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Refinance home loans

With interest rates as low as 1.89% it's a good time to refinance your home loan. And don't worry, we'll show you how to switch.

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How much could you save by refinancing?
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% p.a.

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Refinancing simply means switching from one home loan to another. You can switch loans with your current lender or get a new product with a new lender.

Compare and switch to a new mortgage in the table below or read our detailed tips on how to refinance.

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Compare your mortgage to the offers below

Enter your home loan amount, current interest rate and loan term below to see how much you could save by refinancing. Click on the green button to find out more about a loan on the lender's website.

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Credit services for Aussie Select, Aussie Activate and Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 (“Aussie”) and its appointed credit representatives, Australian Credit Licence 246786. Credit for Aussie Select products is provided by Residential Mortgage Group Pty Ltd ACN 152 378 133, Australian Credit Licence 414133 (“RMG”). RMG is a wholly-owned subsidiary of the Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian Credit Licence 234945. Credit for Aussie Activate products is provided by Pepper Finance Corporation Limited ACN 094 317 647 (“Pepper”). Pepper Group Limited ACN 094 317 665, Australian Credit Licence 286655 acts on behalf of Pepper. Credit services for Aussie Elevate products are provided by AHL Investments Pty Ltd ACN 105 265 861 Australian Credit Licence 246786 (“Aussie”) and its appointed credit representatives. Aussie is a trade mark of AHL Investments Pty Ltd ABN 27 105 265 861. Credit and any applicable offset accounts for Aussie Elevate are issued by Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL / Australian Credit Licence 237879.

