Refinance home loans

With interest rates falling to new lows it's a good time to refinance your home loan. And don't worry, we'll show you to switch.

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How much could you save by refinancing?
$
% p.a.

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.

UBank Home Loan Offer

UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

2.59 % p.a.

variable rate

2.59 % p.a.

comparison rate

UBank Home Loan Offer

Apply for the UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000 and get a low rate plus no upfront or ongoing fees as well as unlimited redraws.

  • Interest rate of 2.59% p.a.
  • Comparison rate of 2.59% p.a.
  • Application fee of $0
  • Maximum LVR: 80%
  • Minimum borrowing: $200,000
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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.

Data indicated here is updated regularly
$
% p.a.
Offset account
Split account
Loan type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Maximum Insured LVR Amount Saved Short Description
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
2.59%
2.59%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
loans.com.au Smart Home Loan - (Owner Occupier, P&I)
2.63%
2.65%
$0
$0 p.a.
80%
Get a low variable interest rate and pay 0 application or ongoing fees with this convenient online lender.
State Custodians Low Rate Home Loan with Offset - LVR up to 60% (Owner Occupier, P&I)
2.49%
2.51%
$0
$0 p.a.
60%
A competitive rate with no application or ongoing fee. This loan is not available for construction.
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
3.11%
3.12%
$0
$0 p.a.
110%
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, QLD and ACT only.
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier, P&I)
2.29%
2.90%
$395
$0 p.a.
80%
A competitive fixed interest rate loan with no ongoing fees. Requires a 20% deposit.
Greater Bank Great Rate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)
2.19%
3.54%
$0
$0 p.a.
90%
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.
UBank UHomeLoan - 1 Year Fixed Rate (Owner Occupier, P&I)
2.29%
3.12%
$395
$0 p.a.
80%
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
Well Home Loans Balanced Variable - LVR 90% (Owner occupier, P&I)
2.67%
2.70%
$250
$0 p.a.
90%
A very low variable interest rate for borrowers with a 10% deposit. Add a 100% offset account for $10 a month.
Macquarie Bank Offset Home Loan Package - LVR ≤ 80% (Owner Occupier, P&I)
2.89%
3.16%
$0
$248 p.a.
80%
Has a 100% offset account which helps you save on the amount of interest you pay on your mortgage.
Well Home Loans Balanced Fixed Home Loan - 3 Year (Owner Occupier, P&I)
2.19%
2.44%
$250
$0 p.a.
90%
A low 3 year fixed rate for home buyers. Add a 100% offset account with a $10 monthly fee.
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier, IO)
2.44%
2.94%
$395
$0 p.a.
80%
A competitive 3 year fixed rate with no ongoing bank fees.
loans.com.au Essentials - Variable (Owner Occupier, P&I)
2.79%
2.81%
$0
$0 p.a.
90%
A simple mortgage with a competitive interest rate and no application or monthly fees. Borrow up to $1000000 from a convenient online lender.
UBank UHomeLoan - 1 Year Fixed Rate (Investor, IO)
2.59%
3.59%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
loans.com.au Smart Home Loan - (Investor, P&I)
2.94%
2.96%
$0
$0 p.a.
80%
A competitive variable investor rate for borrowers with 20% deposits. Low fees, redraw facilities and repayment flexibility.
UBank UHomeLoan - 1 Year Fixed Rate (Investor, P&I)
2.44%
3.57%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
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How do I refinance my mortgage?

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:

  1. Check your interest rate. Look at competitive mortgage rates and see if yours is too high.
  2. 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.
  3. 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.
  4. 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).
  5. Apply for the new home loan. Collect your mortgage documents, submit your application and then wait for approval from the new lender.
  6. 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

What are the benefits of home loan refinancing?

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 30-year mortgage.

Here's an example using a $400,000 mortgage with a 30-year loan term. In this scenario, the borrower has a rate of 3.30% and then refinances to a 2.80% rate 2 years into their mortgage.

Rather than switch to a new 30-year term the borrower chooses a 28-year term. They've repaid only a small amount of their loan in 2 years, so the new mortgage loan amount is $383,851.

DetailsOriginal loanNew loan
Loan amount$400,000$383,851
Loan term30 years28 years
Interest rate3.30%2.80%
Monthly repayments$1,751$1,649
Savings (monthly)N/A$102
Savings (yearly)N/A$1,224
Savings (28 years)N/A$34,272

The point at which you refinance affects your savings. If you refinance after 10 years in the example above you'd save less than if you refinanced after 2 years. With mortgages, time is money.

However, the trick to really making your refinance count is to switch to a lower rate and keep your repayments the same. This way, you're basically making extra repayments every month. 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.

But 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 much will it cost to refinance my home loan?

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.

Are there situations where I shouldn't refinance?

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 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.

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63 Responses

  1. 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

    • Avatarfinder Customer Care
      JeniMay 18, 2019Staff

      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

  2. 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?

    • Avatarfinder Customer Care
      JeniApril 6, 2019Staff

      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

  3. 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

  4. Default Gravatar
    JacquiMarch 11, 2018

    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

    • Avatarfinder Customer Care
      MayMarch 21, 2018Staff

      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

  5. Default Gravatar
    ChristineJuly 12, 2017

    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?

    • Default Gravatar
      ArnoldJuly 20, 2017

      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

  6. Default Gravatar
    PhilJanuary 18, 2017

    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.

    • Avatarfinder Customer Care
      DeeJanuary 19, 2017Staff

      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

  7. Default Gravatar
    SenitaOctober 12, 2016

    How to refinance the exsiting mortgage for low interesr rate

    • Avatarfinder Customer Care
      DeeOctober 13, 2016Staff

      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

  8. Default Gravatar
    RichardJune 10, 2016

    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?

    • Avatarfinder Customer Care
      MarcJune 14, 2016Staff

      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.

  9. Default Gravatar
    RosApril 3, 2016

    Do you know if any of the lenders will re-finance pensioners? Both aged 60, and still have 15 years left on current mortgage

    • Avatarfinder Customer Care
      MarcApril 4, 2016Staff

      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.

    • Avatarfinder Customer Care
      BelindaApril 4, 2016Staff

      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

  10. Default Gravatar
    TerryMarch 21, 2016

    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

    • Avatarfinder Customer Care
      BelindaMarch 22, 2016Staff

      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

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