Compare refinance home loans for July

Want to see if you can switch and save on home loan repayments? We have comparison tools, calculators and expert tips to help you search for a lower rate and refinance your mortgage.

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A two-story home with an enlarged stack of $100 notes in front of it.
Last updated 3 July 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $4,537
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
    • Built by CommBank
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $4,537
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.76 % p.a.
    Initial monthly repayment
    $4,537
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Premium 'Special' Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    4.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $4,290
    Go to site
    • New loans over $800K and up to $2.5M
    • Additional repayments up to $20,000 per year
    • No application or monthly fees to pay
  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.72 % p.a.
    Initial monthly repayment
    $4,437
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available
  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $4,537
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
    • Built by CommBank
  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.52 % p.a.
    Initial monthly repayment
    $4,537
    Go to site
    • No ongoing annual fees
    • Pre-approval valid for 3 months
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.76 % p.a.
    Initial monthly repayment
    $4,537
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options
  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $4,537
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.53 % p.a.
    Fixed 2 years
    Comparison rate
    5.86 % p.a.
    Initial monthly repayment
    $4,557
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.57 % p.a.
    Initial monthly repayment
    $4,562
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available
  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.58 % p.a.
    Initial monthly repayment
    $4,562
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.
  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.63 % p.a.
    Variable
    Comparison rate
    5.66 % p.a.
    Initial monthly repayment
    $4,608
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
  • Neat Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.66 % p.a.
    Initial monthly repayment
    $4,613
    Go to site
    • Free extra repayments
    • Easy redraw facility
    • No annual fee to pay
  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.67 % p.a.
    Initial monthly repayment
    $4,613
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
  • Flex Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.89 % p.a.
    Initial monthly repayment
    $4,613
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility
  • Offset Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    5.87 % p.a.
    Initial monthly repayment
    $4,714
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
Showing 14 results from 408 home loans. Use the filters to see more

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Brands we compare

We compare home loans from the following well-known lenders and many more See all

Interest rates change regularly – stay informed.

What are the best refinance rates right now?

Best refinance rates at 70% LVR

A 70% LVR means you have at least 30% in home equity (or a 30% deposit). Here are the lowest variable rates for 70% LVR in the Mozo database at the time of writing:

Lender Home loan Variable rate (p.a.) Comparison rate* (p.a.)
HomeLoans360 Variable Home Loan 5.39% 5.39%
Pacific Mortgage Group Standard Variable Home
5.39% 5.39%
People’s Choice Basic Variable Home Loan 5.39% 5.40%
The Capricornian No Frills Home Loan 5.39% 5.44%
Qudos Bank No Frills Home Loan 5.44% 5.44%
Source: Mozo database as at 2 July, 2025. Leading variable rates for owner occupier, principal and interest home loans for refinancing available, at $500,000, 70% LVR.

*See the comparison rate warning above.

Best refinance rates at 60% LVR

A 60% LVR means you have at least 40% in home equity (or a 40% deposit). Here are the lowest variable rates for 60% LVR in the Mozo database at the time of writing:

Lender Home loan Variable rate (p.a.) Comparison rate* (p.a.)
HomeLoans360 Variable Home Loan 5.39% 5.39%
Pacific Mortgage Group Standard Variable Home 5.39% 5.39%
People’s Choice Basic Variable Home Loan 5.39% 5.40%
RACQ Bank Fair Dinkum Home Loan 5.39% 5.40%
The Capricornian No Frills Home Loan 5.39% 5.44%
Source: Mozo database as at 2 July, 2025. Leading variable rates for owner occupier, principal and interest home loans for refinancing available, at $500,000, 60% LVR.

*See the comparison rate warning above.


How much can you save?

Wondering how much you could save by refinancing your mortgage?

If you’re with a Big Four bank and have the average variable rate of 6.26% p.a. (for 60% LVR), our analysis shows that you could save close to $3,200 in your first year by switching to the lowest variable rate in our database.

At 60% LVR, the lowest variable rate is currently 5.39% (5.39% comparison rate*) from HomeLoans360 and Pacific Mortgage Group – as at 26 June, 2025.

Amount saved by switching from Big Four to lowest in Mozo database

Interest rate Big Four average variable – 6.26% p.a. 6.00% p.a. 5.75% p.a. Lowest variable overall – 5.39% p.a.
Monthly repayment $3,301 $3,222 $3,146 $3,038
Amount saved (per month) $79 $155 $263
Amount saved (first year) $948 $1,860 $3,156
Interest paid over 25 years $490,431 $466,452 $443,660 $411,304
Potential savings over 25 years $23,979 $46,771 $79,127
Source: Mozo database as at 26 June, 2025. Repayment figures for owner occupier, principal and interest home loans by switching from Big Four, at $500,000, 60% LVR.

Thinking about switching? See our top picks of cheap home loans.


Pros and cons of refinancing

Refinancing can help you save money on your mortgage, but there are other benefits and drawbacks you should consider.

