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With the cost of living continuing to rise, it can feel increasingly hard to make ends meet in terms of your personal finances. One way of combatting inflation is to reduce the escalating cost of borrowing by reviewing your current loan arrangements.

A new record has been set for refinancing, with more than $19.5 billion of loans changing lenders in late 2022.* If you’re feeling like it’s time you reviewed your borrowing arrangements, here are a few things to consider.

Tips for mortgage holders

With rates on the rise, it makes sense to shop around for the best deal. That could mean replacing your existing home loan with another.

Things to consider when comparing providers and loans include:

Interest rates

Seeking out a lower interest rate is usually the first thing on people’s minds when they review loans and providers. But it’s important to weigh up other factors as well.


Fixed rate and introductory period loans can be lower to start with but generally revert to a standard variable rate after a predetermined period so it can make sense to review your situation before the fixed rate ends.

Loan term and payment frequency

Adjusting your loan term and home loan repayments frequency could potentially save you money over the life of the loan.

Access to more loan features

Features such as an offset facility or splitting your loan may be appealing. Some lenders also offer cashback deals.

Consolidating existing debts

If you have multiple debts incurring high interest repayments it can also be beneficial to combine them into one loan at a lower rate and longer overall loan term.

Why having a mortgage broker is important to help you navigate through the loan process.

Arranging your largest ever financial transaction is a huge undertaking – mortgage brokers help to navigate the complexity and assist you in finding a mortgage that is right for you by:

  • Understand your needs and goals.
  • Work out what you can afford to borrow.
  • Find the best options across multiple lenders to suit your situation.
  • Explain how each loan works and what it costs (for example, interest rate, features and fees).
  • Apply for a loan and manage the process through to settlement and beyond.
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