Compare refinance home loans for October

Keen to see if you can switch & save on home loan repayments? Mozo has comparison tools, calculators, and expert tips to help refinance your mortgage. Compare refinance home loans below.

Jack Dona
Money writer
Fact Checked
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 461 home loans using the filters.
Last updated 30 October 2024 Important disclosures and comparison rate warning*

Refinance home loan comparisons on Mozo

Promoted

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.93 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,852
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.59 % p.a.
    Fixed 5 years
    Comparison rate
    6.27 % p.a.
    Initial monthly repayment
    $2,867

    Get repayment certainty with HSBC’s low 2 Year Fixed Rate Home Loan. Make up to $10,000 of extra repayments a year. The option to split your home loan between fixed and variable. Plus, score $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 28 February 2023 and settle by 30 April 2023.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    5.74 % p.a.
    Fixed 3 years
    Comparison rate
    6.81 % p.a.
    Initial monthly repayment
    $2,915

    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.

  • Variable Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.98 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,991
    Go to site

    Competitive variable rate on up to a 30 year loan term. No application fees to pay. Unlimited additional repayments. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Discounted Home Value Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.99 % p.a.
    Initial monthly repayment
    $2,995

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan. Minimum loan amount of $250,000, settle within 120 days from applying.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.22 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Elevate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    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.

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Meet our refinancing experts

Our experts track home loan interest rates, product changes and help you stay informed of industry trends. Read more

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Refinancing Monthly Snapshot: October 2024

Updated by: Jasmine Gearie, Senior Money Writer, 01 October 2024

The number of Australians spending half of their income on their home loan repayments has increased by 35% since 2023, according to new research from Mozo.

The nationally representative survey found that 1 in 5 (22%) mortgage holders are spending between 40-60% of their income on repayments – a significant increase from the 1 in 6 (16%) who reported being in this bracket last year.

If you’ve found yourself in this predicament, it could be a good time to consider refinancing your home loan to a lower interest rate.

We’ve listed some of the top variable refinance rates in the Mozo database below, all of which are under 6.00% p.a.

Just keep in mind that there are costs to refinance a home loan, so you’ll want to make sure the decision to switch makes good financial sense and will save you money in the long run.

You may also want to check out if any lenders are offering refinance cashback offers.

Low variable refinance rates 

If you’re simply looking to refinance your home loan to a lower interest rate, these are the lowest variable rates† in the Mozo database at the time of writing:

Low refinance rates with an offset account

If you want to refinance to a home loan with an offset account, here are the lowest home loan interest rates with an offset account (excluding first home buyer loans) at the time of writing†:

  • Homeloans360 Owner Variable Home Loan | 5.89% p.a. (5.89% p.a. comparison rate*)
  • Police Credit Union Low Rate Home Loan Special Offer | 5.89% p.a. (5.95% p.a. comparison rate*)
  • Tiimely Variable Home Loan | 5.94% p.a. (5.95% p.a. comparison rate*)
  • G&C Mutual Bank Essential Worker Home Loan | 5.95% p.a. (5.98% p.a. comparison rate*)
  • Up Home Variable Rate | 5.95% p.a. (5.95% p.a. comparison rate*)

†Lowest variable home loan rates for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database on 1 October 2024.

Refinancing Knowledge Hub

What is refinancing your home loan?

Unhappy with your home loan? Refinancing is the process of switching from one mortgage to another, and you can do this by negotiating with your current lender or swapping to a new provider.

Some good reasons to refinance your home loan include:

  • Securing a lower interest rate.
  • Reducing monthly repayments.
  • Changing loan terms.
  • Consolidating debt.
  • Switching home loan lenders.

Ultimately, the purpose of refinancing is to save money, time, or stress – ideally, all three at once.

Why would you want to refinance your home loan?

There are several reasons to refinance your mortgage. Let’s run through a few.

Lowering your interest rate or changing terms

You can refinance simply to secure a better home loan interest rate or to change the length of your loan.

