Four situations usually justify it: your fixed rate is ending, you have built enough equity to drop below 80% LVR, you want to access equity for a renovation or investment, or your income circumstances have changed.

The fixed-rate expiry is the most common reason Logan clients contact us. The revert rate a lender rolls you onto is rarely their sharpest offer, and a refinance takes weeks rather than days, so start two to three months before expiry.

It is not automatically worthwhile. If your balance is small, if you are close to paying the loan out, or if fixed-rate break costs exceed the saving, staying put is the better call and we will say so.

See our guide on fixed rates ending in Logan, or the refinancing page.

Expect a discharge fee from your outgoing lender, Queensland Titles Registry mortgage registration and release fees, and an application or settlement fee from the incoming lender, though many waive their own fees to win the business.

A valuation is usually required and often covered by the new lender. If you are breaking a fixed rate, break costs apply and can be substantial depending on where rates have moved since you fixed.

The threshold that catches people out is 80% LVR. Above it, Lenders Mortgage Insurance is payable again on the new loan and is not transferable, which frequently makes refinancing uneconomic.

We calculate the real saving after every fee rather than comparing headline rates. Run the numbers with our refinancing calculator.

Often, yes. Logan values have moved considerably over recent years, particularly in the established northern suburbs around Springwood, Daisy Hill and Shailer Park. If your loan-to-value ratio has fallen below 80%, you may avoid Lenders Mortgage Insurance on a new loan and release equity for a renovation, an investment deposit, or to consolidate higher-interest debt.

Consolidating unsecured debt into a mortgage lowers the rate but extends the term, so check total interest paid rather than the monthly figure. It also only works if the credit cards are actually closed.

Borrowing power is assessed fresh at refinance against a buffered rate, so some borrowers find they cannot refinance the amount they originally borrowed.

Read our guide on accessing equity from your Logan home.

A refinance triggers a fresh credit assessment and a credit enquiry, which causes a small, short-lived dip. One enquiry is unremarkable. Several within a few months signals distress to lenders and does real damage.

It also triggers a fresh serviceability assessment. A new job, starting a business, a separation, a new child, or moving to a single income all change how lenders view you, and the lender that suited you three years ago may not suit how your income looks now. If your position has tightened, waiting may be the better option.

Self-employed borrowers and those with variable income see the widest spread between lenders, which is exactly where comparison pays.

We check serviceability against specific lender policies before lodging, so you are not collecting declines. Call 1800 774 756 for an honest read.