Refinance home loans

Refinancing your home loan is a smart way to get a better deal, pay less interest and get more out of your mortgage. Through Finder you can switch to rates as low as 1.59%.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Refinancing means switching your current home loan to a new one. You can refinance to get a lower rate and save thousands in interest payments. But you can also refinance your home loan to borrow more money, switch to a more suitable loan type or to access features like an offset account.

You can enter some basic loan details in the fields above to get customised loan results for your situation. Or you can simply compare rates and find a better deal in the table below.

Get a better home loan

With RBA interest rates at a record low, it's time to realise your dream of owning a piece of real estate for yourself. Compare your home loan options from our extensive list of providers to find something that works for you.

Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Amount Saved

UBank UHomeLoan Fixed P&IHome 1Y Fixed≥ 20% Equity

UBank UHomeLoan Fixed
1.79%
2.32%
  • App: $0
  • Ongoing: $0 p.a.
$63,833
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.

loans.com.au Smart Booster Discount Variable Home Loan P&IHome≥ 20% Equity

loans.com.au Smart Booster Discount Variable Home Loan
1.85%
2.21%
  • App: $0
  • Ongoing: $0 p.a.
$61,558
Get a low discounted variable rate loan. Requires a 20% deposit. Get your loan processed fast and settle within 30 days.

Athena Variable Home Loan P&IHome≥ 40% Equity

Athena Variable Home  Loan
1.99%
1.99%
  • App: $0
  • Ongoing: $0 p.a.
$58,480
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.

Nano Variable Home Loans P&IHome≥ 25% Equity Refi Only

Nano Variable Home Loans
1.99%
1.99%
  • App: $0
  • Ongoing: $0 p.a.
$58,480
Switch to this competitive variable rate with zero fees. Requires a 25% deposit.

HSBC Fixed Rate Home Loan Package P&IHome 2Y Fixed≥ 20% Equity

HSBC Fixed Rate Home Loan Package
1.88%
2.86%
  • App: $0
  • Ongoing: $390 p.a.
$61,045
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

St.George Fixed Rate Advantage Package P&IHome 2Y Fixed≥ 20% Equity

St.George Fixed Rate Advantage Package
1.84%
3.38%
  • App: $0
  • Ongoing: $395 p.a.
$61,978
$3,000 refinance cashback
Borrowers with 20% deposits or equity can get this competitive fixed rate loan. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Apply by 30 September 2021. Terms and conditions apply). Refinancers Only.

Suncorp Home Package Plus Fixed P&IHome 2Y Fixed≥ 20% Equity

Suncorp Home Package Plus Fixed
1.89%
2.85%
  • App: $0
  • Ongoing: $0 p.a.
$61,168
$3,000 refinance cash bonus
Lock in a low fixed rate for 2 years. Available with a 20% deposit. Eligible new borrowers can get the annual package fee reimbursed for the life of the loan. $3,000 refinance cash bonus for eligible borrowers. Other terms, conditions and eligibility criteria apply.

Well Home Loans Equity Plus P&IHome≥ 40% Equity

Well Home Loans Equity Plus
1.87%
1.90%
  • App: $250
  • Ongoing: $0 p.a.
$61,179
Borrowers with 40% deposits or equity can get this low variable rate loan. 100% offset account included.

Homestar Star Gold P&IHome≥ 40% Equity

Homestar Star Gold
1.79%
1.84%
  • App: $395
  • Ongoing: $0 p.a.
$62,656
Refinancers and buyers with 40% deposits can get this very competitive variable rate. It even comes with a 100% offset account.

Virgin Money Reward Me Fixed Rate Home Loan P&IHome 2Y Fixed≥ 20% Equity

Virgin Money Reward Me Fixed Rate Home Loan
1.98%
2.66%
  • App: $300
  • Ongoing: $10 per month
$58,152
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 30 November 2021 and settle by 28 February 2022.

Macquarie Bank Basic Fixed Home Loan P&IHome 3Y Fixed≥ 30% Equity

Macquarie Bank Basic Fixed Home Loan
2.09%
2.17%
  • App: $0
  • Ongoing: $0 p.a.
$55,771
Get a low interest rate and a mortgage with flexible, basic features. No application or ongoing fees. Requires a 30% deposit. Refinancers can switch with a convenient digital application.

