Refinance Home Loan Rates

Refinance to a better home loan rate and pay less interest each month, unlock your home equity or get a cashback deal.

What do you want to do?
$
$
% p.a.
years
Name Badges Finder Score Interest Rate p.a. Comparison Rate p.a. Fees Go to site Monthly Repayment
IMB Budget Home Loan image
IMB Budget Home Loan
9
IMB Budget Home Loan
IMB logo
IMB Budget Home Loan
Principal & Interest20% min. depositOwner-occupier
Product NameIMB Budget Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.54%
Comp. Rate p.a.5.57%
Minimum Loan Amount$10,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Principal & Interest20% min. depositOwner-occupier
9
5.54%
5.57%
  • Application: $449
  • Ongoing: $0 p.a.
Save $1,091 per month
Interest rate p.a.
5.54%
Comparison rate p.a.
5.57%
Monthly Payment
$2,852
per month
($1,091 saving)
Compare product selection
Up to $4K cashback
Eligible borrowers can get up to $4,000 cashback when buying or refinancing with IMB. Loan value criteria applies. Other terms and conditions also apply.
BCU Bank Fixed Rate Home Loan image
BCU Bank Fixed Rate Home Loan
7
BCU Bank Fixed Rate Home Loan
BCU Bank logo
BCU Bank Fixed Rate Home Loan
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
Go to site
Product NameBCU Bank Fixed Rate Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.49%
Comp. Rate p.a.5.77%
Minimum Loan Amount$20,000
Maximum Loan Amount $2,500,000
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments No
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
7
5.49%
5.77%
  • Application: $0
  • Ongoing: $0 p.a.
Go to site
Save $1,107 per month
Interest rate p.a.
5.49%
Comparison rate p.a.
5.77%
Monthly Payment
$2,836
per month
($1,107 saving)
Go to site
Compare product selection
Macquarie Bank Basic Home Loan image
Macquarie Bank Basic Home Loan
8.7
Macquarie Bank Basic Home Loan
Macquarie Bank logo
Macquarie Bank Basic Home Loan
Principal & Interest20% min. depositOwner-occupier
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.69%
Comp. Rate p.a.5.71%
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 Portable
Extra Repayments Yes
Principal & Interest20% min. depositOwner-occupier
8.7
5.69%
5.71%
  • Application: $0
  • Ongoing: $0 p.a.
Go to site
Save $1,044 per month
Interest rate p.a.
5.69%
Comparison rate p.a.
5.71%
Monthly Payment
$2,899
per month
($1,044 saving)
Go to site
Compare product selection
P&N Bank Fixed Home Loan image
P&N Bank Fixed Home Loan
7
P&N Bank Fixed Home Loan
P&N Bank logo
P&N Bank Fixed Home Loan
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Go to site
Product NameP&N Bank Fixed Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.49%
Comp. Rate p.a.5.76%
Minimum Loan Amount$20,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan Portable
Extra Repayments No
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
7
5.49%
5.76%
  • Application: $0
  • Ongoing: $0 p.a.
Go to site
Save $1,107 per month
Interest rate p.a.
5.49%
Comparison rate p.a.
5.76%
Monthly Payment
$2,836
per month
($1,107 saving)
Go to site
Compare product selection
Greater Bank Great Rate Discount Variable Home Loan image
Greater Bank Great Rate Discount Variable Home Loan
9.3
Greater Bank Great Rate Discount Variable Home Loan
Greater Bank logo
Greater Bank Great Rate Discount Variable Home Loan
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Go to site
Product NameGreater Bank Great Rate Discount Variable Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.49%
Comp. Rate p.a.5.50%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 110%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
9.3
5.49%
5.50%
  • Application: $0
  • Ongoing: $0 p.a.
Go to site
Save $1,107 per month
Interest rate p.a.
5.49%
Comparison rate p.a.
5.50%
Monthly Payment
$2,836
per month
($1,107 saving)
Go to site
Compare product selection
Up to $3,000 cashback
Eligible borrowers applying online can get up to $3k cashback. Other eligible refinancers and FHBs can get up to $2,500. LVR and loan value criteria and full T&Cs apply.
loans.com.au Variable Home Loan image
loans.com.au Variable Home Loan
9.4
loans.com.au Variable Home Loan
loans.com.au logo
loans.com.au Variable Home Loan
Principal & Interest10% min. depositOwner-occupierOffset account
Go to site
Product Nameloans.com.au Variable Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.54%
Comp. Rate p.a.5.58%
Minimum Loan Amount$50,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Principal & Interest10% min. depositOwner-occupierOffset account
9.4
5.54%
5.58%
  • Application: $0
  • Ongoing: $0 p.a.
Go to site
Save $1,091 per month
Interest rate p.a.
5.54%
Comparison rate p.a.
