Calculate the current payout
Ask the existing lender for a payout figure and check early-termination or break costs. The statement balance may not include every amount required to close the loan.
Compare like with like
Compare the new loan over the same remaining period, including establishment and ongoing fees. Extending the term can reduce each repayment while increasing total interest.
Protect the credit file
Check likely eligibility before lodging multiple applications. A refinance is still a new credit application and the new lender completes its own assessment.
Key points
- Start with the payout figure
- Include all new and old fees
- Compare the same remaining term
- Avoid unnecessary applications
Frequently asked questions
Can I refinance after my credit score improved?
Possibly, but approval and pricing depend on the full current application, not the score alone.
Can I combine other debts?
Some lenders allow consolidation, but increasing the balance or term can change total cost and risk.
Important: This guide provides general information only and does not constitute financial, credit, or legal advice. Finance options depend on individual circumstances, lender criteria, and assessment. Envision Finance is a comparison and referral service helping you find suitable options from our panel of lenders.