Refinancing home loans

With interest rates as low as 1.89% it's a good time to refinance your home loan. And don't worry, we'll show you how to switch.

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Get a better home loan

With RBA interest rates at a record low, it's time to realise your dream of owning a piece of real estate for yourself. Compare your home loan options from our extensive list of providers to find something that works for you.

Data indicated here is updated regularly
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Max LVR Amount Saved
St.George Basic Home Loan
2.54%
2.56%
80%
$21,817.22
Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 80% of the property's value. (Terms, conditions & exclusions apply).
Macquarie Bank Basic Home Loan
2.49%
2.49%
60%
$24,302.56
A competitive variable rate home loan for owner-occupiers. Requires a 40% deposit.
Westpac Flexi First Option Home Loan
2.29%
2.72%
95%
$33,582.44
Up to $3,000 refinance cashback.
A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
HSBC Fixed Rate Home Loan
1.88%
2.98%
80%
$52,160.76
Lock in a competitive fixed rate for 2 years and buy your home with a 20% deposit.
IMB Budget Home Loan
2.61%
2.67%
80%
$17,513.28
A competitive variable rate for borrowers with 20% deposits saved. Available for NSW and ACT borrowers only.
Suncorp Back to Basics Home Loan
2.54%
2.55%
80%
$21,960.22
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.
Athena Variable Home  Loan
2.19%
2.19%
60%
$38,169.94
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.
UBank UHomeLoan Variable Rate
2.34%
2.34%
80%
$31,276.3
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
Suncorp Home Package Plus Fixed
1.89%
2.94%
80%
$51,714.9
Lock in a low fixed rate loan for two years and get the annual package fee waived in the first year. Available for borrowers with 20% deposits.
Well Home Loans Balanced Fixed Home Loan
1.94%
2.18%
90%
$48,641.8
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.
St.George Fixed Rate Advantage Package
2.09%
3.46%
95%
$41,970.34
Lock in a low fixed rate for the first two years. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
Westpac Fixed Option Home Loan Premier Advantage Package
2.09%
3.5%
95%
$42,325.91
Up to $3,000 refinance cashback.
Competitive fixed rate home loan. Eligible borrowers refinancing $250,000 or more can get up to $3,000 cashback. Other conditions apply.
homeloans.com.au Low Rate Home Loan with Offset
2.14%
2.16%
60%
$40,449.96
A competitive rate with no application or ongoing fee. This loan is not available for construction.
Well Home Loans Balanced Variable
2.17%
2.2%
80%
$38,218.46
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee. This special discount rate is available for new borrowers who apply and get approved by 30 November 2020. Not available for construction purposes.
Virgin Money Reward Me Fixed Rate Home Loan
2.04%
2.79%
80%
$44,380.07
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 26 February 2021 and settle by 28 May 2021.
HSBC Home Value Loan
2.59%
2.6%
80%
$19,609.16
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
homeloans.com.au Low Rate Home Loan with Offset
2.24%
2.26%
90%
$35,880.98
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.
St.George Basic Home Loan
2.59%
2.61%
90%
$19,465.2
Up to $4,000 refinance cashback.
With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).
Macquarie Bank Basic Fixed Home Loan
2.19%
2.53%
80%
$38,169.94
Borrow up to $750,000 with this basic 3 years fixed rate home loan.
Athena Variable Home  Loan
2.54%
2.54%
60%
$21,960.22
Investors with large 40% deposits or equity can get this low variable rate. A competitive option for investors looking to refinance.
Well Home Loans Balanced Fixed Home Loan
2.04%
2.17%
90%
$44,133.41
A low 3 year fixed rate for home buyers. Add a 100% offset account with a $10 monthly fee. Not available for construction purposes.
IMB Budget Home Loan
2.78%
2.84%
95%
$9,416.16
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
Bank of Melbourne Basic Home Loan
2.54%
2.56%
80%
$21,817.22
Up to $4,000 refinance cashback
A competitive variable rate loan from Bank of Melbourne. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).
Athena Variable Home  Loan
2.24%
2.21%
70%
$35,880.98
A low variable rate for owner occupiers with 30% deposits. No upfront or ongoing fees.
UBank UHomeLoan Fixed
1.99%
2.33%
80%
$47,235.96
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
Bank of Melbourne Advantage Package Fixed Home Loan
2.09%
3.46%
95%
$42,191.24
Competitive fixed rate loan. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
BankSA Basic Home Loan
2.54%
2.56%
80%
$21,817.22
Up to $4,000 refinance cashback
A competitive variable rate loan from BankSA. Refinancers borrowing $200,000 or more can get a $4,000 cashback (Other terms, conditions and exclusions apply).
Well Home Loans Balanced Fixed Home Loan
2.36%
2.39%
90%
$29,464.38
A competitive 3 year investor rate with principal and interest repayments. Optional offset account with a $10 monthly fee. Not available for construction purposes.
homeloans.com.au Low Rate Home Loan with Offset
2.59%
2.61%
90%
$19,609.16
Save on interest with a free 100% offset account and buy your property with just a 10% deposit. This loan is not available for construction.
Bank of Melbourne Basic Home Loan
2.59%
2.61%
80%
$19,229.04
Competitive variable rate home loan. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
Well Home Loans Balanced Fixed Home Loan
1.99%
2.17%
90%
$46,392.12
A low fixed mortgage with an optional 100% offset account. Not available for construction purposes.
BankSA Advantage Package Fixed Home Loan
2.09%
3.46%
80%
$41,970.34
Competitive fixed rate loan. Refinancers borrowing $200,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
IMB Fixed Rate Home Loan
2.64%
3.4%
90%
$16,091.14
NSW and ACT customers only. A 3 years fixed rate investor which allows extra repayments to be made.
UBank UHomeLoan Fixed
1.75%
2.22%
80%
$57,924.54
This very low fixed rate is only available until 26 February 2021. Other conditions apply. A competitive fixed rate loan with no ongoing fees. Requires a 20% deposit
Well Home Loans Balanced Variable
2.52%
2.55%
90%
$22,042.51
A very low variable interest rate for borrowers with a 10% deposit. Add a 100% offset account for $10 a month. Not available for construction purposes.
Athena Variable Home  Loan
2.29%
2.23%
80%
$33,583.1
A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.
Virgin Money Reward Me Variable Home Loan
2.59%
2.76%
60%
$18,960.73
$3,000 refinance cashback.
A variable rate loan for owner occupiers with a 40% deposit (or equity) borrowing under $500,000. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 26 February 2021 and settle by 28 May 2021.
UBank UHomeLoan Fixed
2.14%
2.71%
80%
$40,449.96
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
Athena Variable Home  Loan
2.84%
2.46%
80%
$7,722
Owner occupiers can refinance to one of the most competitive interest-only rates in the market. No application fee and no ongoing fees.
UBank UHomeLoan Fixed
2.14%
2.35%
80%
$40,449.96
A one year fixed rate offer with no ongoing bank fees.
Virgin Money Reward Me Variable Home Loan
2.5%
2.67%
60%
$23,193.86
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 26 February 2021 and settle by 28 May 2021.
UBank UHomeLoan Fixed
2.29%
2.72%
80%
$33,583.1
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
HSBC Home Value Loan
2.64%
2.65%
90%
$17,249.4
A competitive value home loan with no ongoing fee.
UBank UHomeLoan Fixed
2.09%
2.3%
80%
$42,720.91
A competitive 3 year fixed rate with no ongoing bank fees.
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Compare up to 4 providers

