Compare refinance home loans for December

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.

Jack Dona
Money writer
Fact Checked
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 427 home loans using the filters.
Last updated 10 December 2024 Important disclosures and comparison rate warning*

Refinance home loan comparisons on Mozo

Promoted

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.69 % p.a.
    Fixed 4 years
    Comparison rate
    6.23 % p.a.
    Initial monthly repayment
    $4,638
    Go to site

    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.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $4,791
    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

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.69 % p.a.
    Fixed 5 years
    Comparison rate
    5.97 % p.a.
    Initial monthly repayment
    $4,638
    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 $10,000,000.

  • 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
    $4,869
    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.

  • 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
    $4,817
    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.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $4,817
    Go to site

    Enjoy 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.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $4,843
    Go to site

    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.

  • Premium 'Special' Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR 80%
    Interest rate
    4.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $4,290
    Go to site

    A 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.

  • Premium 'Special' Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR 80%
    Interest rate
    4.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $4,290
    Go to site

    A 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.

  • Clean Energy Home Loan - Renovate

    • Owner Occupier
    • LVR<90%
    Interest rate
    5.14 % p.a.
    Fixed 3 years
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $4,363
    Link not supplied

  • Clean Energy Home Loan - New Build

    • Owner Occupier
    • LVR<90%
    Interest rate
    5.44 % p.a.
    Fixed 3 years
    Comparison rate
    6.26 % p.a.
    Initial monthly repayment
    $4,512
    Link not supplied

  • Fixed Rate Home Loan

    • Owner Occupier
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    6.03 % p.a.
    Initial monthly repayment
    $4,537
    Link not supplied

  • Fixed Rate Home Loan

    • Owner Occupier
    Interest rate
    5.49 % p.a.
    Fixed 3 years
    Comparison rate
    6.24 % p.a.
    Initial monthly repayment
    $4,537
    Link not supplied

  • Dream Value Fixed Home Loan

    Interest rate
    5.49 % p.a.
    Fixed 3 years
    Comparison rate
    6.48 % p.a.
    Initial monthly repayment
    $4,537
    Link not supplied

  • Special Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.49 % p.a.
    Fixed 3 years
    Comparison rate
    7.46 % p.a.
    Initial monthly repayment
    $4,537
    Link not supplied

  • 2 Year Fixed Home Loan

    • Principal & Interest
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $4,537
    Link not supplied

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.53 % p.a.
    Fixed 3 years
    Comparison rate
    7.34 % p.a.
    Initial monthly repayment
    $4,557
    Link not supplied

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.95 % p.a.
    Initial monthly repayment
    $4,562
    Link not supplied

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.97 % p.a.
    Initial monthly repayment
    $4,562
    Link not supplied

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR<80%
    Interest rate
    5.54 % p.a.
    Fixed 3 years
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $4,562
    Link not supplied

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $4,562
    Link not supplied

  • Complete Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.32 % p.a.
    Initial monthly repayment
    $4,562
    Link not supplied

  • 3 Year Fixed Rate Home Loan Special Offer

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.54 % p.a.
    Fixed 3 years
    Comparison rate
    6.63 % p.a.
    Initial monthly repayment
    $4,562
    Link not supplied

  • 2 Year Fixed Home Loan Special Offe

    • Owner Occupier
    • Principal & Interest
    • LVR<60%
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.36 % p.a.
    Initial monthly repayment
    $4,562
    Link not supplied

  • Home Fixed Rate

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.55 % p.a.
    Fixed 2 years
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $4,567
    Link not supplied

  • myBlue Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.59 % p.a.
    Fixed 3 years
    Comparison rate
    5.95 % p.a.
    Initial monthly repayment
    $4,588
    Link not supplied

  • Police Value Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.59 % p.a.
    Fixed 3 years
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $4,588
    Link not supplied

  • Goldrate Home Loan

    • Fixed
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.59 % p.a.
    Fixed 3 years
    Comparison rate
    6.21 % p.a.
    Initial monthly repayment
    $4,588
    Link not supplied

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.59 % p.a.
    Fixed 3 years
    Comparison rate
    6.31 % p.a.
    Initial monthly repayment
    $4,588
    Link not supplied

  • The Works Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.59 % p.a.
    Fixed 2 years
    Comparison rate
    6.51 % p.a.
    Initial monthly repayment
    $4,588
    Link not supplied

Showing 29 of 427 home loans
image of houses

Want free expert advice on your home loan?

Whether you're looking to purchase a new home or refinance your existing loan, our friends at Aussie can help!

Learn more

Interest rates change regularly - stay informed.

Subscribe to Newsletter

Compare more home loan options

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

Low rate home loans Investment home loans First home loans Fixed rate home loans

Search the Mozo Database

Browse all home loans in Mozo's comparison database

Search home loans Home loan interest rates

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

Refinancing Monthly Snapshot: December 2024

Updated by: Jasmine Gearie, Senior Money Writer, 02 December 2024

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.

