On this page you can compare competitive home loan offers in the table below or start reading our detailed guide explaining how you can refinance your loan.
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Let's say you borrow $400,000 (that's close to the Australian average mortgage) with a variable rate of 4.00% p.a. and a 30-year loan term. Your repayments would be around $1,909 a month. But if you changed home loans to a more competitive rate of 3.09% p.a, your monthly repayments would drop down to around $1,705. That’s a saving of $204 per month. Over the course of 30 years, you’d save $73,357, or $2,445 a year.
What is refinancing?
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. The main purpose of refinancing is usually to get a lower interest rate to save on repayments. But you can also switch to a mortgage with more features, or move from an investment loan to an owner-occupier loan. Some borrowers refinance to unlock equity in their property.
Why should I refinance?
Switching can save you money, but there are far more benefits than simple savings. You should look switching mortgages to:
Get a lower interest rate. The lower your rate, the lower your repayments. And rates in Australia are very competitive right now. If you haven't looked at your home loan in a few years you might be surprised to learn how much you're paying. Compare rates in the table above and see just how much you could be saving.
Unlock equity. If you've been paying off your loan for a while this money is called equity. And you can access it through a line of credit home loan in order to purchase another property, renovate your home or buy a car. Refinancing in this way can save you money on other purchases (a mortgage typically has a lower rate than a car loan, for example) but adding to your home loan means you're paying it off longer.
Consolidate your debts. Juggling a few debts can be hard. Debt consolidation lets you roll your existing debts into a single manageable loan. If done correctly, you can save on fees and reduce the amount of interest payable by combining your debt into a single repayment with a competitive rate. It's important to work closely with your lender during this period to ensure that you actually save money in the process.
Take advantage of a special offer. Many home loans will offer cash incentives or sign-up bonuses all year round to borrowers who switch. These offers are especially prevalent during the spring "mortgage season". Cashback incentives are usually around the $1,000 mark, but can be as high as $2,000. These offers can be a great way to minimise the costs of changing loans, but be sure that the loan you’re applying for still has a competitive rate, fees and features so that once the cash is gone you’re not left with an uncompetitive loan.
Examples: the benefits of switching to a better loan
Bryan is four years into a 30-year mortgage. It's an owner-occupier, principal and interest loan that started out with a low 3-year fixed rate. But the fixed rate period has finished and the current rate is much higher, at 4.34%. Bryan initially borrowed $700,000 and has repaid $120,000 so far.
Current monthly repayment: $3,104 per month.
Bryan jumps onto finder.com.au and starts comparing loans. He doesn't care about premium features like offset accounts, but wants a loan that is flexible and offers a low rate. Bryan finds a good, basic mortgage product with a variable rate of 3.62%. The loan does come with a $500 application fee. His old loan has a $200 discharge fee.
Switching costs: $700.
New monthly repayment: $2,871 per month.
Even with the cost of switching factored in Bryan is still coming out ahead. By changing home loans he'll save $233 a month in repayments. That's $2,796 a year.
Leah wants more features
After making six years of repayments on a $800,000 mortgage Leah decides she wants more out of her loan. She has a package loan with her bank and has bundled together her mortgage with a credit card and a savings account. But the rate is high (4.12%) and the package doesn't suit her needs anymore. She hardly uses the credit card.
Leah compares her options and finds a variable loan with a 3.75% interest rate and a 100% offset account. She wants to take some of her savings and offset them against her loan to lower her interest and pay off the loan faster.
Savings: Leah's new rate is saving her over $100 a month.
Offset benefits: By putting $30,000 of savings into her offset account Leah can shave a year off her home loan.
Arabella taps into her home equity
Arabella wants to invest in property. She has almost paid off her home and has $750,000 in equity. Because she doesn't have much debt to repay on her loan she can easily switch to a line of credit loan. She can then access cash to use as a deposit on a small investment property. This can be a risky investment strategy if she borrows too much money.
But because Arabella doesn't have much debt and her income is steady her risks are much lower. She's also planning to use her investment property as a source of income, further minimising her risks.