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Data indicated here is updated regularly
$
% p.a.
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Maximum Insured LVR Amount Saved
St.George Basic Home Loan
2.54%
2.56% p.a.
$0
$0 p.a.
80%
$43,171.24
Up to $4,000 refinance cashback. A competitive variable rate loan from St.George. Refinancers borrowing $250,000 or more can get to $4,000 cashback (Other terms, conditions and exclusions apply).
Athena Variable Home  Loan
2.19%
2.19% p.a.
$0
$0 p.a.
60%
$53,040.06
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.
Suncorp Back to Basics Home Loan
2.54%
2.55% p.a.
$0
$0 p.a.
80%
$43,314.23
$2,000 to $3,000 refinance cashback.
Get a competitive variable interest rate with no application fee or ongoing fees. Refinance to an eligible Suncorp loan and get a cashback of $2,000 or $3,000, depending on your loan amount. Other conditions apply.
Westpac Fixed Options Home Loan
2.29%
2.72% p.a.
$0
$8 p.a.
95%
$50,287.27
Up to $3,000 refinance cashback.
A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
UBank UHomeLoan Variable Rate
2.34%
2.34% p.a.
$0
$0 p.a.
80%
$48,903.84
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
Well Home Loans Balanced Fixed Home Loan
1.94%
2.18% p.a.
$250
$0 p.a.
90%
$58,987.91
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.
St.George Fixed Rate Advantage Package
2.09%
3.46% p.a.
$0
$395 p.a.
80%
$55,020.05
Lock in a low fixed rate for the first two years. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
Westpac Fixed Options Home Loan Premier Advantage Package
2.09%
3.5% p.a.
$0
$395 p.a.
95%
$55,375.62
Up to $3,000 refinance cashback.
Competitive fixed rate home loan. Eligible borrowers refinancing $250,000 or more can get up to $3,000 cashback. Other conditions apply.
UBank UHomeLoan Fixed
1.95%
2.25% p.a.
$395
$0 p.a.
80%
$59,035.18
A competitive fixed interest rate loan with no ongoing fees. Requires a 20% deposit.
homeloans.com.au Low Rate Home Loan with Offset
2.14%
2.16% p.a.
$0
$0 p.a.
60%
$54,408.06
A competitive rate with no application or ongoing fee. This loan is not available for construction.
Well Home Loans Balanced Variable
2.17%
2.2% p.a.
$250
$0 p.a.
80%
$52,723.37
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee. This special discount rate is available for new borrowers who apply and get approved by 30 November 2020. Not available for construction purposes.
Suncorp Home Package Plus Fixed
1.89%
2.94% p.a.
$0
$0 p.a.
80%
$61,167.02
A low fixed rate loan available for borrowers with 20% deposits. Refinance to an eligible Suncorp loan and get a cashback of $2,000 or $3,000, depending on your loan amount. Other conditions apply. Annual package fee waived for the first year of the loan.
Virgin Money Reward Me Fixed Rate Home Loan
2.04%
2.79% p.a.
$300
$10 p.a.
80%
$56,525
$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 29 November 2020 and settle by 28 February 2021.
IMB Budget Home Loan
2.61%
2.67% p.a.
$449
$0 p.a.
80%
$40,184.78
A competitive variable rate for borrowers with 20% deposits saved. Available for NSW and ACT borrowers only.
homeloans.com.au Low Rate Home Loan with Offset
2.24%
2.26% p.a.
$0
$0 p.a.
90%
$51,666.66
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.
Newcastle Permanent Building Society Real Deal Home Loan
2.59%
2.63% p.a.
$595
$0 p.a.
80%
$41,047.16
$2,000 refinance cashback
$2,000 cashback for eligible refinancers borrowing $250,000 or more.
ME Flexible Home Loan Fixed with Members Package
2.19%
3.36% p.a.
$0
$395 p.a.
80%
$52,372.04
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
St.George Basic Home Loan
2.59%
2.61% p.a.
$0
$0 p.a.
90%
$41,759.64
Up to $4,000 refinance cashback.
Competitive variable rate home loan that is available with a 10% deposit. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
Well Home Loans Balanced Fixed Home Loan
2.04%
2.17% p.a.
$250
$0 p.a.
90%
$56,278.33
A low 3 year fixed rate for home buyers. Add a 100% offset account with a $10 monthly fee. Not available for construction purposes.
IMB Budget Home Loan
2.78%
2.84% p.a.
$449
$0 p.a.
90%
$35,316.14
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
Bank of Melbourne Basic Home Loan
2.54%
2.56% p.a.
$0
$0 p.a.
80%
$43,171.24
Up to $4,000 refinance cashback
A competitive variable rate loan from Bank of Melbourne. Refinancers borrowing $250,000 or more can get $4,000 cashback (Other terms, conditions and exclusions apply).
HSBC Home Value Loan
2.59%
2.6% p.a.
$0
$0 p.a.
80%
$41,903.57
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
Athena Variable Home  Loan
2.24%
2.21% p.a.
$0
$0 p.a.
70%
$51,666.66
A low variable rate for owner occupiers with 30% deposits. No upfront or ongoing fees.
UBank UHomeLoan Fixed
2.14%
2.46% p.a.
$395
$0 p.a.
80%
$53,872.45
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
Bank of Melbourne Advantage Package Fixed Home Loan
2.09%
3.46% p.a.
$0
$395 p.a.
95%
$55,240.95
Competitive fixed rate loan. Refinancers borrowing $250,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
BankSA Basic Home Loan
2.64%
2.66% p.a.
$0
$0 p.a.
80%
$40,342.75
Up to $4,000 refinance cashback
