When should you not refinance?

There are some rare situations where refinancing could cost you more than you could save by switching: Your fixed rate break costs are too high. If the cost of breaking a fixed rate loan is too high, then refinancing may not be worth it. Your equity is below 20% of the property's value. If you own less than 20% of the property at its current value, then you will have to pay lenders mortgage insurance (LMI) when you refinance. Even if you paid it for your original loan. Your loan amount is small or you're selling soon. If you don't have much left to repay on your home loan, then the savings from refinancing might not be worth the hassle. If you're planning on selling within the next 6 months, then the effort and cost involved in refinancing could also cancel out any financial rewards.

Can I refinance a fixed rate loan?

You can refinance a fixed rate home loan, but you have to pay a break fee for exiting the loan early during the fixed period. If you are close to the end of the fixed period on your loan, then this fee will be smaller, but if you have a few years left, it could cost thousands. Your current lender can provide you with a break cost estimate to help you decide if the cost is worth it.

How much equity do you need to refinance?

Theoretically, you can refinance your loan no matter how much or how little equity you have. But if your equity is under 20% of your property's current value, then refinancing, while possible, gets expensive. This is because your new lender will charge LMI if your equity is below 20%.

Can you refinance without equity?

You can get a home loan with a deposit or equity below 20%. And that's true for refinancers too. But it's a really expensive idea. You'll have to pay LMI, even if you already paid it. And if you're in negative equity or simply don't own much of your property, getting a new loan approved is very unlikely. You're better off building equity by making repayments on your current loan.

Should I refinance to a new 30-year loan?

Most refinancers switch from a 30-year home loan to another 30-year loan. Even if they're many years into their original loan. That's fine and will keep your monthly repayments low. But you could save more money in the long run by switching to a shorter loan term. If you refinance 5 years into a 30-year loan term, you could switch to a 25-year loan. You'd pay more each month but end the loan at the same time as your original loan started. It's really a question of what works better for you. Do you want lower monthly repayments but a longer loan term (and more interest overall)? Or do you want to get a lower rate and pay the loan off faster with a shorter term? You can also stick to a new 30-year loan term but make extra repayments or build up offset savings. This has the same effect but gives you more options.

How long does it take to refinance?

It can take 2–4 weeks to get your new loan application approved and the old loan discharged. But it varies widely and depends on your new lender and your old one. Many online lenders (and even some of the banks) now offer fast digital applications. And it's usually easier for refinancers to get loans approved because they have built up equity and have a track record (hopefully!) of making regular loan repayments.

What is the current refinance rate?

Every lender sets its own interest rates for home loans. There's no one refinance rate. In fact, most lenders don't even have specific loans with rates just for refinancers (most loans are available to both new borrowers and people refinancing existing loans). Right now interest rates for owner-occupiers are as low as 5.99%.

Do I need to refinance when getting divorced?

When couples get divorced, there are hard decisions to make around property. You may decide to sell the home and share the profits or let one person keep it. If one person decides to buy out the other person's half, you will need to refinance the mortgage when transferring the property title. Otherwise, the person selling would still be on the mortgage. You can also decide to keep the home loan as it is and continue to make repayments. It's always better if a divorcing couple can agree amicably on what to do with their property. But it's still a really good idea to get legal advice.

How often should I refinance?

You can refinance as often as you like, but given the time involved and the cost of registering a mortgage, realistically it doesn't make sense to switch more than once every few years. You're better off finding a loan that will hopefully remain a good deal for a few years.

Can I refinance my home loan to consolidate other debts?

Yes, it's possible to refinance a home loan in order to pay off personal loan or credit card debts. You can essentially borrow a little more against your equity and use that to clear the debts. This can save you money because interest rates on credit cards and most personal loans are higher than home loan rates. But there is a risk that comes with using your home loan to cover smaller debts. A home loan can last 30 years, whereas most people pay off a credit card or personal loan in months or years. Even at a lower rate, a smaller debt costs you much more in interest if you take 30 years to pay it off. Repaying your home loan faster can help you offset this in the long run.

Can I refinance my home loan with the same bank?

Yes. You can switch to a better loan with your current lender. Or you may be converting a property from your residence into an investment property. In this case you'd need to refinance your home loan to an investment loan.

