What changes
Moving to another bank usually means the new lender assesses your income, expenses, debts, property, insurance, and proposed structure. Your lawyer or conveyancer arranges the existing mortgage discharge and the new mortgage registration against the title.
Why you need a lawyer or conveyancer
Refinancing changes the mortgage security recorded against the property title. The lawyer or conveyancer checks your authority and identity, obtains instructions from the existing and new lenders, arranges the old mortgage discharge, prepares or coordinates the new mortgage registration, and manages the settlement handoff. They can also explain the legal documents before you sign and help confirm when the old loan has closed and the new security has been registered. This is why a refinance is not only a rate change and why you should obtain a written quote for the legal work and disbursements.
The sequence
Compare the current loan and break or cashback costs; obtain a new lending assessment; confirm any valuation or property conditions; receive written approval and documents; engage the lawyer; sign and return loan and security documents; complete the discharge and new registration; then confirm the old loan is closed and new repayments begin.
Conditions can still apply
A new lender may require debt repayment, credit-card cancellation or limit reduction, salary crediting, new accounts, insurance evidence, valuation, updated documents, or other conditions. Get each condition in writing and do not assume the refinance is complete until settlement and registration are confirmed.
Ballpark legal cost
A straightforward refinance commonly involves a lawyer or conveyancer fee plus disbursements and registration-related costs. Published provider fee schedules checked 14 August 2026 show simple refinance examples around $1,000–$1,500 including listed disbursements, while complex titles, trusts, multiple securities, or extra lender work can cost more. Obtain a written quote.
Why cashback exists
A new lender’s cash contribution may help offset switching costs, but it often has minimum-retention conditions or a clawback if the loan moves or ends early. Compare the contribution, rate, legal and valuation costs, account conditions, and clawback period together.
Use the numbers carefully
The existing MoreGage mortgage-break-cost calculator can help explore one cost component, while the repayment calculator can compare payment scenarios. Neither calculates approval, total refinance value, tax, legal effect, or suitability for an individual household.
Evidence categories to organise
- Current balance and fixed expiry
- Break cost and cashback clawback
- New lending assessment
- Valuation and insurance
- New accounts or salary-credit conditions
- Lawyer or conveyancer quote
- Discharge and new mortgage documents
- Registration and first repayment confirmation
This guide is general information only. MoreGage does not provide regulated financial advice, a lending assessment, approval, or an offer.