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Refinancing an interest only home loan

Refinancing an interest only home loan works the same as any other loan, but if you don't own 20% of your property, it can get expensive to switch.

You can refinance your interest only home loan if you want. You can switch to a loan with principal and interest repayments, or you can refinance to a new interest only loan. Whatever you want to do, refinancing is easier when you have some equity in your home. This is where some borrowers might have a problem.

I want to refinance my interest only home loan

Refinancing just means switching from one loan to a new one. You can refinance with the same lender or to a completely new lender. Home loan refinancing works the same whether your loan is an interest only home loan or a principal and interest loan. To refinance, you simply:

  1. Look for a new loan and see how it compares to your current loan (look at the rate, fees and features).
  2. Apply with the new lender and get your paperwork together.
  3. Once your loan is approved, you discharge the old mortgage and the new one begins.

The challenge for interest only borrowers is that you might not have much equity.

It's hard to refinance if you don't own 20% of your property's value

Equity means the value of your property, minus any remaining home loan debt. If you bought a $600,000 home with a $100,000 deposit, and have repaid a further $50,000 off the loan principal, you'd now have $150,000 in equity and $450,000 in debt remaining. But if your property has grown in value (let's say to $640,000) then you'd have an extra $40,000 there.

  • $640,000 (current property value) minus $450,000 (remaining debt) = $190,000 equity

But you only build equity by paying off the loan principal. That's the money you've borrowed. If you have an interest only loan, you are not repaying any principal – you're just repaying the interest on top.

And this is why interest only refinancing can get expensive. If you want to borrow more than 80% of your property's value (meaning your deposit is smaller than 20%), a lender will charge you a lender's mortgage insurance (LMI) premium. This can cost you thousands of dollars.

If you got an interest only loan with a 10% deposit, then you probably paid LMI on your first loan. But if you refinanced, your new lender would charge you LMI again.

Rising property prices can make interest only refinancing easier

The only way to avoid this is by repaying some of the loan so that you reach 20% equity, or hope that property values have risen a lot.

Here's a quick example:

  • You bought a $500,000 home with a 10% deposit ($50,000) 3 years ago.
  • Your loan has a 3-year interest only period, so you still owe $450,000.
  • But your home is now worth $570,000.
  • This means you now own just over 20% of the property's value and can refinance without paying LMI.

Calculate how a rate rise might affect your loan repayments

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Can I refinance from a principal and interest loan to an interest only loan?

You can switch to an interest only loan. But you need to make sure you understand why you're doing this. Interest only loans are suited to the specific needs of a certain few borrowers (and mainly property investors). Due to this, there are only a few situations when it's beneficial to refinance an interest only loan.

Reducing your repayments in the short term

Switching from principal and interest to interest only payments will drastically reduce your loan repayments – for now. This is because you only have to pay the interest charged on top of the loan. But over time, you will end up paying a lot more because you're paying more interest and delaying the repayment of the money you've borrowed.

Borrowers who are struggling to make repayments may find some relief in refinancing to interest only payments. But it's important to understand that in the long term, it's costing you more.

Also, you could try asking your current lender to switch your loan to interest only payments. This can be easier than refinancing.

To take advantage of investor tax benefits

Interest only loans are popular with property investors, partly because of tax benefits. As an investor, you can deduct the interest paid on your investment loan from your tax bill. However, this is something you can't do as an owner occupier.

Some investors also try to hold an investment property for only a few years while hoping for large capital gains. This can work if you buy the right property in a booming market (although it's a risky strategy). In this case, refinancing to an interest only loan makes sense because it's cheaper. You're not worried about repaying the loan because you're planning to sell the property in a short period of time.

I want to switch from interest only to a principal and interest loan

This is a more common scenario and has a number of benefits. With a principal and interest loan you can:

  • Pay off your debt and build equity. Once you start paying off the loan principal, you own more of the property. You're building equity and wealth for the future.
  • Access lower rates and more mortgage features. Interest only loans usually have higher interest rates and fewer mortgage features, such as offset accounts. This means you can get a more competitive loan with useful features.

