Absolutely! Essentially, refinancing a personal loan means that you pay off the old loan with funds from a new one - and if you do it right, the new one will suit your lifestyle better by saving you money on interest and fees, allowing you to make lower monthly repayments or giving you a chance to borrow extra funds.
But just how do you refinance your personal loan? The good news is, it’s not as hard as you might think. The first step is knowing what you owe on your current loan and what you’re looking for in your new one - lower repayments? To pay less interest overall? With that done, you can start looking for a new personal loan that suits your needs. And to make it super easy, why not take our personal loan refinance calculator for a whirl.
The features you should search for will depend a lot on what you’re aiming for by refinancing, but generally speaking, you’ll probably be looking for a low interest rate, low or no fees, and some handy features like the option to make free extra repayments. Whatever you're after, get started comparing features for your refinance personal loan like interest rate, fees and repayment options in our table below.
Fixed
Terms from 2 to 7 years. Representative example: a 5 year $30,000 loan at 5.95% would cost $34,757.21 including fees.
Borrow up to $50,000 with no fees, now and forever. Minimum requirement to earn $22,100 p.a. and have good to excellent credit. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.
Borrow up to $50,000 with no fees, now and forever. Minimum requirement to earn $22,100 p.a. and have good to excellent credit. Winner of Mozo’s Experts Choice Unsecured Personal Loan 2021 award.
Read our Mozo Review to learn more about the NOW Finance No Fee Unsecured Personal Loan
Unsecured, Fixed
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,340.57 including fees.
Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex Bank. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient and fast 100% online approval. Must be over 18 to be eligible. Winner of Mozo's Experts Choice Best New Loan Product award 2021^.
Excellent credit score needed to obtain this rate. Enjoy no-fuss personal loans of up to $30,000 with Alex Bank. No hidden early repayment penalties. Terms from 6 months to 5 years. Convenient and fast 100% online approval. Must be over 18 to be eligible. Winner of Mozo's Experts Choice Best New Loan Product award 2021^.
Read our Mozo Review to learn more about the Alex Bank Personal Loan
Excellent Credit
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.45% would cost $34,590.57 including fees.
OurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
OurMoneyMarket offer competitive low rates on loans up to $75,000, plus free extra repayments and fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Unsecured, Fixed, Excellent Credit
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.39% would cost $35,126.40 including fees.
With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.
With low rates for borrowers with excellent credit, a quick 1 minute rate estimate and simple online application, there’s a lot to love about this loan! You’ll not only benefit from no exit fees, there are also no early repayment fees. To qualify, simply earn above $25,000 and you’ll be on the way to start spending.
Read our Mozo Review to learn more about the Plenti Personal Loan
Fixed
Terms from 1 to 5 years. Representative example: a 5 year $30,000 loan at 5.35% would cost $34,832.61 including fees.
Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you'll likely qualify.
Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you'll likely qualify.
Read our Mozo Review to learn more about the Harmoney Unsecured Personal Loan
Excellent Credit, Fixed
Terms from 2 to 5 years. Representative example: a 3 year $10,000 loan at 5.95% would cost $10,943.74 including fees.
Be rewarded for your good credit history with low rates. No ongoing fees. Pay off your loan with no early repayment penalties. Apply online and get a quote in minutes
Be rewarded for your good credit history with low rates. No ongoing fees. Pay off your loan with no early repayment penalties. Apply online and get a quote in minutes
Read our Mozo Review to learn more about the SocietyOne Unsecured Personal Loan
Variable, Unsecured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $35,190.18 including fees.
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.
Get a personalised rate quote in just 2 minutes, apply in just 7 minutes. Money transferred to your account the next business day. No exit or early repayment fees. Borrow up to $50,000.
Read our Mozo Review to learn more about the Symple Loans Personal Loan
Fixed
Terms from 3 to 5 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,210.64 including fees.
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. $0 establishment fee for loans from $5,000 to $30,000, a $595 establishment fee will be charged on loan amounts of $30,001 to $64,000.
Low personalised rates, ideal for borrowers with excellent credit. No monthly account fees, no early payout fees, so you can pay off your loan sooner. $0 establishment fee for loans from $5,000 to $30,000, a $595 establishment fee will be charged on loan amounts of $30,001 to $64,000.
Read our Mozo Review to learn more about the Wisr Unsecured Personal Loan
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 5.75% would cost $34,840.18 including fees.
Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.
Handypay offers flexible home improvement loans for Excellent Credit or better. Handypay is a specialist home improvement plan provider and offers loans up to $75,000.
Read our Mozo Review to learn more about the Handypay Personal Loan
Very Good Credit
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 8.49% would cost $37,171.08 including fees.
Competitive low rates on loans up to $75,000. Free extra repayments. Fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
Competitive low rates on loans up to $75,000. Free extra repayments. Fee-free redraw facility. Winner of Mozo's Experts Choice Unsecured Personal Loan 2021 award.
Read our Mozo Review to learn more about the OurMoneyMarket Low Rate Personal Loan
Fixed
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 9.39% would cost $37,881.66 including fees.
Borrow from $5,000 to $50,000. No account keeping fees. Free extra repayments and redraw facility. Apply online for fast approval (usually within 24 hours). Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2021.
Borrow from $5,000 to $50,000. No account keeping fees. Free extra repayments and redraw facility. Apply online for fast approval (usually within 24 hours). Winner of Mozo's Experts Choice Award for Australia's Best Large Credit Union 2021.
Read our Mozo Review to learn more about the Great Southern Bank Unsecured Personal Loan
Fixed, Unsecured
Terms from 1 to 7 years. Representative example: a 5 year $30,000 loan at 6.99% would cost $36,383.67 including fees.
Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Enjoy no fees for extra repayments and no early exit fees. NAB accepts documents online so you can get your funds fast.
Borrow from $5,000 to $55,000 with a 1 - 7 year flexible loan term with NAB. Enjoy no fees for extra repayments and no early exit fees. NAB accepts documents online so you can get your funds fast.
Read our Mozo Review to learn more about the NAB Personal Loan
Fixed, Unsecured
Terms from 1 to 7 years. Representative example: a n/a year $0 loan at 7.99% would cost $6,988.90 including fees.
Heritage Bank discounted rates for loans starting from $5,000 to $25,000 and a choice of loan terms up to five years.
Heritage Bank discounted rates for loans starting from $5,000 to $25,000 and a choice of loan terms up to five years.
Read our Mozo Review to learn more about the Heritage Bank Standard Personal Loan
^See information about the Mozo Experts Choice Personal loans Awards
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.
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The website says it calculates interest daily and applies it monthly but it doesn't. it applies it at every payment you make. The borrower statement does not show you when interest is due to be charged it just shows you how much interest was debited from each payment you make.
Read full reviewThe website says it calculates interest daily and applies it monthly but it doesn't. it applies it at every payment you make. The borrower statement does not show you when interest is due to be charged it just shows you how much interest was debited from each payment you make.
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I wound up thru a broker with Plenti. Big mistake. They tell you there's no early exit fee. Trouble is, you pay admin fees for the life of the loan, which are significant. Early exit fee by proxy, and stealth. Don't go near them. Rate setter was a great co. Once a co lists, it's ALL about greedy boards, and delivery. This co has lost its way from its original mindset. AVOID!
Read full reviewI wound up thru a broker with Plenti. Big mistake. They tell you there's no early exit fee. Trouble is, you pay admin fees for the life of the loan, which are significant. Early exit fee by proxy, and stealth. Don't go near them. Rate setter was a great co. Once a co lists, it's ALL about greedy boards, and delivery. This co has lost its way from its original mindset. AVOID!
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