The Finder app is here! 🥳

Get your savings sorted.

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

Start a comparison now

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 April 1st, 2020
$
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
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000 (*now 2.84%, drops to 2.59% on 3 April)
2.84%
2.84%
$0
$0 p.a.
80%
This rate will drop to 2.59% p.a on 3 April 2020 for new and existing customers. Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)
2.65%
2.66%
$0
$0 p.a.
80%
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
loans.com.au Smart Home Loan - (Owner Occupier, P&I)
2.63%
2.65%
$0
$0 p.a.
80%
Get one of the lowest variable interest rates on the market and pay 0 application or ongoing fees.
State Custodians Low Rate Home Loan with Offset - LVR up to 70% (Owner Occupier P&I)
2.58%
2.60%
$0
$0 p.a.
70%
A competitive rate with no application or ongoing fee. This loan is not available for construction.
Well Home Loans Balanced Variable - LVR 80% (Owner occupier, P&I)
2.47%
2.50%
$250
$0 p.a.
80%
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee.
IMB Budget Home Loan - Special LVR <=90% (Owner Occupier, P&I, NSW and ACT borrowers only)
2.88%
2.94%
$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.
Bankwest Complete Home Loan Package Variable - $200k+ LVR <=80% (Owner Occupier, P&I)
2.80%
3.25%
$0
$395 p.a.
80%
A low variable rate loan with a 100% offset account and package discounts.
CUA Achieve Variable Home Loan - $500k+ (Owner Occupier, P&I)
2.73%
2.78%
$600
$0 p.a.
95%
Home buyers can get a competitive, low-fee variable rate plus a 100% offset account. Low deposit option available. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs.
Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)
2.79%
3.25%
$300
$10 monthly ($120 p.a.)
80%
Buy your home and lock in a low rate for the first two years.
ING Mortgage Simplifier Home Loan - $150,000 to $500,000 (LVR <=80% Owner Occupier, P&I)
2.78%
2.81%
$0
$0 p.a.
80%
This low, variable rate loan has no ongoing fees and a redraw facility. Requires a 20% deposit.
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Owner occupier, P&I)
2.39%
4.12%
$595
$0 p.a.
90%
Investors can take advantage of a short term fixed rate with no ongoing fees.
Well Home Loans Balanced Fixed Home Loan - 2 Year (Owner occupier, P&I)
2.09%
2.44%
$250
$0 p.a.
90%
Low fee fixed mortgage with optional 100% offset account.
State Custodians Low Rate Home Loan with Offset - LVR up to 80% (Owner Occupier P&I)
2.65%
2.67%
$0
$0 p.a.
80%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.
IMB Fixed Rate Home Loan - 2 Year Fixed (LVR ≤ 95% Owner Occupier, P&I, NSW and ACT borrowers only)
2.69%
3.19%
$449
$6 monthly ($72 p.a.)
95%
NSW and ACT customers only. 2 years fixed interest terms and free access to redraw facility online. Available with a 5% deposit.
Gateway Bank Low Rate Essentials Variable Rate Home Loan - Special offer LVR up to 80% and over $500k (Owner Occupier, P&I)
2.76%
2.79%
$0
$0 p.a.
80%
A competitive, flexible variable rate mortgage for home buyers borrowing above $500,000. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs.
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier, P&I)
2.69%
3.19%
$395
$0 p.a.
80%
A competitive fixed interest rate loan with no ongoing fees. Requires a 20% deposit.
Virgin Reward Me Variable Home Loan - LVR <= 60% ($750k+ Owner Occupier, P&I)
2.99%
3.16%
$300
$10 monthly ($120 p.a.)
60%
A variable rate home loan with no application fees.
Aussie Select Basic Variable  -  (LVR <= 70%) (Owner Occupier, P&I)
2.74%
2.76%
$0
$0 p.a.
70%
Keep your LVR at 70% or below and enjoy a special discounted rate. Also, pay no application or ongoing fees.
ANZ Simplicity PLUS Home Loan - LVR ≤ 80% Special Offer Discount (Owner Occupier, PI)
2.72%
2.76%
$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. Refinance to this loan and you could get a cashback from $1,200 up to $3,500 depending on your loan amount (terms and conditions apply).
Aussie Select Basic Variable  - (LVR <= 70%) (Investor, P&I)
3.14%
3.15%
$0
$0 p.a.
80%
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate - 2 Year Fixed (Owner Occupier, P&I)
2.34%
3.74%
$0
$395 p.a.
90%
Enjoy a discounted fixed rate and the ability to package the loan with other financial products.
Macquarie Bank Basic Home Loan - LVR up to 70% (Owner Occupier, P&I)
2.84%
2.84%
$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.
CUA Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier, P&I)
2.29%
3.94%
$600
$0 p.a.
95%
Pay no ongoing fees and lock in your rate for 3 years to organise your budget. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs.
Well Home Loans Balanced Variable - LVR 90% (Owner occupier, P&I)
2.67%
2.70%
$250
$0 p.a.
90%
A very low variable interest rate for borrowers with a 10% deposit. Add a 100% offset account for $10 a month.
UBank UHomeLoan - 1 Year Fixed Rate (Owner Occupier, P&I)
2.74%
3.38%
$395
$0 p.a.
80%
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
Macquarie Bank Basic Home Loan - LVR ≤ 80% (Owner Occupier, P&I)
2.94%
2.94%
$0
$0 p.a.
80%
Pay no application and ongoing fees and take advantage of split and redraw options.
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer Discount 1 ($150k+ Owner Occupier, P&I)
2.94%
3.34%
$0
$395 p.a.
90%
New borrowers or refinancers can get a discounted rate with this package loan.
State Custodians Low Rate Home Loan with Offset - LVR up to 70% (Investor P&I)
2.83%
2.85%
$0
$0 p.a.
70%
A competitive rate with no application or ongoing fee. This loan is not available for construction.
IMB Fixed Rate Home Loan - 3 Year Fixed (LVR ≤ 95% Owner Occupier, P&I, NSW and ACT borrowers only)
2.69%
3.15%
$449
$6 monthly ($72 p.a.)
95%
NSW and ACT customers only. 3 years fixed interest terms and free access to redraw facility online. Available with a 5% deposit.
State Custodians Low Rate LOC - LVR up to 70% (Owner Occupier IO)
2.83%
2.85%
$0
$0 p.a.
70%
Withdraw up to 70% of your home equity with this competitive line of credit loan. This loan is not available for construction.
Gateway Bank Low Rate Essentials Variable Rate Home Loan - Special offer LVR up to 80% and over $500k (Investor, P&I)
3.04%
3.07%
$0
$0 p.a.
80%
Investors with 20% deposits can get this flexible variable mortgage with low fees and a reasonable rate.
Virgin Reward Me Variable Home Loan - LVR <= 80% ($500k to $750k Owner Occupier, P&I)
3.12%
3.28%
$300
$10 monthly ($120 p.a.)
80%
This flexible, competitive variable rate mortgage comes with a 100% offset account and redraw facility.
UBank UHomeLoan - 1 Year Fixed Rate (Investor, IO)
3.04%
3.86%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier, P&I)
2.44%
3.96%
$595
$0 p.a.
95%
Borrow up to 95% LVR of the value of the property you're buying and pay no ongoing fees.

Compare up to 4 providers

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

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

    • Default Gravatar
      JodieDecember 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
    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

    • Avatarfinder Customer Care
      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

Ask a question
Go to site