The refinance guide.

The first is a meaningfully better rate once you count the cost of switching. The second is a better structure: a loan with an offset, a split or features your current loan lacks. The third is cashflow relief through debt consolidation, with proper ring-fencing. The fourth is accessing equity for your next move. Most other reasons are the wrong ones, 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 every switching cost: discharge, registration, any LMI reset if you're above 80% LVR, and break costs if you're on a fixed loan. Project the net saving over the remaining loan term. If the saving pays for the switch within 12 months and keeps paying after that, refinance. If it doesn't, stay, or ask your existing lender for a lower rate.

A good refinance does more than lower the rate. It sets you up for the next 5 to 10 years, with splits for different purposes, the offset on the right account, IO or P&I where each makes sense, and a lender whose policies suit where your life is heading. The broker's job is to design that properly rather than move you sideways for a headline rate.