Updated 4 October 2026. When higher home loan repayments put pressure on your budget, start with a review of your current loan and household cash flow.
What can a mortgage broker help you compare?
A broker can discuss your needs, assess your financial position and explain suitable loan options from the lenders they work with. Ask which lenders are considered, how the broker is paid and why a recommended loan suits your circumstances. Brokers do not necessarily compare every loan in the market.
Bring your latest loan statement, income evidence, living expenses and details of other debts. This gives the discussion a practical starting point. Read ASIC Moneysmart’s guide to using a mortgage broker for questions to ask.
Review your existing loan before switching
Ask your lender whether it can offer a better rate. Then compare alternatives using the interest rate, ongoing fees, features and total switching costs. Discharge fees, application fees and fixed-rate break costs can reduce the benefit of refinancing. Lenders mortgage insurance may also apply to a new loan.
A lower monthly repayment can be misleading if it comes from extending the loan term. Compare the cost over your remaining term as well as the immediate change to your budget. ASIC Moneysmart’s switching home loans guide explains the main trade-offs.
Prepare for a useful loan review
- Write down your current balance, rate, repayment and remaining term.
- List the features you use, such as an offset account or extra repayments.
- Ask for a comparison that includes switching costs and the time needed to recover them.
- Check the new lender’s approval requirements before making plans around a quoted saving.
Explore our refinancing guidance or book a loan review with Chris Berry to discuss your next step.
General information only. Loan suitability, approval and any savings depend on your circumstances and the lender’s assessment.
