If your loan hasn't been reviewed in two years, there's a good chance you're on a rate your lender reserves for people who don't ask. A 20-minute loan health check can settle it.
Lenders quietly rely on what’s known as the loyalty tax: new customers get the sharp advertised rate, while existing borrowers drift onto something higher. If you set and forgot your mortgage, 2026 is a good year to check — the gap between an average rate and a well-negotiated one can be worth thousands a year on a typical eastern-suburbs mortgage.
How do you know if your rate is competitive?
Compare your current rate against what your own lender offers new customers for the same loan, then against the wider market. We run this comparison across 25+ lenders in one sitting — and sometimes the best move is simply asking your existing bank to match, which we can negotiate for you without a full refinance.
What does refinancing actually involve?
A new lender pays out your existing loan and your repayments move across. Expect discharge and government fees of a few hundred dollars, largely offset by cashback or waived fees where available. We handle the paperwork, the valuation and the discharge process — most clients spend well under an hour on it in total.
It’s not only about the rate
Refinancing is also the moment to restructure: consolidate a car loan or credit card, split fixed and variable, add an offset account, or release equity for a renovation or investment property. The right structure often saves more than the rate cut itself.
When staying put is the right call
If you’re midway through a fixed term, break costs can outweigh savings — and if your loan-to-value ratio has crept above 80%, switching could trigger LMI. An honest broker tells you when not to move. That’s part of the job.
Book a free loan health check with Tudor Finance in Nunawading — call (03) 9894 7135. If you’re already on a great deal, we’ll tell you exactly that.
This article is general information only and doesn’t consider your personal circumstances. Tudor Finance Pty Ltd, Australian Credit Licence 393142.
