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Refinance home loan rates December 2024

250+ rates, fees and cashback offers, updated daily.

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1 - 20 of 299
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Repayment
Principal & Interest 2Y Fixed30% min. equityOwner-occupier
Principal & Interest 2Y Fixed30% min. equityOwner-occupier
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate5.69%
Comp. Rate6.08%
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
5.69%
Comparison Rate
6.08%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2902
$1,041 saving
Principal & Interest20% min. equityOwner-occupierOffset account
Principal & Interest20% min. equityOwner-occupierOffset account
Product NameANZ Plus Home Loan Variable Rate
Interest Rate TypeVariable
Repayment Type Principal & Interest
Interest Rate6.09%
Comp. Rate6.10%
Minimum Loan Amount$10,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.09%
Comparison Rate
6.10%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3030
$913 saving
$2,000 cashback
Borrowers refinancing $250k or more to ANZ Plus before 31st March 2025 could get a cashback of $2,000. Excl. refinancers from ANZ or Suncorp. Other terms and conditions apply.
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
$945 saving
Go to site
Principal & Interest10% min. equityOwner-occupierOffset account
Principal & Interest10% min. equityOwner-occupierOffset account
Go to site
Product Nameloans.com.au Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.04%
Comp. Rate6.06%
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 Option
Loan Portable
Extra Repayments Yes
Interest Rate
6.04%
Comparison Rate
6.06%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3014
$929 saving
Go to site
Principal & Interest20% min. equityOwner-occupier
Principal & Interest20% min. equityOwner-occupier
Go to site
Product NameIMB Budget Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.04%
Comp. Rate6.07%
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 PortableYes
Extra Repayments Yes
Interest Rate
6.04%
Comparison Rate
6.07%
  • Application: $449
  • Ongoing: $0 p.a.
Monthly Repayment
$3014
$929 saving
Go to site
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.
Principal & Interest-10% min. equityOwner-occupierNSW, QLD & ACT only
Principal & Interest-10% min. equityOwner-occupierNSW, QLD & ACT only
Product NameGreater Bank Great Rate Discount Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.99%
Comp. Rate6%
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 PortableNo
Extra Repayments Yes
Interest Rate
5.99%
Comparison Rate
6%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2998
$945 saving
Up to $2,500 cashback
Eligible refinancers can get up to $2,500 cashback depending on loan value. Full terms and conditions apply.
Interest only 2Y Fixed20% min. equityInvestmentOffset accountSpecial
Interest only 2Y Fixed20% min. equityInvestmentOffset accountSpecial
Product NameEasy Street Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Interest Only
Interest Rate5.79%
Comp. Rate6.04%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
5.79%
Comparison Rate
6.04%
  • Application: $500
  • Ongoing: $0 p.a.
Monthly Repayment
$2934
$1,009 saving
Principal & Interest40% min. equityOwner-occupier
Principal & Interest40% min. equityOwner-occupier
Go to site
Product NameMortgage House Executive Saver Low Rate Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate5.89%
Comp. Rate5.93%
Minimum Loan Amount$150,000
Maximum Loan Amount $850,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Interest Rate
5.89%
Comparison Rate
5.93%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2966
$977 saving
Go to site
Principal & Interest10% min. equityOwner-occupierOffset account
Principal & Interest10% min. equityOwner-occupierOffset account
Go to site
Product Nameloans.com.au Solar Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate5.99%
Comp. Rate6.51%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,500,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest Option
Loan Portable
Extra Repayments Yes
Interest Rate
5.99%
Comparison Rate
6.51%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2998
$945 saving
Go to site
Principal & Interest30% min. equityOwner-occupierNT, VIC & SA only
Principal & Interest30% min. equityOwner-occupierNT, VIC & SA only
Go to site
Product NamePeople's Choice Credit Union Basic Variable
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate5.89%
Comp. Rate5.90%
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
5.89%
Comparison Rate
5.90%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2966
$977 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
$848 saving
Go to site
Principal & Interest20% min. equityOwner-occupier
Principal & Interest20% min. equityOwner-occupier
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
$880 saving
Principal & Interest10% min. equityInvestmentOffset account
Principal & Interest10% min. equityInvestmentOffset account
Go to site
Product Nameloans.com.au Variable Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate6.34%
Comp. Rate6.36%
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 Option
Loan Portable
Extra Repayments Yes
Interest Rate
6.34%
Comparison Rate
6.36%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3111
$832 saving
Go to site
Principal & Interest 2Y Fixed5% min. equityOwner-occupier
Principal & Interest 2Y Fixed5% min. equityOwner-occupier
Go to site
Product NameIMB Fixed Rate Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate5.69%
Comp. Rate6.28%
Minimum Loan Amount$10,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Interest Rate
5.69%
Comparison Rate
6.28%
  • Application: $449
  • Ongoing: $6 per month
Monthly Repayment
$2902
$1,041 saving
Go to site
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.
Principal & Interest20% min. equityOwner-occupier
Principal & Interest20% min. equityOwner-occupier
Go to site
Product NameMortgage House Advantage Essentials Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate5.94%
Comp. Rate5.98%
Minimum Loan Amount$150,000
Maximum Loan Amount $1,500,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Interest Rate
5.94%
Comparison Rate
5.98%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2982
$961 saving
Go to site
Principal & Interest 3Y Fixed10% min. equityOwner-occupierSpecial
Principal & Interest 3Y Fixed10% min. equityOwner-occupierSpecial
Go to site
Product Nameloans.com.au Fixed
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate5.69%
Comp. Rate6.16%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Available up to $10,000 per year
Interest Rate
5.69%
Comparison Rate
6.16%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2902
$1,041 saving
Go to site
Principal & Interest 3Y Fixed5% min. equityOwner-occupier
Principal & Interest 3Y Fixed5% min. equityOwner-occupier
Go to site
Product NameG&C Mutual Bank Fixed Rate Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate5.70%
Comp. Rate5.76%
Minimum Loan Amount$0
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Up to 5% of the loan balance per annum
Interest Rate
5.70%
Comparison Rate
5.76%
  • Application: $500
  • Ongoing: $0 p.a.
Monthly Repayment
$2906
$1,037 saving
Go to site
Principal & Interest20% min. equityOwner-occupier
Principal & Interest20% min. equityOwner-occupier
Go to site
Product NameMortgage House Flexi Freedom
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate6.34%
Comp. Rate6.38%
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
Interest Rate
6.34%
Comparison Rate
6.38%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3111
$832 saving
Go to site
Principal & Interest 3Y Fixed20% min. equityInvestment
Principal & Interest 3Y Fixed20% min. equityInvestment
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate5.95%
Comp. Rate6.33%
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
5.95%
Comparison Rate
6.33%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2985
$958 saving
Principal & Interest 3Y Fixed20% min. equityOwner-occupier
Principal & Interest 3Y Fixed20% min. equityOwner-occupier
Product NameING Orange Advantage Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate5.69%
Comp. Rate6.04%
Minimum Loan Amount$50,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Interest Rate
5.69%
Comparison Rate
6.04%
  • Application: $0
  • Ongoing: $299 p.a.
Monthly Repayment
$2902
$1,041 saving
Contact Broker
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Showing 20 of 299 results

