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Let’s get refinancing your home loan off your to-do list

If the rate you're paying is higher than the rates below, you're giving your money away to the bank.

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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Repayment
Principal & Interest20% min. equityOwner-occupier
Principal & Interest20% min. equityOwner-occupier
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.99%
Comp. Rate5.90%
Minimum Loan Amount$10,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.99%
Comparison Rate
5.90%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2998
$166 saving
Go to site
Principal & Interest20% min. equityInvestment
Principal & Interest20% min. equityInvestment
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.29%
Comp. Rate6.20%
Minimum Loan Amount$10,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.29%
Comparison Rate
6.20%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3095
$69 saving
Go to site
Principal & Interest 3Y Fixed30% min. equityOwner-occupier
Principal & Interest 3Y Fixed30% min. equityOwner-occupier
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate6.25%
Comp. Rate6.20%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.25%
Comparison Rate
6.20%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3082
$82 saving
Go to site
Principal & Interest10% min. equityOwner-occupierOffset account
Principal & Interest10% min. equityOwner-occupierOffset account
Go to site
Product NameBendigo Bank Express Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.01%
Comp. Rate6.14%
Minimum Loan Amount$5,000
Maximum Loan Amount $3,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.01%
Comparison Rate
6.14%
  • Application: $0
  • Ongoing: $10 per month
Monthly Repayment
$3004
$160 saving
Go to siteMore Info
Principal & Interest30% min. equityOwner-occupier
Principal & Interest30% min. equityOwner-occupier
Go to site
Product NameSt.George Basic Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.29%
Comp. Rate6.30%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.29%
Comparison Rate
6.30%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3095
$69 saving
Go to site
$2,000 cashback
Refinancers borrowing $250,000 or more could get a $2,000 cashback (Other terms, conditions and exclusions apply).
Principal & Interest40% min. equityInvestmentOffset account
Principal & Interest40% min. equityInvestmentOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.34%
Comp. Rate6.59%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.34%
Comparison Rate
6.59%
  • Application: $0
  • Ongoing: $248 p.a.
Monthly Repayment
$3111
$53 saving
Go to site
Principal & Interest 3Y Fixed30% min. equityInvestment
Principal & Interest 3Y Fixed30% min. equityInvestment
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate6.55%
Comp. Rate6.42%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.55%
Comparison Rate
6.42%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3180
Go to site
Principal & Interest40% min. equityOwner-occupier
Principal & Interest40% min. equityOwner-occupier
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.14%
Comp. Rate6.16%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.14%
Comparison Rate
6.16%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3046
$118 saving
Go to site
Principal & Interest 3Y Fixed20% min. equityOwner-occupier
Principal & Interest 3Y Fixed20% min. equityOwner-occupier
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate6.35%
Comp. Rate6.26%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.35%
Comparison Rate
6.26%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3115
$49 saving
Go to site
Principal & Interest20% min. equityOwner-occupier
Principal & Interest20% min. equityOwner-occupier
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.19%
Comp. Rate6.21%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.19%
Comparison Rate
6.21%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3063
$101 saving
Go to site
Principal & Interest40% min. equityInvestment
Principal & Interest40% min. equityInvestment
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.34%
Comp. Rate6.36%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.34%
Comparison Rate
6.36%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3111
$53 saving
Go to site
Principal & Interest40% min. equityOwner-occupierOffset account
Principal & Interest40% min. equityOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.14%
Comp. Rate6.39%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.14%
Comparison Rate
6.39%
  • Application: $0
  • Ongoing: $248 p.a.
Monthly Repayment
$3046
$118 saving
Go to site
Principal & Interest30% min. equityOwner-occupierOffset account
Principal & Interest30% min. equityOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.14%
Comp. Rate6.39%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.14%
Comparison Rate
6.39%
  • Application: $0
  • Ongoing: $248 p.a.
Monthly Repayment
$3046
$118 saving
Go to site
Principal & Interest30% min. equityInvestmentOffset account
Principal & Interest30% min. equityInvestmentOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.34%
Comp. Rate6.59%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.34%
Comparison Rate
6.59%
  • Application: $0
  • Ongoing: $248 p.a.
Monthly Repayment
$3111
$53 saving
Go to site
Principal & Interest 3Y Fixed20% min. equityInvestment
Principal & Interest 3Y Fixed20% min. equityInvestment
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate6.65%
Comp. Rate6.53%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.65%
Comparison Rate
6.53%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3213
Go to site
Principal & Interest20% min. equityOwner-occupierOffset account
Principal & Interest20% min. equityOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.19%
Comp. Rate6.44%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.19%
Comparison Rate
6.44%
  • Application: $0
  • Ongoing: $248 p.a.
Monthly Repayment
$3063
$101 saving
Go to site
Principal & Interest 2Y Fixed20% min. equityOwner-occupier
Principal & Interest 2Y Fixed20% min. equityOwner-occupier
Product NameBank of Melbourne Fixed Rate Home Loan with Advantage Package
Interest Rate TypeFixed rate
Repayment Type Principal & Interest
Interest Rate6.59%
Comp. Rate7.64%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes - max $30,000 over fixed rate term
Interest Rate
6.59%
Comparison Rate
7.64%
  • Application: $0
  • Ongoing: $395 p.a.
Monthly Repayment
$3193
Principal & Interest 2Y Fixed20% min. equityInvestment
Principal & Interest 2Y Fixed20% min. equityInvestment
Product NameSt.George Fixed Rate Home Loan with Advantage Package
Interest Rate TypeFixed rate
Repayment Type Principal & Interest
Interest Rate6.59%
Comp. Rate8.07%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes - max $30,000 over fixed rate term
Interest Rate
6.59%
Comparison Rate
8.07%
  • Application: $0
  • Ongoing: $395 p.a.
Monthly Repayment
$3193
$2,000 cashback
Refinancers borrowing $250,000 or more could get a $2,000 cashback (Other terms, conditions and exclusions apply).
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Showing 18 of 18 results