For example, you could refinance to a lower interest rate and extend your loan term to lower your mortgage repayments.

However, if you’re able to refinance and shorten the length of your home loan, you’ll pay less interest overall.

Refinancing can also be a good idea if you’re coming off a fixed rate home loan and you want to change your loan type. If this is you, you might want to compare variable rate home loans or consider a split home loan.

You may also want to refinance to gain access to home loan features you don’t currently have, such as an offset account or a redraw facility.

Cash-out refinancing

If you’ve built up considerable home equity, it’s possible to refinance your home loan to get cash out.

Your home equity is the market value of your property minus the mortgage debt you have on it. In other words, it’s 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.

Note that this can increase your home loan repayments and extend your loan term.

However, it can also be a useful way to fund projects, such as using equity to buy an investment property or pay for home renovations.

Debt consolidation refinancing

Debt consolidation loans combine multiple loans you may have, such as credit card debt, personal loans and a mortgage into a single loan.

It can be a useful way to tackle outstanding debt, and may save you on paying interest across multiple loans.

However, note this can also spread debt over a longer period of time and increase your interest rate.

Mozo Top Tip

Smaller home loan lenders often have sharper rates and more innovative savings features, including quick online refinancing.

Key considerations before refinancing

Before you refinance your home loan, ask yourself some basic questions and consider the pros and cons of refinancing.

How much money could you save?

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, swapping to a lower interest rate, gaining interest-saving features or shortening your loan term could save you on interest in the long term, 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.

How much does it cost to refinance?

There are costs to refinance your home loan.

For example, you may have to pay fees and penalties for leaving your old home loan, such as a discharge fee and a break fee if you decide to leave a fixed rate home loan early.

You’ll often need to pay fees when taking out a new home loan as well, such as an application fee and a property valuation fee to name a few.

Can I refinance my home loan more than once?

If you’re wondering how often you can refinance your home loan, you can do it as many times as you like. But there are a few things to keep in mind before doing so.

Every time you apply to refinance, it registers as a hard inquiry on your credit report, and lodging too many hard inquiries in a short period of time makes you look desperate for credit and therefore a home loan red flag.

The process of refinancing also costs money and takes time and effort, so you’ll only want to refinance if it makes good financial sense and is worth your personal investment.

How to refinance your home loan

Refinancing follows a similar process to taking out your initial home loan – the main difference is you already have the property.

Here’s how to refinance your mortgage, step-by-step.

  • Budget and save: Get your finances in order at least three months before you refinance. Check your spending and credit history.
  • Compare home loans: Identify what you want from your new mortgage and compare home loans – you might want to look for a lower interest rate, better features and less fees.
  • Apply: Ready to switch? Get your refinance application ready to show your new lender why you’re a good bet.

What documents do you need to refinance?

Refinancing is similar to lodging your home loan application again. This means you’ll need identity documents, financial statements and your property information. 

Here’s an example of home loan documents you might need to refinance. Keep in mind if you’re swapping to a new home loan lender, it might require additional supporting documents.

Identity documents

  • Primary identity documents, such as your passport or driver’s licence.
  • Secondary identity documents, such as your Medicare card.

Financial documents

  • Income statements.
  • Tax returns.
  • Bank statements, to show genuine savings.
  • Household spending statements.
  • Liabilities and debts, such as car loans or credit cards.
  • Asset statements, such as for share portfolios.
  • Credit history.

Property documents

  • Property details.
  • Property valuation report.
  • Current home loan statement, to prove home equity.
  • Home insurance certificate, if applicable.
  • Council rates notice.

Refinancing calculators and tools

How much can you save by refinancing? It depends on the borrower and lender. Mozo has free home loan calculators that can 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.

Refinancing Home Loan Calculators

Compare refinancing costs now. See more

Refinancing calculator Refinancing calculator Home loan comparison calculator Home loan comparison calculator Borrowing power calculator

FAQs: Refinancing your home loan

Can I refinance with my current lender?

