Sketch of a house and some home loan calculations under a coffee cup

Refinance Home Loans

Many lenders reserve their most competitive rates for refinancers with equity in their property. This is why it’s always a good idea to review your home loan every few years, just to be sure you're still getting a competitive deal. 

The home loans market caters to many different buyers, so by switching loans and refinancing you could save thousands. Compare refinancing deals below.

Fact Checked

Refinance home loan comparisons on Mozo - last updated 20 September 2021

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.variable for 24 months and then 2.25% p.a. variable
    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.
    fixed 3 years
    2.24% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    Compare
    Go to site
    Details
  • placeholder
    Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Apply Online & Refinance before 29 October 2021 for the chance to WIN your home loan interest free - Save up to $1.1 million. T&Cs apply.

    Compare
    Go to site
    Details
  • placeholder
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.32% p.a.

    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.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    2.02% p.a.

    Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

    Compare
    Go to site
    Details
  • placeholder
    Special Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    3.67% p.a.

    Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.

    Compare
    Go to site
    Details
  • Hot DealGet a decision on your application fast
    placeholder
    Prime Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.44% p.a. variable
    2.49% p.a.

    Competitive low variable rates for borrowers with 30% deposit. Flexible home loan with no ongoing fees. Extra repayments and redraw available. Get a dedicated specialist for the loan application process.

    Compare
    Go to site
    Details
  • placeholder
    Fixed Rate Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    4.04% p.a.

    No annual or ongoing monthly fees. Fee free extra repayments. Free redraw facility.

    Compare
    Go to site
    Details
  • Hot DealReceive $3,000 cashback when you refinance to ING, apply by 30 Sep 2021, settle by 31 Dec 2021 (T&Cs apply).
    placeholder
    Fixed Rate Loan with Orange Advantage

    Owner Occupiers, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.84% p.a.
    fixed 2 years
    3.73% p.a.

    Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Receive $3,000 cashback when you refinance your home loan from another lender, apply by 30 Sep 2021, settle by 31 Dec 2021 (T&Cs apply).

    Compare
    Go to site
    Details
  • placeholder
    UHomeLoan (1 Yr Fixed)

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.79% p.a.
    fixed 1 year
    2.32% p.a.

    Fast, easy to apply and no ongoing fees. Choose between weekly, fortnightly or monthly repayments. 1 year fixed rates are for new Owner Occupier Principal & Interest loans.

    Compare
    Go to site
    Details
  • placeholder
    Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.14% p.a. variable
    2.14% p.a.

    Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.

    Compare
    Go to site
    Details
  • placeholder
    Well Balanced Fixed

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.14% p.a.
    fixed 3 years
    2.06% p.a.

    Super low fixed rate and only 20% deposit required. Optional 100% offset account. Free extra repayments and redraw facility. Flexible repayment schedule.

    Compare
    Go to site
    Details
  • placeholder
    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.86% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Includes an HSBC Premier Master Card with HSBC rewards and no annual credit card fee allowing you to earn points. Mozo Experts Choice Fixed Home Loan 2020^

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Liberate Variable Home Loan

    70-80% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.08% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Athena automatically lowers the rate as the loan is paid down. Winner of three Mozo Expert's Choice Awards for 2021.

    Compare
    Go to site
    Details
  • placeholder
    Smart Home Loan 80

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.48% p.a. variable
    2.50% p.a.

    Low-rate variable home loan that could save you thousands. No ongoing fees. Unlimited extra repayments and free redraws. Maximum borrowing $1 million and at least a 20% deposit required.

    Compare
    Go to site
    Details
  • placeholder
    Variable Home Loan

    Owner Occupier, Interest Only

    interest rate
    comparison rate
    Initial monthly repayment
    2.49% p.a. variable
    2.17% p.a.

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Comes with Visa debit card and the ability to use digital wallets; Apple and Google Pay. 25% deposit required.

    Compare
    Go to site
    Details
  • placeholder
    Fixed Home Loan Special Offer

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.85% p.a.

