Not always. Savings depend on net effect after fees, valuation, policy, and your likely time on the new loan.
What is Refinancing?
Quick definition
Refinancing replaces an existing loan with a new loan, often to change rate, structure, or features.
Home loansCar loansGeneral
Overview
Refinancing is the process of moving your current loan to a different product or lender, usually to improve pricing, cash flow, or functionality.
The decision should include rate changes, fees, break costs, valuation outcomes, and policy suitability—not only the headline rate.
In Australia, refinance approvals still require full credit assessment and current policy checks.
Why it matters
- Can reduce cost or improve product fit over time.
- Switching costs can offset headline savings if not assessed carefully.
- Can be used to consolidate debt or adjust loan structure.