As a Mortgage Broker, my team and I would love to help you refinance and get a better rate. That said - you can always ASK your Bank for a better rate. I went into my bank to setup a New Business Bank account and they said "can we review your home loan". I said "Well we got a discount maybe a year ago", but we looked - and they gave an extra 0.16% on all loans. Doesn't sound like much but on $750,000 0.16% is $1,200 and on $1m it is $1,600. Or per $100k it is $160. This is PER YEAR. I could probably chose to lower my repayment, but I'm going to keep it AS IS - meaning that the EXTRA (which I'm not missing) will not be applied to PRINCIPAL - so it will cumulatively help me pay down my home loan quicker. So its not just $1,000 a year x 20 years left on your home loan = $20,000. It could be a lot more (maybe even $35k or $45k).