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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Competitively-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.
Read our Mozo Review to learn more about this ubank Neat Home Loan
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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).
Read our Mozo Review to learn more about this Bendigo Bank Fixed Express Home Loan
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This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.
Read our Mozo Review to learn more about this loans.com.au 3 Year Special Fixed Home Loan
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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 siteThis home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.
Read our Mozo Review to learn more about this loans.com.au 3 Year Special Fixed Home Loan
Go to siteCompetitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex 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 siteLock 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).
Read our Mozo Review to learn more about this Bendigo Bank Fixed Express Home Loan
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.
Read our Mozo Review to learn more about this ubank Neat Home Loan
Go to siteCompetitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex Home Loan
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
Go to siteAbility 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
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Refinancing is a great way to shake the dust off your old home loan and swap it out for something new.
Instead of waiting for the Reserve Bank of Australia (RBA) to lower interest rates, you can take control of your mortgage and see if refinancing to a lower rate can help you save.
Just keep in mind, that refinancing can cost you a lot of money during the transition. So, you’ll need to whip out your calculator and make sure it’s worth your while.
Note: Make sure you check out if any lenders are offering refinance cashback offers.
Whether you’re after a lower interest rate or new features, like an offset account, when you refinance you have the opportunity to save yourself money, time, and stress.
Below, we’ve found some of the lowest interest rates in the Mozo database, including home loans with an offset account, that we think are worth considering in September.
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:
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†:
†Lowest variable home loan rates for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database on 1 September 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
I am a long term home loan lender but have a minimal amount to repay. I currently have an interest rate at 8.1% This is a variable rate. They will not reduce it for me. All banks are the same. I have had this loan for nigh on 11 years, I have an EXCELLENT credit rating and I have been with this bank for 52 years (since school days). Don't be a loyal customer, shop around at every opportunity and good luck! Also, a lack of local customer service!
Read full reviewI am a long term home loan lender but have a minimal amount to repay. I currently have an interest rate at 8.1% This is a variable rate. They will not reduce it for me. All banks are the same. I have had this loan for nigh on 11 years, I have an EXCELLENT credit rating and I have been with this bank for 52 years (since school days). Don't be a loyal customer, shop around at every opportunity and good luck! Also, a lack of local customer service!
No ability to work with individual people, if you dont fit in their boxes they cannot help you. Even if you are a long term customer, the people you speak to are not able to resolve or assist outside of the tick boxes making it very frustrating as a human.
Read full reviewNo ability to work with individual people, if you dont fit in their boxes they cannot help you. Even if you are a long term customer, the people you speak to are not able to resolve or assist outside of the tick boxes making it very frustrating as a human.
Great home loan rates and work with our families needs. Good loan products and enjoy having an offset account
Read full reviewGreat home loan rates and work with our families needs. Good loan products and enjoy having an offset account
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