The cost is more than the new interest rate. Ask for a written breakdown of setup costs, exit costs, ongoing fees and total repayments under the proposed term. The initial RepaymentCheck is free; that does not mean a refinance has no costs.
Prepared for Reduce My Repayments by Monet Finance · Published 5 October 2026 · General information for Australian homeowners
Build a complete cost sheet
Ask about application, valuation, settlement, discharge and ongoing fees for the proposed option. Include any payout charges on debts being cleared. If a current home loan has a fixed-rate portion, request the relevant exit information. Mark each amount as confirmed, estimated or still to be obtained.
Check where the fees go
Ask whether each fee is paid from savings or added to the borrowing. Financed fees increase the balance on which repayments are calculated. A proposal should make the new loan balance clear rather than displaying only the debts being paid out. Ask for the repayment and cost comparison to use the full proposed amount.
Choose a fair comparison period
Compare costs over the period you realistically expect to keep the loan and over the intended payoff horizon. A monthly reduction is not the same as a saving. If the term changes, ask for a like-for-like repayment horizon as well. Discuss the assumptions behind any future interest estimate.
Ask about the broker’s remuneration
Ask what fees, if any, apply to the service and how the broker is paid. Read the disclosures before committing. Keep the first-call cost separate from lender, third-party or later service costs so there are no surprises when an application is considered.
What to prepare
- Written fee breakdown for the proposed product.
- Payout and discharge quotes for existing debts.
- Whether fees are financed or paid separately.
- Comparison of repayments and total cost at a stated term.
Your questions answered
Is the RepaymentCheck free?
Yes. The initial phone conversation is free. Any later lending or service costs should be disclosed before you proceed.
Can fees be added to the loan?
Some structures may allow this. Ask about eligibility and the interest cost of financing them.
Does a lower rate always make refinancing worthwhile?
No. Fees, remaining term and the repayment plan can change the result.