Refinancing simply means switching from one home loan to another. You can switch loans with your current lender or get a new product with a new lender.

Compare and switch to a new mortgage in the table below or read our detailed tips on how to refinance.

Compare your mortgage to the offers below

Enter your home loan amount, current interest rate and loan term below to see how much you could save by refinancing. Click on the green button to find out more about a loan on the lender's website.

How much can I save by refinancing my home loan?

Refinancing to a lower interest rate will lower your monthly mortgage repayments. And even a small decrease in monthly repayments can add up to thousands of dollars over the length of a home loan.

Using ABS and Finder data, we estimate that the average refinancer could save up to $75,551 over 25 years by switching to a lower rate loan. This is just an estimate of course, and not a true indication of any one borrower's potential savings.

Here's how we calculated that figure.

How a home loan refinance can save the average borrower $75,551

According to figures from the Australian Bureau of Statistics, 31,045 Australians refinanced their home loans in July 2020. The average loan size refinanced was $424,980.

According to Finder app data the average user inputs a current interest rate of 3.30%. But there are much lower rates available on Finder.

Let's assume a borrower is 5 years into a 30-year mortgage with the information above and decides to refinance. They find a fixed rate loan through Finder with a rate of just 2.14% and minimal fees.

Loan details
Loan amount$424,980
Loan term25 years
Current interest rate3.30%
New interest rate2.14%
Current monthly repayment$2,082
New monthly repayment$1,830
Savings (monthly)$252
Savings (yearly)$3,024
Savings (25 years)$75,551

These are significant savings: over $75,000 in 25 years. Now of course this is just an estimate and doesn't take into account your personal circumstances or factors like interest rate rises (you won't be on the same rate for 25 years) and fees. Your own savings could be less than this, or more, depending on the numbers.

🔥 Hot tip: Save more by refinancing your home loan and keeping repayments the same

Refinancing to a loan with a lower rate saves you money every month because your repayments reduce. But you can save yourself even more money in the long run by switching to a lower rate and keeping your repayments the same as they were before.

