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Eligibility
When can I refinance my home loan?
No law or regulation sets a minimum loan age before you can refinance in Australia. Most lenders will accept a refinance application at any point during your loan term. Four practical factors decide whether refinancing is available to you right now.
New loans under 6 months old
Check firstSome lenders decline refinance applications when the existing loan is less than 6 months old. There is not enough repayment history for a new lender to assess your conduct. If your loan settled recently, check with a broker before applying so you do not waste a credit enquiry.
Fixed-rate loans and break costs
Get an estimateYou can refinance a fixed-rate loan before the fixed term ends, but your current lender charges break costs to recover lost interest. These can run into thousands, and in some cases tens of thousands, depending on the remaining term, your balance, and how far rates have moved. Get a break cost estimate first and weigh it against the saving.
Cashback offer restrictions
Lender-specificSome lenders offer cashback deals to attract refinancers, often with a condition that you have not held a loan with that same lender in the past 12 to 18 months. This is a lender marketing rule, not a legal restriction. It does not prevent you from refinancing elsewhere.
The serviceability test
Most common blockerAPRA requires all authorised deposit-taking institutions to assess your ability to repay at the loan rate plus a minimum 3 percentage point buffer, at every new application including refinances. Your current lender approved you at a lower rate; a new lender must test you at today's rate plus 3%. Some borrowers who comfortably afford their existing repayments cannot pass this test elsewhere.
Failing the serviceability test is not a personal failing. It is a mathematical outcome of the buffer requirement in a higher-rate environment. If this applies to you, there are still options worth exploring, and you can check your current borrowing capacity before speaking to a broker, so you know where you stand without affecting your credit file. The bottom line: you can refinance any time, provided you clear the serviceability hurdle and the numbers make sense after switching costs.
How often can you refinance your home loan?
There is no legal cap on how often you can refinance in Australia. You could switch every year if you wanted to. The real question is whether doing so costs you more than it saves. Most borrowers benefit from reviewing their loan every 2 to 3 years and only switching when the rate gap clearly justifies the costs and the credit enquiry.
Credit enquiry impact
Every refinance application creates a hard credit enquiry on your file. One enquiry has minimal effect. Multiple enquiries within a 12-month window signal higher risk to lenders, your credit score drops, and future applications become harder to approve.
Switching costs add up
Each refinance carries fees: discharge from your current lender, government registration of the new mortgage, and sometimes valuation or application fees. These costs need to be recovered through rate savings before the next switch makes sense. Refinance too often and you keep resetting the clock.
A practical framework
Review your loan every 2 to 3 years and only switch when the maths supports it. A broker can run the numbers and tell you whether the timing works before lodging any application, which protects your credit file from enquiries that do not lead anywhere.
How long does it take to refinance a home loan?
Most refinances settle in 4 to 6 weeks from application to new loan activation. Clean PAYG applications with straightforward documentation can move faster, settling in 3 to 4 weeks. Complex situations, such as self-employed income, multiple securities, or slow discharge processing by the outgoing lender, can stretch the timeline to 6 to 10 weeks.
How fast can you refinance? That depends on your documentation readiness and your current lender's discharge speed. Here is what happens at each stage so you can track progress and spot delays early.
Having your documents ready before you apply is the single biggest factor in keeping the timeline short.
01
Application to conditional approval
The new lender reviews your income, expenses, credit history, and loan purpose. Having your documents ready before you apply is the single biggest factor in keeping this stage short. Missing payslips or incomplete bank statements are the most common cause of delays here.
02
Property valuation
The new lender orders a valuation of your property to confirm the loan-to-value ratio supports the loan amount. Some lenders accept automated desktop valuations for lower-risk refinances, which can cut this stage to 1 to 2 days.
03
Formal (unconditional) approval
Once the valuation is in and all conditions from the conditional approval are met, the lender issues unconditional approval. At this point, the loan is confirmed and the settlement process begins.
04
Discharge and settlement
Your current lender releases the existing mortgage and the new lender registers theirs. Solicitors or conveyancers handle this stage. As Moneysmart (ASIC) notes, discharge of the existing mortgage and registration of the new mortgage is commonly the longest stage. Delays here are industry-standard, not a sign something has gone wrong. Some outgoing lenders are slower than others, and there is little you can do to speed them up once the discharge has been requested.
Not sure if now is the right time for you?
Book a free 15-minute timing assessment. A Stryve broker runs the numbers and tells you whether the savings beat the switching costs before you lodge anything.
Book your timing assessmentTiming signals
Three signs now is the right time to refinance
Knowing when to refinance is not about predicting the next RBA move. It is about whether the gap between your current rate and available market rates justifies the switching cost today. If one of these three triggers matches your situation, the timing is likely right.
Your fixed rate has ended or is ending soon
Refinance triggerBorrowers who locked in rates of 2% to 3% during 2020 to 2022 are now rolling onto lender revert rates, which can sit 1% to 2% above the best available variable rates. If your fixed term has expired or expires within the next 3 months, this is the single most common refinance trigger in 2026. You do not need to accept your lender's revert rate. Check what the market offers before your next repayment adjusts.
