EOFY refinancing surge: Why it may be a good time to switch home loans

By Peter Terlato · · 2 min read
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Couple refinancing on phone

As the end of financial year (EOFY) approaches, homeowners are ramping up their refinancing efforts – and with good reason. After two Reserve Bank cash rate cuts in 2025, borrowers are seizing the opportunity to reset their home loan and improve their financial footing heading into the new financial year.

Refinancing activity on the rise

The latest data from the Australian Bureau of Statistics (ABS) reveals 65,030 home loans were refinanced between lenders over the March quarter – a 5.1 per cent increase from the previous quarter. This marks the third consecutive quarterly rise, afer a 12.1 per cent spike in December.

After two years of rate hikes, borrowers are now seeing some relief. The RBA cut the cash rate by 25 basis points in both February and May 2025, prompting many homeowners to reassess their mortgage and consider switching to a better deal.

Why EOFY is prime time to switch

Refinancing in the lead-up to June 30 isn’t just about chasing a lower interest rate. It’s also a chance to declutter your finances, consolidate debts, and reduce your overall repayments.

There may also be tax-time perks. For property investors, reviewing your loan structure could help improve deductibility and make EOFY reporting easier. For owner-occupiers, reducing repayments by even a few hundred dollars a month could open up breathing room in the household budget.

Cashbacks are back on the table

After mostly disappearing in 2023, cashback offers are making a comeback in 2025. Several lenders are once again dangling thousands of dollars to attract new customers, making now a compelling time to shop around.

As Mozo recently reported, some cashback deals are worth up to $4,000 for eligible refinancers, though eligibility criteria and loan size minimums apply. These short-term perks shouldn’t outweigh the long-term value of a competitive interest rate but they can help offset the cost of switching.

  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.57 % p.a.
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available

  • Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.50 % p.a.
    No Partner link

Is your home loan still competitive?

If you haven’t reviewed your home loan this year, you could be leaving money on the table. Even a small rate reduction can save thousands over the life of your loan – and with the RBA easing policy for the first time in years, lenders may be more open to negotiating.

Whether you plan to refinance or just want a better deal with your current bank, EOFY is the perfect time to act.

Compare a range of refinancing options

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.53 % p.a.
    Fixed 2 years
    Comparison rate
    5.86 % p.a.
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.77 % p.a.
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.76 % p.a.
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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