IMB Fixed Rate Home Loan P&IHome 2Y Fixed≥ 5% Equity

IMB Fixed Rate Home Loan
1.97%
2.88%
  • App: $449
  • Ongoing: $6 per month
$57,960
NSW and ACT customers only. Lock in a low fixed rate for two years. Available with a 5% deposit.

G&C Mutual Bank Fixed Rate Home Loan P&IHome 1Y Fixed≥ 5% Equity

G&C Mutual Bank Fixed Rate Home Loan
1.98%
2.03%
  • App: $500
  • Ongoing: $0 p.a.
$58,086
Lock in a sharp rate for the first year. Available with a 5% deposit.

ME Flexible Home Loan Fixed with Members Package P&IHome 2Y Fixed≥ 20% Equity

ME Flexible Home Loan Fixed with Members Package
1.89%
3.17%
  • App: $0
  • Ongoing: $395 p.a.
$60,510
$3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply. Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

Newcastle Permanent Building Society Premium Plus Package Fixed Rate P&IHome 3Y Fixed≥ 20% Equity

Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.09%
3.58%
  • App: $0
  • Ongoing: $395 p.a.
$55,376
$2,000 cashback for eligible refinancers borrowing $250,000 or more.

Greater Bank Great Rate Fixed Home Loan P&IInvestment 1Y Fixed≥ 20% Equity

Greater Bank Great Rate Fixed Home Loan
1.89%
2.27%
  • App: $0
  • Ongoing: $0 p.a.
$60,932
Lock in your interest rate for 1 year and pay no application or ongoing fees.

Well Home Loans Balanced Fixed Home Loan P&IHome 1Y Fixed≥ 10% Equity

Well Home Loans Balanced Fixed Home Loan
1.84%
2.01%
  • App: $250
  • Ongoing: $0 p.a.
$61,676
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.

homeloans.com.au Low Rate Home Loan with Offset P&IHome≥ 40% Equity

homeloans.com.au Low Rate Home Loan with Offset
2.14%
2.16%
  • App: $0
  • Ongoing: $0 p.a.
$54,409
A competitive rate with no application or ongoing fees. This loan is not available for construction.

Australian Unity Health, Wealth and Happiness Package Fixed Home Loan P&IHome 3Y Fixed≥ 30% Equity

Australian Unity Health, Wealth and Happiness Package Fixed Home Loan
2.14%
2.69%
  • App: $0
  • Ongoing: $399 p.a.
$54,010
Home buyers can lock in a low rate for 3 years. Requires a 30% deposit.

Macquarie Bank Basic Home Loan P&IHome≥ 40% Equity

Macquarie Bank Basic Home Loan
2.14%
2.14%
  • App: $0
  • Ongoing: $0 p.a.
$54,409
Apply for the Macquarie Bank Basic Home Loan - LVR ≤ 60% (Owner Occupier, P&I) and get a low variable interest rate, plus no application and ongoing fees. Requires a 40% deposit.
loading

Compare up to 4 providers

Find refinance home loan offers with the Finder App

How to refinance a home loan

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:

🔎 Check your interest rate. Look at competitive mortgage rates and see if yours is too high.

📞 Speak to your current lender and ask for a lower rate. Ask for a lower rate; if your lender agrees, you can start saving money immediately without refinancing.

📊 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.

🧮 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).

📝 Apply for the new home loan. Collect your mortgage documents, submit your application and then wait for approval from the new lender.

🏃‍♀️ Exit your current loan. Notify your current lender and discharge your mortgage. Your new and current lender will take care of the rest.

Refinancing is quite a straightforward process, although it requires quite a lot 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

Refinance market update: September 2021

Australians continue to refinance their home loans in huge numbers. According to the latest ABS lending data, Australians refinanced $17.2B worth of home loans in July, a market record.

It's not hard to understand why, as home loan rates remain very low across the board. It's possible to switch to an owner-occupier interest rate well below 2.00% right now. Even investment loans and interest-only loans are extremely competitive.

There really has never been a better time to refinance your home loan.

Updated on 06 September 2021 by Finder's senior home loans writer Richard Whitten.

How much money can you save by refinancing your home loan?

