The home loan refinancing gold rush that could save you up to $25,000

 

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If you're paying more than 4.00% interest on your home loan, you're probably paying too much!

Unhappy with your current home loan? Then it's time to look at refinancing. It's an increasingly popular option: more than a third (35%) of all mortgages organised in June 2015 involved refinancing, up from just 32% the year before, according to ABS Housing Finance data.

Why is refinancing on the rise? One obvious reason is that many banks have put up their interest rates for borrowers, despite the fact that official rates have been unchanged for six months. But that doesn't mean you can't get a good deal: you just have to look around and compare your options. On a $300,000 loan over 30 years, a difference of 0.6% in interest rates can mean an extra $36,000 extra in your pocket over the lifetime of the loan.

What does refinancing involve?

Refinancing moves moving your mortgage from one lender to another to access better rates or features. Typically this will involve changing providers, but you can also refinance with your existing bank. Our detailed guides will help you with each stage in the refinancing journey:

Compare home loans available for refinancing

Below is finder's refinancing home loan comparison table, complete with up-to-date rate information from a range of lenders. Enter the amount of your current mortgage and you can see what your repayments would be with different lenders. To find out more about a loan from a particular lender click on the "go to site" button to lodge an enquiry or begin an application.

Compare home loans

Rates last updated December 14th, 2017
$
Loan purpose
Offset account
Loan 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
3.64%
3.66%
$0
$0 p.a.
80%
A basic home loan with a competitive rate and low fees.
3.62%
3.62%
$0
$0 p.a.
80%
A discounted, competitive variable rate loan with limited fees.
3.64%
3.67%
$0
$0 p.a.
80%
A low rate home loan with no ongoing fees.
3.88%
4.89%
$0
$395 p.a.
95%
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.64%
3.67%
$0
$0 p.a.
80%
A home loan with a competitive variable rate, limited fees and plenty of flexibility.
3.64%
3.64%
$0
$0 p.a.
70%
A low-rate basic home loan requiring a 30% deposit.
3.69%
4.01%
$0
$299 p.a.
95%
A loan with no application fee and borrow up to 95% LVR.
3.69%
3.69%
$0
$0 p.a.
90%
A special limited time offer for owner occupiers. An IMB Transaction Account must be opened with this loan.
3.74%
3.74%
$0
$0 p.a.
80%
Pay no application fee or ongoing fees with this loan.
3.64%
4.03%
$0
$395 p.a.
80%
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.99%
4.91%
$300
$10 monthly ($120 p.a.)
80%
Special offer for new lending between $150k-$500k & under 80% LVR.
4.09%
4.11%
$0
$0 p.a.
90%
Access a fee-free offset account and a special interest rate for investors.
3.68%
3.69%
$0
$0 p.a.
95%
A no frills loan with a competitive rate and a maximum LVR of 95%.
3.95%
4.99%
$300
$10 p.a.
95%
A flexible, competitive fixed rate loan that allows for extra repayments.
3.78%
3.78%
$0
$0 p.a.
80%
A basic low-rate home loan that still offers some useful features.
3.65%
4.84%
$0
$395 p.a.
90%
A 2 years fixed platinum package that has $0 application and a loan redraw facility.
3.72%
3.74%
$0
$0 p.a.
80%
Take advantage of a 100% offset account along with no annual or application fees.
3.73%
3.73%
$0
$0 p.a.
70%
A special low variable rate for owner occupiers with 100% offset account and no application or ongoing fees.
3.79%
4.11%
$0
$299 p.a.
80%
A fully featured home loan with an offset account and discounts available.
3.99%
4.02%
$600
$0 p.a.
90%
Take advantage of a 0.60% discount on your rate, a 100% offset account and no ongoing fees.
3.58%
3.59%
$0
$0 p.a.
80%
A competitive variable rate product with low fees offered by a 100% online lender.
3.97%
4.02%
$445
$0 p.a.
90%
Get a competitive rate without features you may not use.
3.65%
4.19%
$500
$0 p.a.
95%
Get a discounted fixed interest rate for the first 12 months while you settle into your new loan.
3.74%
4.15%
$0
$395 p.a.
80%
Enjoy a discount of a competitive interest rate and 100% offset account.
3.87%
3.92%
$0
$0 p.a.
90%
A great interest rate home loan offer with unlimited redraw and unlimited extra payments.
3.96%
3.98%
$0
$0 p.a.
90%
Take advantage of a redraw facility, competitive variable rate and no application or settlement fees for a limited time.
3.97%
3.97%
$0
$0 p.a.
90%
A competitive variable rate home loan with no ongoing fees.
3.84%
4.83%
$0
$0 p.a.
95%
Get a competitive 2-year fixed rate with no application or ongoing fees.
3.72%
4.19%
$0
$0 p.a.
80%
Enjoy a variable 3 year introductory rate with the Bankwest Equaliser Home Loan.
4.04%
4.07%
$0
$0 p.a.
80%
Access the equity in your home with a competitive interest-only rate and no application fee.
3.99%
3.99%
$395
$0 p.a.
80%
A flexible low-rate variable home loan that lets you combine your loan with other financial products.
3.74%
3.74%
$0
$0 p.a.
95%
A low rate home loan with no application or ongoing fees. Loan comes with 1 year of free home and contents insurance. Note that to be eligible for this loan you must be QLD resident.
3.89%
3.91%
$0
$0 p.a.
80%
Package your owner-occupied loan with your investment loan and enjoy low rates for both.
3.64%
3.78%
$0
$10 monthly ($120 p.a.)
80%
A competitive variable rate home loan with flexible features. You can earn 30,000 Velocity Points for every $100k you borrow (for a limited time, subject to eligibility requirements).
4.09%
4.11%
$0
$0 p.a.
80%
A low variable rate loan with no application or ongoing fees.
4.19%
4.19%
$0
$0 p.a.
90%
100% offset account, unrestricted additional repayments and no monthly account keeping fees
3.99%
4.77%
$0
$0 p.a.
95%
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
3.94%
4.88%
$0
$0 p.a.
90%
Enjoy a low interest rate and borrow up to 90% (with LMI) of your property's value.
3.69%
3.69%
$0
$0 p.a.
70%
Enjoy a low variable rate with no application and ongoing fees.
3.99%
4.03%
$0
$0 p.a.
95%
Enjoy a basic home loan with a high LVR and no application or ongoing fees.
3.59%
4.42%
$0
$0 p.a.
95%
This competitive introductory rate is a limited time offer for new owner-occupiers
3.68%
3.69%
$600
$0 p.a.
90%
Get a low variable rate along with some important basic features.
3.79%
3.79%
$0
$0 p.a.
80%
Minimum loan amount for this basic home loan is $750001.
4.39%
5.42%
$300
$10 monthly ($120 p.a.)
95%
Lock in a fixed interest rate term for repayment certainty.
3.69%
4.03%
$0
$299 p.a.
80%
Enjoy a low variable rate with no application fee.
3.99%
4.99%
$0
$395 p.a.
95%
A package home loan with fee free extra repayments available during the fixed term.
3.85%
4.95%
$0
$395 p.a.
95%
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
3.88%
4.88%
$0
$395 p.a.
95%
Lock in a discounted fixed rate with a low service fee.
$0
$0 p.a.
A basic low-rate home loan that still offers some useful features.

