Refinancing After a Fixed Rate Expires: A Teacher’s Action Plan
TL;DR Start 60 days before expiry. Confirm your exact expiry date, ask your lender what the revert rate will be, calculate the repayment jump, and compare market alternatives before the default kicks in. You have four options: do nothing (rarely best), ask for a repricing, refinance elsewhere, or choose a new structure. Always request a […]
How Often Should Teachers Refinance Their Home Loan?
TL;DR Review annually, refinance selectively. There’s no legal waiting period, but switching costs of $2,000 to $3,500 plus credit enquiries mean frequent refinancing rarely produces net benefit. Always ask your current lender for a repricing first. A phone call can often deliver 0.10% to 0.30% off without any switching costs, credit enquiries, or disruption to […]
Fixed vs Variable When Refinancing: What’s Right for Teachers in 2026
TL;DR Fixed suits teachers needing repayment certainty, facing income changes like parental leave, or with tight cash flow that can’t absorb further rises. Expect limited offset, capped extra repayments, and break costs if circumstances change. Variable suits teachers with meaningful savings for offset, aggressive extra repayment plans, or uncertain medium-term circumstances. You capture any future […]
Refinancing Costs Teachers Should Calculate Before Switching Lenders
TL;DR Total switching costs typically run $2,000 to $3,500 before any break costs or LMI, covering discharge, application, valuation, legal, mortgage registration, and ongoing package fees. Run the break-even calculation first. Divide total costs by monthly savings. Under 24 months is strongly favourable, over 48 months usually isn’t worth it without feature or strategic benefits. […]
Cashback Refinance Offers for Teachers: Are They Worth It in 2026?
TL;DR Cashback should be the last consideration, not the first. A $3,000 cashback can’t compensate for a materially worse rate, and on a $500,000 loan, a 0.2% rate difference adds roughly $30,000 in interest over 30 years. Run the break-even calculation against all refinance costs ($2,000 to $3,000 typical, plus package fees and break costs) […]