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Straight Answers · Refinancing
Can I ask for a better rate straight after settlement?
Bayley Clarke · Mortgage broker on the road · Last checked 16 October 2026 · 2 min read
The short answer
Cheeky, but yes, you can. You don't ask, you don't get. If the bank you just signed with is now offering new customers lower than what you literally just got, go back to them and ask.
The worst they'll say is no. What generally doesn't make sense is switching banks straight away, because once you count the switching costs there's probably not enough in it at that point in time.
The 60 second version, filmed from the driver's seat. The rest of this page is the detail underneath it.
Go back to the bank you just signed with
Rates move. Sometimes they move in the few weeks between your approval and your settlement, and you find out the bank you've just signed up with is advertising a lower rate to brand new customers than the one you're on. That stings, but it's also leverage. You're a brand new customer too, and the bank has just spent money winning you.
So go back to them and ask. Why not? You don't ask, you don't get. Point to the rate they're offering new customers, tell them that's what you'd like, and see what comes back. If they say no, cool, tough tips. You've still got your loan, nothing has been lost, and you've found out where they stand.
Why switching banks straight away rarely stacks up
If the bank says no, the next thought is usually to jump ship to whoever is cheapest. Straight after settlement, that generally doesn't make sense. Moving a loan comes with switching costs: discharging the loan you've only just set up, government fees to register the change on the title, and any setup fees at the new lender.
When the gap between your rate and the new customer rate is small, those costs can eat most or all of what you'd save on interest. There's probably not enough juice in moving at that point in time. It's a conversation worth having down the track, when the gap is bigger or your situation has changed, just not the week after you get the keys.
Where I come in
If you'd rather not make the call yourself, that's fine too. Once we settle, if your bank is offering new customers something lower than what you're on, I'll price it for you. That means going back to the bank on your behalf with a pricing request and asking for your rate to be sharpened, without you having to sit on hold.
Same principle either way. The worst they'll say is no. If the answer is yes, the saving starts straight away without you moving banks, signing anything new or paying a cent in switching costs. That's why asking is always the first move before anyone talks about refinancing.
The honest bit: asking costs you nothing, moving costs you something
There's no downside in asking. There is a downside in refinancing too early, and it isn't only your switching costs. If a loan I've set up moves inside the first 12 months, the bank takes back what it paid me. I'll still tell you straight if moving makes sense, but straight after settlement, it usually doesn't.
So ask first. Move only when the numbers actually say so.
Want me to price your rate?
A 30 minute call. I look at what you're on against what your bank is offering new customers, tell you whether it's worth asking, and do the asking for you.
No cost to you. The bank pays me when a loan settles. · How I get paid
Next question
Repricing versus refinancing: which one should I do first?Reprice first. It's asking your bank for a discount and it costs nothing.
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The full guide: Refinancing with a broker My lender got bought out by a bigger bank. Does that change my loan? Should I call my bank's retention team myself? Do repayments auto-adjust after an RBA cut, and do banks even pass it on? Is it worth refinancing for a 0.25% rate difference?Not your question? Book a call and ask it, or call 0437 189 939.