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4 Responses

  1. Default Gravatar
    rolfDecember 30, 2015

    If I look at the home loan repayment at the top they are all under $750 per month that’s pretty cheap if I consider I pay $1200 in rent per month yet I have no chance to get a home loan because my income is only $650 a week it doesn’t make sence to me

    • Staff
      JodieDecember 31, 2015Staff

      Hi Rolf,

      Thank you for reaching out to finder.com.au a financial comparison website.

      Different lenders have different assessment criteria when they assess whether to offer a home loan to a borrower, there are a few options for borrowers with lower incomes. The first step if you really want to review your ability to borrow is to use our borrowing capacity calculator to assess how much you may be able to borrow or speak to a mortgage broker who can advise you on you lending options.

      There are many lenders out there that are happy to offer loans to borrowers with lower incomes you can compare some of their loans on this page. Another option you may like to consider is having a family member go guarantor for you this will benefit you when the bank assesses your risk as a borrower they will see you as less of a risk we have a range of guarantor loans to compare here.

      Don’t feel like there is no option as there are options out there if you want to purchase a home you just need to do some research, we have multiple pages on all the options available to get a home loan in Australia so have a browse of our website and see what information is out there.

      Regards
      Jodie

  2. Default Gravatar
    AlinaDecember 5, 2015

    Hi,

    Looking for construction home loan. 80-85% LVR. I have land purchased, approximately 25% equity on the land. Looking to refinance the land and borrow additional funds to construct. Preferably as owner builder, however I can get a fix building contract as well.

    Thank you.

    Alana

    • Staff
      BelindaDecember 7, 2015Staff

      Hi Alana,

      Thanks for your enquiry.

      You can use our comparison table here to review different construction and owner-occupier home loans.

      To discuss the structure of the mortgage or your future refinancing options for the land, you can fill out the form to speak with a mortgage broker.

      Thanks,
      Belinda

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