Compare refinance home loans for June

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.

Fact Checked
Refinance home loans happy woman

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 473 home loans.
Last updated 19 June 2024 Important disclosures and comparison rate warning*
  • 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.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    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.

  • 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.

  • Discount Variable Home Loan

    • Owner Occupier
    • LVR<70%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

  • Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    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.

  • Fixed Rate Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $3,027

    Additional repayments of up to $10K per fixed year. Interest rate discounts available. Waiver of $499 application fee when combined with an Orange Advantage Home Loan.

  • The Better Home Loan Special Offer

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

    Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    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.

  • 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.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    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.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    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.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.06 % p.a.
    Initial monthly repayment
    $3,190

    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.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

Interest rates change regularly - stay informed.

Compare more home loan options

Home loans come in many shapes and sizes, start comparing here based on your needs. 

Search the Mozo Database

Browse all 463 home loans in Mozo's comparison database

Your mortgage is your money, so use it wisely and don't pay the loyalty tax.

Rachel Wastell

Financial expert

Meet our refinancing experts

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

Image of camera lens

June Refinancing Monthly Snapshot

Refinancing your home loan is a great way to get a lower interest rate, take advantage of new features, or access your home equity.

There are different types of refinancing, which can be used for different purposes. But if saving money is your goal, finding a refinance rate that beats your current home loan might be just the ticket.

Low variable refinance rates 

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

Rates are for a $400,000 loan (OO, P&I, LVR <80%). 

Low refinance rates with an offset account

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

Rates are for a $400,000 loan (OO, P&I, LVR <80%). 

When you compare home loans to refinance to, use a mortgage repayment calculator to get an idea of how much you could save by switching. 

Refinancing Knowledge Hub

What is home loan refinancing?

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:

  • Lowering your 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. Sometimes the grass truly is greener on the other side!

Woman refinancing her home loan

Ways to refinance your mortgage

There are several key ways to refinance your mortgage. Let's run through a few.

Interest rate and loan term refinancing

Interest rate and loan term refinancing

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.

Cash-out refinancing

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.

Cash-out refinancing
Debt consolidation refinancing

Debt consolidation refinancing

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.

What are the benefits of switching home loans?

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.

Expert Tip!

Smaller home loan lenders usually 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 refinancing questions, such as costs, dislikes, and wish lists. 

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, 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.

How much money could you save?
What fees do you have to pay for refinancing?

What fees do you have to pay for refinancing?

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.

How does refinancing affect your credit score?

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.

How does refinancing affect your credit score?

How to refinance your mortgage

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.

Budget and save

Budget and save

Put your finances in order at least 3 months before you refinance. Check your spending and credit history.

Compare home loans

Compare home loans

Identify what you want in your new mortgage and compare offers with better features, rates, and fees.

Apply

Apply

Ready to switch? Get your refinance application to show your new lender why you’re a great bet.

What documents do you need to refinance?

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.

Identity documents

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

Financial documents

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

Property documents

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

Why compare refinance home loans

Since home loans are a major cost, comparing refinancing options is a great way to save. 

Not only can you compare interest rates, terms, and fees from multiple lenders, but you can also see which home loans make your money count for more.

Refinancing calculators and tools

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!

Refinancing Home Loan Calculators

Compare home loan costs now! See more

Refinancing FAQs

Can I refinance with my current lender?

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.

Do you 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 inflexibility with negotiating interest rates, you could refinance to a lender that’s a better fit.

How long does it take to refinance a home loan?

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.

How does my credit score affect refinancing home loans?

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.

Can I refinance my mortgage more than once?

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.

Can you refinance a mortgage with negative equity?

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).

Picture of evlin-dubose

Evlin DuBose

RG146
Senior Money Writer

Evlin is RG146 certified for general advice (Tier 2) and has become a leading voice in finance news since joining Mozo two years ago. She is regularly featured in Google's Top Stories alongside major publications like News.com.au and Yahoo Finance, and seasoned journalists. Despite being in the industry for just two years, she is Mozo's go-to writer for all things RBA and her research has been referenced by the Victorian Government. With a Bachelor of Communications degree from UTS, where she won the Dean's Merit Award and acted as the Director of Student Publications.

Picture of jp-pelosi

JP Pelosi

RG146
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He likes a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

Brands we compare

We compare home loans from the following well-known lenders and many more... SEE MORE HOME LOAN LENDERS

Home loan customer reviews

ANZ Plus Home Loan Variable
Overall 2/10
ANZ bank just aren’t helpful

No bank wants to help you when you have $165,000 mortgage we tried to borrow $50,000 and we got treated like we’re idiots

Read full review

No bank wants to help you when you have $165,000 mortgage we tried to borrow $50,000 and we got treated like we’re idiots

Price
3/10
Features
3/10
Customer service
2/10
Convenience
1/10
Trust
1/10
Less
Julie, Victoria, reviewed about 1 month ago
ANZ Home Loan
Overall 6/10
Disappointed in their app & rewards site

ANZ Bank's online and mobile banking platforms are unreliable and difficult to navigate, often experiencing frequent outages and glitches. This makes it challenging for me to access their accounts and perform basic banking tasks. I still can't access my credit card rewards site.

Read full review

ANZ Bank's online and mobile banking platforms are unreliable and difficult to navigate, often experiencing frequent outages and glitches. This makes it challenging for me to access their accounts and perform basic banking tasks. I still can't access my credit card rewards site.

Price
6/10
Features
6/10
Customer service
3/10
Convenience
4/10
Trust
8/10
Less
Cherie, New South Wales, reviewed about 1 month ago
Westpac Rocket Investment Loan
Overall 2/10
You’re just another number in their system

Easy to sign up but they have no intention on initiative to tell you when interest rates go up.

Read full review

Easy to sign up but they have no intention on initiative to tell you when interest rates go up.

Price
4/10
Features
4/10
Customer service
4/10
Convenience
7/10
Trust
1/10
Less
Julia, Queensland, reviewed about 1 month ago

More home loan reviews