Every Australian lender runs a retention or pricing desk with authority to discount variable rates for existing customers, and almost none of them do it unprompted. Repricing is the broker's request to that desk: here is my client's rate, here is what you offer new customers, here is what a competitor would offer, match it. The lender usually responds within days, and a successful reprice keeps the loan exactly where it is.
For the broker, repricing is the cheapest retention tool there is. No new application, no clawback, no gap in trail, and a client who has just been reminded why they use a broker. Industry data puts churn for brokers who reprice proactively at roughly half the rate of those who do not.
The work is in knowing whom to reprice and when. The commission file shows every loan's lender and settlement date; the lender's current pricing shows the gap. Loans with a gap above a threshold, loans approaching fixed expiry and loans just past their clawback window are the priority list, and a simple board that tracks each request from contact to confirmed rate keeps it moving.