Refinancing when self-employed: look beyond the headline rate
Sole Trader Finance | Prepared 28 October 2026 | General education
Refinancing a home loan when you are self-employed starts with more than a lower advertised rate. Would changing this loan improve your position after the costs, features and remaining term are considered?
Give your current loan a proper brief
Write down what you want to change. Is the priority the rate, repayment flexibility, a feature you will actually use or a loan that better suits your circumstances? A clear goal makes it easier to compare meaningful options instead of collecting offers that solve different problems.
Compare the whole move
Refinancing can involve discharge and application fees, and fixed rate break costs may apply. A lower repayment can also come from extending the loan term, which may increase total interest. Ask for a comparison that shows switching costs, repayments and the proposed term together.
A smaller monthly number is useful only when you understand what created it.
Try a simple break-even sense check
Illustrative example only: if switching costs were $2,400 and the ongoing saving were $100 a month, it would take 24 months to recover those costs. This simple division ignores changes in rates, balances, tax and other features. It is a conversation starter, not a prediction or a personalised recommendation.
Income documents for refinancing when self-employed
Make a note of what is different since the original application: how you earn, the records available and any new commitments. Ask your broker which income documents a prospective lender would need. Do not assume an earlier approval means the same assessment will apply again.
Ask your current lender whether it can improve your deal.
Compare the remaining term with the proposed term.
Check total switching costs and how long you expect to keep the new loan.
A clearer next step
You can start a review without committing to move lenders. Tell us what you want your home loan to do better, and we can connect you with one broker partner to explore your circumstances.
General information only, not personal financial or credit advice. Loan eligibility, documents, rates and costs depend on your circumstances and lender criteria. Sole Trader Finance is a referral service, not a lender. With your permission, we introduce you to one broker partner. Approval is subject to lender assessment.