Refinance Your Home Loan - Compare Options | Esteb and Co
4,800 Aussies Refinance Every Week (ABS)

Refinance and Stop Paying the Loyalty Tax

Existing borrowers pay an average 0.41% more than new customers (RBA data). On a $600,000 mortgage, that's $72,000 extra interest over 30 years. We compare 105 lenders to find you a sharper rate. The lowest variable on our panel right now: 5.38%.

See Your Lender Matches → View Market Data

🔒 No-cost assessment • No obligation • No impact on credit score

Are You Overpaying?

Check in 30 seconds. No credit check. No sign-up.

5.0%9.0%
$100k$1.5M
5 yrs30 yrs

Important Information

Esteb and Co provides credit assistance services. We are licensed credit representatives (ASIC Credit Rep #574070) who help you compare loan options from our panel of lenders. We do not lend money directly. All loan approvals are made by lenders, subject to their criteria and responsible lending assessments. Our service is free to you - we receive commissions from lenders. Read our Credit Guide

📊 RBA + ABS DATA — APRIL 2026

The Refinancing Market Right Now

Real numbers from RBA Statistical Tables and ABS Lending Indicators

RBA CASH RATE
4.10%
Held at March 2026 meeting
LOYALTY TAX
+0.41%
Existing vs new borrowers (RBA)
REFIS PER WEEK
4,800
ABS 2025 average
AVG REFI LOAN
$589k
ABS Lending Indicators

The Loyalty Tax Compounds Over Time

Extra interest paid on a $600,000 mortgage at 0.41% above market rate

$80k $60k $40k $20k $0 $2.4k Year 1 $12k Year 5 $24k Year 10 $36k Year 15 $48k Year 20 $60k Year 25 $72k Year 30

Source: RBA Statement on Monetary Policy. Calculation: 0.41% × $600k principal averaged over 30-year amortising loan.

RBA Cash Rate Trajectory

From peak 4.35% to current 4.10%

4.5% 4.25% 4.0% 3.75% 4.10% First cut Apr 24 Mar 25 Apr 26

Source: RBA Statistical Tables F1.1

Refinancing Volume (Monthly)

External refinancing — owner-occupiers ($billions)

$35B $25B $15B $5B $22B Q1 25 $25B Q2 25 $28B Q3 25 $30B Q4 25 $32B Q1 26

Source: ABS Lending Indicators 5601.0

If you've been with the same lender 3+ years, you're likely overpaying

The RBA confirms what most borrowers suspect — banks save their best rates for new customers. Existing borrowers pay an average 0.41% more. On a $600,000 loan, that's $2,460/year you could redirect to your principal, savings, or just keep in your pocket.

Check What You'd Save →

How Much Could You Save?

See potential savings based on your loan amount

$400,000 loan
Your current rate 6.5%
→
New rate 6.0%
$2,400
saved per year
($200/month)
Most Common
$600,000 loan
Your current rate 6.5%
→
New rate 6.0%
$3,600
saved per year
($300/month)
$800,000 loan
Your current rate 6.5%
→
New rate 6.0%
$4,800
saved per year
($400/month)

💡 Note: These are illustrative examples only. Actual savings depend on your individual circumstances, loan amount, current rate, and the options available to you. A 0.5% rate reduction may not be achievable in all cases.

Should You Refinance?

Answer these questions to find out

✅

Has it been 2+ years since your last refinance or purchase?

Interest rates and lender offers change frequently. If it's been a while, you're likely paying more than you need to.

✅

Is your current rate above 6.0%?

Many lenders now offer rates between 5.8% - 6.2%. If you're paying more, refinancing could save you thousands.

✅

Do you have at least 20% equity in your home?

With 20%+ equity, you'll avoid LMI and access better rates. Even with less equity, refinancing can still be worthwhile.

✅

Do you want to consolidate other debts?

Refinancing can roll high-interest debts (credit cards, personal loans) into your mortgage at a lower rate.

✅

Are you unhappy with your current lender's service?

Poor service, slow processing, or lack of features are valid reasons to switch. You deserve better.

✅

Do you want to access equity for renovations or investments?

Refinancing lets you tap into your home equity at low interest rates for improvements or investments.

✅ Answered "Yes" to 2 or more?

You should definitely get a refinance assessment. It takes 2 minutes and could save you thousands.

Get Free Assessment →

How Much Equity Could You Access?

Quick estimate in 30 seconds. No credit check. No sign-up.