Pros

Lower your interest rate and reduce repayments: Switching to a lower interest rate can reduce your monthly home loan repayments. For example, going from an interest rate of 6.25% p.a. down to 5.75% p.a. can save you $152 a month, on a $500,000 loan paid over 25 years.

Shorten your loan term: Shortening the length of your loan can help you spend less on interest and pay off your home loan faster. Keep in mind that shortening your loan term will make your monthly repayment amount go up.

Change the type of rate you’re on: Refinancing allows you to switch from a variable rate home loan to a fixed rate and vice versa. If you leave a fixed rate early, you may need to pay a break fee.

Add or remove home loan features: You may want to refinance so you can add features such as an offset account or free home loan redraw. If you’re paying for features you don’t need, refinancing can help you get rid of them.

Access your equity: Your home equity is how much of your property that you own outright. When you refinance, you can borrow more against that equity, and use it to buy an investment property or pay for renovations.

Cons

Cost to refinance: You may need to pay a discharge fee when you close your home loan with your current lender, and your new lender can also charge fees for setting up a new home loan. Make sure that the money saved by refinancing isn’t cancelled out by the costs of doing so.

Paying lenders mortgage insurance: If you’re refinancing your home loan and you have less than 20% equity in your home, you may need to pay lenders mortgage insurance (LMI) to your new provider – whether or not you already paid for it with your first lender.

Not qualifying for a new loan: Your circumstances may be different from when you were first approved for a home loan. When you apply to refinance, your application could possibly be rejected which would negatively impact your credit score.

Risk of losing equity: When you borrow more money against your home equity to pay for expenses such as an investment property or renovations, you are taking on more debt, and your repayments are likely to increase.


Why LVR is important when you refinance

Your loan-to-value ratio (LVR) is the amount of money you need to borrow to buy a property, expressed as a percentage of the property’s value. Your LVR is likely to decrease as you pay off your home loan, because you own a higher percentage of the property outright.

LVR is important when you refinance because banks and lenders are more likely to offer you a lower interest rate if you have a lower LVR. In other words, the larger the portion of the property you own, the better your position is to negotiate a lower interest rate.

Refinancing home loan calculators

Compare refinancing costs now. See more

Refinancing your home loan: FAQs

What is refinancing?

Refinancing is the process of switching from one home loan to another, and you can do this by negotiating with your current lender or swapping to a new provider.

You may want to refinance because:

  • You want a lower interest rate to reduce your mortgage repayments
  • You want to change the terms of your loan
  • You want to access better home loan features (or get rid of ones you’re not using)
  • You’re fed up with your current provider, and you’re ready to switch
How much does it cost to refinance your home loan?

There are costs involved to refinance your home loan. You may have to pay a discharge fee when you leave your current mortgage provider, and if you are exiting a fixed rate home loan early, you may have to pay a break fee too.

Your new home loan provider can charge set-up fees as well, such as an application fee and a property valuation fee. You may also need to pay for lenders mortgage insurance.

How many times can you refinance a home loan?

Home loans in Australia typically last between 25 to 30 years, and there’s no set limit on how many times you can refinance your mortgage.

Broadly speaking, you should consider refinancing when your current home loan interest rate isn’t competitive, and the benefits associated with refinancing outweigh the costs.

How long does it take to refinance?

Refinancing your home loan can take anywhere between a few days or up to 8 weeks – it really depends on the lender and your personal circumstances.

When you apply to refinance, the lender will undertake an assessment that’s similar to what you would have gone through when you first applied for a home loan.

That means your income and ability to service the loan will be checked, along with your dependents, employment, debts, credit score and more. Some of these factors may have changed since you first got the home loan, which can affect your ability to get approved.

You can help speed up the process of refinancing your mortgage by preparing your finances ahead of time and without errors, and making sure you have a healthy credit score.

Can I refinance with my current lender?

You can refinance with your current lender. It’s worth negotiating with your provider to see what rate you can get, and seeing how it compares to other home loan rates in the market.

Refinancing with your current bank should be considered when your loan-to-value ratio (LVR) gets lower, or you want to switch to a different home loan product.

Does refinancing affect my credit score?

Yes, refinancing can temporarily affect your credit score because it can appear on your credit report as a new loan.

When you apply to refinance, the 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.

While your credit score isn’t the be all and end all, it’s a vital part of your home loan application so you’ll want to ensure it’s in good shape before applying. If necessary, there are strategies you can use to refinance with bad credit.

Jasmine Gearie
Jasmine Gearie
RG146
Senior money writer

Jasmine is a senior writer at Mozo with a focus on home loans and refinancing. She has authored home loan research reports for Mozo, and has also written about broadband, mobile and the rate moves at Australia’s Big Four banks. You’ll also find her decoding financial jargon on Mozo’s Instagram. Jasmine previously wrote for TechRadar Australia, where she covered the telco and NBN sector for over four years. She studied a Bachelor of Communication (Journalism and Public Relations).

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