It depends on the difference between your current rate and what’s available, the cashback on offer, your remaining loan balance, and any break fees. On a $700,000 loan, a 0.3% rate improvement is roughly $2,100 a year in interest savings, and that’s before cashback. Over a 5-year fixed term, those numbers add up significantly.

The honest answer is: I won’t know what’s possible for you until I see your current loan and run the numbers against current lender offers. The first conversation gives you a real number, not a guess.

“Good time” depends entirely on where rates are heading and what your current loan looks like. There’s no universal right answer. What matters is whether the specific deal in front of you today beats your current position by enough to justify the friction.

Some signals that suggest it’s worth at least having the conversation: your fixed term ends in the next 6 months, you’ve owned the home for 2+ years, you haven’t reviewed the loan in 2+ years, or your circumstances (income, family, debt) have changed.

Sometimes, and this is a legitimate path. Banks have retention teams who can offer better rates and small cashback amounts to keep you. Part of what I do is shake that tree on your behalf, so you know what your bank will do before deciding whether to leave.

But retention offers usually don’t match what a new bank will pay to win you, especially on cashback. The honest comparison includes both options.

You’ll need to pay a solicitor to handle the legal side (typically $1,000 to $1,500), and there may be a property valuation fee (often covered by the new lender as part of cashback). If you’re breaking a fixed term early, there’s a break fee, covered in detail above. My advice and application work doesn’t cost you anything.

The cashback from your new lender usually covers all of these costs and leaves you with money in hand. If it doesn’t, the maths probably aren’t in your favour and we’d talk about waiting.

Often yes. This is one of the most common reasons people refinance. If your home has gone up in value or you’ve paid down a chunk of the loan, you may have equity available to borrow against for renovations, an investment property deposit, debt consolidation, or other purposes.

The new lender will assess your servicing capacity (income vs commitments) just like any new application. The maximum top-up depends on your income, equity position, and the lender’s policy.

From first conversation to settlement, typically 4 to 6 weeks. Sometimes faster. Most of that time is the lender’s processing queue, valuation, and your solicitor coordinating with both banks. The work on your end is minimal: gather some documents, sign what needs signing, then it’s largely admin.

Different lenders have very different appetites for self-employed, contracting, commission-based, or rental income. Some want two years of full financials, some are more flexible. Some weight bonuses heavily, some discount them.

This is exactly the kind of situation where having access to 25+ lenders matters. What one bank declines, another will approve at the same rate. Worth a chat to map your options.