5.58%
Monthly Payment
$2,852
per month
($1,091 saving)
Go to site
Compare product selection
Ubank Flex Variable Home Loan image
Ubank Flex Variable Home Loan
9.2
Ubank Flex Variable Home Loan
Ubank logo
Ubank Flex Variable Home Loan
Principal & Interest20% min. depositOwner-occupierOffset account
Go to site
Product NameUbank Flex Variable Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.69%
Comp. Rate p.a.5.94%
Minimum Loan Amount$80,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Principal & Interest20% min. depositOwner-occupierOffset account
9.2
5.69%
5.94%
  • Application: $250
  • Ongoing: $250 p.a.
Go to site
Save $1,044 per month
Interest rate p.a.
5.69%
Comparison rate p.a.
5.94%
Monthly Payment
$2,899
per month
($1,044 saving)
Go to site
Compare product selection
Newcastle Permanent Real Deal Home Loan image
Newcastle Permanent Real Deal Home Loan
9.1
Newcastle Permanent Real Deal Home Loan
Newcastle Permanent logo
Newcastle Permanent Real Deal Home Loan
Principal & Interest20% min. depositOwner-occupierOffset account
Product NameNewcastle Permanent Real Deal Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.49%
Comp. Rate p.a.5.53%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan Portable
Extra Repayments Yes
Principal & Interest20% min. depositOwner-occupierOffset account
9.1
5.49%
5.53%
  • Application: $595
  • Ongoing: $0 p.a.
Save $1,107 per month
Interest rate p.a.
5.49%
Comparison rate p.a.
5.53%
Monthly Payment
$2,836
per month
($1,107 saving)
Compare product selection
$3,000 cashback offer
Eligible purchasers and refinancers can get $2,000 or $3,000 depending on loan value, as long as LVR is 80% or lower. Terms and conditions apply.
Virgin Money Lite Variable Home Loan $150,000 and above image
Virgin Money Lite Variable Home Loan $150,000 and above
8.5
Virgin Money Lite Variable Home Loan $150,000 and above
Virgin Money logo
Virgin Money Lite Variable Home Loan $150,000 and above
Principal & Interest10% min. depositOwner-occupier
Go to site
Product NameVirgin Money Lite Variable Home Loan $150,000 and above
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.84%
Comp. Rate p.a.5.86%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset Account
Split Loan Facility
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Principal & Interest10% min. depositOwner-occupier
8.5
5.84%
5.86%
  • Application: $0
  • Ongoing: $0 p.a.
Go to site
Save $996 per month
Interest rate p.a.
5.84%
Comparison rate p.a.
5.86%
Monthly Payment
$2,947
per month
($996 saving)
Go to site
Compare product selection
Get 1,000 bonus Virgin Money Reward points each month as long as you're making repayments (terms and conditions apply).
Beyond Bank Total Home Loan Package Variable Rate Special Offer image
Beyond Bank Total Home Loan Package Variable Rate Special Offer
8.3
Beyond Bank Total Home Loan Package Variable Rate Special Offer
Beyond Bank logo
Beyond Bank Total Home Loan Package Variable Rate Special Offer
Principal & Interest30% min. depositOwner-occupier
Go to site
Product NameBeyond Bank Total Home Loan Package Variable Rate Special Offer
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.49%
Comp. Rate p.a.5.85%
Minimum Loan Amount$400,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 70%
Loan Redraw Facility
Offset Account
Split Loan Facility
Fixed Interest Option
Loan Portable
Extra Repayments
Principal & Interest30% min. depositOwner-occupier
8.3
5.49%
5.85%
  • Application: $0
  • Ongoing: $395 p.a.
Go to site
Save $1,107 per month
Interest rate p.a.
5.49%
Comparison rate p.a.
5.85%
Monthly Payment
$2,836
per month
($1,107 saving)
Go to site
Compare product selection
Community First Bank True Basic Variable Home Loan image
Community First Bank True Basic Variable Home Loan
9
Community First Bank True Basic Variable Home Loan
Community First Bank logo
Community First Bank True Basic Variable Home Loan
Principal & Interest5% min. depositOwner-occupier
Go to site
Product NameCommunity First Bank True Basic Variable Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.49%
Comp. Rate p.a.5.54%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,000,000
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Principal & Interest5% min. depositOwner-occupier
9
5.49%
5.54%
  • Application: $600
  • Ongoing: $0 p.a.
Go to site
Save $1,107 per month
Interest rate p.a.
5.49%
Comparison rate p.a.
5.54%
Monthly Payment
$2,836
per month
($1,107 saving)
Go to site
Compare product selection
Easy Street Smart Variable Home Loan image
Easy Street Smart Variable Home Loan
9.6
Easy Street Smart Variable Home Loan
Easy Street logo
Easy Street Smart Variable Home Loan
