1. Your rate versus the new-customer rate
Lenders often price existing customers above new ones. Look up your lender’s current advertised rate for your loan type and LVR, and compare it with what you pay.
2. Your LVR
If your property has grown in value or you have paid down the loan, you may now sit in a lower LVR band with cheaper pricing. A fresh valuation can move you into it.
3. Fees and features
Check annual package fees and whether you actually use the offset or redraw you are paying for. A cheaper basic loan can beat a packaged one.
4. Expiry dates
Note when any fixed rate or interest-only period ends, and plan at least 90 days ahead.
5. Ask, then compare
Request a repricing from your current lender first. If the answer isn’t competitive, compare the panel. Refinancing costs are usually recovered quickly on a meaningful rate gap.
General information only. It does not consider your objectives, financial situation or needs. Speak with a licensed adviser and your accountant before acting. See our Disclaimer.
