Refinance · September 2026
Yes. It’s called a repricing, it usually costs nothing, and it’s the first thing to try.
You keep the loan and the lender lowers the rate, or moves you to a cheaper product they already sell. No discharge, no new valuation, no settlement. The only question is whether they go far enough. On 14 September 2026 the best comparison rate on the panel was 6.1% and the middle was 6.57%. From the middle to the best is $153 a month on $500,000. That is the number to hold them to.
What each outcome is worth against the middle rate of 6.57%, over 30 years, principal and interest.
| Outcome | Rate | Saving a month | Fees | Net over five years |
|---|---|---|---|---|
| Lender matches the best | 6.1% | $153 | $0 | $9,180 |
| Lender goes halfway | 6.34% | $75 | $0 | $4,500 |
| Move to the best lender | 6.1% | $153 | $450–$1,400 | $7,780 |
Halfway is the common offer. Over five years it leaves $4,680 with the bank, which is more than the fees to move. The refinance page runs this for other balances.
Name the product, not just the rate
Ask what their new-customer rate is today on the product you hold, and on their basic variable loan. Ask to be moved to whichever is cheaper.
Name the market
People First Bank at 6.1% is the best on the panel today. The script for the call is on its own page.
Keep your years
If they restructure, say the term stays as it is. A new 30 years on $500,000 with 22 left adds $181,320 of interest.
Yes. Lenders call it a repricing, a rate review or an internal refinance. You keep the loan, the account and the offset, and the lender lowers the rate or moves you to a cheaper product. There is usually no discharge fee, no new valuation and no settlement, because nothing changes hands. It is the cheapest refinance there is, which is why it is the first one to try.
It is better when they match the market, and it is worse when they don't. On 14 September 2026 the best comparison rate on the panel was 6.1% and the middle was 6.57%. If your lender takes you from the middle to the best, you save $153 a month on $500,000 and pay nothing. If they only go halfway, you save $75 a month and leave $78 a month with them. Moving costs $450 to $1,400 once, which the full gap repays in 3 to 10 months.
Usually, and that is where the bigger savings hide. A basic variable loan is often cheaper than a package loan once you count the package fee, and a fixed rate that has ended rolls onto a revert rate that can be a point above the same bank's best variable. Ask for the rate on the product they sell new customers today, on their website, and ask to be moved onto it. That is an internal refinance too, and some lenders charge a small switch fee for it.
Sometimes, though car loans are less flexible than home loans. Most car lenders will not reprice an existing contract; you pay it out and take a new loan, which means a new application and often an early payout fee. Check the payout figure first. If the car loan is what is limiting how much home loan you can get, the borrowing power page shows what clearing it is worth.
Two. The first is a partial cut that feels like a win: a 0.15-point reduction when the market is a full point away. Compare the new rate with the panel, not with your old rate. The second is the term. If the lender restructures the loan onto a new 30 years, the repayment falls but the interest rises. On $500,000 with 22 years left at 6.1%, a fresh 30-year term cuts the repayment by $415 a month and adds $181,320 in interest. Keep your years.
Priced 14 September 2026, re-priced monthly and after each RBA decision. Rates are comparison rates from the panel of 32 lenders 1st Street works with, on a $600,000 owner-occupied loan. Whether your lender reprices, and by how much, is up to them. Arthr Pty Ltd provides marketing and lead-generation services only; credit assistance is provided by 1st Street Pty Ltd, Credit Representative 490057 under Australian Credit Licence 389328.
A broker at 1st Street asks your lender to reprice first, and only moves you if the answer is no.