Refinance Home Loan Comparison Australia 2026

What do you want to do?

16 of 242 results

Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Features	Monthly Payment
Finder score 9.7 Excellent Unloan Variable Home Loan Finder Award	Finder score 9.7 Excellent	6.14%	6.05%	Application: $0 Ongoing: $0 p.a.	Principal & Interest20% min. equityOwner-occupier	Save $284 per month Interest rate p.a. 6.14% Comparison rate p.a. 6.05% Monthly Payment $3,043 Save $284/mth	$1,000 Reward Finder Rewards: Join Finder then refinance an eligible home loan to receive a $1,000 digital Visa gift card. Ends 30 Nov 2026. T&Cs apply. Referral bonus: Finder's Refer-a-Friend boost pays up to $500 when a person you refer qualifies for an Unloan home loan. Ends 30 Nov 2026. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Finder score 9.3 Excellent IMB Fixed Rate Home Loan	Finder score 9.3 Excellent	6.49%	6.74%	Application: $449 Ongoing: $72 p.a.	Principal & Interest 3Y Fixed5% min. equityOwner-occupierLMI	Save $169 per month Interest rate p.a. 6.49% Comparison rate p.a. 6.74% Monthly Payment $3,158 Save $169/mth	Cashback: Get up to $4,000 cashback when buying or refinancing. Loan size criteria applies. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Finder score 8.9 Great Virgin Money Lite Variable Home Loan $150,000 and above	Finder score 8.9 Great	6.34%	6.36%	Application: $0 Ongoing: $0 p.a.	Principal & Interest20% min. equityOwner-occupierPoints	Save $219 per month Interest rate p.a. 6.34% Comparison rate p.a. 6.36% Monthly Payment $3,108 Save $219/mth	Points: Earn 1,000 Virgin Money Reward points per borrower for each on-time monthly repayment. Rewards terms and conditions apply.	Go to site View details Compare product selectionCompare	loading
Finder score 9.3 Excellent Up Home Buy Variable Rate Finder Award	Finder score 9.3 Excellent	6.45%	6.45%	Application: $0 Ongoing: $0 p.a.	Principal & Interest10% min. equityOwner-occupierOffset accountLMI	Save $183 per month Interest rate p.a. 6.45% Comparison rate p.a. 6.45% Monthly Payment $3,144 Save $183/mth	Go to site View details Compare product selectionCompare	loading
Finder score 9.4 Excellent Bendigo Bank Express Variable Home Loan	Finder score 9.4 Excellent	6.39%	6.54%	Application: $0 Ongoing: $120 p.a.	Principal & Interest20% min. equityOwner-occupierOffset account	Save $202 per month Interest rate p.a. 6.39% Comparison rate p.a. 6.54% Monthly Payment $3,125 Save $202/mth	Go to site View details Compare product selectionCompare	loading
Finder score 9.3 Excellent NRMA Home Loans Variable Offset Home Loan	Finder score 9.3 Excellent	6.44%	6.64%	Application: $0 Ongoing: $180 p.a.	Principal & Interest50% min. equityOwner-occupierOffset account	Save $186 per month Interest rate p.a. 6.44% Comparison rate p.a. 6.64% Monthly Payment $3,141 Save $186/mth	Bonus offer: Existing NRMA Insurance customers and NRMA members receive a $1,500 virtual gift card on settlement. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Finder score 9.2 Excellent Newcastle Permanent Real Deal Home Loan	Finder score 9.2 Excellent	6.44%	6.48%	Application: $350 Ongoing: $0 p.a.	Principal & Interest20% min. equityOwner-occupier	Save $186 per month Interest rate p.a. 6.44% Comparison rate p.a. 6.48% Monthly Payment $3,141 Save $186/mth	Cashback: Eligible purchases and refinancers can get up to $3,000 cashback depending on loan value with LVR 80% or less. Application must be completed online. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Finder score 9.1 Excellent Virgin Money Loaded Home Loan $150,000+	Finder score 9.1 Excellent	6.59%	6.87%	Application: $0 Ongoing: $295 p.a.	Principal & Interest40% min. equityOwner-occupierOffset accountPoints	Save $137 per month Interest rate p.a. 6.59% Comparison rate p.a. 6.87% Monthly Payment $3,190 Save $137/mth	Points: Earn 2,000 Virgin Money Reward points per borrower per on-time repayment, plus points at settlement. Rewards terms and conditions apply.	Go to site View details Compare product selectionCompare	loading
