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What to expect when refinancing your loan

Fees and charges

It’s important you look at the full picture and weigh up the benefits vs costs, as refinancing can be costly and may include:


  • Break costs
  • Loan discharge fee
  • Application/Lending establishment fee
  • Property valuer fee
  • Mortgage registration fee  

Unexpected pitfalls

It all looks good at first glance but be careful of the longer-term impacts of refinancing. You could be caught out by having to pay:

  • Lenders Mortgage Insurance
  • More interest once the great introductory rate ends and the standard variable rate kicks in
  • More interest over time if you extend your loan term  

Paperwork and prep

Refinancing to another bank is a lengthy process, with long wait times, paperwork and preparation such as:


  • Release of current mortgage
  • Complete a new application
  • Provide ID, payslips, bank statements, rental receipts, rates notices
  • Property valuation hassles
  • Loan approval and settlement

Staying is the easy option

We look forward to calling you to discuss how we can help you stay, for a home loan that meets your current needs.

  • Save time and effort 
  • Compare rates and incentives
  • Features and options could help you save
Don’t want to wait for the callback? 
Call us now.

Call 8am to 8pm AEST, Mon to Fri
and 9am to 6pm AEST, Sat

Things you should know

Credit criteria, fees and charges apply.

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

Key Fact Sheet for Home Loans

The personal information we collect from you on this form will be used to respond to your query. We may disclose your personal information to other members of Westpac Group, anyone we engage to do something on your behalf, and other organisations that assist us with our business. Our privacy policy, available on or by calling 132 032, contains information about how we handle your personal information.