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.

Last updated:

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 September 22nd, 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
3.09%
3.09%
$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.
3.09%
3.05%
$0
$0 p.a.
80%
Low variable rate mortgage for owner occupiers looking to switch. Refinancers only.
3.19%
3.85%
$300
$10 monthly ($120 p.a.)
90%
A low fixed rate loan that lets you borrow up to 90% of your property's value.
3.23%
3.56%
$0
$299 p.a.
80%
Get a 100% offset account and a competitive, variable interest rate, plus no application fee.
3.15%
3.17%
$0
$0 p.a.
80%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments.
3.18%
3.19%
$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.
3.49%
3.45%
$0
$0 p.a.
80%
A competitive variable mortgage for investors looking to refinance. Principal and interest repayments. Refinancers only.
3.09%
3.12%
$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.
3.29%
3.73%
$0
$395 p.a.
80%
A low variable rate loan with a 100% offset account and package discounts.
3.39%
4.29%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
2.99%
3.84%
$0
$375 p.a.
90%
Get a very competitive 3 year fixed rate with low fees and only a 10% deposit. Refinance to this loan and receive a $2,000 cashback when borrowing $250,000 or more.
3.38%
3.42%
$0
$0 p.a.
80%
Get a low variable rate from a ANZ and save money with $0 application or ongoing fees. Requires a 20% deposit.
3.34%
3.34%
$0
$0 p.a.
80%
Low fee loan with extra repayments. Pay no application and ongoing fees and take advantage of split and redraw options.
2.99%
3.45%
$0
$10 monthly ($120 p.a.)
90%
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.
3.24%
3.50%
$0
$248 p.a.
70%
Borrowers with a 30% deposit can get this competitive rate. Cut down on interest costs with a 100% offset account.
3.18%
3.21%
$0
$0 p.a.
80%
This low, variable rate loan has no ongoing fees and a redraw facility. Requires a 20% deposit.
3.19%
3.23%
$0
$0 p.a.
70%
Get a low fixed rate for 2 years to minimise interest costs. Requires a 30% deposit.
3.33%
3.47%
$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.
3.27%
3.87%
$0
$395 p.a.
80%
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
3.29%
3.70%
$0
$395 p.a.
80%
A low rate variable mortgage for home buyers. Comes with a 100% offset account and has no application fee.
3.15%
4.07%
$600
$0 p.a.
95%
Fix your rate for the first two years with this competitive, low-fee loan. Includes a 100% offset account. Get this loan with a 5% deposit.
3.72%
3.76%
$0
$0 p.a.
90%
Buy a home with just a 10% deposit and pay no application or ongoing fees.
3.09%
3.12%
$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.
3.33%
4.37%
$0
$0 p.a.
80%
Pay no application fees and access a fee-free redraw facility with this fixed rate loan.
2.99%
3.63%
$395
$0 p.a.
80%
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
3.59%
3.24%
$0
$0 p.a.
80%
Variable interest only mortgage for owner occupied refinancers. Refinancers only.
3.64%
3.96%
$0
$299 p.a.
80%
Investors can enjoy a 100% offset account, a redraw facility and flexible repayments.
3.44%
4.15%
$300
$10 monthly ($120 p.a.)
80%
A flexible, competitive fixed rate loan that allows for extra repayments.
3.45%
3.47%
$0
$0 p.a.
90%
Save on interest with a free 100% offset account and buy your property with just a 10% deposit.
3.69%
4.58%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
3.49%
4.11%
$300
$10 monthly ($120 p.a.)
80%
Special offer for new lending between $150k-$500k & under 80% LVR.
2.99%
3.45%
$395
$0 p.a.
80%
A competitive fixed interest rate product with no ongoing bank fees.
3.34%
3.78%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
3.57%
3.59%
$0
$0 p.a.
80%
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
3.39%
3.91%
$0
$10 monthly ($120 p.a.)
90%
Get a low discounted rate for 2 years plus a 100% offset account. And you can get the loan with a 10% deposit.
3.42%
4.50%
$0
$0 p.a.
80%
Get a low fixed rate and pay no application or ongoing fees.
3.14%
3.65%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
3.15%
3.19%
$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.
3.70%
3.72%
$0
$0 p.a.
90%
Access a fee-free offset account and a special interest rate for investors.
3.24%
3.24%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule.
3.45%
3.46%
$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.
3.14%
3.49%
$395
$0 p.a.
80%
A competitive 3 year fixed rate with no ongoing bank fees.
3.89%
$0
$349 p.a.
80%
Low fee line of credit loan with package benefits.
3.29%
4.10%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
3.69%
3.58%
$375
$15 monthly ($180 p.a.)
80%
3.99%
4.31%
$0
$299 p.a.
80%
Get a 100% offset account, access to a redraw facility and a competitive rate tied to your LVR.
3.94%
3.93%
$0
$10 monthly ($120 p.a.)
80%
A variable rate home loan with no application fees and the opportunity to earn Velocity points.

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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