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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.
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.
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.
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.
Refinancing can help you save money on your mortgage, but there are other benefits and drawbacks you should consider.
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.
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.
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.
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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:
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.
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.
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.
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.
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.
The Mozo database tracks 408 home loans from 95 Australian lenders, so you can compare rates, fees and home loan features side-by-side.
We have spent our days keeping tabs on rates, crunching numbers, and breaking down bank jargon to provide you with practical tips, breaking news and expert analysis since 2008.
We’re regulated by ASIC and are committed to bringing you a free service. You can search all providers in our database regardless of whether we get paid or not.
Mozo’s team of home loan experts include data analysts, finance journalists and compliance professionals. Meet the team