A refinance broker compares 50+ lenders including the ones your bank will not mention, manages the whole switch for you, and costs you nothing because the lender pays on settlement.
For most borrowers, yes. A broker compares 50+ lenders including ones your bank will not mention, manages the whole switch from comparison to settlement, and must act in your best interests by law. It costs you nothing, because the lender pays the broker a commission when the new loan settles.
The practical case is simple. When you walk into your bank and ask about refinancing, you are shown that bank's products at that bank's pricing. When you refinance through a broker, your loan is lined up against the whole panel: major banks, regional banks, non-banks and credit unions, many of which compete hard on refinance pricing precisely because they want to win borrowers away from the majors. The sharpest offer for your scenario is often from a lender you have never dealt with, and sometimes never heard of, which is exactly why your current bank does not bring it up.
The loan sizes involved make this matter more in Sydney than almost anywhere else in the country. On a typical Sydney refinance balance of $700,000 or more, a gap of 0.30% between a retention offer and the sharpest market rate is worth well over $100 a month, every month. Percentage differences that would be marginal on a smaller loan are real money here, which is why a thorough comparison, rather than a quick phone call to your own bank, tends to pay many times over for the hour it takes.
There is also the workload question. A refinance means a repricing request, a product comparison, one application, a valuation, loan documents, and a discharge from your current lender that someone has to chase. We run all of it. Your effort is roughly one conversation and a set of documents, and most refinances settle in 2 to 4 weeks. If you would rather run your own numbers first, start with the refinance savings calculator and the break-even calculator, then read the full Sydney refinancing guide.
Going direct can work if you already know exactly which lender and product you want, and that lender's pricing happens to be genuinely sharp for your scenario. For everyone else, the broker route wins on breadth, negotiation and workload, and it does not cost you anything. Here is the honest comparison.
| What matters | Through a broker | Direct to a lender |
|---|---|---|
| Panel breadth | 50+ lenders compared against your scenario | One lender's products only |
| Negotiation | Access to broker-negotiated pricing and knowledge of which lenders discount for which borrowers | Advertised rates, plus whatever you negotiate yourself |
| Paperwork | Packaged and lodged for you; discharge chased for you | You manage the application and the discharge yourself |
| Cost to you | $0; the lender pays the broker on settlement | $0; you deal with the lender's own staff |
| Obligation to you | Best Interests Duty: the recommendation must be in your best interests by law | No Best Interests Duty; bank staff represent the bank's products |
Both routes are free to you at the point of service. The difference is what gets compared, who does the work, and whose interests the law puts first.
One nuance worth stating plainly: a broker's panel is wide but not infinite. A small number of lenders deal only direct, and a direct deal from one of them can occasionally beat the panel. A good broker will tell you when that is the case rather than place you anyway; that is what the Best Interests Duty requires. For the broader comparison beyond refinancing, see our broker vs bank guide.
No. At Lend & Loan there is no fee to you for refinancing, and that is the standard model for residential broking in Australia. Brokers are paid a commission by the lender when your new loan settles, and that commission is disclosed to you in writing before you proceed, so you see exactly what the broker earns from your loan before you sign anything.
The obvious question is whether lender-paid commission skews the advice. Two safeguards answer it. First, the written disclosure: you see the commission before you commit. Second, the Best Interests Duty: since 2021, a broker who recommends a loan because it pays better rather than because it is right for you is breaking the law, not just behaving badly. In practice the commissions across mainstream lenders are broadly similar, which blunts the incentive problem at its source. If any broker asks you for an upfront fee for a standard residential refinance, ask them to justify it; most borrowers should not be paying one.
There is no single best broker for everyone; there is a best broker for your scenario, and a checklist that exposes the difference. Run any broker, including us, through these six checks before you hand over your documents.
Use the checklist as a conversation, not a form. Any broker worth your time will answer all six without flinching, and the speed and specificity of the answers tells you as much as the answers themselves. Vague lender numbers, reluctance to put the comparison in writing, or pressure to sign before you have verified the licence are the red flags that matter.
Judge us the same way you would judge anyone else on that list. If another broker scores better for your scenario, use them; the checklist still protects you. A recent example: a four-property refinance releasing $4M in equity for one Sydney investor while cutting their rate 0.34% (settled 2026, anonymised; individual results depend on circumstances).
Yes. Since 1 January 2021, mortgage brokers have been bound by the Best Interests Duty under the National Consumer Credit Protection Act. In plain terms: the loan a broker recommends must be in your best interests, and where there is a conflict between your interests and the broker's, yours must win. ASIC enforces it, and it applies to every recommendation we make.
Here is the part most borrowers do not realise: bank staff are not covered. The lending specialist at your bank's branch has no legal duty to put your interests first, because they only offer their own employer's products and the law recognises that as sales, not advice. They must not recommend a loan that is unsuitable for you, which is a much lower bar than recommending the loan that is best for you. That asymmetry is the strongest structural argument for refinancing through a broker: one side of the desk is legally required to be on your side.
Free service, no obligation, no credit check at this stage. John personally reviews every refinance scenario and responds within one business day.
Check Your Eligibility in 60 Seconds Call John on 02 8046 3933General information only, not credit advice or an offer of credit. Whether refinancing leaves you better off depends on your loan, your circumstances and lender assessment. Consider your own situation and seek advice before acting. Lend & Loan ACL 511092.