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Refinance your home loan today, save money every day

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1 - 20 of 296
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Repayment
Principal & Interest30% min. equityOwner-occupierOffset account
Principal & Interest30% min. equityOwner-occupierOffset account
Go to site
Product NameHomestar Star Classic Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.99%
Comp. Rate5.99%
Minimum Loan Amount$150,000
Maximum Loan Amount $2,000,000
Maximum Loan Term
Maximum LVR 70%
Loan Redraw FacilityNo
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.99%
Comparison Rate
5.99%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2998
$166 saving
Go to site
Principal & Interest20% min. equityOwner-occupierRefinance Only
Principal & Interest20% min. equityOwner-occupierRefinance Only
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
$166 saving
Go to site
Principal & Interest20% min. equityOwner-occupierOffset account
Principal & Interest20% min. equityOwner-occupierOffset account
Go to site
Product NameNewcastle Permanent Real Deal Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.09%
Comp. Rate6.13%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.09%
Comparison Rate
6.13%
  • Application: $595
  • Ongoing: $0 p.a.
Monthly Repayment
$3030
$134 saving
Go to siteMore Info
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
$166 saving
Go to site
Principal & Interest30% min. equityOwner-occupierOffset account
Principal & Interest30% min. equityOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.14%
Comp. Rate6.39%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.14%
Comparison Rate
6.39%
  • Application: $0
  • Ongoing: $248 p.a.
Monthly Repayment
$3046
$118 saving
Go to site
Principal & Interest30% min. equityOwner-occupier
Principal & Interest30% 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 70%
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
$150 saving
Go to site
$2000-$4000 cashback
Eligible refinancers can get up to $4,000 cashback when switching their loan to IMB. Loan value criteria applies. Other terms and conditions also apply.
Principal & Interest10% min. equityOwner-occupier
Principal & Interest10% min. equityOwner-occupier
Go to site
Product NameTiimely Home Own Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.94%
Comp. Rate5.95%
Minimum Loan Amount$50,000
Maximum Loan Amount $3,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.94%
Comparison Rate
5.95%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$2982
$182 saving
Go to site
Principal & Interest10% min. equityOwner-occupierOffset account
Principal & Interest10% min. equityOwner-occupierOffset account
Go to site
Product NameBendigo Bank Express Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.01%
Comp. Rate6.14%
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
6.01%
Comparison Rate
6.14%
  • Application: $0
  • Ongoing: $10 per month
Monthly Repayment
$3004
$160 saving
Go to siteMore Info
Principal & Interest-10% min. equityOwner-occupierNSW, QLD & ACT only
Principal & Interest-10% min. equityOwner-occupierNSW, QLD & ACT only
Go to site
Product NameGreater Bank Great Rate Discount Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.04%
Comp. Rate6.05%
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
6.04%
Comparison Rate
6.05%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3014
$150 saving
Go to site
Up to $2,500 cashback
Eligible refinancers can get up to $2,500 cashback depending on loan value. Full terms and conditions apply.
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 Rate6.14%
Comp. Rate6.17%
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
6.14%
Comparison Rate
6.17%
  • Application: $449
  • Ongoing: $0 p.a.
Monthly Repayment
$3046
$118 saving
Go to site
$2,000-$4,000 cashback
Eligible refinancers can get up to $4,000 cashback when switching their loan to IMB. Loan value criteria applies. Other terms and conditions also apply.
Principal & Interest10% min. equityOwner-occupier
Principal & Interest10% min. equityOwner-occupier
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 AccountNo
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
$150 saving
Go to site
Principal & Interest 3Y Fixed20% min. equityOwner-occupier
Principal & Interest 3Y Fixed20% min. equityOwner-occupier
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate6.35%
Comp. Rate6.26%
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
6.35%
Comparison Rate
6.26%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3115
$49 saving
Go to site
Principal & Interest20% min. equityInvestmentRefinance Only
Principal & Interest20% min. equityInvestmentRefinance Only
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
$69 saving
Go to site
Principal & Interest20% min. equityOwner-occupierOffset account
Principal & Interest20% min. equityOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.19%
Comp. Rate6.44%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.19%
Comparison Rate
6.44%
  • Application: $0
  • Ongoing: $248 p.a.
Monthly Repayment
$3063
$101 saving
Go to site
Principal & Interest10% min. equityInvestmentOffset account
Principal & Interest10% min. equityInvestmentOffset account
Go to site
Product Nameloans.com.au Solar Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate6.19%
Comp. Rate6.58%
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
6.19%
Comparison Rate
6.58%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3063
$101 saving
Go to site
Principal & Interest40% min. equityOwner-occupier
Principal & Interest40% min. equityOwner-occupier
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.14%
Comp. Rate6.16%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.14%
Comparison Rate
6.16%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3046
$118 saving
Go to site
Principal & Interest10% min. equityInvestment
Principal & Interest10% min. equityInvestment
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 AccountNo
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
$53 saving
Go to site
Principal & Interest20% min. equityInvestmentOffset account
Principal & Interest20% min. equityInvestmentOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.45%
Comp. Rate6.70%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.45%
Comparison Rate
6.70%
  • Application: $0
  • Ongoing: $248 p.a.
Monthly Repayment
$3147
$17 saving
Go to site
Principal & Interest 3Y Fixed30% min. equityOwner-occupier
Principal & Interest 3Y Fixed30% min. equityOwner-occupier
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate6.25%
Comp. Rate6.20%
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
6.25%
Comparison Rate
6.20%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3082
$82 saving
Go to site
Principal & Interest20% min. equityInvestment
Principal & Interest20% min. equityInvestment
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.45%
Comp. Rate6.48%
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
6.45%
Comparison Rate
6.48%
  • Application: $0
  • Ongoing: $0 p.a.
Monthly Repayment
$3147
$17 saving
Go to site
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Showing 20 of 296 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.

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.

How do I know I'm getting a good rate when I refinance?

Most of the loans offered by Finder's partners have lower than average rates. But you really need to check your current interest rate to understand if a new home loan is a better deal.

If you're not sure what a good interest rate looks like in the current market, here are some averages based on all the loans in Finder's database:

As of July 2024 the average variable-rate home loan rate on Finder is 7.48%.As of July 2024 the average fixed-rate home loan rate on Finder is 6.80%.

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.

We put every effort into ensuring information on Finder is accurate. This article was reviewed by James Millard from our Editorial Review Board as part of our fact checking process.

The benefits of refinancing

How much can you save by refinancing in 2024?

We estimate that the average person could save up to $8,856 a year by switching to a lower rate:
  • The average Australian home loan is now $625,050 (according to the ABS).
  • The average variable interest rate loan in Finder's database is 7.48%. 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 $4,362 to $3,624. That's a saving of $738 every month, or $8,856 a year.
Data is correct as of 03 July 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.

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.

Graham Cooke

Graham Cooke
Money expert

How much does refinancing cost?

  • Discharge fees. Lenders often charge a fee to end a home loan.
  • 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

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

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.
— Richard Whitten, money editor

Why you can trust Finder's home loan experts

freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
expert adviceYou save time. We spend 100s of hours researching home loans so you can sort the gold from the junk faster.
independentYou compare more. Our comparison tools bring you cheaper, better home loans from across the market.

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 527 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

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    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?

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      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

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    BekimApril 2, 2018

    hi I was just wondering how long is the minimum waiting time before refinancing again?

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      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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