Compelling rates and offers can make a refinance look appealing, but you should always weigh this up against the potential costs in the short– to long–term. We’ve put together a general guide of what out-of-pocket expenses you can expect based on the type of mortgage you are after.
BASIC
FULL FEATURE/PACKAGE
Upfront Fees
Application FeeApplication Fee
Valuation FeeValuation Fee
Settlement FeeSettlement Fee
Solicitor/Conveyancer CostsSolicitor/Conveyancer Costs
Rate Lock Fee (Optional)
Approx. $0 – $200Approx. $0 – $600 + Rate Lock
Government Fees
Mortgage Registration FeeMortgage Registration Fee
Mortgage Discharge FeeMortgage Discharge Fee
Title Search FeeTitle Search Fee
Approx. $150 – $300Approx. $150 – $300
Ongoing Fees
Annual/Package Fee
Approx. $200 – $400
Discharge Fees
Discharge FeesDischarge Fees
Fixed Rate Break Fees (if applicable)
Approx. $100 – $400Approx. $100 – $400 + Break Costs

You may find that a refinance at this time (particularly if you are on a fixed rate) would put you at a disadvantage or, on the other hand, that the out-of-pocket costs you would incur can be recouped by the savings you’ll make within a matter of months. If you decide a refinance is the way to go, you might also want to consider:

Be aware of the different sorts of refinance and what will help you achieve your goals and suit your financial situation.

Understand the current property market and its effect on the LVR of your property – it could earn you a discounted rate.

What seem like minuscule shifts in percentages between lenders can end up a large sum in the long run – how much can 0.5% save you?

Speed up your application by ensuring you have personal and financial documentation available for your new lender to assess.

While lenders can offer appealing advertised rates, you cannot underrate the importance of the comparison rate.

There can be a lot to be across when refinancing. A credit advisor is your best resource to help you will all of these steps.