5 Signs It’s Time to Refinance

Published: 15 February 2025

Refinancing your mortgage can provide benefits beyond chasing lower rates. Here are five signs it may be worth a closer look:

  1. Your circumstances have changed: A higher income, new job or growing family might mean your current loan no longer fits. Refinancing could give you more flexibility.
  2. You’re coming off a fixed‑rate period: When your fixed term ends, your loan may revert to a higher variable rate. Refinancing lets you explore more suitable options.
  3. You want to access equity: If your property has increased in value, you may be able to release equity for renovations, investments or debt consolidation.
  4. Your goal is to pay off your loan sooner: Switching to a loan with features like offset accounts or the ability to make extra repayments could help you reduce costs and pay off your home faster.
  5. You’re paying for features you don’t use: If you’re being charged for bells and whistles you never utilise, a simpler product might save you money and better match your needs.

Pay close attention to exit and application fees. Understanding any break costs and the comparison rate will help you calculate the true savings of a new loan.

Every situation is unique. Talk to us to see if refinancing makes sense for you.

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