This way, you're basically making extra repayments every month because you're paying off slightly more than you need to. You're paying the same as before but it's paying off your principal faster. Use our extra repayments calculator to see how much you can save.

If your new loan has an offset account you can simply save the extra money there. In this way it functions just like an extra repayment.

Other reasons to refinance your home loan

There are more benefits to refinancing than just saving money.

  • Get more mortgage features. Borrowers may switch to a mortgage because it has features like additional repayments, a redraw facility, portability or offset accounts. These features can help you save on interest repayments or give you more flexibility.
  • Unlock your equity. If you've repaid a substantial amount of your mortgage then this is equity. You can borrow this equity using a line of credit or by refinancing and borrowing more money.
  • Consolidate debt. You can refinance multiple debts into your mortgage and pay it off with a single interest rate. This can help because a home loan rate is lower than a car or personal loan rate. However, paying off a smaller debt over decades by adding it to your mortgage can end up costing you more in interest over time.

How do I refinance my home loan?

Switching is easier than you think. You just need to compare, find a better home loan and then apply for it like any other mortgage. Here are the steps involved in refinancing your home loan:

🔎 Check your interest rate. Look at competitive mortgage rates and see if yours is too high.

📞 Speak to your current lender and ask for a lower rate. It never hurts to ask for a lower rate and if your lender agrees then you can save yourself the hassle of refinancing.

📊 Compare home loan options. If you do decide to switch lenders, look for a loan with a better rate and features you need. Make sure it's a loan type that matches your situation.

🧮 Crunch the numbers. Examine the costs of your new loan, including application and ongoing fees and make sure the new loan really is a better deal. Check your exit costs from your current loan too (there may be a discharge fee or break costs).

📝 Apply for the new home loan. Collect your mortgage documents, submit your application and then wait for approval from the new lender.

🏃‍♀️ Exit your current loan. Notify your current lender and discharge your mortgage. Your new and current lender will take care of the rest.

And that's the basic refinancing process. To give you more help, this page contains a list of all the documents you'll need to submit a home loan application. And if you want expert refinancing guidance, you can also speak to a mortgage broker.

Read our detailed, step-by-step refinance guide

How much does refinancing cost?

There are costs involved with refinancing your loan, including lender fees and government charges.

  • Upfront fees for your new loan. Some lenders charge application or settlement fees while others don't.
  • Valuation fees. Your new lender will value your property during the application and may charge a fee for it.
  • Discharge fees. Lenders often charge a fee to end a home loan, whether by refinancing or paying the loan off.
  • Fixed rate break costs. If your current home loan has a fixed interest rate then you can face higher costs for breaking the loan. Read our guide on fixed loan break costs for more information. If this cost is too high you should wait until the fixed period ends before refinancing.
  • Government fees. Refinancers may have to pay two state government fees, one to discharge their old loan and one to register the new one.

Here's a quick example of switching costs in a hypothetical scenario (using government fees from Victoria):

Fee/costAmount
Discharge fee (old loan)$250
Mortgage deregistration fee$110.80
Mortgage registration fee$110.80
Application fee (new loan)$450
Settlement fee$75
Valuation fee (new loan)$220
Title search fee$30
Total refinancing costs:$1,246.60

Learn more about calculating your refinancing costs

Are there situations where I shouldn't refinance my home loan?

There definitely are cases where refinancing will cost you more. Here are some common ones:

Your fixed rate break costs are too high

If the cost of breaking a fixed rate loan is too high then refinancing isn't worth it. Check with your current lender for a better idea of your break costs (it's hard to calculate on your own).

Your equity is below 20% of the property's value

If you don't own much of the property then you'll have a harder time refinancing. If you need to borrow more than 80% of the property's value you will have to pay lenders mortgage insurance (even if you paid it on the first home loan). This can be a big cost and makes refinancing pointless.

Your property has lost value

Your equity is also determined by your property's value. It's hard to refinance if you own 20% of a property you paid $700,000 for if that property is now only worth $650,000.

While this is a relatively rare scenario, properties can lose value. This sometimes happens because the property is damaged or the local property market is in a decline. In this situation you'l need to get professional valuation and make sure you have enough equity to refinance.

Your loan amount is small or you're selling soon

If your loan amount is relatively minimal then the savings from refinancing aren't worth the hassle. And if you're selling soon you won't benefit from the savings much either.

Home Loan Offers

Important Information*
Logo for Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)
Westpac Flexi First Option Home Loan - Basic Variable Rate (Owner Occupier, P&I)

Up to $3,000 refinance cashback. A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.

Logo for St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)
St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 90% of the property's value. (Terms, conditions & exclusions apply).

Logo for Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I

A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)

Get a competitive variable interest rate with no application fee or ongoing fees.

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