A competitive variable rate loan from BankSA. Refinancers borrowing $200,000 or more can get a $4,000 cashback (Other terms, conditions and exclusions apply).
homeloans.com.au Low Rate Home Loan with Offset
2.59%
2.61% p.a.
$0
$0 p.a.
90%
$41,903.57
Save on interest with a free 100% offset account and buy your property with just a 10% deposit. This loan is not available for construction.
ME Basic Home Loan
2.58%
2.6% p.a.
$0
$0 p.a.
80%
$41,611.14
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
Well Home Loans Balanced Fixed Home Loan
1.99%
2.17% p.a.
$250
$0 p.a.
90%
$57,635.86
A low fixed mortgage with an optional 100% offset account. Not available for construction purposes.
BankSA Advantage Package Fixed Home Loan
2.09%
3.46% p.a.
$0
$395 p.a.
80%
$55,240.95
Competitive fixed rate loan. Refinancers borrowing $200,000 or more can get cashbacks between $2,000 and $4,000 depending on their loan to value ratio (Other terms, conditions and exclusions apply
Well Home Loans Balanced Variable
2.52%
2.55% p.a.
$250
$0 p.a.
90%
$43,021.3
A very low variable interest rate for borrowers with a 10% deposit. Add a 100% offset account for $10 a month. Not available for construction purposes.
Athena Variable Home  Loan
2.29%
2.23% p.a.
$0
$0 p.a.
80%
$50,287.93
A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.
ME Flexible Home Loan Fixed with Members Package
2.19%
3.3% p.a.
$0
$395 p.a.
80%
$52,372.04
Get a low 3 year fixed rate with a 100% offset account and package discounts.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.48%
3.77% p.a.
$0
$395 p.a.
95%
$44,605.04
$2,000 refinance cashback
Enjoy a discounted fixed rate and the ability to package the loan with other financial products. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
Virgin Money Reward Me Variable Home Loan
2.59%
2.76% p.a.
$300
$10 p.a.
60%
$41,255.02
$3,000 refinance cashback.
A variable rate loan for owner occupiers with a 40% deposit (or equity) borrowing under $500,000. 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 29 November 2020 and settle by 28 February 2021.
Heritage Bank Fixed Rate Home Loan
2.19%
4.23% p.a.
$600
$8 p.a.
95%
$52,015.55
Get a partial offset account and the option to make interest-only repayments.
HSBC Home Value Loan
2.64%
2.65% p.a.
$0
$0 p.a.
90%
$40,487.62
A competitive value home loan with no ongoing fee.
Virgin Money Reward Me Variable Home Loan
2.5%
2.67% p.a.
$300
$10 p.a.
60%
$43,798.03
$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 29 November 2020 and settle by 28 February 2021.
ME Flexible Home Loan With Member Package
2.74%
3.19% p.a.
$0
$395 p.a.
80%
$36,951.4
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
Heritage Bank Discount Variable Home Loan
2.68%
2.73% p.a.
$600
$0 p.a.
80%
$38,258.78
Family guarantee option available. Enjoy flexible repayments and a low minimum loan amount.
Newcastle Permanent Building Society Fixed Rate Home Loan
2.38%
4.11% p.a.
$595
$0 p.a.
90%
$46,959.7
$2,000 refinance cashback
Investors can take advantage of a short term fixed rate with no ongoing fees. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
ME Flexible Home Loan Fixed
2.34%
3.82% p.a.
$0
$0 p.a.
80%
$48,346.78
Pay no application fees and access a fee-free redraw facility with this fixed rate loan.
Heritage Bank Advantage Package
2.39%
3.23% p.a.
$0
$350 p.a.
95%
$46,954.14
Get a partial offset account and flexible repayments with this package loan.
UBank UHomeLoan Fixed
2.29%
2.84% p.a.
$395
$0 p.a.
80%
$49,741.49
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
Athena Variable Home  Loan
2.84%
2.44% p.a.
$0
$0 p.a.
80%
$34,771.25
Owner occupiers can refinance to one of the most competitive interest-only rates in the market. No application fee and no ongoing fees.
CUA Fixed Rate Home Loan
1.97%
3.86% p.a.
$600
$0 p.a.
95%
$57,912.26
Pay no ongoing fees and lock in your rate for 3 years to organise your budget. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs. Eligible refinancers can get a $2,000 pre-paid credit card when they switch to CUA.
UBank UHomeLoan Fixed
2.29%
2.47% p.a.
$395
$0 p.a.
80%
$49,741.49
A one year fixed rate offer with no ongoing bank fees.
ME Flexible Home Loan Fixed
2.34%
3.98% p.a.
$0
$0 p.a.
80%
$48,346.78
Get a low fixed rate and pay no application or ongoing fees.
UBank UHomeLoan Fixed
2.44%
2.85% p.a.
$395
$0 p.a.
80%
$45,562.25
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
Newcastle Permanent Building Society Premium Plus Package Home Loan
2.94%
3.34% p.a.
$0
$395 p.a.
95%
$31,486.78
$2,000 refinance cashback
New borrowers or refinancers can get a discounted rate with this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
UBank UHomeLoan Fixed
2.29%
2.44% p.a.
$395
$0 p.a.
80%
$49,741.49
A competitive 3 year fixed rate with no ongoing bank fees.
Newcastle Permanent Building Society Fixed Rate Home Loan
2.58%
3.99% p.a.
$595
$0 p.a.
95%
$41,330.84
$2,000 refinance cashback
Borrow up to 95% LVR of the value of the property you're buying and pay no ongoing fees. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
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How much can I save by refinancing my home loan?

