Refinancing can save you thousands, but it's not always the right move. Use this checklist to evaluate whether switching makes sense for you.
When Refinancing Makes Sense
✅ Your current rate is more than 0.5% above what's available in the market
✅ Your fixed rate period is ending and reverting to a higher variable rate
✅ Your financial situation has improved (higher income, less debt)
✅ You want to access equity for renovations or investment
✅ You want to consolidate multiple debts into your mortgage
✅ Your current lender isn't offering competitive features
When Refinancing May NOT Make Sense
❌ Your remaining loan balance is very small (< $100,000)
❌ You're about to change jobs or reduce income
❌ You have high break costs on a fixed loan
❌ You've recently had credit issues
❌ The savings don't outweigh the switching costs
The True Cost of Switching
When calculating whether to refinance, factor in:
•Discharge fees from your current lender ($150–$400)
•Application fees with the new lender ($0–$600)
•Valuation fees ($0–$300)
•Break costs if you're on a fixed rate (can be thousands)
•Government fees for mortgage registration
How a Broker Can Help
A licensed mortgage broker can review your current loan, compare it against the market, and calculate exact savings — including all switching costs. Mazal Mortgages can introduce you to a broker who specialises in refinancing.