What is refinancing?

Refinancing means switching from your current home loan to a new one. Borrowers refinance their home loans to:

  • Get a lower interest rate
  • Borrow more money
  • Switch to a loan that suits their current financial goals

According to Finder's Housing Market Report, Australians refinanced in record numbers in 2023. 72% of refinancers switched lenders in search of a better deal, while the remainder refinanced with their current lender.

How to compare home loans when refinancing

The table above features a wide selection of home loans suitable for different types of borrower, including homeowners and investors.

To find a better loan:

  1. Enter your current loan amount and interest rate in the fields above the table (or just estimates if you're not sure).
  2. Compare loans by sorting from highest to lowest interest rate or by looking at the amount you can save with each loan (if the rate is lower than your current loan).
  3. Click the green button on any loan in the table if you think it suits your needs and submit an enquiry. It only takes a minute.

How do I know I'm getting a good rate when I refinance?

Most of the loans offered by Finder's partners have lower than average rates. But you really need to check your current interest rate to understand if a new home loan is a better deal.

If you're not sure what a good interest rate looks like in the current market, here are some averages based on all the loans in Finder's database:

As of May 2024 the average variable-rate home loan rate on Finder is 7.50%.As of May 2024 the average fixed-rate home loan rate on Finder is 6.80%.

More ways to find a better home loan

Comparing for yourself and switching is easy. But if you want someone to do the hard work for you, you're in luck!

Every month Finder picks our top home loans for the month by looking at loans with the lowest rate and fees.

And you can check out the full list of Finder's 2024 Home Loan Award winners if you want to find loans that had consistently low rates and fees all year.

The benefits of refinancing

How much can you save by refinancing in 2024?

We estimate that the average person could save up to $7,008 a year by switching to a lower rate:
  • The average Australian home loan is now $607,963 (according to the ABS).
  • The average variable interest rate loan available on Finder is 7.49%. The lowest available rate through Finder's partners is 5.99%.
  • Assuming a 30-year loan term, if you switched to that lower rate your monthly repayments would drop from $4,247 to $3,642. That's a saving of $605 every month, or $7,260 a year.
Data is correct as of 14 May 2024. This savings example is a hypothetical estimate only.
Rebecca Pike
Market update by Rebecca Pike – Finder's senior home loans writer

How to find the best refinance rate

To get the best refinance rate, take the following steps:

Percentage

Look for a cheaper rate

The lower the interest rate the more money you save. This is true for every borrower and it's the first thing most refinancers look for.