Finder score 9.5 Excellent Up Home Invest Variable Rate	Finder score 9.5 Excellent	6.60%	6.60%	Application: $0 Ongoing: $0 p.a.	Principal & Interest10% min. equityInvestmentOffset accountLMI	Save $133 per month Interest rate p.a. 6.60% Comparison rate p.a. 6.60% Monthly Payment $3,194 Save $133/mth	Go to site View details Compare product selectionCompare	loading
Finder score 8.9 Great BCU Bank OMG Online Home Loan Offer	Finder score 8.9 Great	6.34%	6.37%	Application: $300 Ongoing: $0 p.a.	Principal & Interest40% min. equityOwner-occupier	Save $219 per month Interest rate p.a. 6.34% Comparison rate p.a. 6.37% Monthly Payment $3,108 Save $219/mth	Go to site View details Compare product selectionCompare	loading
Finder score 8.9 Great P&N Bank Basic Variable Online Home Loan Offer	Finder score 8.9 Great	6.33%	6.36%	Application: $300 Ongoing: $0 p.a.	Principal & Interest40% min. equityOwner-occupier	Save $222 per month Interest rate p.a. 6.33% Comparison rate p.a. 6.36% Monthly Payment $3,105 Save $222/mth	Go to site View details Compare product selectionCompare	loading
Finder score 8.2 Great Greater Bank Ultimate Fixed Home Loan	Finder score 8.2 Great	6.49%	8.15%	Application: $0 Ongoing: $395 p.a.	Principal & Interest 2Y Fixed5% min. equityOwner-occupierLMI	Save $169 per month Interest rate p.a. 6.49% Comparison rate p.a. 8.15% Monthly Payment $3,158 Save $169/mth	Go to site View details Compare product selectionCompare	loading
Finder score 9 Excellent Virgin Money Lite Variable Home Loan $150,000 and above	Finder score 9 Excellent	6.49%	6.51%	Application: $0 Ongoing: $0 p.a.	Principal & Interest20% min. equityInvestmentPoints	Save $169 per month Interest rate p.a. 6.49% Comparison rate p.a. 6.51% Monthly Payment $3,158 Save $169/mth	Points: Earn 1,000 Virgin Money Reward points per borrower for each on-time monthly repayment. Rewards terms and conditions apply.	Go to site View details Compare product selectionCompare	loading
Finder score 9.2 Excellent IMB Fixed Rate Home Loan	Finder score 9.2 Excellent	6.49%	6.76%	Application: $449 Ongoing: $72 p.a.	Principal & Interest 2Y Fixed5% min. equityOwner-occupierLMI	Save $169 per month Interest rate p.a. 6.49% Comparison rate p.a. 6.76% Monthly Payment $3,158 Save $169/mth	Cashback: Get up to $4,000 cashback when buying or refinancing. Loan size criteria applies. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Finder score 9.8 Excellent Unloan Variable Home Loan	Finder score 9.8 Excellent	6.29%	6.20%	Application: $0 Ongoing: $0 p.a.	Principal & Interest20% min. equityInvestment	Save $235 per month Interest rate p.a. 6.29% Comparison rate p.a. 6.20% Monthly Payment $3,092 Save $235/mth	$1,000 Reward Finder Rewards: Join Finder then refinance an eligible home loan to receive a $1,000 digital Visa gift card. Ends 30 Nov 2026. T&Cs apply. Referral bonus: Finder's Refer-a-Friend boost pays up to $500 when a person you refer qualifies for an Unloan home loan. Ends 30 Nov 2026. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Finder score 8.5 Great P&N Bank Basic Variable Home Loan	Finder score 8.5 Great	6.63%	6.66%	Application: $0 Ongoing: $0 p.a.	Principal & Interest40% min. equityOwner-occupier	Save $123 per month Interest rate p.a. 6.63% Comparison rate p.a. 6.66% Monthly Payment $3,204 Save $123/mth	This is a competitive, low-fee principal and interest loan for borrowers with 40% deposits.	Go to site View details Compare product selectionCompare	loading

Showing 16 of 16 results

Refinancing could save the average Australian thousands of dollars a year on home loan repayments.
Expect around $1,000 in refinancing fees but cashback offers often cover these costs.
Avoid refinancing if your home equity is below 20% to prevent paying lenders mortgage insurance again.