Benefits: Arabella can purchase an investment property faster and generate rental income.
How do I go about switching home loans?
The whole switching process can be a little complicated but think about the savings! Investing a few hours of your time could save you tens of thousands of dollars over the life of your loan. Here's the step-by-step refinancing process:
Examine your current loan. Check your rate, repayment costs and fees. If your rate's above 4% you should look at switching.
Speak to your current lender and ask for a lower rate. Sometimes your lender will offer you a discount on your rate. That could be all you need to do, but you could still find better elsewhere.
Get a quote for your exit costs. If you decide to switch lenders you might have to pay a fee, but it could be worth it if the savings are big enough.
Compare home loan options. Look for a loan with a better rate and features you need. It's that simple.
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.
Apply for the new home loan. 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.
You've refinanced. Be sure to monitor your new loan's repayments and change loans again in a few years if you find a better option.
Generally you’ll need to provide proof of your salary and other income, government payments, home loan statements and a copy of your council rates notice, statements for any liabilities and either your drivers licence or passport. Once your information has been reviewed, your lender can normally give you a response fairly quickly. The verification, valuation and assessments, approval and settlement can take up to a month or more to complete depending on your financial situation.
How much will switching cost me?
Changing mortgages can come with upfront costs for starting a new loan and exiting your old loan. Fees are usually the biggest expense. You should always factor these costs into your decision, but don't let a single upfront cost deter you from making a major saving in the long-term.
Fees related to switching loans include:
Early terminations fees (for your old loan)
Discharge fees (for your old loan)
Application fees (for your new loan)
Ongoing fees (for your new loan)
Are there situations when I shouldn't switch?
For most borrowers refinancing is a good idea. But it's possible that switching loans just isn't worth it. Here are a few cases where you're probably better off sticking with your current loan:
You have a fixed rate home loan with a very high exit cost and the cost of fees could outweigh the benefits of changing until the fixed rate period is over.
You think you’ll probably sell your property in the near future and you won't keep the loan long enough to make any decent savings.
Your loan amount is small. In this case the savings you’ll get by switching might not be worth the interest you’ll pay.
You've been with a lender for quite some time, enjoy the service you receive and have other products with them (you might be better off asking your lender for a discount).
Your property value has fallen or your LVR is still over 80%. This could see you pay lenders mortgage insurance again.
You need to refinance to a longer term. This could result in more interest paid over time.
Some lenders will accept bad credit borrowers, but might charge higher interest rates and fees. It’s a good idea to get a copy of your credit file before making any applications. Also note that a credit repair company can in some cases help to remove some negative listings on your file.
Equity refers to the amount of your property that you own outright. As you pay your loan down and your property increases in value this amount increases. Refinancing at its core is leaving your new home loan and applying for a new one, meaning that regular equity requirements will still apply. This means you'll need a minimum of 20% equity in your home, but in some cases this will be as little as 5%.
Based on current economic conditions and interest rates, a loan of $76,000 or less may not be worth refinancing. However, this figure is a ballpark figure and does not take into consideration your personal circumstances.
This decision is ultimately up to you, but here are some considerations: A fixed interest rate means that your rate won't change for a set term, so it's a useful tool if you think interest rates are going to rise, to keep your repayments low. A variable rate will mean that your rate will fluctuate according to the official cash rate, so this is useful if you think rates are going to be cut. If your lender passes on the cut your repayments will lower.
Generally the lender will still require a valuation, as your bank will need to have an up-to-date idea on the property value. When negotiating, it may be possible to have this fee waived.
In most cases topping up your loan is easier and cheaper. You'll need to approach your existing lender and they will reassess your situation. Switching will require that you go through the whole home loan application process again, and can be more expensive as there are more fees involved.
If your account has already been settled there shouldn’t be any reason why your bank wouldn’t cooperate with the lender you’re changing over to. If this is occurring you can submit an official complaint to your lender and if you're unhappy with the resolution, you can contact the office of fair trading for your state, and inform them of the situation.