Low variable refinance rates 

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:

Low refinance rates 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†:

  • Homeloans360 Owner Variable Home Loan | 5.89% p.a. (5.89% p.a. comparison rate*)
  • Police Credit Union Low Rate Home Loan Special Offer | 5.89% p.a. (5.95% p.a. comparison rate*)
  • G&C Mutual Bank Essential Worker Home Loan | 5.95% p.a. (5.98% p.a. comparison rate*) (Only available to eligible essential workers)
  • The Capricornian Country to Coast Variable Rate Home Loan | 5.99% p.a. (5.99% p.a. comparison rate*)
  • Tiimely Variable Home Loan | 5.99% p.a. (6.00% p.a. comparison rate*)

†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.

Refinancing Knowledge Hub

What is refinancing your home loan?

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:

  • Securing a lower 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.

Why would you want to refinance your home loan?

There are several reasons to refinance your mortgage. Let’s run through a few.

Lowering your interest rate or changing terms

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.

Cash-out refinancing

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 refinancing

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.

Mozo Top Tip

Smaller home loan lenders often 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 questions and consider the pros and cons of refinancing.

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, 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.

How much does it cost to refinance?

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.

Can I refinance my home loan more than once?

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.

How to refinance your home loan

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.

  • Budget and save: Get your finances in order at least three months before you refinance. Check your spending and credit history.
  • Compare home loans: Identify what you want from your new mortgage and compare home loans – you might want to look for a lower interest rate, better features and less fees.
  • Apply: Ready to switch? Get your refinance application ready to show your new lender why you’re a good bet.

What documents do you need to refinance?

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.

Identity documents

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

Financial documents

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

Property documents

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

Refinancing calculators and tools

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.

Refinancing Home Loan Calculators

Compare refinancing costs now. See more

Refinancing calculator Refinancing calculator Home loan comparison calculator Home loan comparison calculator Borrowing power calculator

FAQs: Refinancing your home loan

Can I refinance with my current lender?

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.

Do I 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 unwillingness to negotiate interest rates, you could refinance to a lender that’s a better fit.

How long does it take to refinance a home loan?

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.

Does refinancing my home loan affect my credit score?

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.

Can you refinance a home loan with negative equity?

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).

Popular refinancing guides

Learn what you need to know about refinancing, including tips and traps, in our helpful guides. See all

Latest home loan news

Get the latest on property market trends, interest rates, and lending news from Mozo's expert writers. See all

Jack Dona
Jack Dona
RG146
Money writer

Jack is RG146 Generic Knowledge certified, with a Bachelor of Communications in Creative Writing from UTS, and uses his creative flair to cut through the financial jargon and make home loans, insurance and banking interesting. His reader-first approach to creating content and his passion for financial literacy means he always looks for innovative ways to explain personal finance. Jack's research and explanations have been featured in government publications, and his work is regularly featured alongside major publications in Google's Top Stories for Insurance.

Brands we compare

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

  • IMB Bank brand logo
  • Macquarie brand logo
  • ubank brand logo
  • Unloan brand logo
  • loans.com.au brand logo
  • SWSbank brand logo
  • IMB Bank brand logo
  • Macquarie brand logo
  • ubank brand logo
  • Unloan brand logo
  • loans.com.au brand logo
  • SWSbank brand logo
  • IMB Bank brand logo
  • Macquarie brand logo
  • ubank brand logo
  • Unloan brand logo
  • loans.com.au brand logo
  • SWSbank brand logo
  • IMB Bank brand logo
  • Macquarie brand logo
  • ubank brand logo
  • Unloan brand logo
  • loans.com.au brand logo
  • SWSbank brand logo

Home loan customer reviews

Bank Australia Basic Home Loan
Overall 7/10
better than other banks

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 review

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!!!).

Price
9/10
Features
9/10
Customer service
9/10
Convenience
5/10
Trust
8/10
Less
Sal, Victoria, reviewed 13 days ago
Bankwest Home Loan
Overall 8/10
A reasonable home loan

Bankwest has a good home loan with reasonable interest rate,

Read full review

Bankwest has a good home loan with reasonable interest rate,

Price
8/10
Features
7/10
Customer service
7/10
Convenience
8/10
Trust
7/10
Less
Robert, Western Australia, reviewed 13 days ago
Macquarie Home Loan
Overall 2/10
Macquarie’s Limited Hours Leave Customers Stranded

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 review

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.

Price
3/10
Features
1/10
Customer service
3/10
Convenience
1/10
Trust
1/10
Less
Fiona, New South Wales, reviewed 13 days ago

More home loan reviews