Our best refinance home loan for November 2026

Finder score

9.7 Excellent

Unloan Variable Home Loan

Finder Award

Finder score

9.7 Excellent

Interest Rate

6.14%

Comparison Rate

6.05%

Fees

Application: $0
Ongoing: $0 p.a.

Principal & Interest20% min. equityOwner-occupier

$1,000 Reward

Finder Rewards: Join Finder then refinance an eligible home loan to receive a $1,000 digital Visa gift card. Ends 30 Nov 2026. T&Cs apply.

Referral bonus: Finder's Refer-a-Friend boost pays up to $500 when a person you refer qualifies for an Unloan home loan. Ends 30 Nov 2026. T&Cs apply.

Go to site View details

Compare product selectionCompare

Why we like it

This home loan offers a perk like no other. Not only does it consistently have great rates, but for every year that you have the loan, Unloan will knock 0.01% off your interest rate. This means your loan will get slightly cheaper every year (on top of being a consistently low rate compared to most home loans). Unloan doesn't bump up the costs in other areas either, as this home loan has no fees. If you're not concerned about an offset account, it's hard to beat a loan this cheap.

Pros

$0 ongoing fees
$0 application fee
Automatic loyalty discount that grows by 0.01% p.a. each year (up to 0.30% p.a. in year 30)
A competitive variable rate home loan

Cons

There is no offset account attached to this loan
There are no physical branches if you prefer in-person banking

What does it mean to refinance a home loan?

Refinancing means switching from your current home loan to a new one. You can refinance your home loan to:

Get a lower interest rate.
Borrow more money.
Switch to a loan that suits your current financial goals.

How to compare home loans when refinancing

To find a better loan:

Enter your current loan amount and interest rate in the fields above the table (or just estimates if you're not sure).
Compare loans by sorting from lowest to highest interest rate or by looking at the amount you can save with each loan (if the rate is lower than your current loan).
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.

Is your mortgage eating your pay cheque?

If your mortgage feels like it's swallowing your whole pay cheque, you're far from alone. Finder's 2026 Home Loan Report found 55% of mortgage holders are spending more than 30% of their take-home pay on repayments, with the average sitting at 38%. More than a quarter (27%) say they're "just scraping by" each month. Sound familiar? It might be time to see what a better rate could do for your budget.

Source: Finder 2026 Home Loan Report

More ways to find a better home loan

Comparing for yourself is easy. But if you want a shortcut, 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 2026 Home Loan Award winners if you want to find loans that had consistently low rates and fees all year.

How much does refinancing cost?

Factoring in fees and charges, you can expect to spend around $1,000 when refinancing your home loan. But this depends on your old loan's fees and the new one too.

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.
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.

Here's a quick example of switching costs in a hypothetical refinance scenario (using government fees from Victoria):

Fee/cost	Amount
Discharge fee (old loan)	$250
Mortgage deregistration fee	$125.70
Mortgage registration fee	$125.70
Application fee (new loan)	$450
Title search fee	$30
Total refinancing costs:	$981.40

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.

Refinance cashbacks take all the costs away

Some lenders really want your business. To get you to switch, they offer home loan cashbacks to cover your refinancing costs.

This can net you several thousand dollars, which should more than offset most people's loan fees.

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.
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.

What are the disadvantages of refinancing your home loan?

Paying extra fees. Refinancing comes with fees, although the new loan should save you money in the long term.
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.
Losing equity. Refinancing to access more cash means you'll probably lose some of the equity you've built in your home.

Refinancing when you own less than 20% of your property is a bad idea

If buy a house with a deposit below 20%, your lender charges you a lenders mortgage insurance premium (LMI).

If you want to refinance and you're still fairly early into your loan, and you started with a small deposit, you could end up paying LMI again. You're better off waiting until you own 20% of the property.

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.

