How much can you save by refinancing in 2026?
We estimate that the average person could save up to $6,984 a year by switching to a lower rate:- The average Australian home loan is now about $731,000, according to the ABS - a record high!
- The average variable interest rate loan in Finder's database is 7.14%.
- The lowest available variable rate on the market for refinancers is 5.93%.
- Assuming a 30-year loan term, if you switched to that lower refinance rate your monthly repayments would drop from $4,930 to $4,348. That's a saving of $582 every month, or $6,984 a year.
Market update by Rebecca Pike – Finder's senior home loans writer
We have quite a few investment properties though all mortgaged. We are self employed and have made payments without any problem as rent received is enough to pay expenses. However, recently we tried to increase our loan but came across brick wall after brick wall with the big Banks. Apparently they do not favour anyone over 70 years and 60 years although we have no problems with our payments. This is age discrimination and certainly not caring for existing customers. Are there any lenders out there who will give us a loan?
Hi Choo,
thanks for the question – it can be frustrating to run across these kinds of obstacles when looking for a home loan.
There are lenders which will consider applications from borrowers of your age, although unfortunately the banks keep this kind of criteria fairly under wraps from the average consumer. For this reason I recommend contacting a mortgage broker, who will have more experience dealing with lenders and will know which one will be appropriate for your age and other circumstances.
You can find a mortgage broker by looking at our comparison table. Note that most mortgage brokers are free to you, they earn a commission from the lender you choose to go with.
I hope this helps,
Marc.
My partner owns land with a mortgage of $400,000.
WE want to demo the home and build on that land!
I have $200,000 to use towards our build but will need another $250,000 to complete the home .
What are our options? Refinance in both names ? Or mortgage the build costs in my name only?
Can we avoid paying stamp duty again?
Hi Sullivan,
Thanks for your enquiry.
You can read more about construction loans and you can compare different fixed rate construction home loans.
Additionally, you can read about the process of changing the property ownership and adding your name to the title deeds which discusses stamp duty implications. In some cases, you may not have to pay stamp duty when adding a partner’s name to the property title, but you’ll need to check this with your state office of revenue.
Thanks,
Belinda
I WANT BEST INTEREST RATE FOR REFINANCE $350000 FOR 30 YEARS WITH NO OTHER FEES.
Hi Kahan,
Thanks for your enquiry.
You can compare some competitive home loans with minimal fees and charges, some of which will be suited for refinancing purposes.
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’s more inclined to review your application.
Kind regards,
Belinda
What information and services does the Local Government Authority give to land holders in your Local Government Area. Some areas have dual obligations for residents who live in a boundary area, such as council clean compared to regular garbage/waste collection. This is useful when planning further negotiations and paying council fees.
we sold our house 2 years ago as my sons move out . We are now thinking to buy a small house we can afford the repayment I can only put a deposit of $5k..we don’t have debts..and at the moment renting -with monthly rent of $400/week.
my husband works permanent full time and will be 1 year in October , and I’m contracting for 4 years now.
Can you help us
Regards,
Aurora
Hi, Do your homework, for regional areas sometime dual Local Government Area exists with the cheaper fees, and/our important services being carried out by the neighbouring council. This is important in long term decision making about where to live. And for land appreciation such as clean environment, preservation and aesthetical value.
Hi Aurora,
Thanks for your enquiry.
You might be interested to compare competitive 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’s more inclined to review your application.
Thanks,
Belinda