Refinancing to a lower interest rate will lower your monthly mortgage repayments. And 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 $75,551 over 25 years by switching to a lower rate loan. This is just an estimate of course, 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 $75,551

According to figures from the Australian Bureau of Statistics, 31,045 Australians refinanced their home loans in July 2020. The average loan size refinanced was $424,980.

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 5 years into a 30-year mortgage with the information above and decides to refinance. They find a fixed rate loan through Finder with a rate of just 2.14% and minimal fees.

Loan details
Loan amount $424,980
Loan term 25 years
Current interest rate 3.30%
New interest rate 2.14%
Current monthly repayment $2,082
New monthly repayment $1,830
Savings (monthly) $252
Savings (yearly) $3,024
Savings (25 years) $75,551

These are significant savings: over $75,000 in 25 years. 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 the numbers.

🔥 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 reduce. 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.

Other reasons to refinance your home loan

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.

How do I refinance my 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. It never hurts to ask for a lower rate and if your lender agrees then you can save yourself the hassle of 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.

And that's the basic refinancing process. To give you more help, this page contains a list of all the documents you'll need to submit a home loan application. And if you want expert refinancing guidance, you can also speak to a mortgage broker.

Read our detailed, step-by-step refinance guide

How much does refinancing cost?

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

  • 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 and may charge a fee for it.
  • Discharge fees. Lenders often charge a fee to end a home loan, whether by refinancing or paying the loan off.
  • Fixed rate break costs. If your current home loan has a fixed interest rate then you can face higher costs for breaking the loan. Read our guide on fixed loan break costs for more information. If this cost is too high you should wait until the fixed period ends before refinancing.
  • 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 scenario (using government fees from Victoria):

Fee/cost Amount
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

Are there situations where I shouldn't refinance my home loan?

There definitely are cases where refinancing will cost you more. 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 isn't worth it. Check with your current lender for a better idea of your break costs (it's hard to calculate on your own).

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

If you don't own much of the property then you'll have a harder time refinancing. If you need to borrow more than 80% of the property's value you will have to pay lenders mortgage insurance (even if you paid it on the first home loan). This can be a big cost and makes refinancing pointless.

Your property has lost value

Your equity is also determined by your property's value. It's hard to refinance if you own 20% of a property you paid $700,000 for if that property is now only worth $650,000.

While this is a relatively rare scenario, properties can lose value. This sometimes happens because the property is damaged or the local property market is in a decline. In this situation you'l need to get professional valuation and make sure you have enough equity to refinance.

Your loan amount is small or you're selling soon

If your loan amount is relatively minimal then the savings from refinancing aren't worth the hassle. And if you're selling soon you won't benefit from the savings much either.

Read more on this topic

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63 Responses

  1. 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 Customer Care
      JeniMay 18, 2019Staff

      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 to shop around, kindly check out this page to start comparing your options. You may use the refinancing calculator on this page 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

  2. Default Gravatar
    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?

    • Avatarfinder Customer Care
      JeniApril 6, 2019Staff

      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

  3. Default Gravatar
    BekimApril 2, 2018

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

    • Default Gravatar
      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

  4. Default Gravatar
    JacquiMarch 11, 2018

    Hello there!
    I will be 57 years of age in May, am single, working full time, and this would be my first home. My total assets are worth around $75k. I have $25k-$30K deposit total.
    If you could just advise me please of how much property price could I afford? The total apartment price that it.
    Much appreciated
    J

    • Avatarfinder Customer Care
      MayMarch 21, 2018Staff

      Hi Jacqui,

      Thanks for your inquiry.

      The amount you can borrow (relative to the price of the property) for a home loan is basically up to the lender based on their assessment of your overall financial situation. Usually, they would consider some factors like your income, employment, assets, other liabilities and even credit history. Nevertheless, if you like to calculate an estimate, you may use the calculator we have on this page. Alternatively, you can reach out to a mortgage broker who can offer a range of home loan options.

      Hope this helps.

      Cheers,
      May

  5. Default Gravatar
    ChristineJuly 12, 2017

    Hi just wondering what the process is for changing name on the title from sole proprietor to joint proprietors when there is a mortgage on title?

    • Default Gravatar
      ArnoldJuly 20, 2017

      Hi Christine,

      Thanks for your inquiry.