But there are a couple of things to watch out for when leaving an interest only loan:

  • Your repayments will increase. Principal and interest repayments are much higher than interest only repayments. Be prepared for this increase in costs by looking at a loan repayment calculator, assessing your income and spending, and doing a budget.
  • You might not have much equity. As we covered above, if you've only been making interest only repayments then you haven't built equity. This makes it harder to refinance. If you started with a 20% deposit and your property hasn't lost value, you should be safe. But if you started with a small deposit and haven't repaid any mortgage principal, you may need to pay LMI again.

Still confused about interest only refinancing? Speak to a mortgage broker

Mortgage brokers can help you find a new loan when you're in a complicated situation, and this includes interest only refinancing. They can advise you on the right course of action and help you avoid making a costly mortgage mistake.

Interest only home loan comparison

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1 - 20 of 24
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Easy Street logo
Interest only5% min. depositOwner-occupierOffset account
Easy Street logo
Interest only5% min. depositOwner-occupierOffset account
Product NameEasy Street Smart Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.49%
Comp. Rate p.a.6.27%
Minimum Loan Amount$500,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.49%
Comparison Rate
6.27%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$948
Newcastle Permanent logo
Interest only 2Y Fixed20% min. depositInvestment
Newcastle Permanent logo
Interest only 2Y Fixed20% min. depositInvestment
Product NameNewcastle Permanent Premium Plus Package Fixed Rate
Interest Rate Typefixed rate
Repayment Type Interest Only
Interest Rate p.a.6.19%
Comp. Rate p.a.8.05%
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 PortableYes
Extra Repayments Yes
Interest Rate
6.19%
Comparison Rate
8.05%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$919
loans.com.au logo
Interest only10% min. depositInvestment
loans.com.au logo
Interest only10% min. depositInvestment
Product Nameloans.com.au Green Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.94%
Comp. Rate p.a.7.19%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,200,000
Maximum Loan Term30 years
Maximum LVR ?90%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments No
Interest Rate
6.94%
Comparison Rate
7.19%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$993
ING logo
Interest only20% min. depositOwner-occupier$150,000+
ING logo
Interest only20% min. depositOwner-occupier$150,000+
Product NameING Mortgage Simplifier Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.54%
Comp. Rate p.a.6.33%
Minimum Loan Amount$150,000
Maximum Loan Amount $2,000,000
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
6.54%
Comparison Rate
6.33%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$953
AMP Bank logo
Interest only40% min. depositOwner-occupierOffset account
AMP Bank logo
Interest only40% min. depositOwner-occupierOffset account
Product NameAMP Bank Basic Package Variable Rate Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.7.74%
Comp. Rate p.a.7.57%
Minimum Loan Amount$40,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Interest Rate
7.74%
Comparison Rate
7.57%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$1,075
bcu logo
Interest only 3Y Fixed5% min. depositOwner-occupier
bcu logo
Interest only 3Y Fixed5% min. depositOwner-occupier
Product NameBCU Fixed Rate Home Loan
Interest Rate Typefixed rate
Repayment Type Interest Only
Interest Rate p.a.6.39%
Comp. Rate p.a.6.30%
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 PortableYes
Extra Repayments No
Interest Rate
6.39%
Comparison Rate
6.30%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$939
Great Southern Bank logo
Interest only20% min. depositInvestment
Great Southern Bank logo
Interest only20% min. depositInvestment
Product NameGreat Southern Bank Basic Variable
Interest Rate TypeVariable rate
Repayment Type Interest Only
Interest Rate p.a.6.64%
Comp. Rate p.a.6.56%
Minimum Loan Amount$100,000
Maximum Loan Amount $5,000,000
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
6.64%
Comparison Rate
6.56%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$963
Tiimely Home logo
5Y Interest only10% min. depositInvestment
Tiimely Home logo
5Y Interest only10% min. depositInvestment
Product NameTiimely Home Own Investor Interest Only Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.54%
Comp. Rate p.a.6.40%
Minimum Loan Amount$50,000
Maximum Loan Amount $2,000,000
Maximum Loan Term25 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.54%
Comparison Rate
6.40%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$953
Bendigo Bank logo
Interest only10% min. depositInvestmentOffset account
Bendigo Bank logo
Interest only10% min. depositInvestmentOffset account
Product NameBendigo Bank Express Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.42%
Comp. Rate p.a.6.46%
Minimum Loan Amount$5,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.42%
Comparison Rate
6.46%
Fees
Application: $0
