Start with the reason for looking
Write down what has prompted the refinancing question. Perhaps a fixed period is ending, your household circumstances have changed, or you want to understand whether your current arrangements still meet your needs. A clear purpose makes the conversation more useful than simply asking for a different loan.
List the features you actually use and the difficulties you want to discuss. Keep project wishes separate from confirmed funding requirements. If renovation plans remain provisional, explain that. Your broker or lender needs an accurate picture rather than a budget presented as final before it has been checked.
Ask for a complete cost comparison
Ask the broker or lender to explain the costs of leaving the existing loan and setting up an alternative, alongside ongoing charges. Ask whether any break costs or other charges apply to your circumstances. A headline rate does not describe the entire transaction.
ASIC Moneysmart recommends weighing the costs and benefits of switching. It also cautions that extending the repayment term can increase total interest, even if repayments fall. Use its ASIC Moneysmart — switching home loans guide as background, then ask the provider to explain the assumptions in your own comparison.
Make assumptions visible
Request a comparison that states the loan amount, remaining term, proposed term, relevant fees and treatment of any cash contribution. If two illustrations use different assumptions, ask what happens when those assumptions are aligned. Do not treat an illustrative result as a promise about future costs.
Ask what could change after an introductory period, how any variable component could affect repayments and what happens if you later sell or repay early. Write down the questions that matter to your plans. The appropriate answers depend on the proposed product and your circumstances, so this guide does not choose an option for you.
Understand the process before committing
Ask who will coordinate the change, what documents are needed and when you should expect updates. Clarify any deadlines and which dates are estimates. If other transactions depend on the outcome, explain those dependencies early rather than assuming everything can happen on the same day.
Make a practical list of arrangements to review with the provider, such as linked accounts, repayment instructions and automatic payments. Ask what you need to do and what they will handle. Keep existing records accessible while the process is being considered; an enquiry is not evidence that a replacement loan has been approved.
Know who is helping with what
An appropriately licensed or authorised mortgage broker or lender can discuss your lending needs and explain the options available through their service. Ask for the provider’s identity, authorisation and fee information. Seek qualified tax or legal advice if your questions extend to those areas.
HomeOrbit can refer you to an accredited mortgage broker for a discussion about refinancing. Request a mortgage broker referral and tell us briefly what you would like help with. The appropriately licensed or authorised broker provides any rate review, loan recommendations and application assistance through their own service. Please send bank statements and identity documents only through the broker’s secure document process, not our general enquiry form.
Your next-step checklist
- A clear reason for considering a change
- Costs and terms compared on stated assumptions
- Provider responsibilities and timing explained
Official reading
Sources checked 30 September 2026. Requirements can change. This is general education, not personal building, investment, legal, tax or credit advice. Confirm what applies to your situation with the appropriate qualified provider.
Continue with official education
HomeOrbit provides property project planning and coordination and connects you with a network of accountants, accredited mortgage brokers, solicitors, insurance brokers and real estate agents. With your permission, we can make introductions to the professionals you need. Each professional provides advice and services within their own qualifications, licensing and engagement; credit advice and loan assistance are provided by the appropriately licensed or authorised mortgage broker.
ASIC Moneysmart — using a mortgage broker · ASIC Moneysmart — switching home loans