      Whilst your property is on mortgage, it is still possible to change the ownership of the property. There’s a guide on this page – https://www.finder.com.au/guide-to-changing-property-ownership that outlines how you can go through the process. But first, you’d need to speak to your lender about your plan in changing the type of ownership of your property.

      Hope this information helped.

      Cheers,
      Arnold

  6. Default Gravatar
    PhilJanuary 18, 2017

    If I have two St George loans with a mate of mine…(both our names on both…he pays one and I pay the other) what is the best way of getting out of having two loans and having only one with my name and one with his name on it?

    Phil.

    • Avatarfinder Customer Care
      DeeJanuary 19, 2017Staff

      Hi Phil,

      Thanks for your question.

      It is possible to refinance a joint home loan to an individual loan and get a better rate through any of the options above. Please note that you should meet certain eligibility criteria to get approved. Please click the name of the loan product on our page so you’ll see the details how to qualify. The ‘go to site’ button is for submitting your application.

      You may want to consider getting in touch with a mortgage broker if you need assistance in finding a suitable home refinancing loan.

      Cheers,
      Anndy

  7. Default Gravatar
    SenitaOctober 12, 2016

    How to refinance the exsiting mortgage for low interesr rate

    • Avatarfinder Customer Care
      DeeOctober 13, 2016Staff

      Hi Senita,

      Thanks for your question.

      If you are looking to refinance your existing mortgage, the step-by-step refinancing process is explained in the above infographic.

      Should you need assistance in finding a suitable home loan, a mortgage broker can help.

      Cheers,
      Anndy

  8. Default Gravatar
    RichardJune 10, 2016

    I have a rented unit in Sydney that I would like to refinance to buy land in NZ where I now live. I have contacted a broker who came back with 75% LVR (thats OK), but with a whopping 7.35% interest.

    What other options are open to me?

    • Avatarfinder Customer Care
      MarcJune 14, 2016Staff

      Hi Richard,
      thanks for the question.

      You’ve come through to finder.com.au, a comparison service. Unfortunately by law we’re unable to suggest specific home loan rates and fees which you could apply for. It might be a good idea to contact a number of lenders that you’re interested in or alternatively speak to another broker to get another recommendation.

      Cheers,
      Marc.

  9. Default Gravatar
    RosApril 3, 2016

    Do you know if any of the lenders will re-finance pensioners? Both aged 60, and still have 15 years left on current mortgage

    • Avatarfinder Customer Care
      MarcApril 4, 2016Staff

      Hi Ros,
      thanks for the question.

      While I can’t by law suggest specific lenders to try to refinance to, a good mortgage broker will be able to give you a personalised suggestion of which lenders to speak to.

      I hope this helps,
      Marc.

    • Avatarfinder Customer Care
      BelindaApril 4, 2016Staff

      Hi Ros,

      Thanks for reaching out.

      It may be difficult to qualify for a refinance if you are pensioners as most lenders will review you as high-risk borrowers. However, your best course of action would be to speak to a licensed mortgage broker to discuss your refinance options. A broker can help you understand your borrowing capacity and they can draw upon a panel of lenders, including specialist or non-bank lenders, that may have more lenient eligibility criteria.

      Ultimately, a broker will determine your propensity to repay the refinanced loan by taking into account your income sources, assets, credit history and any existing debts that you have. This type of application will be treated on a case-by-case basis.

      We have a page about refinancing after retirement which you might find useful.

      All the best,
      Belinda

  10. Default Gravatar
    TerryMarch 21, 2016

    I have A mortgage in New Zealand and I wondered if I could refinance that mortgage in Australia. I live and work in Australia now and it costs money to transfer to and from New Zealand. Or is there a way I could get part of a loan, say 100000 to pay part of that mortgage off and pay it in Australia? Thanks

    • Avatarfinder Customer Care
      BelindaMarch 22, 2016Staff

      Hi Terry,

      Thanks for reaching out.

      Most Australian lenders prefer that the security for the home loan is based in Australia, so it may be difficult for you to refinance the mortgage in this case. However, your best course of action would be to speak to a licensed mortgage broker as they’ll be able to help you understand your refinancing and borrowing options.

      To minimise the cost of transferring funds to and from New Zealand, you can compare a range of global money transfer providers to find one with competitive terms.

      All the best,
      Belinda

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