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.

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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time 2 year fixed rate for owner occupiers. Conditions apply.
3.84% 4.86% $0 $0 p.a. 95% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.84% 4.71% $600 $0 p.a. 95% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 2 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive 2 year fixed rate for loans over $150k. NSW,QLD and ACT residents only.
3.79% 4.46% $0 $375 p.a. 85% Go to site More info
loans.com.au Essentials - Variable (Owner Occupier, P&I)
A low-interest rate loan suited for purchases and refinances with no application or ongoing fees.
3.64% 3.66% $0 $0 p.a. 80% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.48% $0 $375 p.a. 85% Go to site More info
Finsure Home Loan Deal
Enjoy a low variable rate with $0 application fee.
3.69% 4.03% $0 $299 p.a. 80% Enquire now More info
ING DIRECT Orange Advantage Loan - $150,000+ (LVR <= 80% Owner Occupier)
Pay no annual fee for the first year with this packaged variable rate home loan with offset.
3.94% 4.26% $0 $299 p.a. 80% Go to site More info
Mortgage House Advantage Home Loan 80 - Special Owner Occupier
A low interest rate home loan that allows borrowers to borrow up to 80% of the property value.
3.73% 3.88% $0 $10 monthly ($120 p.a.) 80% Go to site More info
loans.com.au Offset Variable - Up to 80% LVR (Owner Occupier P&I)
Take advantage a 100% offset account along with no annual or application fee.
3.72% 3.74% $0 $0 p.a. 80% Go to site More info
3.74% 3.74% $0 $0 p.a. 80% Go to site More info
CUA Kick Start 2 Year Introductory Variable Home Loan - (Owner Occupier, P&I)
A competitive rate for owner occupiers looking to buy or refinance.
3.79% 4.00% $600 $0 p.a. 90% Go to site More info
Aussie Optimizer Variable Rate - LVR <= 80% (Owner Occupier + P&I)
No application or ongoing fees and fee free extra repayments.
3.86% 3.87% $0 $0 p.a. 80% Enquire now More info
Bank Of Queensland Economy Home Loan - Variable (Owner Occupier)
A basic home loan with additional repayment options.
3.89% 4.04% $300 $10 monthly ($120 p.a.) 95% Go to site More info
Beyond Bank Low Rate Special Home Loan
A special low variable rate for owner occupiers with 100% offset account and no application or ongoing fees.
3.83% 3.83% $0 $0 p.a. 70% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier, P&I)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.84% 4.22% $0 $395 p.a. 95% Go to site More info
Bank of Queensland Fixed Rate Home Loan - 3 Year Fixed Rate Discount Rate $150k+ <80% LVR (Owner Occupier, P&I)
Special offer for new lending of $150k or more & under 80% LVR, this offer has been extended.
3.79% 4.44% $300 $10 monthly ($120 p.a.) 80% Go to site More info
Bank Australia Basic Home Loan - Variable (Owner Occupier)
A competitive variable rate that allows borrowers to borrow a minimum of $100,000 with a $0 ongoing fee.
3.86% 3.87% $0 $0 p.a. 80% Go to site More info
Australian Unity Kick Starter Home Loan
$0 ongoing service fees, maximum 80% LVR and a linked transaction account.
3.79% 3.82% $600 $0 p.a. 80% Go to site More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
A competitive budget rate without any unwanted bells and whistles.
3.97% 4.02% $445 $0 p.a. 90% Go to site More info
ClickLoans The Online Home Loan - Owner Occupier ≤ 80% LVR
Enjoy a competitive interest rate when you have a deposit of at least 20%.
3.69% 3.69% $0 $0 p.a. 80% Go to site More info
SCU Basic Variable Rate Home Loan
A basic home loan with a low interest rate and a redraw facility available. Take out a new SCU loan and enjoy $500 cash back on loans above $150k, terms and conditions apply.
3.77% 3.81% $200 $0 p.a. 95% Go to site More info
AMP Essential Home Loan  -  $100,000 and above (Owner Occupier)
Take advantage of a redraw facility, competitive variable rate and no application or settlement fees for a limited time.
3.96% 3.98% $350 $0 p.a. 90% Go to site More info
State Custodians Low Rate LOC - LVR 80% to 90% (Owner Occupier)
Borrow up to 90% property value and pay no application fee.
3.79% 3.82% $0 $0 p.a. 90% Go to site More info
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
Discounted rate available with family pledge loans. Family pledge loans require no LMI and no deposit. NSW, Qld and ACT only.
3.89% 3.89% $0 $0 p.a. 110% Go to site More info
SCU My Life Fixed Rate Home Loan Package - 3 Years
Enjoy the same interest rate for 3 years fixed and borrow up to 95% LVR. Enjoy $500 cash back on new loans above $150k, terms and conditions apply.