    Competitive low fixed rates for owner occupiers. No monthly account keeping or loan establishment fees. 20% deposit required. Get $3K cash when you refinance to a Suncorp Bank home loan of $750K+ with LVR <= 90%. Apply by 30/11/21, settle by 28/02/22. (T&Cs apply).

    Compare
    Go to site
    Details
  • placeholder
    Equity Plus

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    1.87% p.a. variable
    1.90% p.a.

    Low rate variable home loan with optional offset. Free online redraw. No valuation fee. Purchase, refinance or equity release purposes allowed. Min 40% deposit.

    Compare
    Go to site
    Details
  • placeholder
    Discount Variable Home Loan

    Owner Occupier, LVR<70%, over $700,000

    interest rate
    comparison rate
    Initial monthly repayment
    2.39% p.a. variable
    2.44% p.a.

    No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.

    Compare
    Go to site
    Details

^See information about the Mozo Experts Choice Home loans Awards

*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.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Home loan lenders we compare at Mozo

Save with deals from the following well-known brands and many more...

See all home loan providers

Home loan resources

Views, news, tips and guides to help find the home loan for you.

Home Loan FAQs
Guides & Tips
Home Loan Reviews
Home Loan Calculators
News

September market update: Refinance home loans

Written by: Tom Watson, Home Loans writer, 1 September 2021

Spring has sprung! Traditionally September marks the start of Australia’s busiest property season, but with millions of Australians currently in lockdown there are question marks as to just how busy Spring property season is going to be. 

One property trend that is expected to continue to boom though, is the amount of refinancing being conducted by existing homeowners. If you need proof of this surge in switching, the latest Australian Bureau of Statistics (ABS) figures show that $26.9 billion worth of mortgages were refinanced in June alone! 

But why are homeowners so keen to refinance? Historically low home loan rates are likely the main reason, but a handful of lenders are also offering incentives like cashback deals of $3,000+ to mortgage holders looking to make the switch. We’re also seeing lenders rolling out even sharper rates than normal for refinancers with lower LVRs (i.e. with built up equity).

Which lenders stand out?

Competition in the home loan market is still fierce, but there are certainly a few lenders that stand out when it comes to variable and fixed rates for refinancers. 

On the variable rate front, there’s plenty of low rate options for refinancers to choose from. In fact, 23 lenders in the Mozo database are currently offering at least one variable rate for owner occupiers (max. 80% LVR) with a headline rate below 2.30%. Included in that list are online lenders like Athena, loans.com.au, Tic:Toc, Well Home Loans and Yard, plus well known banks like AMP Bank, BOQ, Bendigo Bank and Citi. 

In terms of fixed rate home loans, there are still a number of competitive 1, 2 and 3-year fixed rate options with headline rates below 2.00% for owner occupiers with an LVR below 80%. Meanwhile, 4 and 5-year fixed rates still remain competitive, but not quite as low as in previous months. In terms of the lenders who stand out, 86 400, AMP Bank, BOQ, Greater Bank, Homestar, ING and UBank are among those offering the lowest rates. 

How about the big banks?

After a cut in late August, Westpac’s rate of 2.59% p.a. (2.52% p.a. comparison rate*) on the Flexi First Option loan is now the lowest variable rate on offer from the big four to owner occupiers (<80% LVR). Comparatively, ANZ, Commonwealth Bank and NAB have equivalent offers with headline rates around the 2.70% mark. However (as we’ve outlined above), there are still plenty of lower variable rates on offer from other lenders. 

The major banks are continuing to be more competitive on fixed rates. For example, the 2 and 3-year rates with ANZ’s Fixed Rate (Breakfree Package), the 4-year rate with CBA’s Fixed Rate (Wealth Package) and the 4 and 5-year rates with NAB’s Tailored Home Loan (Fixed, Choice Package) are all quite competitive.

