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Refinancing may save you money but there are costs involved, and it’s sensible to weigh up all the pros and cons, especially the costs versus the benefits, to ensure refinancing really is the right move for you.

Some of the key costs you could face include:

Borrowing costs

When you refinance, your new lender may charge a range of upfront fees. Not all lenders charge all of these fees, and some may be negotiable.

Exit Fees

Your current lender may charge exit fees, sometimes called ‘early repayment fees’. Exit fees vary widely though they usually only apply if you have had your current loan for less than five years.

Mortgage registration fees

When you switch from one home loan to another you may be asked to pay mortgage registration fees that let the State Titles Office know you’ve changed either your lender or the type of loan.

Lender’s Mortgage Insurance (LMI)

If your new loan is for 80% or more of your home’s value, it’s likely you’ll be asked to pay LMI. LMI involves a one-off premium

Break costs

If you currently have a fixed rate loan check if you could be up for ‘breaks costs’. A call to the lender will tell you if break costs apply and what you’re likely to be charged.

Settlement fee

your lender may charge a fee for the payout of your current mortgage

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