Your selected home loans
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 this Unloan Unloan Variable
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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.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Go to siteConvenient 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.
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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.
Read our Mozo Review to learn more about this Unloan Unloan Variable
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Enjoy a low variable rate with no application, ongoing or monthly fees to pay. Access your money via internet banking at any time with free redraws. Make additional repayments at any time. Available for owner occupied, investment and interest only repayments.
Read our Mozo Review to learn more about this First Option Bank Simple Home Loan Variable
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.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
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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.
Read our Mozo Review to learn more about this ING Mortgage Simplifier
Compare 25+ lenders with our trusted partner, Lendi.
Talk to one of their experienced home loan specialists by answering a few questions online.
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 this Macquarie Offset Home Loan
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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 this ANZ Fixed Rate
Compare 25+ lenders with our trusted partner, Lendi.
Talk to one of their experienced home loan specialists by answering a few questions online.
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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.
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:
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†:
†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.
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
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We compare home loans from the following well-known lenders and many more... SEE MORE HOME LOAN LENDERS
Disappointed with Lack of Communication on Home Loan Interest Rates : I’ve been a home loan customer with the Bank of Queensland (BOQ) since 2015, and while I initially had no concerns, my experience over the years has left me feeling disappointed, particularly regarding the lack of transparency around interest rates. What Happened For many years, I wasn’t aware that it was my responsibility to regularly check and request updates on my home loan interest rates. This was never communicated to me, and as a result, I was unknowingly paying higher interest rates compared to other customers. I only discovered this in 2022, after reaching out to BOQ with questions about my rate, and was shocked to find that I could have been paying much less. Financial and Emotional Impact Over time, this lack of transparency cost me thousands of dollars in unnecessary interest payments. Beyond the financial impact, the emotional strain of realizing I had been overpaying for so long was incredibly stressful. I felt like I was left in the dark as a customer, and this has taken a toll. BOQ’s Response When I raised the issue with BOQ, I was offered a small goodwill gesture, which, while appreciated, didn’t fully address the stress and anxiety I experienced. I expected a more proactive approach from the bank in notifying customers about rate reviews, especially when significant savings are possible. While they have apologized, it still feels like the system is set up in a way that leaves customers uninformed unless they actively chase the information. Why I’m Sharing This I’m writing this review to raise awareness for other customers who might be in the same situation. If you’re with BOQ or any other bank, make sure to regularly review your loan terms and ask about better rates. Don’t assume your bank will notify you of available rate reductions. Key Takeaways: BOQ doesn’t automatically inform customers when better rates are available. You must actively request interest rate reviews, or you could end up overpaying. While BOQ offers customer support, I feel there is room for improvement in their communication regarding loan management. I hope my experience can help other homeowners avoid the same pitfalls. It’s important to stay proactive with your finances, especially with long-term commitments like home loans. I hope to receive an automated message acknowledging my review as others have, but my main goal is to raise awareness and help others make informed decisions.
Read full reviewDisappointed with Lack of Communication on Home Loan Interest Rates : I’ve been a home loan customer with the Bank of Queensland (BOQ) since 2015, and while I initially had no concerns, my experience over the years has left me feeling disappointed, particularly regarding the lack of transparency around interest rates. What Happened For many years, I wasn’t aware that it was my responsibility to regularly check and request updates on my home loan interest rates. This was never communicated to me, and as a result, I was unknowingly paying higher interest rates compared to other customers. I only discovered this in 2022, after reaching out to BOQ with questions about my rate, and was shocked to find that I could have been paying much less. Financial and Emotional Impact Over time, this lack of transparency cost me thousands of dollars in unnecessary interest payments. Beyond the financial impact, the emotional strain of realizing I had been overpaying for so long was incredibly stressful. I felt like I was left in the dark as a customer, and this has taken a toll. BOQ’s Response When I raised the issue with BOQ, I was offered a small goodwill gesture, which, while appreciated, didn’t fully address the stress and anxiety I experienced. I expected a more proactive approach from the bank in notifying customers about rate reviews, especially when significant savings are possible. While they have apologized, it still feels like the system is set up in a way that leaves customers uninformed unless they actively chase the information. Why I’m Sharing This I’m writing this review to raise awareness for other customers who might be in the same situation. If you’re with BOQ or any other bank, make sure to regularly review your loan terms and ask about better rates. Don’t assume your bank will notify you of available rate reductions. Key Takeaways: BOQ doesn’t automatically inform customers when better rates are available. You must actively request interest rate reviews, or you could end up overpaying. While BOQ offers customer support, I feel there is room for improvement in their communication regarding loan management. I hope my experience can help other homeowners avoid the same pitfalls. It’s important to stay proactive with your finances, especially with long-term commitments like home loans. I hope to receive an automated message acknowledging my review as others have, but my main goal is to raise awareness and help others make informed decisions.
Less
Excellent bank especially for home loans.
Read full reviewExcellent bank especially for home loans.
Big bank, so you know it's not going to close unexpectedly of anything, but also they have the power to care more or go above and beyond for its clients, but instead tend to find they are like any other bank (ie always passing on rate rises early etc). Mind you, staff at the local store are super lovely and helpful.
Read full reviewBig bank, so you know it's not going to close unexpectedly of anything, but also they have the power to care more or go above and beyond for its clients, but instead tend to find they are like any other bank (ie always passing on rate rises early etc). Mind you, staff at the local store are super lovely and helpful.
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