Data is correct as of 4 November 2026. The savings example is a hypothetical estimate only. The lowest rate is for an owner-occupier loan with 80% LVR.

Market update by Rebecca Pike – Finder's senior home loans writer

How to find the best refinance rate

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.

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.

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.

Learn more about calculating your refinancing costs

How to refinance a home loan in 5 steps

Refinancing is easier than you think:

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 start looking for a better deal.
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.
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.
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. When you refinance, your new bank will notify your current lender and you can discharge your old loan.

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 from a mortgage broker.

Read our detailed, step-by-step refinance guide

Our expert says: I rarely refinance, but I call my lender every year

"My current home loan is one of the lowest rates on the market, so I rarely think about refinancing. But I watch my home loan rate like a hawk. Because every now and then my lender offers new customers a slightly better deal than what existing customers get. Sneaky. If I ignore this, my rate gets much worse over time. So I call my lender up and ask for the lower rate. And I get it every time."

Richard Whitten

Senior Money Editor

Your home loan refinance questions answered

There are some rare situations where refinancing could cost you more than you could save by switching:
- Your fixed rate break costs are too high. If the cost of breaking a fixed rate loan is too high, then refinancing may not be worth it.
- Your equity is below 20% of the property's value. If you own less than 20% of the property at its current value, then you will have to pay lenders mortgage insurance (LMI) when you refinance. Even if you paid it for your original loan.
- Your loan amount is small or you're selling soon. If you don't have much left to repay on your home loan, then the savings from refinancing might not be worth the hassle. If you're planning on selling within the next 6 months, then the effort and cost involved in refinancing could also cancel out any financial rewards.
You can refinance a fixed rate home loan, but you have to pay a break fee for exiting the loan early during the fixed period. If you are close to the end of the fixed period on your loan, then this fee will be smaller, but if you have a few years left, it could cost thousands. Your current lender can provide you with a break cost estimate to help you decide if the cost is worth it.
You can get a home loan with a deposit or equity below 20%. And that's true for refinancers too. But it's a really expensive idea. You'll have to pay LMI, even if you already paid it.
And if you're in negative equity or simply don't own much of your property, getting a new loan approved is very unlikely.
You're better off building equity by making repayments on your current loan.
Most refinancers switch from a 30-year home loan to another 30-year loan. Even if they're many years into their original loan. That's fine and will keep your monthly repayments low. But you could save more money in the long run by switching to a shorter loan term.
If you refinance 5 years into a 30-year loan term, you could switch to a 25-year loan. You'd pay more each month but end the loan at the same time as your original loan started.
It's really a question of what works better for you. Do you want lower monthly repayments but a longer loan term (and more interest overall)? Or do you want to get a lower rate and pay the loan off faster with a shorter term?
You can also stick to a new 30-year loan term but make extra repayments or build up offset savings. This has the same effect but gives you more options.
It can take 2–4 weeks to get your new loan application approved and the old loan discharged. But it varies widely and depends on your new lender and your old one.
Many online lenders (and even some of the banks) now offer fast digital applications. And it's usually easier for refinancers to get loans approved because they have built up equity and have a track record (hopefully!) of making regular loan repayments.
When couples get divorced, there are hard decisions to make around property. You may decide to sell the home and share the profits or let one person keep it.
If one person decides to buy out the other person's half, you will need to refinance the mortgage when transferring the property title. Otherwise, the person selling would still be on the mortgage.
You can also decide to keep the home loan as it is and continue to make repayments.
It's always better if a divorcing couple can agree amicably on what to do with their property. But it's still a really good idea to get legal advice.
Yes, it's possible to refinance a home loan in order to pay off personal loan or credit card debts. You can essentially borrow a little more against your equity and use that to clear the debts.
This can save you money because interest rates on credit cards and most personal loans are higher than home loan rates.
But there is a risk that comes with using your home loan to cover smaller debts. A home loan can last 30 years, whereas most people pay off a credit card or personal loan in months or years. Even at a lower rate, a smaller debt costs you much more in interest if you take 30 years to pay it off.
Repaying your home loan faster can help you offset this in the long run.