What does it mean to refinance a home loan?

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 home loan refinancers switched lenders in search of a better deal, while the remainder refinanced with their current lender.

Our best refinance home loan for December 2024

Unloan Variable Home Loan - (Owner Occupier)

Unloan Variable Home Loan

  • $0 Application
  • $0 Annual Fee
  • 5.99% Interest rate
  • 5.9% 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, even with a first home buyer scheme
  • Unloan doesn’t offer fixed rates or interest only loans

Why we like it

  • You can redraw from any extra repayments you make without paying any fees
  • There are also no other fees with this loan.
  • You receive an automatic rate discount for each year you hold the loan.
  • This home loan has a Finder Score of 8.8.

    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.

    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.

    How much does refinancing cost?

    Generally, you can expect to spend around $1,000 when refinancing your home loan. Note that most of these fees and charges will be added to your loan, rather than you having to pay for them as upfront costs. 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 - they're also known as settlement fees.
    • 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

    "I've refinanced my current home loan 4 times in 10 years – each time it has cost me about $1,000 in fees and charges, but I always get a new loan with a cashback offer to help cover that. My home loan balance is actually higher now than I was when I took out the loan initially, a dozen years ago. But by refinancing and accessing equity, I've been able to invest in two other properties, which have both grown in value. So, the cost and effort of refinancing is definitely worth it for me!"

    Christopher D
    Homeowner and property investor

    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 (hopefully for something sensible like a home renovation and not to work on your sweet tan in Bali).
    • 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.
    • You can lessen your loan term: If you're in a position to do so, you could shorten the length of your loan term if you refinance. Your monthly repayments will go up, but you'll pay the loan off much faster and will save thousands on interest. (But remember: if you're on a variable loan it might be that you can make unlimited extra repayments and pay off the loan early anyway.)

    What are the disadvantages of refinancing your home loan?

    • Paying extra fees: Refinancing comes with a cost. For instance, you might have to pay a settlement fee when you leave your lender: if you're in a fixed rate period it's likely you'll need to pay a break fee. You may also need to pay an application fee at the new lender.
    • 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.
    • Lenders Mortgage Insurance: If you're still fairly early into your loan term, you may not have built up a whole heap of equity. So, you may need to pay more in LMI. Which could be really annoying if you already paid it the first time.
    • Losing equity: Talking of equity... refinancing to access more cash means you'll probably lose some of the equity you've built in your home. It might be a worthwhile risk to take, but you'll need to assess

    How much can you save by refinancing in 2024?

    We estimate that the average person could save up to $6,996 a year by switching to a lower rate:
    • The average Australian home loan is now $641,143 (according to the ABS) - a record high!
    • The average variable interest rate loan in Finder's database is 7.08%. The lowest available variable rate on the market is 5.69%.
    • Assuming a 30-year loan term, if you switched to that lower rate your monthly repayments would drop from $4,301 to $3,718. That's a saving of $583 every month, or $6,996 a year.
    Data is correct as of 02 December 2024. This savings example is a hypothetical estimate only. The lowest rate is for an owner-occupier loan with 80% LVR and may not be the lowest rate across the entire market.
    Rebecca Pike
    Market update by Rebecca Pike – Finder's senior home loans writer

    How to find the best refinance rate

    To get the best home loan 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 a home loan.

    Graham Cooke's headshot
    Our expert says

    "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."

    Head of consumer research

    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 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 (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's headshot

    "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."

    Why you can trust Finder's home loan experts

    freeEasy answers, without any calls. We know fixing is a big deal, but checking you're options and rates shouldn't have to be. We speak to home owners every month, and have put over 50 hours in creating this guide.
    expert adviceRates obsessed. We track big banks, small banks, credit unions and digital banks because whether you're fixing up for 1 year or 3, even 1 decimal place could save you big bucks (without getting annoying calls!).
    independentReady in any market .Lending rates verified from 180+ products day and night. Whether you're buying for the first time, or remembered refinacing at 3am - our rates are up-to-date.

    Your home loan refinance questions answered

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

    Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

    Richard's expertise
    Richard has written 560 Finder guides across topics including:
    • Home loans
    • Property
    • Personal finance
    • Money-saving tips

    Read more on this topic

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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

        AvatarFinder
        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?

        AvatarFinder
        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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