If you haven't gained any equity on your home loan, it may be difficult to find a home loan because of the high LVR. You may want to speak to a mortgage broker about your options, or wait until you've gained enough equity. You can see this page for more information about switching home loans without equity.
Richard Whitten is Finder's home loans writer. He helps Australians understand the ins and outs of mortgages so they can find lower rates and make smarter property decisions. Richard trained as a high school English teacher at the University of Sydney, but found that mortgage management was more rewarding than classroom management. Before working at Finder he lived in Seoul, where he edited textbooks and ran communication courses for Korean corporations.
I’m after help to get a better interest rate on my home loan my current rate is 4.03%. I’m a bit indecisive in regards to how to go about it. I’m unsure of fees cost to change loan. I’m lost I have to say.
You may ask your lender if they can offer better deals than the one you have. Lenders will usually have a number of incentives to retain customers thinking of refinancing, including discounted interest rates and waived fees. If you’re still considering to shop around, kindly check out this page to start comparing your options. You may use the refinancing calculator on this page to calculate the expected costs. I also suggest that you seek help from a mortgage broker since you’re looking for providers that offer the cheapest rate.
How does being over 60 years and semi -retirement impact refinancing for an investment property where the rental income covers the mortgage repayments?
As you know, there is technically no maximum age limit for when an Australian can apply for a home loan – residential or investment property. However, lenders have the responsibility to ensure that they only approve home loans to applicants who can afford the repayments without experiencing financial hardship, so older applicants will find it much more difficult to obtain home loan approval. Since you mentioned that you’re over 60 and applying for a home loan, you’ll need to provide a greater amount of information regarding your current and future financial position including the rental income. I also suggest that you seek professional help from a mortgage broker to find out which lenders offer loans suitable for your needs.
There’s really no limit, at least under the law. Legally, you could close on one mortgage today, then go right out tomorrow and refinance it. Now, how long should you wait before refinancing again? And how soon will your lender allow you to get out of your current mortgage?
This will vary extensively between lenders. As a practical matter, few lenders are likely to approve you for a new mortgage if you’ve been in your current one for less than a year. Your current lender may also have restrictions on how soon you can get out of the mortgage, usually in the form of prepayment penalties. It would be best to speak with your lender for clarification about this.
Hello there!
I will be 57 years of age in May, am single, working full time, and this would be my first home. My total assets are worth around $75k. I have $25k-$30K deposit total.
If you could just advise me please of how much property price could I afford? The total apartment price that it.
Much appreciated
J
The amount you can borrow (relative to the price of the property) for a home loan is basically up to the lender based on their assessment of your overall financial situation. Usually, they would consider some factors like your income, employment, assets, other liabilities and even credit history. Nevertheless, if you like to calculate an estimate, you may use the calculator we have on this page. Alternatively, you can reach out to a mortgage broker who can offer a range of home loan options.
Whilst your property is on mortgage, it is still possible to change the ownership of the property. There’s a guide on this page – https://www.finder.com.au/guide-to-changing-property-ownership that outlines how you can go through the process. But first, you’d need to speak to your lender about your plan in changing the type of ownership of your property.
If I have two St George loans with a mate of mine…(both our names on both…he pays one and I pay the other) what is the best way of getting out of having two loans and having only one with my name and one with his name on it?
It is possible to refinance a joint home loan to an individual loan and get a better rate through any of the options above. Please note that you should meet certain eligibility criteria to get approved. Please click the name of the loan product on our page so you’ll see the details how to qualify. The ‘go to site’ button is for submitting your application.
You may want to consider getting in touch with a mortgage broker if you need assistance in finding a suitable home refinancing loan.
I have a rented unit in Sydney that I would like to refinance to buy land in NZ where I now live. I have contacted a broker who came back with 75% LVR (thats OK), but with a whopping 7.35% interest.
You’ve come through to finder.com.au, a comparison service. Unfortunately by law we’re unable to suggest specific home loan rates and fees which you could apply for. It might be a good idea to contact a number of lenders that you’re interested in or alternatively speak to another broker to get another recommendation.
While I can’t by law suggest specific lenders to try to refinance to, a good mortgage broker will be able to give you a personalised suggestion of which lenders to speak to.
