The fastest way to know whether your home loan is still competitive: three numbers, five minutes, no obligation.

If your last refinance was 2022 or earlier, there is a strong chance you’re paying more than you need to. The cash rate has shifted, lenders have changed their appetites, and the rate your bank gave you when you signed up is almost never the best rate they’re offering today. Most home loans we look at are 0.3% to 0.6% off where they should be. On a $700,000 loan, that is the difference between $2,800 and $5,600 a year, every year.

Before you do anything else, run this quick check.

Number 1: Your current variable rate

Find a recent statement or log into internet banking. Write down the variable rate you’re paying right now (not the headline rate from the website, the rate on your actual loan). If you’re on a fixed rate, note when it rolls off as well.

If your rate starts with a 6, there is almost certainly a better deal. If it starts with a 5, there might still be 0.2% to 0.4% in it. If it starts with a 4, you’re probably already on a sharp rate, but it’s still worth checking the comparison rate (which includes fees).

Number 2: What your bank is offering new customers

Open the same bank’s home loan page in an incognito browser window and look at their headline rate for a new owner-occupier loan with a 20% deposit. Compare it to what you’re paying.

If their advertised rate is more than 0.15% lower than yours, you are paying what brokers call the “loyalty tax”. The bank is quietly charging existing customers more than new ones, and they’re banking on the fact that you won’t notice.

This is the single biggest reason people refinance in 2026. Not because the cash rate moved. Because their own bank started offering better deals to strangers than to them.

Number 3: Monthly dollars, scaled out

Take the difference between your current rate and a rate you could realistically get (assume the lowest competitive rate for your loan size and deposit). Plug it into any online repayment calculator. For most loans, every 0.25% off the rate is around $100 a month on a $700,000 loan, or $36,000 over the remaining 30 years.

If the monthly saving is more than $80, a proper refinance conversation is worth your time. Below $80 and once you factor in the time and admin, you might be better off sticking and revisiting in 12 months.

What we look at when you send us a statement

Once you’ve run the 3 numbers, the next step is sending us a recent statement (one page, no need to dig out the loan contract). What we check on your behalf:

  • Your real comparison rate (the one that includes fees and offset costs)
  • Your current LVR (loan-to-value ratio), which often shifts after property growth and unlocks better rates
  • Break costs if you’re inside a fixed term
  • Whether your existing lender will price-match to keep you (sometimes worth a quick conversation before moving)
  • Cashback offers from other lenders ($2,000 to $4,000 is still common in 2026 for switchers)
  • How your current product handles offset, redraw, and extra repayments versus what’s available now

Most refinance conversations take us 20 minutes on the phone and end with one of 3 answers: “you’re already on a fair deal, sit tight”; “your own bank will likely match if you ask”; or “yes, here are 3 lenders that would save you $X a month, here is what the switch would cost in time and paperwork”.

What it does not cost

The conversation is free. The refinance itself, in 9 out of 10 cases, is free to you because the new lender pays our commission. Most lenders also pay for their own valuation and government fees on a standard switch.

The only meaningful cost is your time: typically 2 to 3 hours total to gather documents, sign the application, and complete settlement. For most clients, the saving over the first 12 months pays for that time many times over.

Next step

If your last refinance was 2022 or earlier, send us a recent statement and a quick note on what you owe. We will come back within one business day with a clear answer on whether you should move, what the saving looks like, and what (if anything) is in the way.

Call us on 0473 113 128 or email admin@webwealth.net.au.