You can switch loans at any time, but consider a few things:

• Refinancing too soon might affect your credit score, so it's best to wait 1-2 years after buying.
• Paying down more of your loan lowers your loan-to-value ratio, which can lower your interest rate when you switch.
• If you have a fixed-rate loan, wait until the fixed term ends to avoid break costs.

Weigh up the perks, costs and your personal situation.

• Interest savings. Refinancing can cut your monthly repayments, when the new interest rate is lower than your current rate. A lender can talk you through our rates, including a variable rate with offset tailored just for you.
• Loan term flexibility. Refinancing can give you the flexibility to adjust your loan term. You could shorten it to help pay off your home sooner and potentially save on interest, or extend it to reduce your regular repayments if you need some breathing room.
• RBA cash rate changes. When the Reserve Bank of Australia updates the official cash rate it could affect the interest rate of your new loan. Latest rate news.
• Accessing your equity. If you’ve been paying down your home loan, or your home’s increased in value, refinancing can allow you to access equity in your home for other plans, like renovations or debt consolidation. Estimate your equity – if you have less than 20% equity you may need to pay lenders mortgage insurance.
• Better features and terms. Refinancing allows you to change the terms and conditions of your loan. For example, not all banks allow redraw from a fixed rate loan during the fixed term (we do).
• Selling soon? Factor in how long you plan to keep the property, as the refinancing costs might not be worth it in the short-term.
• Costs. Make sure you’re saving you more than it costs to refinancing – factor in any application fees, valuation fees and other costs.

There may be other Westpac home loan fees, like an establishment fee and ongoing fees.

Potential non-Westpac fees

• State Government Mortgage Registration fee
• Existing lender exit fees, and fixed loan contract break costs
• If needed, a property value fee – chat with your lender
• LMI if your equity's under 20% – estimate yours

Yes. Get ahead on your home loan and save interest. If you need the money later, you can withdraw it. Some other lenders won't let you redraw from a fixed rate loan, but with Westpac, you can. More on redraw.