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 reviews and learn more about Unloan home loans
Go to site
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
Read reviews and learn more about IMB Bank home loans
Go to site
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 reviews and learn more about ANZ home loans
Compare 25+ lenders with our trusted partner, Lendi.
Book an appointment and enter the draw to win $30K (T&Cs apply)
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 reviews and learn more about Unloan home loans
Go to siteEnjoy 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.
Read reviews and learn more about IMB Bank home loans
Go to site
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
Read reviews and learn more about ING home loans
Compare 25+ lenders with our trusted partner, Lendi.
Book an appointment and enter the draw to win $30K (T&Cs apply)
Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
Read reviews and learn more about Aussie home loans
Compare 25+ lenders with our trusted partner, Lendi.
Book an appointment and enter the draw to win $30K (T&Cs apply)
Your selected home loans
Home loans come in many shapes and sizes, start comparing here based on your needs.
Search the Mozo Database
Browse all home loans in Mozo's comparison database
Your mortgage is your money, so use it wisely and don't pay the loyalty tax.
Financial expert
Our experts track home loan interest rates, product changes and help you stay informed of industry trends. Read more
Headline inflation fell in the September quarter (to 2.8%), though underlying inflation (3.5%) still came in above the Reserve Bank of Australia’s (RBA) target of the 2-3% range.
The inflation figures indicate that we’re inching closer to a cash rate cut, though economists at the Big Four banks are now predicting the RBA will hold off in doing so until at least February 2025.
In addition to this, we have also seen several fixed rate home loans get an interest rate cut in the past few months, which suggests the banks are also preparing for the cash rate to drop.
So, is now the time to refinance your home loan, or should you wait until an RBA cut comes through? Mozo’s finance expert, Peter Marshall, says you don’t necessarily need to bide your time.
“While the RBA is not expected to start cutting the cash rate until next year, there are plenty of sharp rates around and some lenders have already been reducing rates ahead of the RBA’s move,” says Marshall
“Most lenders will follow any cash rate changes with cuts of their own, so refinancing now should just mean that you get a lower rate sooner rather than waiting for the RBA to move.”
If you are looking to refinance, be sure to compare the difference. As it stands, variable rate home loans might be favourable if the RBA starts to cut the official rate in the next few months. Take a look at some of the top refinancing options below.
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:
Here are the lowest home loan interest rates with an offset account (excluding first home buyer loans) at the time of writing†:
†Lowest variable home loan rates for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database on 1 November 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
We compare home loans from the following well-known lenders and many more... SEE MORE HOME LOAN LENDERS
It does not provide support for people in financial distress.
Read full reviewIt does not provide support for people in financial distress.
Suncorp generally has better and more competitive home loan rates for home loan packages for either fixed or variable, which includes offset accounts. Due to our loyalty we have, upon request, received a further discount on our rate. Since interest rates have remained high however, Suncorp is not entertaining requests to reduce rate. Overall I have been content with Suncorp and haven’t needed to go elsewhere…. yet!!
Read full reviewSuncorp generally has better and more competitive home loan rates for home loan packages for either fixed or variable, which includes offset accounts. Due to our loyalty we have, upon request, received a further discount on our rate. Since interest rates have remained high however, Suncorp is not entertaining requests to reduce rate. Overall I have been content with Suncorp and haven’t needed to go elsewhere…. yet!!
**Incredible Terrible Experience** I have had an incredibly terrible experience with this service. They take money from customers but do not invest in their IT systems. Here are the main issues I encountered: ### Issues 1. **Outdated IT Systems** - **Old-fashioned website**: The website is incredibly outdated and lacks modern functionality. - **No advanced mobile app**: There is no mobile app available, which is essential for convenient access. 2. **Technical Problems** - **Inability to transfer money**: I have been unable to transfer money for the last three months due to persistent IT issues with my account. 3. **Customer Support Failures** - **Unresolved issues**: Despite raising the issue over two months ago, it remains unresolved. - **Ineffective support**: After spending almost 40 minutes on the phone with customer support, they were unable to resolve the issue or transfer the money on my behalf. - **Lack of escalation**: When I requested to speak with a manager, I was told the manager was busy and could not assist me. ### Suggestions for Improvement 1. **Invest in IT Infrastructure** - **Upgrade the website**: Modernize the website to improve user experience and functionality. - **Develop a mobile app**: Create a mobile app to provide customers with convenient access to their accounts and services. 2. **Resolve Technical Issues Promptly** - **Fix account issues**: Address and resolve the technical issues preventing money transfers as a priority. - **Regular updates**: Implement regular system updates and maintenance to prevent similar issues in the future. 3. **Enhance Customer Support** - **Effective problem resolution**: Train customer support staff to handle and resolve issues efficiently. - **Escalation process**: Ensure there is a clear and effective escalation process for unresolved issues. - **Manager availability**: Make managers available to handle escalated cases promptly. I hope these suggestions are taken seriously and improvements are made to provide a better customer experience.
Read full review**Incredible Terrible Experience** I have had an incredibly terrible experience with this service. They take money from customers but do not invest in their IT systems. Here are the main issues I encountered: ### Issues 1. **Outdated IT Systems** - **Old-fashioned website**: The website is incredibly outdated and lacks modern functionality. - **No advanced mobile app**: There is no mobile app available, which is essential for convenient access. 2. **Technical Problems** - **Inability to transfer money**: I have been unable to transfer money for the last three months due to persistent IT issues with my account. 3. **Customer Support Failures** - **Unresolved issues**: Despite raising the issue over two months ago, it remains unresolved. - **Ineffective support**: After spending almost 40 minutes on the phone with customer support, they were unable to resolve the issue or transfer the money on my behalf. - **Lack of escalation**: When I requested to speak with a manager, I was told the manager was busy and could not assist me. ### Suggestions for Improvement 1. **Invest in IT Infrastructure** - **Upgrade the website**: Modernize the website to improve user experience and functionality. - **Develop a mobile app**: Create a mobile app to provide customers with convenient access to their accounts and services. 2. **Resolve Technical Issues Promptly** - **Fix account issues**: Address and resolve the technical issues preventing money transfers as a priority. - **Regular updates**: Implement regular system updates and maintenance to prevent similar issues in the future. 3. **Enhance Customer Support** - **Effective problem resolution**: Train customer support staff to handle and resolve issues efficiently. - **Escalation process**: Ensure there is a clear and effective escalation process for unresolved issues. - **Manager availability**: Make managers available to handle escalated cases promptly. I hope these suggestions are taken seriously and improvements are made to provide a better customer experience.
More home loan reviews
Refinancing calculator
Home loan comparison calculator
Borrowing power calculator
%20(1)%20(1)%20(1)%20(1).png?width=634)
