Refinancing your mortgage

Switching your mortgage to another bank could save you thousands in interest, allowing you some extra cash when you need it. You can also get a sweet cash back worth up to 1% of the loan value in some cases.

And it's not only about the money you can save up front, it's about structuring the mortgage in the right way long-term too.
Get started    Guide to refinancing

1434 five star reviews on Shopper Approved.
Dads and their kids on the beach

Now could be a good time to make a bit of cash on your mortgage

It could be worth refinancing to a different bank, or getting us to negotiate with your current one to lock in a good rate to keep your payments manageable.

Book a chat

Check out JB's take on the best mortgage rate options

Interest rates stated are accurate to the best of our knowledge at the time of filming, and any opinions expressed are JB's own views and are not financial advice. Interest rates are ever-changing, and we're still yet to find a reliable crystal ball. As always, we recommend seeking advice from your Mortgage Adviser before taking any action.

Get the ultimate guide to refixing and refinancing

We've pulled together all our best refixing, refinancing and restructuring hacks to help you master your mortgage – and likely save yourself thousands.

Get the free guide

Front cover of guide to refixing and refinancing
Front cover of guide to refixing and refinancing

What are the benefits of getting a free mortgage review?

People often think that having a mortgage review means tons of tricky forms and ultimately changing banks. It doesn't have to be like that.

Get the best possible interest rates

Saving just a small amount on your interest rate can make a difference to your monthly payments, leaving you more money for the things you want - not to mention getting your home loan paid off quicker.

You don't necessarily have to switch banks to get a better rate

Your Squirrel mortgage adviser can often renegotiate your mortgage with your current bank, saving you the hassle of switching if you're happy where you are.

If your lifestyle has changed, so should your mortgage

Maybe you've started a family, maybe you've retired. Whatever life stage you're at, make sure your mortgage is structured in the best possible way to suit your needs right now.

Save thousands over the life of your home loan

We're not thinking peanuts here. We're talking tens of thousands of dollars! A review costs you nothing but could save you buckets of money. Seems like a no-brainer.

Access to more banks means more options and a better deal for you

How much can I borrow for a house?

We'll quickly work out how much you could borrow towards purchasing a home, just tell us a little about your financial situation.

Is this a joint app?
Annual Income (before tax)
This field is required*
Number of children under 18
Monthly school/childcare costs
Number of vehicles

What will my Mortgage repayments be?

Work out your regular repayments and how quickly you could pay off your home loan.

Borrow Amount
This field is required*
Interest Rate
This field is required*

Become an expert yourself, with our guide to refinancing and refixing

Want to learn how to make smarter, forward-thinking decisions when it comes to your home loan? We've made a guide to help with exactly that.

Download the guide to refixing & refinancing

The lowdown on break fees

Sometimes when reviewing your mortgage we might find that the best solution is switching you to different bank. In this case the bank your mortgage is with will charge what's called a "Break Fee". This is because you are breaking a legal contract between you and the bank. The bank incurs a real cost as a result, which is then passed on to you. They’re not just trying to squeeze you for a bit more.

Generally speaking, the longer the remaining time on your fixed term or the bigger the difference between your current interest rate and the new rate (if switching from a higher rate to a lower rate), the higher the break fee. In an environment like now where interest rates are rising, break fees are minimal.

So is it worth breaking my fixed term?

There are circumstances where it’s worth breaking your fixed term, but it could also end up costing you more in the long run. Every situation is different so get in touch with one of the team to help you work out what’s best for you.

Can I break out of a fixed interest loan to take advantage of falling rates?

It might be possible to break out of a fixed loan before the term is up, but you’re likely to be charged a break fee for doing so. This is because the bank is incurring a loss by you breaking the term early. This loss is passed on to you in the form of a break fee. There are some instances where it’s worth breaking your fixed term, but it could also end up costing you more in the long run. Every situation is different so get in touch with one of the team to help you work out what’s best for you.

What happens if I sell my house?

If you sell your house to buy a new one while still under a fixed term, you may be able to transfer the existing loan and rate to the new property. If you’re repaying your loan once you’ve sold, you may have to pay break fees. Before you sign anything, get in touch with one of our team to chat through your options.

How can I avoid paying break fees?

The only way to be certain you won’t have to pay break fees is to make sure you don’t break your fixed term early. So before you fix for any period of time, ask yourself if you’re planning on selling in that timeframe, and also to what extent you will feel regret if interest rates were to drop and you were stuck on a higher rate? There are ways to set up your mortgage to take advantage of the certainty of fixed terms but also retaining the flexibility of floating rates. Talk to one of our advisers to help get the perfect mortgage structure for your situation.

Orange houses divider

Should I refinance to a different bank to get a better deal?

Homeowners can often benefit from refinancing their mortgage because lenders will typically be more competitive with pricing for new business. If you're thinking about switching banks, here are 4 things to consider.

Make sure you understand all of your options

One of your options is to stay put. Your existing lender will be prepared to sharpen the pencil to keep you as a client – it is just a question of how much. What can be frustrating is that you will likely need to get an approval elsewhere before they will match it.

When it comes to refinancing it might be pricing or it could be due to another lender having a better policy or product, or if you own multiple properties it could be to diversify the risk of having all of your lending in one basket. Make sure you know all of your options. If you set out financial goals that you are working towards, this will make it easier to make decisions.

Confirm fixed rate break fees

If you have multiple loans on fixed rates, then chances are you will incur fixed-rate break fees. These can be significant and add up to several thousand dollars. Essentially, a break fee will equal the interest you save by switching your mortgage to a new, lower rate, so there is seldom a big financial benefit to refinancing. The savings from a new lower mortgage rate will offset the break fees.

Factor in legal costs

When you refinance you may need to use a conveyancing lawyer which will cost around $900. There are some free refinancing services that you can use in conjunction with Squirrel.

Make sure the financial benefits outweigh the costs

Most refinancing is price related. The benefit is a lower mortgage rate and a cash-back contribution. This needs to be netted against the costs of refinancing including break fees and legal costs. If there is a net benefit it usually relates to the cash-back.

A cash-back contribution is a cash lump sum given to you by the bank at settlement. It is a genuine cash back but can be clawed back within three years. It can be as much as 1% of the amount borrowed, but depends on market conditions.

A cash-back can make it opportune to refinance and lock in a new, lower mortgage rate especially as rates are going up.

Stay in the know

Join our newsletter to receive the latest housing insights, tips and tricks.

Make sure you're not paying too much on your mortgage.