Finder AwardPrincipal & Interest20% min. depositInvestmentOffset account
Go to site
Product NameEasy Street Smart Variable Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.59%
Comp. Rate p.a.5.64%
Minimum Loan Amount$50,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder AwardPrincipal & Interest20% min. depositInvestmentOffset account
9.6
5.59%
5.64%
  • Application: $500
  • Ongoing: $0 p.a.
Go to site
Save $1,075 per month
Interest rate p.a.
5.59%
Comparison rate p.a.
5.64%
Monthly Payment
$2,868
per month
($1,075 saving)
Go to site
Compare product selection
First Option Bank 2 Year Discounted Variable Simple Home Loan image
First Option Bank 2 Year Discounted Variable Simple Home Loan
9.5
First Option Bank 2 Year Discounted Variable Simple Home Loan
First Option Bank logo
First Option Bank 2 Year Discounted Variable Simple Home Loan
Principal & Interest40% min. depositOwner-occupier
Product NameFirst Option Bank 2 Year Discounted Variable Simple Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.24%
Comp. Rate p.a.5.45%
Minimum Loan Amount$300,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Principal & Interest40% min. depositOwner-occupier
9.5
5.24%
5.45%
  • Application: $0
  • Ongoing: $0 p.a.
Save $1,185 per month
Interest rate p.a.
5.24%
Comparison rate p.a.
5.45%
Monthly Payment
$2,758
per month
($1,185 saving)
Compare product selection
South West Slopes Bank Optimum Fixed Rate image
South West Slopes Bank Optimum Fixed Rate
9.7
South West Slopes Bank Optimum Fixed Rate
South West Slopes Bank logo
South West Slopes Bank Optimum Fixed Rate
Principal & Interest 1Y Fixed20% min. depositOwner-occupier
Go to site
Product NameSouth West Slopes Bank Optimum Fixed Rate
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.4.99%
Comp. Rate p.a.5.99%
Minimum Loan Amount$0
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Principal & Interest 1Y Fixed20% min. depositOwner-occupier
9.7
4.99%
5.99%
  • Application: $0
  • Ongoing: $0 p.a.
Go to site
Save $1,261 per month
Interest rate p.a.
4.99%
Comparison rate p.a.
5.99%
Monthly Payment
$2,682
per month
($1,261 saving)
Go to site
Compare product selection
Regional Australia Bank Variable Home Loan image
Regional Australia Bank Variable Home Loan
8.5
Regional Australia Bank Variable Home Loan
Regional Australia Bank logo
Regional Australia Bank Variable Home Loan
Principal & Interest40% min. depositOwner-occupier
Go to site
Product NameRegional Australia Bank Variable Home Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.49%
Comp. Rate p.a.5.50%
Minimum Loan Amount
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest Option
Loan Portable
Extra Repayments
Principal & Interest40% min. depositOwner-occupier
8.5
5.49%
5.50%
  • Application: $0
  • Ongoing: $0 p.a.
Go to site
Save $1,107 per month
Interest rate p.a.
5.49%
Comparison rate p.a.
5.50%
Monthly Payment
$2,836
per month
($1,107 saving)
Go to site
Compare product selection
$2,000 cashback
Eligible borrowers can get $2,000 cashback when they take out a loan of $300,000+ with at least 20% deposit. Full T&Cs apply.
Macquarie Bank Offset Home Loan Package image
Macquarie Bank Offset Home Loan Package
9.2
Macquarie Bank Offset Home Loan Package
Macquarie Bank logo
Macquarie Bank Offset Home Loan Package
Principal & Interest20% min. depositOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.69%
Comp. Rate p.a.5.94%
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 Portable
Extra Repayments Yes
Principal & Interest20% min. depositOwner-occupierOffset account
9.2
5.69%
5.94%
  • Application: $0
  • Ongoing: $248 p.a.
Go to site
Save $1,044 per month
Interest rate p.a.
5.69%
Comparison rate p.a.
5.94%
Monthly Payment
$2,899
per month
($1,044 saving)
Go to site
Compare product selection
AMP Bank Professional Package Fixed Loan image
AMP Bank Professional Package Fixed Loan
7.8
AMP Bank Professional Package Fixed Loan
AMP Bank logo
AMP Bank Professional Package Fixed Loan
Principal & Interest 1Y Fixed20% min. depositOwner-occupier
Go to site
Product NameAMP Bank Professional Package Fixed Loan
Interest Rate Type
Repayment Type Principal & Interest
Interest Rate p.a.5.29%
Comp. Rate p.a.6.69%
Minimum Loan Amount$100,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan Portable
Extra Repayments Yes
Principal & Interest 1Y Fixed20% min. depositOwner-occupier
7.8
5.29%
6.69%
  • Application: $0
  • Ongoing: $349 p.a.
Go to site
Save $1,169 per month
Interest rate p.a.
5.29%
Comparison rate p.a.
6.69%
Monthly Payment
$2,774
per month
($1,169 saving)
Go to site
Compare product selection
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Our best refinance home loan for July 2025

