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Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
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Go to siteBuilt 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.
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Go to siteNo upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
Read reviews and learn more about Macquarie home loans
Go to siteEnjoy 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.
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Go to siteAffordable 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.
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Go to siteEnjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.
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Go to siteCompetitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
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Go to siteA high value, great rate 3 year fixed home loan with SWSbank for new loans over $800K and up to $2.5M. No application or monthly fees to pay. Free redraw available. Choose from a weekly, fortnightly or monthly repayment schedule. Additional repayments up to $20,000 per year. 20% deposit required. No application fees.
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Go to siteA high value, great rate 3 year fixed home loan with SWSbank for new loans over $800K and up to $2.5M. No application or monthly fees to pay. Free redraw available. Choose from a weekly, fortnightly or monthly repayment schedule. Additional repayments up to $20,000 per year. 20% deposit required. No application fees.
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Read reviews and learn more about Australian Mutual Bank home loans
Read reviews and learn more about Northern Inland Credit Union home loans
Read reviews and learn more about Newcastle Permanent home loans
Read reviews and learn more about Easy Street home loans
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Read reviews and learn more about NRMA Insurance home loans
Read reviews and learn more about Qudos Bank home loans
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Read reviews and learn more about Bendigo Bank home loans
Read reviews and learn more about Police Credit Union home loans
Read reviews and learn more about Auswide Bank home loans
Read reviews and learn more about Up home loans
Read reviews and learn more about Hume Bank 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
Mortgage holders may be waiting for the Reserve Bank of Australia (RBA) to lower the cash rate, but the past month has seen several lenders beat the RBA to the punch by dropping their interest rates ahead of time.
Among the notable moves, NAB sliced 0.40% off a variable rate home loan and ANZ cut up to 0.15% from its Simplicity Plus home loan. Plenty of other smaller lenders also made changes, including G&C Mutual Bank, MyState Bank and St.George.
With this in mind, now is arguably a good time to refinance your home loan. Interestingly, when a recent Mozo survey asked mortgage holders if they had ever refinanced, a whopping 57% said they had never done so.
While this figure doesn’t account for those who have only recently started paying off their home loan, it does suggest that many borrowers could be paying much more in interest than they need to.
So, if you’ve never refinanced your home loan, take a look at some of the options below, or reach out to your current lender to see if you can negotiate a better rate that is on par with the current market.
Looking to refinance your home loan to a lower interest rate? Here are the lowest variable rates† in the Mozo database at the time of writing:
Here are the lowest home loan interest rates with an offset account (excluding first home buyer loans) at the time of writing†:
†Lowest variable home loan rates for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database on 2 December 2024.
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:
Ultimately, the purpose of refinancing is to save money, time, or stress – ideally, all three at once.
There are several reasons to refinance your mortgage. Let’s run through a few.
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.
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 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.
Smaller home loan lenders often have sharper rates and more innovative savings features, including quick online refinancing.
Before you refinance your home loan, ask yourself some basic questions and consider the pros and cons of refinancing.
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.
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.
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.
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.
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.
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.
Compare refinancing costs now. See more
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.
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.
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.
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.
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).
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
We compare home loans from the following well-known lenders and many more... SEE MORE HOME LOAN LENDERS
I've had positive experiences with Bank Australia since 2022. the process for applying was able to happen in my local branch, staff were really helpful. My only gripe is the app which I have had problems with (but to be honest, that may be a me thing!!!).
Read full reviewI've had positive experiences with Bank Australia since 2022. the process for applying was able to happen in my local branch, staff were really helpful. My only gripe is the app which I have had problems with (but to be honest, that may be a me thing!!!).
Bankwest has a good home loan with reasonable interest rate,
Read full reviewBankwest has a good home loan with reasonable interest rate,
Macquarie Bank's service is frustratingly inaccessible. Limited to 9-5, they're unreachable when you need help outside these times. Issues don’t adhere to business hours, and neither should they.
Read full reviewMacquarie Bank's service is frustratingly inaccessible. Limited to 9-5, they're unreachable when you need help outside these times. Issues don’t adhere to business hours, and neither should they.
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