Refinancing costs vary depending on your individual circumstances.
For example, if you have a fixed-rate home loan and want to switch before the end of the fixed term, you’ll likely have to pay break fees. However, if you’re on a variable-rate mortgage, that expense isn’t something you need to think about.
On top of that, different lenders have different fees. And not just the price they charge, but whether they charge it at all.
Take mortgage application fees. Some lenders may waive this cost. However, they might charge higher ongoing fees than other lenders. So you need to look at the whole cost of refinancing, not just compare individual fees one by one when you are shopping around.
At Well Home Loans, we’re proud of being an ethical lender. So we are fully transparent about the fees we charge on all our products.