Unloan Variable Home Loan - (Owner Occupier)

Unloan Variable Home Loan

  • $0 Application
  • $0 Annual Fee
  • 5.49% Interest rate
  • 5.4% Comparison rate

Pros & cons

  • A competitive variable rate home loan
  • Automatic interest rate discount
  • No lender fees
  • No offset account
  • You can’t borrow more than 80% of the property value

Why we like it

This home loan offers a perk like no other. Not only does it consistently have great rates, but for every year that you have the loan, Unloan will knock 0.01% off your interest rate. This means your loan will get slightly cheaper every year (on top of being a consistently low rate compared to most home loans).
Unloan doesn't bump up the costs in other areas either, as this home loan has no fees. If you're not concerned about an offset account, it's hard to beat a loan this cheap.
This home loan has a Finder Score of 9.5.

What does it mean to refinance a home loan?

Refinancing means switching from your current home loan to a new one. You can refinance your home loan to:

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

How to compare home loans when refinancing

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.

More ways to find a better home loan

Comparing for yourself is easy. But if you want a shortcut, 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 2025 Home Loan Award winners if you want to find loans that had consistently low rates and fees all year.

How much does refinancing cost?

Factoring in fees and charges, you can expect to spend around $1,000 when refinancing your home loan. But this depends on your old loan's fees and the new one too.

In many cases, the amount of money you'll save when refinancing to a cheaper rate will more than outweigh the costs of refinancing.

  • Discharge fees. Lenders often charge a fee to end a home loan of around $125 to $250.
  • 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.

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$125.70
Mortgage registration fee$125.70
Application fee (new loan)$450
Title search fee$30
Total refinancing costs:$981.40

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.

Refinance cashbacks take all the costs away

Some lenders really want your business. To get you to switch, they offer home loan cashbacks to cover your refinancing costs.

This can net you several thousand dollars, which should more than offset most people's loan fees.

What are the benefits of refinancing?

  • You can get a lower interest rate. The most common reason to refinance is to get a better interest rate on your home loan than your current lender offers. Easy.
  • You could increase your loan amount. Maybe you want to use your equity to increase your loan amount but your existing lender has turned you down. Refinancing could allow you to borrow more.
  • You could access new features. If your existing loan doesn't offer things like an offset account or redraw, it's definitely reasonable to want to refinance so you can get them.

What are the disadvantages of refinancing your home loan?

  • Paying extra fees. Refinancing comes with fees, although the new loan should save you money in the long term.
  • Paying more overall. This is where the math gets complicated. Let's say you were 10 years into a 30 year loan term. Refinancing your remaining loan value to another 30 year loan could mean you end up paying more over the life of the loan. Confused? Take a look below at our more detailed explainer.
  • Losing equity. Refinancing to access more cash means you'll probably lose some of the equity you've built in your home.

Refinancing when you own less than 20% of your property is a bad idea

If buy a house with a deposit below 20%, your lender charges you a lenders mortgage insurance premium (LMI).

If you want to refinance and you're still fairly early into your loan, and you started with a small deposit, you could end up paying LMI again. You're better off waiting until you own 20% of the property.

How much can you save by refinancing in 2025?

We estimate that the average person could save up to $7,044 a year by switching to a lower rate:
  • The average Australian home loan is now $659,920 (according to the ABS) - a record high!
  • The average variable interest rate loan in Finder's database is 6.72%. The lowest available variable rate on the market is 5.34%.
  • Assuming a 30-year loan term, if you switched to that lower rate your monthly repayments would drop from $4,268 to $3,681. That's a saving of $587 every month, or $7,044 a year.
Data is correct as of 1 July 2025. This savings example is a hypothetical estimate only. The lowest rate is for an owner-occupier loan with 80% LVR.
Rebecca Pike
Market update by Rebecca Pike – Finder's senior home loans writer

How to find the best refinance rate

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 a home loan.

