How to find the best refinancing deals*

When you know what to look for and how to compare, it's easier to get a good deal by refinancing your mortgage.

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Like any other financial decision you make, the decision to refinance is one that needs careful thought, research and strategy. As it can be a costly process, you need to ensure that refinancing your home loan will benefit you financially.

This is why it's important to research available products on the market, speak with professionals and crunch the numbers to ensure that the refinanced mortgage will lead to real savings.

What's the "best" refinance deal?

The best refinance deal is one that suits your home loan needs while not raising your expenses. Ideally, a good refinance deal will lower your ongoing expenses and periodic repayments by offering a lower interest rate and more suitable features, such as an offset account and a redraw facility.

Before doing your research, you should ask yourself the following:

  • What type of loan do I want? You might want to switch from a variable rate to a fixed rate or vice versa, or you might want to refinance to a home loan which allows you to make unlimited additional repayments on your home loan when you have extra cash. During this stage, you should think about your lifestyle and how this may influence the type of loan that you need. Ideally, you should have a list of features and specifications you want in your home loan before starting a comparison.
  • What are the savings? Savings are one of the most important considerations when refinancing. While it’s good to opt for a lower interest rate, make sure that the cost savings outweigh the costs of switching lenders. Ask your existing lender for details about any discharge fees or government charges that may apply when you exit your current home loan and consider any upfront costs charged by the new lender. Use our refinancing cost calculator to estimate your switching costs.
  • What is the loan term? The length of the loan term can determine the cost savings that result from the refinance. For instance, if you have your mortgage refinanced after paying it off for 15 years and have the balance spread out over another 30 year period, you may actually pay more over the total 45-year duration despite the lower interest rate.

How to compare the best refinance deals*

refinance home loan

  • Speak to your current lender. Ask your lender if this is the best deal you can get. Lenders will usually have a number of incentives to retain customers thinking of refinancing, including discounted interest rates and waived fees. But you should also shop around.
  • Compare interest rates. The interest rate provided by different lenders will be high on your list of considerations when looking for the best refinance deal. Decide on whether you want a fixed, variable or split rate and if you're selecting a fixed rate, decide how long you want to fix for.
  • Look at fees. Compare the fees that apply to different lenders. Some of the common home loan fees include application or establishment fees, valuation fees, ongoing fees, monthly and annual fees and others upfront and ongoing costs. Take your time and compare the fees that apply to your new loan and their long-term impact on your mortgage costs.
  • Compare features. Consider the features that you'd like from your new home loan and how these will match the purpose of your refinance. For instance, if you're looking to minimise your account-keeping costs you may want to compare home loans with no ongoing fees. If you've received a pay rise you may want to think about opting for a mortgage that allows you make unlimited extra repayments without penalty.
  • Calculate the costs. You will need to calculate the expected costs with a refinancing calculator. This will help you identify the gains that you will make over the term of the loan. Remember to factor in discharge fees charged by your current lender as well as upfront fees applicable to your new mortgage.
  • Check your credit history: Review your credit file to ensure that it’s in good standing as it will help support your refinance negotiations. You can check your credit score for free through finder in just a few minutes.

