying put makes sense
Sometimes the best outcome is a better rate from the lender you already have. If the switching costs outweigh the saving, or your current loan has features you would lose, we will tell you. We can help you ask your current lender for a pricing review first.
How it works
- We review your current loan, recent statements and your goals.
- We compare options across our panel of over 90 lenders and show you the costs of switching against the costs of staying.
- If refinancing stacks up, we handle the application, the valuation and the discharge from your current lender.
- We keep reviewing your loan after settlement.
Reviewed by Patrick Moore, Director, Loan Market Clayfield, November 2026. This is general information only and does not take into account your personal circumstances. Lender policy and fees vary.
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Download our free guide to explore 6 ways to potentially get more breathing space with your budget.
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Get down with low rates
Interest rates regularly change. Is yours still competitive? If you have a variable rate, or your fixed-rate is due to expire, you may be able to negotiate a lower rate with your lender, or find one that will.
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More bells, better whistles
Not all home loans are packaged equal. They offer different features and functionalities. Switching to a loan that allows more regular or extra repayments, an offset account or redraw facility can help you pay less over the life of the loan. Or, if you aren’t using features with your existing loan, switching to a more basic loan could save you in fees.
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Debt consolidation
If you have multiple debts, such as a personal loan, car loan or credit card, you may be able to roll them into your home loan. This consolidates your debt to one repayment and could save you in interest. We will consider the whole picture including fees and repayments to determine if debt consolidation is right for you.
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Free up money for your projects
Whether you’re planning a renovation, need to upgrade your car or have another project in mind, if you have grown equity in your home, you may be able to refinance to access more money to fund it.
How much could I save by switching loans?
Different loans have different fees, features and repayment options. Use our loan calculator to see how the numbers stack up between two loans.
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