The refinance guide.

The first is a meaningfully better rate relative to the cost of switching. The second is a structural upgrade — moving to a loan with offset, split, or a feature set your current loan lacks. The third is cashflow relief through debt consolidation with proper ring-fencing. The fourth is accessing equity for the next move. Every other reason is usually the wrong reason, including 'I saw an ad for a cashback.'

Calculate your current effective rate including fees and any offset benefit. Subtract the target lender's headline rate, then add all switching costs (discharge, registration, any LMI reset if above 80% LVR, break costs if on a fixed loan). Project the net saving across the remaining loan term. If the saving pays for the switch within 12 months and continues to deliver value beyond that, refinance. If it doesn't, either stay or negotiate your existing lender down.

A good refinance isn't just about a lower rate. It sets up the next 5-10 years — splits for different purposes, offset on the right account, IO where it makes sense, P&I where it makes sense, and a lender whose policies match where you think your life is going. The broker's job is to design it properly, not just move you sideways for a headline.