Refinance home loan rates of note in September:

  • Lowest variable rate: 1.88% (1.97% comparison rate*) on the Reduce Home Loans Super Saver Variable for LVRs <80%

  • Lowest 3-year rate: 1.85% (2.58% comparison rate*) on the 86 400 Own Home Loan (Fixed) for LVRs <80%

  • Lowest investor variable rate: 1.99% (2.38% comparison rate*) on the Queensland Country Bank Discount Ultimate Loan (Package) for LVRs  <80%

  • Lowest investor 3-year fixed rate: 2.09% (2.60% comparison rate*) on the UBank UHomeLoan (Fixed) for LVRs <80%

Refinance your home loan to the perfect fit

Your home loan is a long term financial commitment which can span anywhere from 25 to 30 years. But that doesn’t mean you’re stuck with the same deal that whole time! Refinancing your home loan is the perfect way to score an offer that will save you money and suit your current budget better.

We’ve answered some of the most frequently asked home loan refinance questions below, to help get you started on the path to switching.

Why refinance my home loan?

There are heaps of good reasons to refinance your home loan, from saving money to reworking your household budget. Some of the main ones include:

To save with lower repayments. One of the big perks of refinancing a home loan is that you can potentially save thousands of dollars by switching to a lower interest rate. Better in your pocket than the bank’s, right?

To pay your loan off faster. Another big benefit of refinancing is that, by switching to a lower interest rate but keeping up the same repayments you make now, you can shave years off your loan term. This will not only mean you’re mortgage free
sooner, but will also save you on interest.

To access flexible features. When you were wading into the world of home loans for the first time, you might have decided to keep things simple with a basic no-frills option. But now that you’ve had that loan for a few years (or a decade) you
might want to refinance to an option with a few more features, like an offset account, extra repayments or a redraw facility.

Because your LVR has changed. If you picked up your first home loan with a small deposit of 10% or even 5%, then you probably didn’t get the absolute best interest rate around, since the best offers are reserved for borrowers with LVRs of 80% or below. Once you’ve paid off some of your loan and your LVR decreases, you may be able to snag a better interest rate.

Because your financial situation has changed. Chances are, some things have changed since you first signed up for your home loan. Maybe you got a new job, or you had kids, or you paid off other debts that were dragging you down. All these things can mean that a different home loan offer will now suit you better.


Show transcript
It's always a good idea to review your home loan every few years, to make sure that you're still getting a good deal. Once you've reviewed it you may even start thinking about refinancing.

How do I refinance my home loan in Australia?

Refinancing your home loan simply means that you take out a new home loan to replace your old one. Benefiting from a lower interest rate, access to more features and greater flexibility are just some of the reasons why a number of people choose to refinance.  

When you switch home loans you will more often than not have to use some or all of the funds to pay off your old home loan. Depending on what works best for you or what deals are available when you’re looking to refinance, you can either stick with your existing lender or switch to a new one entirely.  

It simply depends on where you can find the best deal to benefit you. If your existing lender has an enticing home loan package that you want to switch to then it’s definitely worth looking into, or if an online lender has a rate that catches your eye, you might want to get more information about that. 

Once you’ve decided which lender/home loan you want to switch to, your new lender will pay out your existing home loan in full with your new home loan.

How much could I save by refinancing my home loan?

Okay, we know the main reason you’re thinking about refinancing is probably
because of the savings on offer - but just how much cash can you put back in your pocket by switching to a better home loan deal?

That will depend on your loan amount, how long you have left on your loan term and what interest rate you’re switching to and from. But to give you an idea, let’s look at an example.

Say you have $400,000 left on your home loan and you’re 10 years into a 30 year loan with an interest rate of 4.20%. If you stick with this loan, your monthly repayments would be $1,956, and over the next 20 years, you’d pay $152,207 in interest.

Now, imagine you refinance that loan to an offer with 3.60% interest. Your monthly repayments would drop to $1,819, and over the next 20 years, you’d pay $125,650. That’s a saving of $26,557. Imagine the luxury holiday you could take with that!

Where to compare refinance home loan rates 

If you’ve decided to refinance your home loan to a better deal, now comes the tricky part of finding the right home loan to switch. Since the goal of refinancing is to save on your repayments, choosing a loan with a lower interest rate is critical. So if you’d like to find out how much you could be saving on your home loan, make our Home Loans Interest Rates page your next stop.

