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Using a mortgage broker to refinance usually won’t cost you a cent. But certain borrower types may benefit the most from using a mortgage broker when refinancing
Check refinance home loan rates from multiple lenders
Get expert help with refinancing from a mortgage broker
Refinance with support from our trusted team of home loan experts. Updated 13 Feb 2026.
Interest rates from
5.54%
p.a.
Comp. rates from^
5.58%
p.a.
Variable Bare Home Loan 90% LVR
Borrow up to $2m with competitive variable rates from 5.54% p.a. (comparison rate^ 5.58% p.a.). Enjoy flexible payment options, zero monthly or ongoing fees, unlimited free redraws and up to 30 year terms. 90% Max LVR applies. Visit site for T&Cs and to check eligibility.
Yes, you can use a mortgage broker to refinance your home loan. Even though you’re a customer of a particular lender, you can engage the services of a broker to act on your behalf to help you find a better deal and refinance (switch) to another lender.
A mortgage broker will simultaneously help you deal with your existing lender and the one you’re refinancing to, ensuring the switch goes through smoothly.
Or, if you’re refinancing with the same lender, your broker can step in and negotiate for you and take care of any paperwork on your behalf. At the very least, they’ll save you from the pain of waiting on hold with your lender.
Recent data from the Mortgage & Finance Association of Australia (MFAA) shows that 75% of home loans are now written by mortgage brokers.
A mortgage broker will do a detailed home loan comparison for you based on your needs. This saves you the time and effort of looking for a good refinance deal yourself, plus they may be able to access deals that aren’t publicly available.
Refinancing can be an overwhelming process if you’re not sure what you’re doing. Brokers provide valuable advice and recommendations that help you understand complex terms and make better informed decisions.
Refinancing involves paperwork and legwork. A mortgage broker handles much of this for you. They understand how different lenders operate and will lodge your application for you. This can make a world of difference if you’re stretched for time.
Brokers can negotiate with lenders to get you better terms, which can result in lower rates and fees. This is particularly the case if you have a good credit score and a loan-to-value ratio (LVR) of 80% or less.
Banks sometimes default to a 30-year term when refinancing, which can offset the benefits of a lower interest rate. A broker can help you avoid this trap by negotiating a more suitable loan term, keeping your repayments in line with your financial goals.
Akos from Woodford, NSW
“We wanted to refinance to a lower rate and unlock equity in our home for a variety of needs and opportunities. Refinancing can be daunting – especially if you run your own business and have a complex financial situation like we do – but the team at Money.com.au were exceptionally helpful. They were excellent communicators, told us exactly what information we needed to provide, and then handled the rest. I can’t recommend them highly enough. They found a bank willing to work with our complex financial situation, which allowed us to unlock equity in our home.”
Akos from Woodford, NSW
We recently surveyed more than 1,000 Australians to find out whether their lender reset their home loan term to 30 years when they refinanced.
A third of homeowners (33.4%) said yes – but they agreed to it. Meanwhile, 29.3% said no, they kept their original term, and 29% said they’ve never refinanced. Worryingly, 8.2% said their loan term was reset without their knowledge.
You may be uncertain about whether to use a mortgage broker or handle it yourself. Here are some situations where working with a broker may be particularly valuable:
If you used a broker for purchasing your first home and are considering refinancing yourself this time, it’s worth remembering that the process of refinancing is different to taking out a loan from scratch. After all, you’re now potentially dealing with two lenders – your current one and the one you’re switching to, with paperwork to take care of from each.
If you’re on the borderline of the next LVR bracket, like 72%, a broker can help you shop the valuation so you qualify for better rates. Lenders offer different interest rates based on the LVR tier you fall into. For instance, borrowers with an LVR of 70% usually get better rates than those with an LVR of 80%.
If your life has become more complicated – such as having kids or managing a busy schedule – using a broker can save you time and reduce stress.
When refinancing to access equity, the process can be intricate. A broker can navigate these challenges and ensure you get the best terms and rates for your equity release.
Sometimes life throws you a curveball and you need to buy out a partner following a divorce. Expert advice here or in a similar situation can be a lifeline. A broker can help manage the financial intricacies involved.
If your credit score has dropped since you first took out a home loan, securing fair refinancing terms can be tough. Brokers can use their industry knowledge and comparison software to find specialist lenders willing to work with you despite your credit challenges.
If you’ve recently started your own business, proving your income and ability to repay the loan can be more complicated. A broker can assist in preparing the right documentation and finding lenders who are more flexible with self-employed borrowers.