Learn more about calculating your refinancing costs

How to refinance a home loan in 5 steps

Refinancing 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 start looking for a better deal.
  2. Compare home loan refinancing 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.
  4. Apply for the new home loan. Collect your mortgage documents, submit your application and then wait for approval from the new lender.
  5. Exit your current loan. When you refinance, your new bank will notify your current lender and you can discharge your old loan.

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 from a mortgage broker.

Read our detailed, step-by-step refinance guide

Richard Whitten's headshot
Our expert says: I rarely refinance, but I call my lender every year

"My current home loan is one of the lowest rates on the market, so I rarely think about refinancing. But I watch my home loan rate like a hawk. Because every now and then my lender offers new customers a slightly better deal than what existing customers get. Sneaky. If I ignore this, my rate gets much worse over time. So I call my lender up and ask for the lower rate. And I get it every time."

Money Editor

The lowdown on the Finder Score for home loans

The Finder Score is an easy, data-driven way to judge home loans at a glance. Here's how:

  • Every month, our insights team analyses more than 7,000 home loans across 120+ lenders.
  • We assess the most important features, rate them, and then combine them via a weighted methodology to create a simple score out of 10.

The Finder Score is designed by our insights and editorial team. We score home loans objectively, Finder's commercial partnerships don't affect the scores at all.

Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.

The nitty gritty: how Finder Score is calculated

The Finder Score examines the costs and features of each home loan. These are combined to create the final score.

Cost Components (85% of overall score)Features Component (15% of overall score)
Interest costsFull and Partials Offsets
Upfront FeesExtra Repayments and Redraw
Monthly/ Annual FeesLoyalty Discounts
Cashbacks

The cost of the home loan makes up 85% of the score. The other 15% is made up of features that come with the home loan.

Your home loan refinance questions answered

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To make sure you get accurate and helpful information, this guide has been reviewed by James Millard, a member of Finder's Editorial Review Board.
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Money Editor

Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise
Richard has written 640 Finder guides across topics including:
  • Home loans
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  • Personal finance
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67 Responses

    Default Gravatar
    YokoJuly 23, 2023

    I am pensioner and the loan remaining about 160,000.
    Am I still eligible for refinance? One of loan company said I am not eligible because over age and loan amount is too small. The current variable rate is now more than doubled for the original. I am wondering if I can get better rate than existing one.

      AvatarFinder
      RichardJuly 26, 2023Finder

      Hi Yoko,

      Unfortunately rates have increased for most borrowers now. But you might still be able to get a better deal. If lenders keep knocking you back I suggest talking to a mortgage broker. They can help you find a lender who might accept your application.

      Another option is to ask your existing lender for a better rate. It never hurts to ask and you won’t need to refinance this way.

    Default Gravatar
    RohanJuly 19, 2021

    Hi guys,

    Basically, I’m trying to find the best way to borrow money from my considerable amount of equity for renovations, etc. but also increase my loan term period to help offset my ongoing repayment costs. It’s currently 2.97% fixed over 7 years. Can you help me?

    Kind Regards
    Rohan

      AvatarFinder
      SarahJuly 20, 2021Finder

      Hi Rohan,

      If your current loan is fixed for 7 years at 2.97%, then you will need to pay a break fee in order to end that loan and break that contract with your current lender. This amount changes daily, depending on how much loss the bank incurs by ending your loan. You can call your bank for an estimate.

      Depending on what this break fee is, it may be worth ending your loan and refinancing. Alternatively, if you don’t want to end the current loan as the fee is too high, you could get a second mortgage against your equity.

      We have guides to help you learn more about break fees and second mortgages:
      https://www.finder.com.au/home-loans/fixed-rate-home-loans/fixed-rate-home-loan-break-costs
      https://www.finder.com.au/home-loans/second-mortgages

      However, the first step is to find out how much that break fee is going to be, so you can work out your next step. There are many competitive deals at the moment, so it may be worth ending your current loan even if you have to pay a fee, in order to take advantage of a better value offer.

      Hope this helps!

      Cheers,
      Sarah

    Default Gravatar
    TimMay 16, 2019

    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

      Default GravatarFinder
      JeniMay 18, 2019Finder

      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 shopping around, you may start comparing refinance home loans. You may use the refinancing calculator 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

    Default Gravatar
    MaryApril 4, 2019

    How does being over 60 years and semi -retirement impact refinancing for an investment property where the rental income covers the mortgage repayments?

      Default GravatarFinder
      JeniApril 6, 2019Finder

      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

    Default Gravatar
    BekimApril 2, 2018

    hi I was just wondering how long is the minimum waiting time before refinancing again?

      Default Gravatar
      ArnoldApril 3, 2018

      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

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