Does refinancing cost money?

Despite the fact that the ultimate goal of refinancing is to save you money in the long run, initially there may be some costs involved. These costs will mostly come in the form of fees.

Of course, if you’re staying with the same lender and simply switching to another home loan, you may be able to avoid any additional charges. However, if you’re jumping ship to an entirely new home loan lender or bank, then chances are your old lender may hit you up for a penalty or exit fee.

Below is a list of some of the fees you may have to pay while refinancing:

  • A termination/discharge fee. Your old bank or lender may charge you a fee to terminate your existing home loan early. This fee could range anywhere from $0-600. 
  • A break fee. You may be charged a break fee, if you’re looking to refinance from a fixed interest rate home loan.
  • Application fee. Your new lender or bank may also charge you an upfront application fee, although this is sometimes waived if you have a good enough credit score.
  • Registration fee. Another potential cost to think about is the registration fee, which you may have to pay when you move your existing mortgage over to your new lender. The cost for this may depend on what state you live in.
  • Valuation fee. Your new lender may wish to have an up-to-date valuation done on your property, meaning that you may have to come up with the fee for the valuer to visit your property.
  • Settlement/legal fee. Finally, once everything is settled, you may have to pay a settlement or legal fee.

It’s clear that refinancing your home loan can come with a fee or two to start with, which is why doing your research and figuring out your long term savings is key. Basically you just have to make sure that what you save in the long run, will far outweigh what you have to pay upfront to switch. You can use Mozo’s home loans switch and save calculator to get some idea of what your savings will be.

Does refinancing hurt your credit score?

The simple answer is yes - refinancing your home loan could have an impact on your credit score.

But, as Oscar Wilde once wrote “everything in moderation, including moderation.” In other words, unless you’re refinancing all over the shop, multiple times in one year, switching your home loan shouldn’t have a huge impact on your overall score.

When you refinance a loan, your potential new lender will conduct an official check of your current credit report. This is known as a hard pull credit inquiry and will be listed on your credit history. The number of hard pull credit inquiries you have listed on your report can affect your overall credit score, so it’s best to only apply for a new home loan if you’re positive you want to switch.

Too many hard pull inquiries conducted in a short space of time, could potentially have a negative impact on your credit score. The key takeaway is to do your research, be selective and to only apply when you’re positive the new lender and home loan has a lot to offer you.

Is there any reason why I wouldn’t refinance?

Refinancing your home loan is not always the best idea. For starters, you might
already be on the best home loan offer around, in which case, it's unnecessary. But even if you do spy a lower rate when comparing home loans, refinancing may not be a good move, if you:

  • Are in the middle of a fixed term. Fixed rate home loans often come with break fees attached. This means, if you pay off or refinance your loan before the fixed period ends, you might get hit with a hefty fee. In this case, you’ll need to weigh up the benefits of refinancing against the cost of the break fee to decide on the right course of action.
  • Still have an LVR above 80%. If you took out a home loan with a deposit of less than 20%, you probably remember the sting of having to pay Lender’s Mortgage Insurance. Well, unfortunately, refinancing your home loan when you still need to
    borrow more than 80% of your home’s value will mean you’ll have to pay
    Lender’s Mortgage Insurance all over again.
Picture of JP Pelosi
JP Pelosi
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 loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

More FAQs about home loan refinancing


When should you refinance? 

There’s no set schedule to follow in terms of when you should refinance your home loan, but it can certainly be worth regularly checking in to see how competitive your interest rate is - say, once a year. One place to start is by seeing how your current rate stacks up against the latest average home loan rates in the Mozo database as a rough guide, then comparing it to a few offers from different lenders.   

Another trigger that may suggest it’s time to consider refinancing is if you’ve paid off a chunk of your loan or your home equity has increased. That’s because many lenders offer rate discounts for home loans with lower LVRs, so it’s possible you could be able to take advantage of this by refinancing (or negotiating with your current lender).

How long does it take to refinance a home loan?