Ongoing: $10 per month
Monthly Payment
$942
More Info
Community First Bank logo
Interest only5% min. depositOwner-occupierOffset account
Community First Bank logo
Interest only5% min. depositOwner-occupierOffset account
Product NameCommunity First Bank Accelerator Home Loan Package
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.39%
Comp. Rate p.a.6.54%
Minimum Loan Amount$100,000
Maximum Loan Amount $1,500,000
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.39%
Comparison Rate
6.54%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$939
Great Southern Bank logo
Interest only30% min. depositInvestment
Great Southern Bank logo
Interest only30% min. depositInvestment
Product NameGreat Southern Bank Basic Variable
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.54%
Comp. Rate p.a.6.49%
Minimum Loan Amount$100,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.54%
Comparison Rate
6.49%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$953
Easy Street logo
Interest only5% min. depositInvestmentOffset account
Easy Street logo
Interest only5% min. depositInvestmentOffset account
Product NameEasy Street Smart Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.49%
Comp. Rate p.a.6.27%
Minimum Loan Amount$50,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.49%
Comparison Rate
6.27%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$948
Athena Home Loans logo
Interest only50% min. depositInvestmentOffset account
Athena Home Loans logo
Interest only50% min. depositInvestmentOffset account
Product NameAthena Power Up Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.69%
Comp. Rate p.a.6.58%
Minimum Loan Amount$100,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 50%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.69%
Comparison Rate
6.58%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$968
HSBC logo
Interest only 2Y Fixed40% min. depositOwner-occupier
HSBC logo
Interest only 2Y Fixed40% min. depositOwner-occupier
Product NameHSBC Fixed Rate Home Loan Package
Interest Rate TypeFixed rate
Repayment Type Interest Only
Interest Rate p.a.6.39%
Comp. Rate p.a.6.50%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 60%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan Facility
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Interest Rate
6.39%
Comparison Rate
6.50%
Fees
Application: $0
Ongoing: $390 p.a.
Monthly Payment
$939
RESIMAC Financial Services logo
Interest only30% min. depositOwner-occupierOffset account
RESIMAC Financial Services logo
Interest only30% min. depositOwner-occupierOffset account
Product NameResimac Prime Flex Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.39%
Comp. Rate p.a.6.69%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 70%
Loan Redraw FacilityNo
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.39%
Comparison Rate
6.69%
Fees
Application: $0
Ongoing: $299 p.a.
Monthly Payment
$939
Westpac logo
Interest only20% min. depositInvestment
Westpac logo
Interest only20% min. depositInvestment
Product NameWestpac Flexi First Option Home Loan
Interest Rate TypeVariable rate
Repayment Type Interest Only
Interest Rate p.a.7.34%
Comp. Rate p.a.7.66%
Minimum Loan Amount$25,000
Maximum Loan Amount $20,000,000
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
7.34%
Comparison Rate
7.66%
Fees
Application: $0
Ongoing: $0 per month
Monthly Payment
$1,034
AMP Bank logo
Interest only 3Y Fixed20% min. depositInvestment
AMP Bank logo
Interest only 3Y Fixed20% min. depositInvestment
Product NameAMP Bank Professional Package Fixed Loan
Interest Rate Typefixed rate
Repayment Type Interest Only
Interest Rate p.a.6.24%
Comp. Rate p.a.7.03%
Minimum Loan Amount$100,000
Maximum Loan Amount $2,000,000
Maximum Loan Term5 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.24%
Comparison Rate
7.03%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$924
More Info
St.George Bank logo
Interest only10% min. depositInvestment
St.George Bank logo
Interest only10% min. depositInvestment
Product NameSt.George Basic Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.7.29%
Comp. Rate p.a.7.30%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
7.29%
Comparison Rate
7.30%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$1,029
Athena Home Loans logo
Interest only40% min. depositInvestmentOffset account
Athena Home Loans logo
Interest only40% min. depositInvestmentOffset account
Product NameAthena Power Up Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.69%
Comp. Rate p.a.6.59%
Minimum Loan Amount$100,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.69%
Comparison Rate
6.59%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$968
Gateway Bank Ltd logo
Interest only20% min. depositInvestment
Gateway Bank Ltd logo
Interest only20% min. depositInvestment
Product NameGateway Bank Low Rate Essentials Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate p.a.6.49%
Comp. Rate p.a.6.51%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,000,000
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
6.49%
Comparison Rate
6.51%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$948
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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