$200k$3M
$50k$2M

The Refinance Process

From start to finish in 2-4 weeks

1

Compare & Choose (Day 1-2)

  • Complete our 2-minute assessment
  • Compare options from 105 lenders
  • See your potential savings
  • Choose your preferred lender
⏱️ 2 minutes
2

Submit Application (Day 3-5)

  • Gather required documents
  • Submit formal application
  • Lender reviews your application
  • Property valuation ordered
⏱️ 2-3 days
3

Approval (Week 1-2)

  • Credit check completed
  • Property valuation done
  • Loan approved (conditional)
  • Provide any additional documents
⏱️ 5-10 days
4

Settlement (Week 2-4)

  • Sign loan documents
  • New lender pays out old lender
  • Loan officially switches over
  • Start saving immediately!
⏱️ 7-14 days

Refinancing Costs to Consider

Exit Fees (Old Lender)

$0 - $500

Many modern loans have no exit fees, but check your current loan contract. Fixed rate loans may have break costs.

Discharge Fee

$150 - $400

Your current lender charges this to release your mortgage. This is standard and unavoidable.

Application Fee (New Lender)

$0 - $600

Many lenders waive this fee during promotions. We'll find you lenders with no or low application fees.

Valuation Fee

$0 - $300

New lender needs to value your property. Often waived or covered by the lender.

Legal/Settlement Fees

$300 - $800

Conveyancing and settlement costs. Some lenders offer cashback to cover these.

Total Typical Cost

$800 - $2,000

Break-even: If you save $300/month, you'll recover costs in 3-7 months!

💰 Lender Cashback Offers

Many lenders offer $2,000-$4,000 cashback to refinancers. This can cover all your switching costs and more! We'll show you all cashback offers available.

When Should You Refinance?

🟢

Best Times to Refinance

  • Fixed rate expiring: Before you revert to a higher variable rate
  • Rates have dropped: When market rates are 0.5%+ lower than yours
  • Improved financial position: Higher income or credit score = better rates
  • Increased property value: More equity = access to better rates
  • Lender promotions: Cashback offers and rate discounts available
🟡

Consider Carefully If...

  • Planning to sell soon: May not recover switching costs
  • Recently refinanced: Unless rates dropped significantly
  • Low loan balance: Under $200k might not save enough
  • High exit fees: Calculate if savings outweigh costs
🔴

Not Recommended If...

  • In fixed rate with break costs: Unless savings are substantial
  • Credit score worsened: May not get better rates
  • Less than 12 months left: On your mortgage
  • Currently in arrears: Sort this out first

Why Refinance With Esteb and Co?

🤖

Smart Algorithm Matching

Our technology analyzes 105 lenders and matches you with the best options based on your specific situation - not just the lowest advertised rate.

💰

Find Hidden Savings

We show you cashback offers, fee waivers, and rate discounts that most people miss. Many customers save more than expected.

⚡

Fast Comparison

See all your options in 2 minutes instead of spending hours researching lenders individually. Get matched from our lender panel. Esteb and Co provides credit assistance services and does not lend money directly.

🆓

Completely Free

Our service is provided at no cost to you. We receive commissions from lenders when your loan settles.

📊

Transparent Comparison

See real rates, fees, and features side-by-side. No hidden costs or surprises. Know exactly what you're getting.

🎯

Personalized Recommendations

Not every lender suits every situation. We show you lenders who actually want your business based on your profile.

Common Refinancing Questions

How much can I save by refinancing?

Most people save $2,000-$6,000 per year. On a $500k loan, even a 0.5% rate reduction saves $2,500/year. Use our calculator to see your potential savings.

How long does refinancing take?

Typically 2-4 weeks from application to settlement. Can be faster if you have all documents ready and the lender is quick.

Will refinancing hurt my credit score?

Our initial assessment has no impact. The formal application causes one credit enquiry, similar to any loan application. Multiple enquiries in a short time don't significantly hurt your score.

Can I refinance if I have bad credit?

Yes, but your options may be limited. Some specialist lenders work with bad credit borrowers. We'll show you who's likely to approve you.

Should I fix or stay variable after refinancing?

Depends on your circumstances and rate outlook. Fixed gives certainty, variable offers flexibility. We can help you compare both options.

Can I include other debts when refinancing?

Yes! Debt consolidation is common. Roll high-interest credit cards or personal loans into your mortgage at a lower rate (if you have enough equity).

Ready to Stop Overpaying on Your Mortgage?

Compare 105 lenders and see what you'd qualify for. The lowest variable rate on our panel right now is 5.38%.

$2,460
Avg Annual Saving (0.41% on $600k)
2-4 weeks
Typical Refinance Time
64
Lenders Compared
Calculate My Savings →

✓ No cost to you ✓ 2-minute assessment ✓ No credit check at initial stage

Ricky Esteb - Licensed Mortgage Broker
Richard (Ricky) Esteb
Licensed Mortgage Broker & Founder
Credit Rep #574071 ACN 681 636 056 83+ Lender Panel

With direct experience helping Australians secure home loans, car finance, and business funding, Ricky founded Esteb and Co to bring transparency and technology to mortgage broking. Every piece of content is written from real-world lending experience.

✓ Verified & Last Reviewed: December 2025 | Content meets ASIC regulatory requirements

Latest Insights on Refinancing

Data-led analysis and practical guides from Richard Esteb, updated regularly.

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