Refinancing means to switch from one home loan product to another, whether with the same lender or a new one. These costs come in numerous forms – application fees, valuation fees, discharge fees, and break fees, to name a few. Costs can also vary depending on whether you're refinancing internally (switching to a new product with the same lender) or externally (moving your loan to a new lender entirely). $150 - $400 Break fees for fixed rate loans Penalty for breaking a fixed rate loan early. If you have a fixed rate, your refinancing journey could look markedly different to that of a variable rate borrower.