A few signs. Your fixed rate is about to end and you're heading for a higher revert rate. You haven't looked at your loan in a couple of years. Or you suspect that new customers are getting a better deal than you are. As a rough guide, a gap of around half a percentage point between your rate and what's available is worth a closer look. On a $600,000 loan, that's about $3,000 a year in interest. Other triggers matter too: your income has risen, your property has gained value, or your needs have changed and the loan no longer fits. We compare your current loan against the market and tell you plainly whether switching is worth it.

There can be several costs: a discharge fee from your current lender, an application or valuation fee from the new one, and break costs if you leave a fixed rate early. Some lenders offer cashback deals to win your business, but they often come with strings attached. If you leave within two to four years, you may have to pay some of it back. If your equity is below 20%, the new lender may also charge Lenders Mortgage Insurance, and you usually can't carry over the premium you already paid. That's why we compare your total savings against the total cost of switching, over the period you'll realistically keep the loan. If the numbers don't stack up, staying put is the right call.

Usually somewhere between two and six weeks, depending on the lender and how quickly the valuation and paperwork come through. For a standard employed borrower, the pile is fairly small: recent payslips, ID, your current loan statement and a few months of bank statements. Easy refinance options with minimal documentation exist at some lenders, especially if your repayment history is clean and your circumstances haven't changed much. "Minimal" means less paperwork, not none, because lenders still need to verify what you earn and owe. We prepare the application so the lender isn't chasing you for missing documents halfway through, which is what slows most refinances down.

Often, yes, but your options narrow. Many lenders will refinance up to 90% of your property's value, though the new lender may charge LMI above 80%, and the rate can be higher at higher loan-to-value ratios. If property values have dropped, or you've bought recently and haven't built up much equity, you may be better off staying with your current lender and negotiating. A fresh valuation can make a big difference here, because your property may have grown in value since you bought it. We'll check where you really stand before you apply, so you don't trigger a credit enquiry for a loan you can't get.

Yes, as long as there's enough equity. Most lenders let you borrow up to 80% of your property's value, and the difference between that and what you owe is your usable equity. When you refinance, you can access some of it to fund a renovation or a deposit on another property. How you structure it matters. We usually suggest keeping the extra money in a separate loan split from your main mortgage, which makes it easier to track what the money was used for. That's particularly important for investment purposes and for any tax deductions, so check the tax side with your accountant. We'll also make sure the new repayments suit your budget.

It's worth asking your bank first. Sometimes a phone call is enough to get a rate cut, and it costs nothing. But your bank will only compare you against its own products. A mortgage broker checks the wider market, including lenders you may not have heard of, and handles the paperwork when you switch. That matters most if your loan is large, your situation is a bit complicated, or you've been with the same lender for years. We act as a mortgage broker in Sydney, including the Eastern Suburbs and Northern Beaches, and we also help clients in Melbourne. We'll tell you if your current lender is already competitive, even if it means you don't need us.