Yes, it’s possible to refinance with your current lender. This is common when your loan-to-value ratio (LVR) lowers or you want to switch to a different home loan product.

Do I have to refinance with a new lender?

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 unwillingness to negotiate interest rates, you could refinance to a lender that’s a better fit.

How long does it take to refinance a home loan?

It varies between lenders. Sometimes it can take a few days to refinance or it may take up to eight weeks. 

You can help speed up the refinancing process by preparing your finances ahead of time, assembling your documents without errors, and making sure you have a healthy credit score.

We have a dedicated guide on how long it takes to refinance a home loan if you want to learn more.

Does refinancing my home loan affect my credit score?

Yes, it’s likely your credit score will be temporarily affected when you apply to refinance.

When you apply to refinance, your new lender will conduct credit report inquiries to determine how safe you are as a borrower, which will result in a hard credit check.

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.

Thankfully, there are some strategies you can use to refinance with bad credit.

While your credit score isn’t the end all be all, it’s still a vital part of your home loan application, so you’ll want to ensure it’s in good shape before applying.

Can you refinance a home loan with negative equity?

Negative equity is when you owe more debt on your property than what it’s worth in the current market. 

Most home loan lenders have home equity requirements for refinancers, so if you have negative equity, it’s highly unlikely that you can refinance until your equity improves.

As a rule of thumb, it’s good to have a loan-to-value ratio of at least 80% to refinance (that is, at least 20% equity).

Popular refinancing guides

Learn what you need to know about refinancing, including tips and traps, in our helpful guides. See all

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Jack Dona
Jack Dona
RG146
Money writer

Jack is RG146 Generic Knowledge certified, with a Bachelor of Communications in Creative Writing from UTS, and uses his creative flair to cut through the financial jargon and make home loans, insurance and banking interesting. His reader-first approach to creating content and his passion for financial literacy means he always looks for innovative ways to explain personal finance. Jack's research and explanations have been featured in government publications, and his work is regularly featured alongside major publications in Google's Top Stories for Insurance.

Brands we compare

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  • Bendigo Bank brand logo
  • Aussie brand logo
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  • NRMA Insurance brand logo
  • HSBC brand logo
  • ING brand logo
  • Unloan brand logo
  • Bendigo Bank brand logo
  • Aussie brand logo
  • ANZ brand logo
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Home loan customer reviews

Bendigo Bank Complete Home Loan Variable
Overall 6/10
Bank mishaps

When my husband sold his business he got a large cash transfer and Bendigo bank couldn’t track the money The man said we should wait 24hours We were like we are not leaving till you find out where in your system it is They found it within the hour Also they have a lot of online banking outages which can be frustrating when you are shopping We are actually going to open another account with another bank and put some money in for when they go down

Read full review

When my husband sold his business he got a large cash transfer and Bendigo bank couldn’t track the money The man said we should wait 24hours We were like we are not leaving till you find out where in your system it is They found it within the hour Also they have a lot of online banking outages which can be frustrating when you are shopping We are actually going to open another account with another bank and put some money in for when they go down

Price
8/10
Features
6/10
Customer service
4/10
Convenience
3/10
Trust
5/10
Less
Kate, Victoria, reviewed about 20 hours ago
Adelaide Bank Home Loan
Overall 7/10
Boost your Qantas rewards points!

Great for Qantas points, you get 100,000 Qantas points on the anniversary of your home loan. The interest rates are also very good too and competitive.

Read full review

Great for Qantas points, you get 100,000 Qantas points on the anniversary of your home loan. The interest rates are also very good too and competitive.

Price
8/10
Features
7/10
Customer service
8/10
Convenience
10/10
Trust
9/10
Less
Alfred, Queensland, reviewed about 20 hours ago
MyState Bank Standard Variable Home Loan
Overall 10/10
Good service and local branches

Easy to deal with Local branches Supportive service

Read full review

Easy to deal with Local branches Supportive service

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Shelley, Tasmania, reviewed about 20 hours ago

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