That’s a tricky question, because it can take days or weeks depending on your situation. At first, when you’re researching your refinance home loan options and getting all your necessary documentation together, you’re entirely in charge of how long it takes - you might get it all done in an afternoon, or you could do it over a week or two. Once you’ve applied for the refinancing loan, things are in the bank’s hands and there’s two options: fast track refinancing, or standard refinancing.

  • Fast track: If you want to get your refinancing done and dusted, then you can ask your new lender about fast refinancing, which can take as little as three days. This essentially means that your new lender will pay out your loan before receiving the title to your home, speeding the process along. Keep in mind, your new lender may require you to pay title insurance, in case there are problems when transferring the title after they have paid out your loan.
  • Standard process: The other option is to stick to the standard refinancing process, which generally takes around 3-4 weeks. In this process, you apply to refinance your home loan with the new lender, then they will contact your old lender to transfer your debt over. It takes a bit longer to refinance this way, but the good thing is that you won’t need to pay title insurance.

Does refinancing start your loan over? 

Yes, in the sense that when you refinance with another lender you technically take out a new loan. However, that doesn’t mean your repayments start from square one! After all, you’ve already put in the hard yards by paying some of your loan down, so that won’t disappear. Refinancing also doesn’t mean you’ll be forced to take out another 25 or 30 year loan - you should be able to negotiate with the lender you’re refinancing with as to the length of your loan term.    

How much equity do I need to refinance?

The general rule is that you’ll want to have at least 20% equity built up (so a LVR of 80% or lower) before you consider switching home loans, otherwise you may face the prospect of having to take out lenders mortgage insurance again - an expense you can do without.  

As we mentioned above, many lenders also provide even lower rates for borrowers with lower LVRs or greater equity, so don’t forget to shop around whenever your loan to value ratio falls below a new threshold e.g. 70%, 60% etc.

What documents do I need to refinance my mortgage? 

As with any home loan application, you’ll need to pull a few documents together when refinancing your mortgage. Some of those may include:  Identification: e.g. a passport, drivers licence or a birth certificate Income: e.g. recent payslips, tax returns or a group certificate Assets and liabilities: e.g. investments you hold or any credit card or loan debt you may have (including your current home loan) Expenses: e.g. bank statements indicating how much you spend

What loan features should I look for when I refinance?

While you’re refinancing your home loan, why not score some handy features to help you save even more? There are tonnes of different home loans, ranging from basic options to full feature packages with all the bells and whistles, so you’re sure to find an option that has the features you want.

A couple to keep an eye out for include:

  • Free extra repayments. Being able to make extra repayments and pour every spare dollar into paying off your home loan will not only mean you’re debt free quicker, but it can also cut down on the amount of interest you pay.
  • Redraw facility. This is a nice feature to have, just in case you go a bit overboard with those extra repayments, and then find yourself needing the cash for an unexpected bill. Remember that even if your loan comes with a redraw facility, there may be a minimum amount you need to redraw at a time, or there could be a fee. Look for an option that offers free redraw!
  • Offset account. A super easy way to cut down on the amount of interest you pay on your home loan is to stick your savings in an offset account. This effectively lowers the principal amount you pay interest on every single day - without you lifting a finger.

Do you have to pay fees to refinance a home loan?

One of the barriers to refinancing is that there are a number of fees that may apply when you do so. First of all, when you close out your old loan, you might be hit with a discharge or early break fee.

Then the new loan may include all the usual fees, such as application fee, valuation fee or yearly service fee. You should keep these in mind when deciding to refinance, and make sure the cost of fees doesn’t outweigh the benefit of making a switch.

Is it cheaper to refinance with my current lender? 

It’s a good question. Before refinancing your home loan with a new lender it’s worth checking in with your existing bank or lender to see if they’d be willing to offer you a better interest rate. That’s because discharge fees, as well as any set up fees with a new loan, can sometimes be expensive. 

Of course, if your existing lender isn’t prepared to offer you a rate that’s as competitive as other rates on the market then you’ll need to weigh up the benefits of making the switch (e.g. a lower rate and repayments) versus any costs associated with switching (e.g. fees). 