The lowdown on the Finder Score for home loans

The Finder Score is an easy, data-driven way to judge home loans at a glance. Here's how:

Every month, our insights team analyses more than 7,000 home loans across 120+ lenders.
We assess the most important features, rate them, and then combine them via a weighted methodology to create a simple score out of 10.

The Finder Score is designed by our insights and editorial team. We score home loans objectively, Finder's commercial partnerships don't affect the scores at all.

Remember that Finder Score is just one factor to consider. Look at other aspects like fees, features, benefits and risks to make sure a product is suitable for you. Double-check details that matter to you before applying or buying.

The nitty gritty: how Finder Score is calculated

The Finder Score examines the costs and features of each home loan. These are combined to create the final score.

Cost Components (85% of overall score)	Features Component (15% of overall score)
Interest costs	Full and Partials Offsets
Upfront Fees	Extra Repayments and Redraw
Monthly/ Annual Fees	Loyalty Discounts
Cashbacks

The cost of the home loan makes up 85% of the score. The other 15% is made up of features that come with the home loan.

Here's how we weigh each factor in the cost component.

Cost Components (85% of overall score)	Calculation Methodology
Interest	Calculated over a $500,000 loan amount and 30 year loan term. The cumulative interest paid is calculated over 5 years, 3 years and 1 year for variable rates, long term fixed rates and short term fixed rates respectively.
Application Fees	Added to the cost, if applicable
Settlement Fees	Added to the cost, if applicable
Ongoing Fees	Calculated over 5 years, 3 years and 1 year for variable rates, short term fixed rates and long term fixed rates respectively.
Legal Fees	Added to the cost, if applicable
Valuation Fees	Added to the cost, if applicable
Cashback	Added to the cost, if applicable
Frequent Flyer Points	Converted to a dollar value based on ticket prices/redeemable gift cards and deducted from the cost

Here's how we weigh each factor in the features component.

Features Components	Calculation Methodology
Offset Account (5% of final score)	Each variant is assigned 10 points if they have a full offset account and 5 points if they have a partial offset account. No points are awarded if the variant does not have this feature.
Extra Repayments and Redraw (5% of final score)	Each variant is assigned 10 points if they have this feature. No points are assigned if they do not have this feature.
Loyalty Discounts (5% of final score)	Each variant is assigned 10 points if they have this feature. No points are awarded if they do not have this feature.

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Finder's interest rate database, accessed November 2026
2. Finder Scores, accessed November 2026
3. Fees, guides and forms, Victoria
4. ABS lending indicators, June Quarter 2026, accessed November 2026

Thank you for your feedback!

Written by

Richard Whitten

Senior Money Editor

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Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

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67 Responses

kevinJanuary 24, 2014

Hi, if I refinance with the same lender after having the previous mortgage for 5 years will it be necessary to have a new home valuation done and pay the associated costs or would it not be necessary ?

Finder

MarcJanuary 24, 2014Finder

Hello Kevin,
thanks for the question.

In most cases a refinance will still require a valuation, as your bank will want to have an up-to-date idea on the property value, although this will depend on the specific lender. In some cases, mentioning to your existing lender that you’re thinking of refinancing to another lender might get them to waive the second valuation fee if you ask.

I hope this helps,
Marc.

MiroJuly 31, 2013

Hi, what is the difference between offset account and redraw facilities, which one is more interest saving? Thanks

Finder

ShirleyJuly 31, 2013Finder

Hi Miro,

Thanks for your comment.

An offset account will offset part of your principal in your home loan. For example, if you have $20,000 in your offset account with a home loan of $500,000 then you only pay interest on the $480,000.

A redraw facility will allow you to redraw any additional repayments you’ve made. Be mindful that some lenders have a minimum amount or charge a fee for this feature.

Hope this helps,
Shirley

MiroJuly 31, 2013

Hi, if I have 20,000 siting on the loan of 500,000, is it doing a same job as 20,000 on offset account.
thanks

Finder

ShirleyNovember 14, 2013Finder

Hi Miro,

Thanks for your comment.

Not necessarily, if you repaid 20,000 into your home loan it repays both the interest and principal. Whereas, if you have 20,000 in an offset account it actually reduced your principal and hence the amount of interest payable. Speaking to a mortgage broker can help you decide which is best for your situation.

Hope this helps,
Shirley

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