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13 Responses

    Default Gravatar
    FranAugust 18, 2017

    I have existing loan interest free for a block of land now my lender won’t let me have interest only loan .were can I get another lender to take that loan on. As it’s going to be extremely hard to pay it.

    Default Gravatar
    JamesAugust 9, 2014

    I understand that the major banks have forced down the fees Valuers are paid through a bank controlled valuation clearing house ValEx and that many Valuations are now undertaken without an internal inspection and by junior Valuers. How can I ensure that I get a proper Valuation by an experienced Valuer when dealing with Banks?

      AvatarFinder
      MarcAugust 11, 2014Finder

      Hi James,
      thanks for the question.

      Unfortunately short of contacting the valuation company before they send out a valuation agent and requesting an experienced agent (which still may not net you results even if this is something you’re able to do), there’s not much to do to ensure you get a good agent. Keep in mind that banks will often get conservative valuations of property to reduce their risk.

      One way you can ensure your property gets a good valuation is to work on what you can control, which is your property. This means to do some of the following:

      – Ensure your property’s presentation is tip top, meaning completely clean and any cosmetic issues fixed
      – Provide the valuer with honest recent information about sales in the area, particularly if they’re similar to your home and the price you want
      – Make improvements to your property if necessary and catalogue these improvements comprehensively
      – Don’t distract the valuer, if you need to point out one or two features you feel are important do so, but let them do their job as properly as possible.

      I hope this helps,
      Marc.

      Default Gravatar
      JamesAugust 12, 2014

      A Valuation Agent? What is that?

      AvatarFinder
      MarcAugust 12, 2014Finder

      Hi James,
      thanks for the reply.

      By valuation agent I’m referring to an accredited property valuer.

      I hope this helps,
      Marc.

    Default Gravatar
    LloydJuly 20, 2014

    I have been told from two sources that taking an interest only loan, with off set, and paying the difference from the principle and interest loan into the off set account + any incoming moneys into the off set + a 55 day credit card for living expenses can help me pay off my home loan faster? Is this possible? Cheers.

      AvatarFinder
      ShirleyJuly 21, 2014Finder

      Hi Lloyd,

      Thanks for your question.

      This strategy could work if used effectively – keep in mind that with an interest-only loan eventually will need you to pay back the principal.

      Our article on paying your home loan faster could give you some insight.

      Cheers,
      Shirley

      Default Gravatar
      LloydJuly 21, 2014

      Hi Shirley. The article didn’t really address the strategies needed for the “interest only method” nor how they actually worked. Any more information you can give me would be greatly appreciated. Cheers.

      Lloyd

      AvatarFinder
      ShirleyJuly 21, 2014Finder

      Hi Lloyd,

      Thanks for your inquiry.

      You may refer to our guide on interest-only home loans. I also recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that is more inclined to review your application.

      Cheers,
      Shirley

    Default Gravatar
    SueJuly 18, 2014

    Why is Members Equity not included in this article?

      AvatarFinder
      ShirleyJuly 18, 2014Finder

      Hi Sue,

      Thanks for your feedback.

      Although we cover a wide range of products, providers and services we don’t cover every product, provider or service available in the market so there may be other options available to you.

      The product we feature from ME Bank at this current point in time does not offer interest only repayments.

      Cheers,
      Shirley

      AvatarFinder
      MarcJuly 18, 2014Finder

      Hi Sue,
      thanks for the comment.

      We strive to provide as many home loans as possible for comparison across our site, but are not yet able to include every loan on the market. Please continue to check back as we’re constantly trying to add more loans for our users to compare.

      I hope this helps,
      Marc.

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