Refinancing
Your bank saved its best rate for someone else
New customers are offered the sharp rates. Long-term customers get moved onto worse ones over the years, and your bank is counting on you not to check. A licensed broker compares your rate across 30+ lenders and tells you straight whether switching is worth it.
Book a Free Strategy Session15 to 30 minutes · no obligation · 30+ lenders
Nobody calls to tell you your rate stopped being competitive.
Banks save their best pricing for new customers. Stay with the same lender a few years and your rate tends to drift, slowly and quietly, in a direction that suits them more than you. Plenty of people have never once checked. The gap is real money, and it widens the longer you sit still.
How it usually goes
- Your rate creeps up while the bank's new-customer deals stay sharp
- You call your bank and get offered just enough to keep you quiet
- One lender, one set of products, one answer
- A cashback catches your eye, then fees and a higher rate eat it
- You switch once, then drift back onto a worse rate within a year or two
How it works here
- We check what you're actually paying against 30+ lenders
- We tell you straight whether switching is worth the move, or not
- You share your details once, and you're never asked twice
- You get a shortlist of suitable options, with the real cost laid out
- After you settle, we keep watching your rate so you don't drift again
A 2020 ACCC inquiry found that borrowers who stay with the same lender for 3 to 5 years pay an average of 0.58% more than new customers, climbing to 1.04% after 10 years. On a $700,000 home loan, that's around $7,000 extra per year in interest.
There's a name for this: rate drag. It's what you pay for staying still while the market moves on. Approov is built to keep it off your loan, by checking your rate now and watching it after you settle.
Source: ACCC Home Loan Price Inquiry, 2020.
Refinancing, in plain English
Three things worth understanding before you switch
Refinancing sounds simple until you're in it. Here's the honest version: what loyalty costs you, what switching actually involves, and when it isn't worth the bother.
What loyalty really costs you
The rate you started on rarely stays competitive. Lenders keep their sharpest pricing for new customers, so your rate drifts higher over the years while you're not looking. On a large balance, even a fraction of a percent is thousands a year.
What refinancing actually involves
A refinance is a fresh application. The new lender re-checks your income and expenses against a serviceability buffer, your old loan is discharged, and the new one settles. We handle the paperwork and the back-and-forth so it doesn't land on you.
When refinancing isn't worth it
Sometimes it isn't. If the fees and a fresh 30-year term outweigh the saving, or your current lender will match a fair rate, the honest answer is to stay put. We'd rather tell you that than churn you.
Not sure which of these applies to you? That's the point of the call. A licensed broker runs the numbers on your actual loan and tells you whether switching makes sense, with no pressure either way.
The experience
What it's like to refinance with Approov
See what you could save, without the runaround
No forms in triplicate, no phone queue, no chasing. Share your details once and a licensed broker shows you how your rate stacks up against 30+ lenders, and what switching would actually put back in your pocket.
Mistakes caught before they cost you
A small error on a refinance means delays, or a worse outcome. Approov checks your details and your documents, so problems get fixed before a lender ever sees them.
Stay in the loop without chasing
Check exactly where your refinance stands at 10pm on a Sunday. You're kept posted at every step, so you're never the one left wondering what's happening.
After you switch
A good rate doesn't stay good on its own.
Refinancing once is a moment. Staying on a competitive rate for years is the real win. Your bank won't tell you when your rate slips behind the market, so after you settle, Approov keeps watching it for you and flags the moment it's worth moving again. We work for you, not the bank.
From real clients
Looked after long after the loan settled.
Better than dealing with the bank direct
My broker got us a better rate and structure than we'd had dealing directly with the bank, and was far more responsive than brokers we'd used before.
Still on a good rate, a decade on
Over a decade on, the advice is still clear, with a road map going forward. There's ongoing service after settlement to make sure we keep getting the best rate available.
Years of banks and brokers, then this
I have dealt with a number of banks and brokers over the years and they could all learn a thing or two from Craig. He made sure all my objectives were taken into account and tailored advice appropriate to my circumstances, and kept in touch throughout the whole process.
Approved when we'd been told no
We were told a loan wasn't possible for us. My broker got us approved when we'd been told it couldn't be done, and kept us updated the whole way.
Four loans in, the best yet
Great service, always attentive, and let us know what would happen, how it would work, and what was required. This is my 4th house purchase and the best service yet by far.
They still check in years later
My broker takes the stress out of it. Our loan went through quicker than friends who'd started a week earlier, and they stay in touch over the years to make sure all's well.
Real customer reviews from MAP Home Loans, the mortgage brokerage behind Approov.
About our service
Human first
The AI never decides
Approov's AI runs the process, the updates and the monitoring. A licensed broker makes every call and signs off on the advice.
Costs you nothing
Our service is free to you
Approov is paid by the lender when your loan settles, for work the bank would otherwise do itself. You don't pay us a cent.
In your corner
We work for you, not the bank
Under the Best Interests Duty we're legally bound to recommend what's right for you, not what pays us most.
Find out what staying put is really costing you.
Book a Lending Strategy Session. A licensed broker checks your current rate against 30+ lenders, tells you straight whether switching is worth it, and if it is, handles the move and keeps watching your rate afterwards. There's nothing to prepare and no obligation.
15 to 30 minutes · no obligation · 30+ lenders