Your selected home loans
Owner Occupier, LVR <80%
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Read our Mozo Review to learn more about the Unloan Unloan Variable
Your selected home loans
Owner Occupier, LVR<60%, Principal & Interest
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
Your selected home loans
Owner Occupier, Principal & Interest, LVR <60%
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about the ubank Flex Home Loan
Your selected home loans
Investment, LVR <80%
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
Read our Mozo Review to learn more about the Unloan Unloan Variable
Your selected home loans
Principal and Interest, LVR <90%
Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.
Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.
Read our Mozo Review to learn more about the loans.com.au Variable Home Loan 90
Your selected home loans
Fixed, Owner Occupier, Principal & Interest, LVR 60-70%
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
Read our Mozo Review to learn more about the ubank Flex Home Loan
Your selected home loans
Owner Occupier, Principal & Interest, <80% LVR
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
Read our Mozo Review to learn more about the ANZ Fixed Rate
Your selected home loans
Owner Occupier, Principal & Interest, <80% LVR
Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
Read our Mozo Review to learn more about the Aussie Elevate
Your selected home loans
LVR <70%
Enjoy a competitive rate on your SMSF home loan with Loans.com.au. Available for refinancers only. No application fee and no settlement fee. No monthly, annual or ongoing fees. Unlimited extra repayments. Online access via Smart Money App. 30% deposit required.
Enjoy a competitive rate on your SMSF home loan with Loans.com.au. Available for refinancers only. No application fee and no settlement fee. No monthly, annual or ongoing fees. Unlimited extra repayments. Online access via Smart Money App. 30% deposit required.
Read our Mozo Review to learn more about the loans.com.au SMSF Home Loan
Your selected home loans
Package, Owner Occupier, LVR<60%, Principal & Interest
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Read our Mozo Review to learn more about the Macquarie Offset Home Loan
Your selected home loans
Owner Occupier, Principal & Interest, LVR 60-70%
Read our Mozo Review to learn more about the ubank Flex Home Loan
Your selected home loans
Fixed, Owner Occupier, Principal & Interest, LVR<70%
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
Your selected home loans
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Our experts track home loan interest rates, product changes and help you stay informed of industry trends. Read more
With the prospect of a Reserve Bank of Australia (RBA) cash rate cut getting further and further away, borrowers holding out for rate relief might have to take matters into their own hands.
While the average variable home loan rate in the Mozo database is 6.82% p.a. (OO, P&I, $400k, <80% LVR), the best rate we track comes in at over 1% lower.
If you’re on an above-average rate, and you’re able to refinance your home loan, switching to a lower rate could do wonders for your finances.
Mozo finance expert, Peter Marshall, says the best thing you can do is compare home loans to see what other lenders are offering and think about whether the rate reduction available is worth putting a bit of time into refinancing.
“And if you don't want to do that, at least have a chat with your current lender and say, ‘Hey, I've seen a loan that's a bit lower than what you're offering. And I'm thinking about going to that lender.’ See if you can leverage a rate cut out of your existing lender that way.”
Marshall also says it’s a good idea to check your loan-to-value ratio (LVR) from time to time.
“If you've had your loan for a while and you've decreased your loan-to-value ratio, you may be able to get a better deal from a different lender by going through that refinancing process.”
If you start off at 80% LVR or above, but you’ve paid off enough of your home loan to get it down to 60% LVR, lenders see you as a less risky applicant and may be happier to offer you a lower interest rate.
“There are a couple of lenders that will do that automatically for you during the life of your loan, but most lenders don't,” he said.
The Unloan Variable, for example, comes with an automatic annual discount of 0.01% p.a. up to a maximum discount of 0.30% p.a. for up to 30 years (T&Cs apply).
Make the most of our refinance home loan comparison tool (above) and keep an eye out for features you might want like offset accounts or redraw facilities.
Or, learn more about getting a new loan by reading through our refinancing guides.
Unhappy with your home loan or lender? Refinancing is the process of switching from one mortgage to another.
Some great reasons to refinance your home loan include:
Ultimately, the purpose of refinancing is to save money, time, or stress – ideally, all three at once. Sometimes the grass truly is greener on the other side!
There are several key ways to refinance your mortgage. Let's run through a few.
This type of refinancing switches your home loan interest rate and loan term.
For example, you could refinance to a lower interest rate and extend your loan term to lower your mortgage repayments.
