Oshy Finance
Refinance your home loan, Sydney.
If your home loan hasn't been reviewed in the last 12 months, it is worth checking.
Lenders compete aggressively for new customers. Existing customers, meanwhile, tend to drift quietly onto less competitive rates, sometimes significantly less competitive. The industry has a name for this: the loyalty tax.
I check the numbers and tell you honestly whether moving is worth it. Sometimes it is. Sometimes staying put makes more sense.
Written by Joshua Khoury
Founder & Mortgage Broker · Credit Representative #578404
Updated 30 July 2026
When is refinancing a home loan worth it in Australia?
Refinancing means replacing an existing home loan with a new one, either at your current lender or a different one. It is generally worth doing when the interest saving over the next two to three years clearly exceeds the switching costs, which are typically a discharge fee of about $150 to $400, a new lender establishment fee, and break costs if you are inside a fixed term. Most Australian refinances settle in about four to six weeks.
- Typical switching costs
- Discharge fee roughly $150 to $400, plus any new lender and government fees
- Typical timeframe
- 4 to 6 weeks from application to settlement
- Common trigger
- A loan that has not been rate reviewed in 12 months
- Cost of the review
- No obligation to proceed
Last reviewed
Home loan health check
We offer a no-obligation home loan health check for any Sydney homeowner. We look at your current rate, your loan structure, your remaining term, and what's available in the market today, and we give you an honest assessment of whether refinancing makes financial sense right now.
Sometimes it does. Sometimes the numbers don't stack up, break costs, switching fees, or a remaining fixed period that makes waiting smarter. We tell you either way. We'd rather give you honest advice and earn your trust than push you into a refinance that doesn't make sense.
Why people refinance
01
Lower interest rate
Even a small rate reduction can add up over the life of the loan. As an illustrative example only, a 0.3% reduction on a $750,000 loan equates to roughly $2,250 less interest in the first year. Actual savings depend on your loan size, LVR, lender and any switching costs, we run the exact numbers for your situation before you proceed.
02
Access equity
If your property has grown in value since you purchased, you may have usable equity. This can fund renovations, a deposit on an investment property, or other significant expenses, often at a much lower rate than personal loans.
03
Debt consolidation
Rolling higher-rate debt, car loans, credit cards, personal loans, into your mortgage can significantly reduce your total monthly outgoings. This needs to be done carefully, but when structured correctly it can genuinely improve your financial position.
04
Better loan features
You might now benefit from features your original loan didn't have, an offset account that reduces your interest daily, a redraw facility, or the ability to make unlimited extra repayments without fees.
05
Remove a guarantor
If a parent or family member guaranteed your original loan, refinancing can allow you to remove that guarantee once you have sufficient equity, usually once you've paid the LVR below 80%.
06
Switch rate type
Moving from variable to fixed (or fixed to variable) based on your view of the rate environment or your need for certainty in your budget.
What refinancing actually costs
There are potential costs involved in switching, discharge fees from your current lender (typically $150–$400), application or establishment fees with the new lender, and potentially break costs if you're partway through a fixed rate period.
We calculate all of these before you commit to anything. We work out your break-even point, how long until the monthly savings outweigh the switching costs, so you can make a fully informed decision. In many cases, cashback offers from new lenders offset or eliminate these costs entirely.
Not sure where to start?
Get a quick assessment from Oshy. No commitment, no jargon, just an honest read on your situation.
How a rate review could change your repayments
The situation
Picture a couple who bought their Sydney home in 2021 with a $720,000 loan around 2.39%. Their lender has since revised it up to roughly 6.84%, repayments near $4,710/month, and they assume every other lender will be the same. That assumption is what costs people the most.
The outcome
Here's how we'd approach it: pull your current rate, run a like-for-like comparison across the lenders on our panel, and check eligibility for cashback offers and lower headline rates. Depending on your situation, the difference between rates can be meaningful, but it depends on your loan size, LVR, lender policy and any switching costs. We handle the discharge, application and settlement coordination so the switch itself is largely hands-off for you. (The figures above are illustrative only and not a quote, actual savings depend on your individual circumstances and the lender you qualify with. Comparison rates and full disclosures are provided in writing before you proceed.)
Why broad lender access matters when refinancing
Your current lender's best 'retention rate' may not be the best rate available to you in the market. Refinancing only makes sense when there's genuine value in switching, and the only way to know that is to compare across the lender panel, not just the few brands you already know.
Common questions
What happens after you book
1. Book your call
Tell us what you're trying to do — buy, refinance or invest. No commitment, no documents needed.
2. We get to know your situation
We listen, ask the right questions, and give you an honest picture of what's possible.
3. We sort the loan
We compare a wide range of lenders, recommend the best fit, and handle everything from application to settlement.
Explore other services
I help buyers and refinancers across Sydney
Local market notes, median prices and lender quirks for every suburb we cover.
Sydney districts
Western Sydney
Inner West
Lower North Shore
Northern Beaches
Sutherland Shire
Servicing all of Greater Sydney - book a call and we'll come to you, in person or by video.
See whether refinancing stacks up
Send an enquiry and Josh will personally review your current loan, costs of switching and what's available on our lender panel.