Refinance checklist: costs, terms and documents

Start with the reason for reviewing

A review is more useful when it begins with a clear goal: reducing cost, improving cash flow, changing loan features, consolidating debt or preparing for another purchase.

Compare the cost, not only the rate

Consider discharge, application, valuation and package fees, as well as any fixed-rate break costs or cashback conditions. Estimate how long it may take to recover the switching cost.

• Current balance, rate and remaining loan term
• Annual, package and account fees
• Likely switching and establishment costs
• The value of features you will actually use

Keep the remaining term visible

Resetting a loan to a fresh 30-year term may lower monthly repayments while increasing the total interest paid. Compare options over a consistent remaining term where practical.

Check the structure around the loan

Offset accounts, redraw access, fixed and variable splits and repayment flexibility can be as important as a small rate difference. The structure should suit how you manage money.

Treat equity as part of a broader decision

Equity may support another purchase or investment, but borrowing more increases commitments and risk. Any proposed release should have a clear purpose and fit your repayment capacity.