Can I get cash back by refinancing my home loan?

Aside from more competitive interest rates, one incentive some lenders will offer to refinancers is a home loan cashback deal. These cashback offers tend to range anywhere from $1,000 to $3,000 and even above, though they’re typically only available to refinancers who meet certain criteria such as a minimum loan size and LVR. 

Just remember, these loans with cashback deals don’t always come with the most competitive home loan rates around, so it’s also worth doing your research and comparing various offers first.

Ok, I’m ready to switch loans. Where do I start?

If you’re ready to take the plunge and refinance your mortgage to a better deal, you can start by comparing your home loan options in the table above. When you find the perfect fit, just click the blue ‘go to site’ button to go through to the lender’s website to get the ball rolling and apply to refinance, so consider looking at our comparisons to find the best mortgage available. 

Or you could try out our Switch and Save calculator, which will not only show you a bunch of refinancing home loan options, but also how much you could save by making a change.

Home Loan Reviews

Bank Australia Home Loan
Overall 9/10
One of the best, if not THE best, bank we have!

I'm a long-time customer (back when Bank Australia was just Ed Credit), and have always found them to be there for me. As a result my (now adult) children have converted their own savings accounts (from when they were kids), into their primary accounts in the case of the three still living in Australia, with the fourth maintaining his Bank Australia account even though he now lives and works in the US. Even my two grandchildren have Bank Australia accounts because their mother believes in it!

Read full review

I'm a long-time customer (back when Bank Australia was just Ed Credit), and have always found them to be there for me. As a result my (now adult) children have converted their own savings accounts (from when they were kids), into their primary accounts in the case of the three still living in Australia, with the fourth maintaining his Bank Australia account even though he now lives and works in the US. Even my two grandchildren have Bank Australia accounts because their mother believes in it!

Price
6/10
Customer service
8/10
Convenience
10/10
Trust
10/10
Less
Elsa, Victoria, reviewed about 10 hours ago
firstmac Home Loan
Overall 1/10
Do not waste your time

Highly unorganised to the point I questioned my broker if they knew what they were doing. In the end, they offered me a loan then withdrew it after I signed the papers. Be very careful with these people.

Read full review

Highly unorganised to the point I questioned my broker if they knew what they were doing. In the end, they offered me a loan then withdrew it after I signed the papers. Be very careful with these people.

Price
2/10
Features
2/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Damian, New South Wales, reviewed 3 days ago
Aussie Select Basic Variable
Overall 10/10
Amazing Ben from Aussie- Gawler

I can not recommend Aussie Gawler any more highly! They were phenomenal in every aspect- completely transparent, always available to discuss any questions I had even after hours and on weekends- would literally reply to me minutes after sending a message! For what is usually a stressful process, Aussie made it seamless and the best part was he was able to get our loan approved in just 4 weeks! This allowed us to move our settlement forward and get in our new house even quicker! I couldn't believe it and I will truly recommend him time and time again for any loan needs.

Read full review

I can not recommend Aussie Gawler any more highly! They were phenomenal in every aspect- completely transparent, always available to discuss any questions I had even after hours and on weekends- would literally reply to me minutes after sending a message! For what is usually a stressful process, Aussie made it seamless and the best part was he was able to get our loan approved in just 4 weeks! This allowed us to move our settlement forward and get in our new house even quicker! I couldn't believe it and I will truly recommend him time and time again for any loan needs.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Ella, South Australia, reviewed 6 days ago
See
Home loan tips

Whether you’re after the lates home reno trends, money-saving tips or cheapest home loan deals, Mozo’s moneyvators have it covered. Check out our collection of money savvy articles and top tips.

See
Home loan case studies

Find out how you can save on your home loan or learn about loan options for refinancing and investing with this series of helpful case studies and home loan scenarios.

See
Home loan providers

Find the right home lender fast. Mozo details all home loan providers along with their home loan products right here so you compare rate, fees and features easily.

See more home loan resources