3.69% 4.00% $0 $350 p.a. 95% Go to site More info
QT Mutual Bank Mortgage Saver Home Loan
A low rate home loan with no application or ongoing fees. Note that to be eligible for this loan you must be QLD resident.
3.95% 3.95% $0 $0 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate package loan with flexible repayments options. NAB Rewards Points offer available, terms and conditions apply.
3.88% 4.95% $0 $395 p.a. 95% Go to site More info
CUA Fresh Start Basic Variable Home Loan - Owner Occupier
A basic mortgage with flexible repayments options.
3.99% 4.04% $600 $0 p.a. 90% Go to site More info
Heritage Bank Discount Variable Home Loan - Special Rate Offer (Owner Occupier) New Customers Only
A great interest rate home loan offer with unlimited redraw and unlimited extra payments.
3.99% 4.04% $600 $0 p.a. 90% Go to site More info
loans.com.au Essentials - Smart Loan Package P&I
This competitive rate is only available if you package your investment loan with your owner occupier loan.
3.64% 3.66% $0 $0 p.a. 80% Go to site More info
Australian Unity Health, Wealth and Happiness Package - (Owner Occupier)
Get a 0.60% discount on your rate, a 100% offset account and no ongoing fees.
3.99% 4.02% $600 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time fixed rate home loan with extra repayment abilities. Conditions apply.
3.89% 4.78% $0 $0 p.a. 95% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive rate with redraw facility. NSW, QLD and ACT residents only.
3.99% 3.99% $0 $0 p.a. 85% Go to site More info
ME Basic Home Loan - LVR <=80% Owner Occupier
A low variable rate loan with no application or ongoing fees.
4.09% 4.11% $0 $0 p.a. 80% Go to site More info
NAB Base Variable Rate Home Loan - Owner Occupier (P&I)
A competitive no frills home loan. NAB Rewards Points offer available, terms and conditions apply.
4.17% 4.21% $600 $0 p.a. 95% Go to site More info
IMB Essential Home Loan - LVR <=90% (Owner Occupier)
100% offset account, unrestricted additional repayments and no monthly account keeping fees
4.19% 4.19% $0 $0 p.a. 90% Go to site More info
ME Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
4.19% 4.82% $0 $0 p.a. 95% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Standard Rate, P&I)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your home value.
4.54% 4.99% $0 $0 p.a. 95% Go to site More info
ANZ Simplicity PLUS Home Loan - Special Offer (Owner Occupier, P&I)
Enjoy a home loan with no application fee or ongoing fee.
4.03% 4.07% $0 $0 p.a. 95% Enquire now More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Standard Rate, P&I)
Get a short term fixed rate for that investment property with no application or ongoing fees.
4.54% 5.04% $0 $0 p.a. 95% Go to site More info
3.88% 3.89% $600 $0 p.a. 90% Enquire now More info
St.George Basic Home Loan - Promotional Rate (Owner Occupier, P&I)
A no frills loan with a competitive rate and a maximum LVR of 95%.
3.88% 3.89% $0 $0 p.a. 95% Enquire now More info
Bank of Queensland Fixed Rate Home Loan - 3 Year Fixed Rate (Owner Occupier, P&I)
Lock in a fixed interest rate term for repayment certainty.
4.39% 5.42% $300 $10 monthly ($120 p.a.) 95% Enquire now More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
A package home loan with fee free extra repayments available during the fixed term.
3.99% 5.01% $0 $395 p.a. 95% Enquire now More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cash back available for refinancers, conditions apply.
3.99% 5.04% $0 $395 p.a. 95% Enquire now More info
HSBC Home Value Loan - Resident Owner Occupier only
Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.
3.85% 3.90% $0 $0 p.a. 90% Go to site More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years, P&I
A low interest rate home loan and competitive two year fixed rate.
3.88% 4.94% $0 $395 p.a. 95% Enquire now More info
Virgin Reward Me Variable Home Loan - LVR <= 80% ($750k+ Owner Occupier, P&I)
A variable rate home loan with competitive interest rate and flexible product features that can earn Velocity points.
3.79% 3.92% $0 $10 monthly ($120 p.a.) 80% Enquire now More info

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4 Responses to The home loan refinancing gold rush saving Aussies millions

  1. Default Gravatar
    rolf | December 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
      Jodie | December 31, 2015

      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
    Alina | December 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
      Belinda | December 7, 2015

      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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