Refinancing checklist
Refinancing means replacing your current home loan with a new one — usually to get a better rate, access equity or change loan features. This checklist covers what to consider before you start.
Is refinancing right for you?
Refinancing is not always the right move. Before you start, it is worth understanding whether the potential savings outweigh the costs involved — including any break fees on a fixed rate, application fees for the new loan, and the time it takes to get approved.
Questions to ask yourself first
Is my current rate significantly above current market rates?
Has my property increased in value — could I refinance to a lower LVR?
Am I locked into a fixed rate? If so, what are the break costs?
Do I want to access equity for renovations, investment or other needs?
Do I want to change from interest-only to principal and interest?
Has my income or financial situation improved since I took the loan?
Costs to factor in
Fixed rate break costs — these can be significant and unpredictable based on market rates at the time
Discharge fee from your current lender — usually $150–$400
Application or establishment fee for the new loan
Property valuation fee — required by the new lender
Legal or settlement fees
LMI — if your new LVR is above 80% after refinancing
Refinancing preparation checklist
Gather your most recent home loan statement showing balance and rate
Get a current property valuation estimate (an online estimate is a starting point)
Gather recent payslips or tax returns (self-employed)
Collect last 3–6 months bank statements
List all current debts — credit cards, personal loans, HECS
Check whether you are in a fixed rate period and when it ends
Calculate your current LVR (loan balance ÷ property value)
Review your credit file for any surprises before applying
Common mistakes to avoid
Extending the loan term when refinancing — this can increase total interest paid even at a lower rate
Focusing only on the interest rate — comparison rate and features matter too
Not reading the discharge conditions on your current loan before committing to refinance
Using equity access for consumer spending without a clear repayment plan
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General information only
This article is for general information purposes only and has been prepared without taking into account your objectives, financial situation or needs. It does not constitute credit advice, financial advice or a recommendation. You should consider whether this information is appropriate for your circumstances and obtain independent advice where necessary. K&M Solutions and Services Pty Ltd (ACN 649 305 126) is not a credit provider and does not hold an Australian Credit Licence. Enquiries may be referred to licensed credit brokers or referral partners. Credit assistance, if required, is provided by appropriately licensed credit representatives or Australian Credit Licence holders. This platform does not provide credit approval, a credit offer, financial advice, or legal advice.
This article is for general information purposes only and has been prepared without taking into account your objectives, financial situation or needs. It does not constitute credit advice, financial advice or a recommendation. You should consider whether this information is appropriate for your circumstances and obtain independent advice where necessary. K&M Solutions and Services Pty Ltd (ACN 649 305 126) is not a credit provider and does not hold an Australian Credit Licence. Enquiries may be referred to licensed credit brokers or referral partners. Credit assistance, if required, is provided by appropriately licensed credit representatives or Australian Credit Licence holders. This platform does not provide credit approval, a credit offer, financial advice, or legal advice.