Even just a small difference in rates can end up saving you hundreds of dollars a year in repayments.

Tick

Make sure the loan meets your needs

You also need to refinance to a home loan that suits your needs. If you need a loan with an offset account, you want to avoid a basic loan that doesn't have this feature.

A package loan might look attractive, but it might have high annual fees and products you don't need.

Dollar

Avoid a loan with high fees

There are usually 1 or 2 fees with any new home loan. But the cost of fees can vary widely, from practically nothing to hundreds of dollars. It's worth keeping loan fees in mind when preparing to refinance your home loan.

Most Australians refinance to a new lender. But it is often worth asking your current lender for a lower rate first. If your current lender can't offer you better then it's time to shop around. And don't just look at the big banks you're already familiar with. Look at rates from online lenders, credit unions and smaller banks.

Graham Cooke

Graham Cooke
Money expert

How much does refinancing cost?

  • Discharge fees. Lenders often charge a fee to end a home loan.
  • Government fees. Refinancers may have to pay state government fees to de-register their old loan and register the new one.
  • Loan fees. Some lenders charge application or settlement fees ranging from $250–$600 or charge ongoing fees.
  • Fixed rate break costs. You may have to pay an exit fee for breaking the loan when refinancing a fixed rate loan. Ask your current lender for a break fee estimate before committing to refinancing.

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

Fee/costAmount
Discharge fee (old loan)$250
Mortgage deregistration fee$118.90
Mortgage registration fee$118.90
Application fee (new loan)$450
Settlement fee$150
Title search fee$30
Total refinancing costs:$1,117.80

Learn more about calculating your refinancing costs

How to refinance a home loan in 5 steps

Refinancing means switching your current home loan to a new one.

And switching is easier than you think:

  1. Check your current interest rate. Look at competitive mortgage rates and see if yours is too high. You could ask your lender to lower your rate or you could start looking for a better deal.
  2. Compare home loan options. If you do decide to switch lenders, look for a suitable loan with a better rate and features you need.
  3. Crunch the numbers. Work out the costs of your new loan, including application and ongoing fees, and make sure the new loan really is a better deal. Check the exit costs from your current loan too (there may be a discharge fee or break costs).
  4. Apply for the new home loan. Collect your mortgage documents, submit your application and then wait for approval from the new lender. This can take a few hours to compile, but it's a worthwhile investment considering the potential savings.
  5. Exit your current loan. When you refinance, your new bank will notify your current lender and you can discharge your mortgage.

Refinancing is quite a straightforward process, although it requires quite a bit of paperwork to submit a loan application. If your situation is complicated or unusual, you may want expert refinancing guidance, so you could reach out to a mortgage broker.

Read our detailed, step-by-step refinance guide

Richard Whitten

I've only had my home loan for a few years, and it's one of the lowest rates on the market. So I probably won't need to refinance for a while. But I still watch my home loan like a hawk. Because every now and then my lender lifts rates (usually in response to the Reserve Bank's rate decisions). But this lender also offers slightly cheaper deals for new customers. Over time my rate ends up being much higher. So I call my lender and ask for its lowest rate. And I always get it. If my lender refused, I'd refinance in a heartbeat.
— Richard Whitten, money editor

Why you can trust Finder's home loan experts

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We're free
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We're experts
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Unlike other comparison sites, we're not owned by a third party. That means our opinions are our own and we work with lots of home loan lenders, making it easier for you to find a good deal.
help
We're here to help
Since 2014, we've helped 150,000+ people find a home loan by explaining the nitty gritty details simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Your home loan refinance questions answered

Read more on this topic

  • 4 disadvantages of refinancing your home loan

    Refinancing your home loan can get you a better interest rate, adjust your loan term and take advantage of new features, but there are some things to look out for to make sure it's the right decision for you.

  • Fast refinance

    Learn how to refinance your home loan fast and save money in the process.