It may be difficult to qualify for a refinance if you are pensioners as most lenders will review you as high-risk borrowers. However, your best course of action would be to speak to a licensed mortgage broker to discuss your refinance options. A broker can help you understand your borrowing capacity and they can draw upon a panel of lenders, including specialist or non-bank lenders, that may have more lenient eligibility criteria.
Ultimately, a broker will determine your propensity to repay the refinanced loan by taking into account your income sources, assets, credit history and any existing debts that you have. This type of application will be treated on a case-by-case basis.
I have A mortgage in New Zealand and I wondered if I could refinance that mortgage in Australia. I live and work in Australia now and it costs money to transfer to and from New Zealand. Or is there a way I could get part of a loan, say 100000 to pay part of that mortgage off and pay it in Australia? Thanks
Most Australian lenders prefer that the security for the home loan is based in Australia, so it may be difficult for you to refinance the mortgage in this case. However, your best course of action would be to speak to a licensed mortgage broker as they’ll be able to help you understand your refinancing and borrowing options.
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Bryan is four years into a 30-year mortgage. It's an owner-occupier, principal and interest loan that started out with a low 3-year fixed rate. But the fixed rate period has finished and the current rate is much higher, at 4.34%. Bryan initially borrowed $700,000 and has repaid $120,000 so far.
After making six years of repayments on a $800,000 mortgage Leah decides she wants more out of her loan. She has a package loan with her bank and has bundled together her mortgage with a credit card and a savings account. But the rate is high (4.12%) and the package doesn't suit her needs anymore. She hardly uses the credit card.
Arabella wants to invest in property. She has almost paid off her home and has $750,000 in equity. Because 
The whole switching process can be a little complicated but think about the savings! Investing a few hours of your time could save you tens of thousands of dollars over the life of your loan.
Hi,
I’m after help to get a better interest rate on my home loan my current rate is 4.03%. I’m a bit indecisive in regards to how to go about it. I’m unsure of fees cost to change loan. I’m lost I have to say.
Regards,
Tim
Hi Tim,
Thank you for getting in touch with Finder.
You may ask your lender if they can offer better deals than the one you have. Lenders will usually have a number of incentives to retain customers thinking of refinancing, including discounted interest rates and waived fees. If you’re still considering to shop around, kindly check out this page to start comparing your options. You may use the refinancing calculator on this page to calculate the expected costs. I also suggest that you seek help from a mortgage broker since you’re looking for providers that offer the cheapest rate.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
How does being over 60 years and semi -retirement impact refinancing for an investment property where the rental income covers the mortgage repayments?
Hi Mary,
Thank you for getting in touch with Finder.
As you know, there is technically no maximum age limit for when an Australian can apply for a home loan – residential or investment property. However, lenders have the responsibility to ensure that they only approve home loans to applicants who can afford the repayments without experiencing financial hardship, so older applicants will find it much more difficult to obtain home loan approval. Since you mentioned that you’re over 60 and applying for a home loan, you’ll need to provide a greater amount of information regarding your current and future financial position including the rental income. I also suggest that you seek professional help from a mortgage broker to find out which lenders offer loans suitable for your needs.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
hi I was just wondering how long is the minimum waiting time before refinancing again?
Hi Bekim,
Thanks for your inquiry
There’s really no limit, at least under the law. Legally, you could close on one mortgage today, then go right out tomorrow and refinance it. Now, how long should you wait before refinancing again? And how soon will your lender allow you to get out of your current mortgage?
This will vary extensively between lenders. As a practical matter, few lenders are likely to approve you for a new mortgage if you’ve been in your current one for less than a year. Your current lender may also have restrictions on how soon you can get out of the mortgage, usually in the form of prepayment penalties. It would be best to speak with your lender for clarification about this.
Hope this information helps
Cheers,
Arnold
Hello there!
I will be 57 years of age in May, am single, working full time, and this would be my first home. My total assets are worth around $75k. I have $25k-$30K deposit total.
If you could just advise me please of how much property price could I afford? The total apartment price that it.