Your variable rate is well above market
Refinance triggerA gap of 0.50% or more between your current variable rate and the best available rate is enough to justify switching costs on a loan balance above $400,000. Moneysmart (ASIC) data shows there can be an interest rate difference of more than 2% between variable home loan rates on the market. If you have not compared rates in the past 12 months, the gap may be larger than you expect.
Your circumstances have changed
Refinance triggerRate savings are not the only valid trigger. A cash-out refinance to fund renovations, debt consolidation to replace high-interest personal loans with a lower mortgage rate, or restructuring an investment portfolio can each justify refinancing regardless of rate movement. The test is the same: does the financial benefit outweigh the switching cost over a realistic timeframe?
For a broader look at motivations beyond rate savings, see common reasons to refinance, or read whether refinancing is right for you in 2026.
When refinancing does not make sense
Refinancing is not always the right move. Here are four situations where the costs or risks outweigh the benefit. This honesty is deliberate. At Stryve, our approach is no surprises, no pressure. If any of these apply, a broker can still tell you when the timing will shift in your favour, or suggest alternatives like negotiating a retention rate with your current lender.
Switching costs exceed the saving
If you refinanced recently and the rate gap is small, the fees for discharge, application, and government registration may add up to more than the interest you would save over the next 2 to 3 years. A saving of $30 per month does not justify $3,000 in upfront fees. Run the numbers before committing.
Break costs wipe out the rate saving
If you are mid-way through a fixed term, the break cost your lender charges can exceed the total interest saving over the remaining life of the loan. Get a written break cost estimate from your lender first. If the break cost is $8,000 and the rate saving over three years is $6,000, refinancing costs you money.
You cannot pass the serviceability test
If your income has dropped, your expenses have risen, or rates have increased enough that you cannot meet the APRA buffer at a new lender, refinancing is not available right now. This is not permanent. Income changes, rates shift, and some lenders apply the buffer differently for certain loan types. Review your position again in 6 to 12 months.
You are in the final years of your loan
If you are in the last 5 to 7 years of a 30-year loan, most of each repayment goes toward principal, not interest. A lower rate saves you very little at this stage because the interest component is already small. The switching costs are unlikely to be recovered before the loan is paid off.
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What our customers
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“Nate and Dylan were extremely helpful in helping us secure our new home. They were easy to contact from day one, and answered any questions we had. We felt reassured at all times and are very grateful for their patience with us. I have recommended Stryve to 3 friends now who have all been successful in achieving their goals of purchasing their homes. We are so happy with the service and will definitely keep on recommending Stryve to our family and friends.”
Whitney Tran
Homeowner
“I never had a problem with Dylan. From the start of our journey on mortgage til the very end and even with refinancing, he/they were very helpful, transparent, honest and really keen to help their clients! Highly recommended.”
Cristianne Del Valle
Homeowner
“On behalf of my husband and I, we would like to truly thank Dylan Bertovic for all his assistance in helping us with our new loan - approved in time before our settlement. Dylan worked above and beyond expected. He took the time to explain every step and process with us. Any questions we had, Dylan would go out of his way to ensure they were answered. He made the process stress free and ensured we got the best possible deal. We highly recommend Dylan to all our family and friends.”
Merna Yalda
Homeowner
“Nate is great to work with, very knowledgeable, responsive and genuinely invested in helping me find the right solution. Highly recommend this firm to anyone looking for reliable, competitive and professional brokerage services.”
Julia
Homeowner
“Dylan has not only been a longtime friend, but also the trusted mortgage broker of choice for my family. He answers the phone at all hours, communicates extensively through all steps of a sometimes-complicated process and manages my risk. He has a straight to the point approach which I appreciate. Simply gets the job done, and gets it done very quickly. Thanks for everything Dylan, you're a champion broker and a good mate.”
Christian Barać
Homeowner
“Nate and Dylan were the ultimate professionals in securing a home loan to help us purchase our first home! Following the purchase of our home, they have continued to provide their exceptional service and have been able to secure two rate reductions in six months! Being self-employed wasn't an issue for me as Nate knew the process back-to-front and was able to provide sound advice throughout the application process.”
Justin Tomas
Homeowner
“It was an absolute brilliant experience with Stryve. Our first purchase was with Dylan he was always clear re: the next steps, quick to respond, never tired of questions and went over and above with communication. We went back and used him again for our next investment and the experience was just as wonderful as the first. Stryve also reviews our loans every 6 months to make sure we are getting the best rates on offer. We couldn't ask for more!”
Amber Motii
Homeowner
When to refinance: common questions
Ready to find out what refinancing could save you?
Stryve compares 40+ lenders to find the right fit for your situation. If refinancing does not make sense right now, we will tell you. No surprises, no pressure.