Refinance and get a better deal on your mortgage

Rates last updated November 15th, 2019
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
2.84%
2.84%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
3.03%
3.04%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
2.88%
2.90%
$0
$0 p.a.
80%
Get one of the lowest variable interest rates on the market and pay 0 application or ongoing fees.
2.89%
3.31%
$0
$10 monthly ($120 p.a.)
80%
Buy your home and lock in a low rate for the first two years. Available with a 10% deposit. Earn Velocity Frequent Flyer Points at settlement, monthly and every three years, plus extra bonus points for a limited time.
2.77%
2.78%
$0
$0 p.a.
80%
A very competitive variable rate mortgage for home buyers with a 20% deposit saved. Add an optional 100% offset account for a $10 monthly fee.
2.79%
3.82%
$0
$0 p.a.
90%
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.
3.18%
3.24%
$449
$0 p.a.
90%
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
2.79%
2.83%
$600
$10 monthly ($120 p.a.)
70%
A very low variable interest rate for home buyers with a 30% deposit. This product has a 100% offset account.
3.19%
3.21%
$0
$0 p.a.
80%
A competitive variable investor rate for borrowers with 20% deposits. Low fees, redraw facilities and repayment flexibility.
2.69%
3.19%
$395
$0 p.a.
80%
A competitive fixed interest rate product with no ongoing bank fees.
2.84%
3.37%
$449
$6 monthly ($72 p.a.)
90%
NSW and ACT customers only. 3 years fixed interest terms and free access to redraw facility online.
3.08%
3.42%
$0
$299 p.a.
80%
Get a 100% offset account and a competitive, variable interest rate, plus no application fee.
3.09%
3.09%
$0
$0 p.a.
80%
This low variable rate loan comes with a free redraw account and no ongoing fees, as well as flexible repayments.
2.95%
2.99%
$500
$0 p.a.
95%
This mortgage combines a very sharp interest rate with a 100% offset account and it's available with a 5% deposit.
3.19%
3.59%
$0
$395 p.a.
90%
New borrowers or refinancers can get a discounted rate with this package loan.
2.74%
3.38%
$395
$0 p.a.
80%
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
3.09%
3.09%
$0
$0 p.a.
70%
A simple mortgage with no application or ongoing fees that has extra repayments plus split and redraw options. Requires a 30% deposit.
3.24%
4.14%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
2.89%
2.93%
$600
$10 monthly ($120 p.a.)
80%
A competitive variable rate for home buyers with a 20% deposit. This product has a 100% offset account.
2.84%
3.22%
$395
$0 p.a.
80%
A competitive 3 year fixed rate with no ongoing bank fees.
2.79%
4.14%
$0
$400 p.a.
95%
$1,000 cashback when borrowing $250,000 or more. Conditions apply. Variable rate mortgage with a 100% offset account. Available with a low deposit. Southern Cross Credit Union home loans are only available to borrowers in Southeast Queensland and Northern NSW.
3.18%
3.32%
$0
$10 monthly ($120 p.a.)
80%
This flexible, competitive variable rate mortgage comes with a redraw facility. Eligible borrowers can earn Velocity Frequent Flyer Points, plus extra bonus points for a limited time.
3.03%
3.06%
$0
$0 p.a.
80%
This low, variable rate loan has no ongoing fees and a redraw facility. Requires a 20% deposit.
3.15%
3.56%
$0
$395 p.a.
80%
A low rate variable mortgage for home buyers. Comes with a 100% offset account and has no application fee.
2.88%
4.11%
$0
$375 p.a.
95%
$2,000 cashback for eligible refinancers. Get a very low fixed interest rate for two years plus package discounts. Available with a 5% deposit.
3.54%
4.44%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
2.89%
3.40%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
3.24%
3.24%
$0
$0 p.a.
95%
$2,000 cashback for eligible refinancers. This flexible, basic home loan offers a very low rate and you only need a 5% deposit.
3.04%
3.86%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
3.09%
4.41%
$595
$0 p.a.
90%
Investors can take advantage of a short term fixed rate with no ongoing fees.
3.31%
3.32%
$500 (if over 80% LVR)
$0 p.a.
80%
A competitive variable mortgage for home buyers. This loan has flexible repayments and an optional redraw facility.
2.99%
4.26%
$595
$0 p.a.
95%
Borrow up to 95% LVR of the value of the property you're buying and pay no ongoing fees.
3.74%
3.76%
$0
$10 monthly ($120 p.a.)
80%
A variable rate home loan with no application fees and the opportunity to earn Velocity points.
3.84%
4.16%
$0
$299 p.a.
80%
Get a 100% offset account, access to a redraw facility and a competitive rate tied to your LVR.

Compare up to 4 providers

*The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

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2 Responses

  1. Default Gravatar
    PaulineFebruary 8, 2015

    I am wanting to refinance my loan I am owing $135000
    I want the best interest rate at the moment mine is 5.20%
    Want less
    Regards
    pauline

    • Avatarfinder Customer Care
      ShirleyFebruary 9, 2015Staff

      Hi Pauline,

      Thanks for your question.

      There are a number of loans in our comparison that meet this requirement. Please refer to our blue comparison table above this page, if you click on ‘interest rate (p.a.)’ it will automatically sort the rates in ascending order.

      Cheers,
      Shirley

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