Ask your mortgage broker to shop around with lenders for valuations of your property. See which loan providers will give you the highest valuation and the best rate according to your LVR. Don’t assume one bank’s appraisal of your property will be the highest.
Debbie Hays, Senior Mortgage Broker
“Your LVR plays a big role in getting a better refinance deal. A lower LVR often means better rates and terms because you’re viewed as less riskier to lenders. Simply put, the more equity you have in your home, the better your refinancing offer will likely be. For example, if your LVR is 71 or 72%, you want to get it down to 70% by either paying down your loan or shopping the valuation with a bunch of different lenders.”
Debbie Hays, Senior Mortgage Broker
Refinancing directly with your lender is of course an option given you already have a relationship with them. If you play your cards right you can potentially negotiate a better rate and terms. But this limits you to that lender’s products, which might not be as competitive as other refinance options available.
A mortgage broker, on the other hand, can show you a range of lenders and loan products, though they don’t have access to every lender.
They can also negotiate to reduce or waive certain fees, such as establishment fees. Brokers often have relationships with lender representatives, called “business development managers” (BDMs), which helps them negotiate better terms, whether you’re switching lenders or staying with the same one.
If you prefer a hands-on approach and feel confident about finding a good deal, refinancing on your own might work well. Doing your own research means you can potentially compare a broader selection of lenders in the market, not just the ones a broker compares. However, if you need help or have a complicated financial position, a mortgage broker can offer a lot of value.
Mortgage brokers are usually paid a commission by the lender after your new loan has settled, so it shouldn’t cost you anything. However, there are some complex situations where you might need to pay an upfront fee, such as if you’re refinancing with low documentation (i.e. you have no payslips) or you’re purchasing property through a trust.
Mortgage brokers are required to let you know about any upfront fees and explain how they’re paid. This means you’ll learn about their payment structure during your initial consultation. Additionally, the lender will include a breakdown of any commissions in your refinance home loan approval documents.
 | Laboratories Credit Union Simple Home Loan Owner OccupiedInterest rate 5.19% per annum (variable) Comparison rate 5.21% per annum App Fee: $200 Max LVR 95% | Compare now on Money.com.au or visit site |
 | BankVic Home Buyer or Upgrade Fixed RateInterest rate 5.29% per annum (fixed 2 years) Comparison rate 5.59% per annum App Fee: $600 Max LVR 80% | Compare now on Money.com.au or visit site |
 | Pacific Mortgage Group Owner Occupied Variable Home LoanInterest rate 5.34% per annum (variable) Comparison rate 5.34% per annum Redraw Max LVR 80% | Compare now on Money.com.au or visit site |
 | Northern Inland Credit Union Smart Home LoanInterest rate 5.34% per annum (fixed 3 years) Comparison rate 6.78% per annum Redraw Offset App Fee: $600 Max LVR 80% | Compare now on Money.com.au or visit site |
 | Gateway Bank Green Plus Home LoanInterest rate 5.35% per annum (variable) Comparison rate 5.64% per annum Redraw Offset Max LVR 80% | Compare now on Money.com.au or visit site |
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.
Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly repayments. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.
General information only
The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any home loan product is suitable for you and seek independent financial advice if necessary.
We are not providing you with a recommendation or suggestion about a particular home loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.
What products, features and information are shown
While we make every effort to ensure all home loans available in Australia are shown in our comparison tables, we do not guarantee that all products are included.
Our product comparisons may not compare all home loan features and attributes relevant to you.
Product information, such as interest rates, fees and charges, is subject to change without notice. Before acting on any information, you should confirm the relevant product information with the lender.
How home loans are sorted and filtered by default
Users can easily change the sort order and apply product filters to our product comparison tables. However, when you arrive on a page initially, by default home loans are sorted by:
Some home loan products listed in our tables are available through a mortgage broker. These are the products with an option to ‘Check Eligibility on Money.com.au’. Mortgage brokers may not be able to offer loans from every provider and there may be more suitable loans for your personal circumstances.
Mortgage brokers are not authorised by Money Australian Credit Licence and operate under their own Australian Credit Licence, or as a credit representative of another Australian Credit Licensee. Mortgage brokers can make recommendations about home loan products that may suit your objectives, financial situation and needs.
Our tables feature all home loans available from lenders on our database that match the search criteria selected. Lenders do not pay to feature in our tables, nor do we earn commission if you click to visit a lender’s website. The order of the products in the table is not influenced by any commercial arrangements.
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