Refinancing to a lower interest rate will lower your monthly mortgage repayments. Even a small decrease in monthly repayments can add up to thousands of dollars over the length of a home loan.

Using ABS and Finder data, we estimate that the average refinancer could save up to $3,288 a year by switching to a lower rate loan. This is just an estimate, and not a true indication of any one borrower's potential savings.

Here's how we calculated that figure.

How a home loan refinance can save the average borrower $3,288 a year

According to figures from the Australian Bureau of Statistics, 38,026 Australians refinanced their home loans in June 2021. The average loan size refinanced was $457,995.

According to Finder app data the average user inputs a current interest rate of 3.30%, but there are much lower rates available on Finder.

Let's assume a borrower is 4 years into a 30-year mortgage with the details above and decides to refinance. Let's assume their original loan amount was $500,000. The loan principal has shrunk to $457,995 after 4 years. They find a new loan through Finder with a rate of just 2.14% and minimal fees.

Being 4 years into the loan, the borrower refinances to a 26-year term. This way they will repay the loan in the same amount of time (they could refinance to a 30-year term and get even lower monthly repayments, but extending the loan would mean paying interest over a longer time).

Loan details
Original loan amount$500,000
New loan amount$457,995
Original loan term30 years
New loan term26 years
Original interest rate3.30%
New interest rate2.14%
Original monthly repayment$2,189
New monthly repayment$1,915
Savings (monthly)$274
Savings (yearly)$3,288

Now of course this is just an estimate and doesn't take into account your personal circumstances or factors like interest rate rises (you won't be on the same rate for 25 years) and fees. Your own savings could be less than this, or more, depending on your original loan amount, loan term, your current interest rate and the amount of your home loan that remains unpaid when you refinance.

🔥 Hot tip: Save more by refinancing your home loan and keeping repayments the same

Refinancing to a loan with a lower rate saves you money every month, because your repayments are lower. But you can save yourself even more money in the long run by switching to a lower rate and keeping your repayments the same as they were before.

This way, you're basically making extra repayments every month because you're paying off slightly more than you need to. 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.

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.

Video: Why you should consider switching

How much does refinancing cost?

There are costs involved with refinancing your loan, including lender fees and government charges. They can include:

  • 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. They may charge a fee of around $200-$250, although many cover this fee for you.
  • Discharge fees. Lenders often charge a fee to end a home loan, whether you are refinancing or paying the loan off because the property is sold.
  • Fixed rate break costs. If your current home loan has a fixed interest rate, you may have to pay an exit fee for breaking the loan. This can be thousands (or even $10,000-plus) so be sure to ask your current lender for a break fee before committing to a refinance.
  • Government fees. Refinancers may have to pay two state government fees, one to discharge their old loan and one to register the new one.

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$110.80
Mortgage registration fee$110.80
Application fee (new loan)$450
Settlement fee$75
Valuation fee (new loan)$220
Title search fee$30
Total refinancing costs:$1,246.60

Learn more about calculating your refinancing costs

When you should not refinance

There are situation where refinancing your home loan may cost you more than the benefits you'll get from refinancing to a cheaper rate loan. 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 may not worth it. Check with your current lender for a better idea of your break costs (it's hard to calculate on your own) and compare this fee against the savings you'll make with the new, cheaper loan.

Your equity is below 20% of the property's value

If you own less than 20% of the property, meaning your equity is less than 20% of the home's total value and your mortgage is worth more than 80% of its value, then you will have to pay lenders mortgage insurance when you refinance. This is payable even if you already paid it on the first home loan. This can be a big cost and sometimes, it can cancel out the financial benefits of refinancing to a cheaper loan.

Your property has lost value

Your equity is determined by your property's value. If you own 20% of a property that you paid $700,000 for, and that property is now only worth $650,000, it's going to be even harder to access equity and refinance. While this is a relatively rare scenario, properties can decline in value. In this situation, you may need to get professional valuation to make sure you have enough equity to refinance.

Your loan amount is small or you're selling soon

If your loan amount is relatively small, then the savings from refinancing might not be worth the hassle. If you're planning on selling within the next six months, then the effort, hassle and cost involved in refinancing could also cancel out any financial rewards.

Your home loan refinance questions answered

Find the right home loan now

Go to site