How often can you refinance a home loan?

As often as you like. There's no rule that stops you. The real limit is whether each switch saves more than it costs after discharge fees, government registration fees and any new lender setup fees.

Does refinancing often hurt your credit score?

Mortgage enquiries aren't that heavy hitting on your credit file. The type of enquiry matters more than the count, and a few home loan applications reads very differently to a string of credit card or personal loan applications.

Are refinance cashbacks still available?

They're by and large gone compared to a few years ago, which is why the incentive to switch banks frequently has mostly faded.

What does it cost to switch home loans?

Generally a discharge fee from your current bank, state government fees to register and discharge the mortgages, and possibly setup fees at the new lender. Together they can eat into a small interest saving.

Why do brokers care if I refinance within 12 months?

If a loan closes inside 12 months, the bank takes back all of the commission it paid the broker. After that, many banks still take back half until around 18 months to two years.

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Straight Answers · Refinancing

How often is too often to refinance?

Bayley Clarke · Mortgage broker on the road · Last checked 16 October 2026 · 4 min read

The short answer

Of course you can switch as often as you want. Mortgage enquiries on your credit file aren't that heavy hitting. But with cashbacks by and large gone, the incentive to switch banks frequently has somewhat dissipated.

Every switch has costs: state transfer and registration fees, discharge fees, any new lender setup fees. They eat into whatever you're saving on interest. And if you used a broker, moving inside 12 months means the bank takes back what it paid them.

The 90 second version, filmed from the driver's seat. The rest of this page is the detail underneath it.

Back in the cashback days

There was a period where refinancing was close to a side hustle. Banks were paying cashbacks of a few thousand dollars to switch, and if you were a savvy refinance connoisseur, you could theoretically refinance every three months, collect those cashbacks and churn through the banks, ending up in front if you were willing to do the work.

The savvy ones generally did it themselves, without a broker, because they didn't want to stuff their broker around. That's the right instinct, for a reason I'll get to below. But that era is mostly over. Cashbacks are by and large gone, and the maths that made switching every few months worth the paperwork went with them.

What a switch actually costs you

Without a cashback to cover it, you've got to budget for your switching costs. There are state government fees to register the new mortgage and discharge the old one, a discharge fee from the bank you're leaving, and potentially setup fees at the new lender. None of them are huge on their own, but together they can eat into whatever margin you're gaining on the interest side of things.

So the question isn't really how often is too often. It's whether this particular switch saves you more than it costs, after fees, over the time you'll actually hold the loan. A small rate difference on a small loan often doesn't. A meaningful difference on a big loan often does, even if you only switched last year.

Your credit file is not the problem

People worry that refinancing a lot will wreck their credit file. Mortgage enquiries on your credit file really aren't that heavy hitting, so I wouldn't think too much about it. Across lenders, what matters far more is the type of enquiry than the count. A handful of home loan applications reads very differently to a string of credit card, personal loan and buy now pay later applications.

So if the numbers genuinely say switch, a recent refinance sitting on your credit file generally isn't the thing that stops you. The bank is far more interested in whether you can afford the loan and how you've handled your repayments than in how many times you've moved your mortgage. Let the cost of the switch decide, not the fear of the enquiry.

The honest bit: don't do your poor broker dirty

Here's my side of it, plainly. As a broker, I don't get to keep the money the bank pays me until 12 months after the loan has settled. If the loan moves inside that, the bank takes it all back and I've worked for free. Even after 12 months, if the loan changes, the bank normally still wants half back. It's normally only at the 18 month or two year mark that it's all mine to keep.

So if you're eager to churn, you can absolutely do all of this yourself. Just don't do it through your broker every three months. And honestly, with cashbacks gone, the incentives mostly aren't there anymore.

Wondering if a switch is worth it this time?

A 30 minute call. I look at your rate against what's out there, add up your switching costs, and tell you straight whether moving puts you in front.

Book a 30 minute call Call 0437 189 939

No cost to you. The bank pays me when a loan settles. · How I get paid

Next question

Do I need to stay with my bank for a minimum period, and what does clawback mean?

No minimum on a variable loan. Fixed loans carry break costs.