Same home loan. Better Rate.
Most people are paying more interest than they need to and never find out. Rate Refresh checks your current rate, then asks your bank to do better. No refinancing, no fees, no catches.
- No obligation to refinance or switch banks. Ever.
Over 300 five-star reviews on Google
Find out if you're overpaying
Fill in the form below and we’ll be in touch to confirm your bank and loan details and then we’ll take it from there.
Am I paying too much interest?
Banks rarely offer their best rate to loyal customers.
New customers get the sharp rates. Existing customers often stay on whatever they were given years ago. Rate Refresh reviews your current loan and goes back to your own bank to ask them to do better, so your loyalty actually counts for something and you’re not the one doing the negotiating.
YOUR LOAN, REVIEWED
What you might be paying
6.79%
What your bank could offer
5.89%
- Same lender
- No switching costs
- No fee to check
Illustrative example only. Actual rates and savings vary by lender and individual circumstances.
We do the negotiating. You keep the savings.
How Rate Refresh works
You enquire
Submit the short online form below. Takes about a minute.
We confirm the details
We’ll call you to confirm your bank and loan details, and complete any authority your lender needs.
We contact your bank
We approach your existing lender directly and push for a sharper rate on your behalf.
We check again, automatically
We reach out to your bank again every 6 months, so you never have to remember to ask.
Turnaround time
How long does a rate review take?
Is Rate Refresh for you?
Quick eligibility check
01
Variable rate loans
Rate Refresh currently applies to variable rate home loans. Fixed rate loans aren’t eligible while they’re in a fixed term.
02
You don't need to be a Borro client
Rate Refresh is open to any homeowner, whoever arranged your original loan.
03
You're on the loan
You’ll need to be a current applicant on the loan. We’re not able to act on someone else’s behalf without them involved.
04
Most loan sizes and lenders
There’s generally no minimum loan balance, though a small number of lenders apply their own conditions. We’ll confirm quickly whether we can help with your specific bank.
≤10
Business days, worst case. Most lenders come back within a day or two, but some take the full 10.
Why the range?
Every bank handles existing customer rate requests differently. Once we know your lender we can give you a clearer estimate.
What happens while we wait?
Nothing you need to do. We follow up with your bank on your behalf and let you know as soon as we hear back.
Over 300 five-star reviews on Google
Common questions
Rate Refresh FAQ
What exactly is Rate Refresh?
A free check to see whether you’re paying more interest on your home loan than you need to. We review your current loan, then approach your existing lender and ask them to do better. No refinancing, no changing banks.
Is there a cost, or a catch?
No fees and no catch. It costs nothing to find out, and there’s no obligation to act on whatever your bank comes back with.
Do I need to be a Borro client?
No. Rate Refresh is available whether or not Borro arranged your original loan.
Do I need to switch banks or refinance?
No. Rate Refresh works with the loan you already have. If your bank agrees to a better rate, nothing changes except your repayment. Same lender, same account.
Is my loan eligible?
Rate Refresh applies to variable rate home loans. There’s generally no minimum loan balance or minimum time since settlement, though some lenders apply their own conditions. We’ll confirm quickly whether we can help with your bank.
What if my bank won't offer a better rate?
We’ll tell you what they said and what’s available elsewhere. If your current lender won’t move, we’ll start a conversation with you about what other options might be available. There’s no obligation to act on them, it’s simply information so you can decide what’s right for you.
How long does it take?
It varies by lender. Most banks respond within a day or two, but some can take up to 10 business days. We’ll keep you updated the whole way through.
Do I need to be named on the loan?
Yes. You’ll need to be a current applicant on the loan for us to act on your behalf. We can’t negotiate on a loan that’s only in someone else’s name without them involved directly.
What happens after my rate is reviewed?
We don’t just check once. We go back to your bank each year to see whether there’s a better rate available, so your loan doesn’t quietly fall behind again.
Can I just ask my bank for a lower rate myself?
Yes, and you should. Anyone can call their lender and ask. The reason most people don’t get far is that you need to know what rate is actually achievable for a loan like yours before you can push back on the first number they offer. That’s the part we do. We see what lenders are pricing across the market every day, so we know when there’s more room and when there isn’t.
Will this affect my credit score?
No. Asking your existing lender to review your rate is not a credit application, so it doesn’t touch your credit file.
I'm on a fixed rate. Can I still do this?
Not while your loan is locked into a fixed term, because the rate is set until it ends. Tell us when your fixed period finishes and we’ll get in touch a couple of months before, which is the point where it’s worth reviewing.
Which lenders can you help with?
Most lenders on our panel. In a small number of cases we may not be able to assist with a particular bank. If that applies to you, we’ll tell you as soon as we’ve looked at your details.