Much appreciated
J
Hi Jacqui,
Thanks for your inquiry.
The amount you can borrow (relative to the price of the property) for a home loan is basically up to the lender based on their assessment of your overall financial situation. Usually, they would consider some factors like your income, employment, assets, other liabilities and even credit history. Nevertheless, if you like to calculate an estimate, you may use the calculator we have on this page. Alternatively, you can reach out to a mortgage broker who can offer a range of home loan options.
Hope this helps.
Cheers,
May
Hi just wondering what the process is for changing name on the title from sole proprietor to joint proprietors when there is a mortgage on title?
Hi Christine,
Thanks for your inquiry.
Whilst your property is on mortgage, it is still possible to change the ownership of the property. There’s a guide on this page – https://www.finder.com.au/guide-to-changing-property-ownership that outlines how you can go through the process. But first, you’d need to speak to your lender about your plan in changing the type of ownership of your property.
Hope this information helped.
Cheers,
Arnold
If I have two St George loans with a mate of mine…(both our names on both…he pays one and I pay the other) what is the best way of getting out of having two loans and having only one with my name and one with his name on it?
Phil.
Hi Phil,
Thanks for your question.
It is possible to refinance a joint home loan to an individual loan and get a better rate through any of the options above. Please note that you should meet certain eligibility criteria to get approved. Please click the name of the loan product on our page so you’ll see the details how to qualify. The ‘go to site’ button is for submitting your application.
You may want to consider getting in touch with a mortgage broker if you need assistance in finding a suitable home refinancing loan.
Cheers,
Anndy
How to refinance the exsiting mortgage for low interesr rate
Hi Senita,
Thanks for your question.
If you are looking to refinance your existing mortgage, the step-by-step refinancing process is explained in the above infographic.
Should you need assistance in finding a suitable home loan, a mortgage broker can help.
Cheers,
Anndy
I have a rented unit in Sydney that I would like to refinance to buy land in NZ where I now live. I have contacted a broker who came back with 75% LVR (thats OK), but with a whopping 7.35% interest.
What other options are open to me?
Hi Richard,
thanks for the question.
You’ve come through to finder.com.au, a comparison service. Unfortunately by law we’re unable to suggest specific home loan rates and fees which you could apply for. It might be a good idea to contact a number of lenders that you’re interested in or alternatively speak to another broker to get another recommendation.
Cheers,
Marc.
Do you know if any of the lenders will re-finance pensioners? Both aged 60, and still have 15 years left on current mortgage
Hi Ros,
thanks for the question.
While I can’t by law suggest specific lenders to try to refinance to, a good mortgage broker will be able to give you a personalised suggestion of which lenders to speak to.
I hope this helps,
Marc.
Hi Ros,
Thanks for reaching out.
It may be difficult to qualify for a refinance if you are pensioners as most lenders will review you as high-risk borrowers. However, your best course of action would be to speak to a licensed mortgage broker to discuss your refinance options. A broker can help you understand your borrowing capacity and they can draw upon a panel of lenders, including specialist or non-bank lenders, that may have more lenient eligibility criteria.
Ultimately, a broker will determine your propensity to repay the refinanced loan by taking into account your income sources, assets, credit history and any existing debts that you have. This type of application will be treated on a case-by-case basis.
We have a page about refinancing after retirement which you might find useful.
All the best,
Belinda
I have A mortgage in New Zealand and I wondered if I could refinance that mortgage in Australia. I live and work in Australia now and it costs money to transfer to and from New Zealand. Or is there a way I could get part of a loan, say 100000 to pay part of that mortgage off and pay it in Australia? Thanks
Hi Terry,
Thanks for reaching out.
Most Australian lenders prefer that the security for the home loan is based in Australia, so it may be difficult for you to refinance the mortgage in this case. However, your best course of action would be to speak to a licensed mortgage broker as they’ll be able to help you understand your refinancing and borrowing options.
To minimise the cost of transferring funds to and from New Zealand, you can compare a range of global money transfer providers to find one with competitive terms.
All the best,
Belinda