It’ll cost anywhere between $500 to $2,000 to refinance a home loan, but actual costs will vary between loans and lenders
Some lenders might waive certain fees
Others could offer cashback incentives to cover all refinancing costs
Check the latest refinance deals & rates below
Refinance with support from our trusted team of home loan experts. Updated 30 Jun 2026.
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Comp. rates from^
6.08%
p.a.
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Refinancing a home loan in Australia typically costs between $500 and $2,000, according to our most recent analysis. The exact amount depends on whether you’re staying with the same bank but changing your loan, or moving to a new lender.
If you’re refinancing internally (sticking with your current bank), the fees are often lower than if you’re refinancing externally (switching to a new lender).
Common costs for refinancing include application fees, property valuation fees, legal fees, and exit fees. Some lenders might waive fees or offer incentives, such as cashback deals, to offset refinance costs and encourage you to switch.
Nick Burgess, Money.com.au Senior Mortgage Broker
“When helping a public sector professional refinance their home loan, one of the biggest priorities was to reduce refinance costs to make sure it relived genuinely value.
Their existing lender had a discharge fee of $400, while the new lender had a $250 application fee and charged a huge $300 annual package fee. However, the biggest hurdle was the new lender's rate lock fee of around $2,000, which risked adding a significant upfront cost to the refinance and would delay the application at a time when interest rates were continuing to rise.
I found ways to help reduce the overall cost of the loan. This made the refinance financially worthwhile for the client and allowed them to secure a competitive fixed rate while retaining access to a full offset account to save money over the life of the loan.”
Nick Burgess, Money.com.au Senior Mortgage Broker
$350 - $500
$130 - $250 (x 2) depending on your state
$50 - $100
$0 - $750
$100 - $400
$50 - $600
You can often negotiate with your new lender to lower or eliminate the upfront costs of your loan. If the lender offers cashback for refinancing with them, it might cover or exceed the costs.
If your new loan requires you to borrow more than 80% of your home’s value, you may need to pay lender’s mortgage insurance (LMI), which can be several thousand dollars.
Banks use different names for refinancing fees. Your bank manager or mortgage broker can explain these costs and help you understand which fees apply to you. This will help you decide when to refinance and if it is worth it.
Yes, you can usually negotiate refinance fees. Many lenders are willing to adjust fees or offer incentives to attract new customers and retain existing ones. Here are some ways you can approach it:
See if the lender can reduce or waive certain fees, such as application or legal fees.
Use offers or incentives from other lenders as a bargaining chip to negotiate better terms.
Some lenders offer cashback for refinancing with them, which can offset or even cover the costs associated with refinancing.
If there are high refinancing costs, you might be able to save money elsewhere by getting the lender to offer a shaper interest rate.
Sean Callery, Editor of Money.com.au
"When I recently refinanced, we had a split loan and our old lender was initially going to charge two discharge fees, as technically we had a fixed and a variable rate loan. I asked nicely and managed to negotiate away one of the discharge fees, saving us $350."
Sean Callery, Editor of Money.com.au
If you refinance to a lower rate, refinancing is usually worth the costs involved in the long run. The lower the rate, the more money you’ll save in interest charges over the loan term.
Additionally, calculate the break-even point - the time it takes to recoup the refinancing costs. If you plan to stay in your home long enough to reach this point, and refinancing aligns with your long-term financial goals, it could be a solid strategy.
For example:
Home loan amount | Current interest rate |
|---|---|
$600,000 | 6.49% |
Home loan amount | Current monthly repayments |
$600,000 | $3,930 |
Home loan amount | Refinance interest rate |
$600,000 | 5.99% |
Home loan amount | New monthly repayments |
$600,000 | $3,741 |
Home loan amount | Monthly savings |
$600,000 | $189 |
Home loan amount | Refinance fees |
$600,000 | $1,000 |
Home loan amount | How long will it take to break even? |
$600,000 | Roughly five months |
| Home loan amount | $600,000 |
|---|---|
Current interest rate | 6.49% |
Current monthly repayments | $3,930 |
Refinance interest rate | 5.99% |
New monthly repayments | $3,741 |
Monthly savings | $189 |
Refinance fees | $1,000 |
How long will it take to break even? | Roughly five months |
One way to get the financial benefit of refinancing without the cost is to make it clear to your current lender that you are going to switch. Our research shows that nearly three-quarters of refinancers (72%) were offered a better deal by their existing lender when they made it clear they were close to the exit door. The majority then chose to take that improved offer.
Of course, refinancing isn't purely about saving money. It can be worth it for other reasons too, such as allowing you to release equity for home improvements through a renovation home loan, or to restructure your mortgage following a change in circumstances.
Before refinancing, check the current interest rates from different lenders and compare them to your existing rate. Get to know your financial details, like your loan-to-value ratio (LVR) and credit score. Contact your bank and request a better rate. Most lenders will want to keep your business, especially if you have a high loan amount (e.g. above $600,000).
Jared Mullane is a finance writer with more than a decade of experience at some of Australia’s biggest finance and consumer brands. His areas of expertise include energy, home loans, personal finance and insurance. Jared is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821).
Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.
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