Conversely, you could refinance to shorten your loan term and save on overall interest.
If you’ve built up considerable home equity, it is possible to refinance your loan to get cash out.
Your home equity is the value of your homeownership, i.e. how much of your property you already own.
To get cash out, you refinance your home loan and borrow from the equity you've built up overtime.
This can increase your loan payments and extend your loan term.
However, it can also be a useful way to fund projects, like a second investment property or home renovations.
Debt consolidation loans combine multiple loans, such as credit card debt, personal loans, and mortgages into a single loan.
It can be a useful way to tackle outstanding debt.
However, this can also spread debt over a longer period of time and increase your interest rate.
Some key benefits of switching home loans include lower monthly payments, shorter loan terms, and gaining access to better home loan features like offset accounts.
However, these advantages will depend on your new and old home loan. For refinancing to work, it’s vital to find a home loan deal that ticks all your boxes.
Smaller home loan lenders usually have sharper rates and more innovative savings features, including quick online refinancing.
Before you refinance your home loan, ask yourself some basic refinancing questions, such as costs, dislikes, and wish lists.
Refinancing doesn’t reduce your debt – your outstanding loan amount will remain the same when you switch.
However, comparing refinance home loans can help you see which mortgage ultimately costs you less.
For instance, switching interest rates, gaining interest-saving features, or changing your loan term could save you overall interest, even if you have some steeper payments upfront.
You can see how switching interest rates saves you money over time in the graph below. Try your own calculations using our home loan comparison calculator.
Refinancing home loans can come with some additional upfront fees.
For example, you may have to pay charges and penalties for leaving your old home loan, such as fixed mortgage break costs and home loan settlement fees.
You may also have to pay fees for your new home loan, such as property valuation or application fees, though some lenders will cover or waive these.
Every time you apply for credit, it counts as a “hard inquiry” on your credit report. If you get rejected too many times trying to refinance, it could lower your credit score and make it harder to refinance your home loan.
Luckily, there are some strategies you can take to refinance with bad credit.
Refinancing follows a similar process to taking out your initial home loan. The main difference is you already have the property.
Let’s look at how to refinance your mortgage, step-by-step.
Put your finances in order at least 3 months before you refinance. Check your spending and credit history.
Identify what you want in your new mortgage and compare offers with better features, rates, and fees.
Ready to switch? Get your refinance application to show your new lender why you’re a great bet.
Refinancing is like lodging your home loan application again. This means you’ll need identity documents, financial statements, and your property information.
Here is the typical list of home loan documents you’ll need to refinance. Your new home loan lender might require additional supporting documents.
How much can you save by refinancing? It depends on the borrower and lender. Luckily, Mozo’s free, interactive home loan calculators make it easy to crunch your costs.
Use these handy tools to calculate your borrowing power, estimate potential savings, and compare refinance home loans. Get started below!
Compare home loan costs now! See more
Yes, it is possible to refinance with your current lender. This is common when moving LVR tiers or switching to a different home loan product.
No, you do not have to switch home loan lenders to refinance your home loan, but comparing lenders is an option to consider.
For instance, if you’re dissatisfied with your current lender’s customer service, lack of features, or inflexibility with negotiating interest rates, you could refinance to a lender that’s a better fit.
It depends on the refinancer. Sometimes it just takes a few days to refinance; sometimes, it takes a few months.
You can speed up the refinancing process by preparing your finances ahead of time, assembling your documents, and researching lenders and home loans till you find the right one for you.
Refinancing means qualifying for a new mortgage, so your new lender will look at your credit score and credit history to determine how safe you are as a borrower.
While your credit score isn’t the end all be all, it’s still a vital part of your home loan application.
You can refinance your home loan as often as you like, but remember that every time you apply to refinance, it registers as a “hard inquiry” on your credit report.
Lodging too many hard inquiries in a short period of time makes you look desperate for credit and therefore a home loan red flag. Ironically, this can also make it harder for you to refinance.
Negative equity means you owe more debt on your property than it’s worth.
Most home loan lenders have home equity requirements for refinancers, so unfortunately, if you have negative equity, it’s unlikely that you can refinance until your equity improves.
As a rule of thumb, it’s good to have at least a loan-to-value ratio (LVR) of at least 80% to refinance (20% equity).
Learn what you need to know about refinancing, including tips and traps, in our helpful guides. See all
Get the latest on property market trends, interest rates, and lending news from Mozo's expert writers. See all
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