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Owner Occupier, Refinance Only, LVR <80%
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
Read our Mozo Review to learn more about the Unloan Unloan Variable
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Package, Owner Occupier, LVR<60%, Principal & Interest
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Read our Mozo Review to learn more about the Macquarie Offset Home Loan
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Owner Occupier, Principal & Interest, LVR <60%
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Read our Mozo Review to learn more about the ubank Neat Home Loan
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Obliterate, Owner Occupier, Principal & Interest, <50% LVR
Get a low variable rate depending on your deposit with Athena’s Straight Up Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.
Get a low variable rate depending on your deposit with Athena’s Straight Up Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.
Read our Mozo Review to learn more about the Athena Straight Up
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Fixed, Owner Occupier, Principal & Interest, LVR <60%
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about the ubank Flex Home Loan
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Owner Occupier, Principal & Interest, <60% LVR
BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
Read our Mozo Review to learn more about the BCU Bank OMG Home Loan
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Obliterate, Investor, Principal & Interest, <50% LVR
Investors get a low variable rate depending on your deposit with Athena’s Straight Up Investor Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.
Investors get a low variable rate depending on your deposit with Athena’s Straight Up Investor Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.
Read our Mozo Review to learn more about the Athena Straight Up
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Fixed, Owner Occupier, Principal & Interest, LVR<70%
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
Your selected home loans
Investment, Refinance Only
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
Read our Mozo Review to learn more about the Unloan Unloan Variable
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Owner Occupier, Principal & Interest, <80% LVR
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
Read our Mozo Review to learn more about the ANZ Fixed Rate
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Owner Occupier, LVR 60-70%, Principal & Interest
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 30% Deposit required.
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 30% Deposit required.
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
Your selected home loans
Owner Occupier, Principal & Interest, LVR 70-80%
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process.
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process.
Read our Mozo Review to learn more about the ubank Flex Home Loan
Your selected home loans
Owner Occupier, Principal & Interest, <80% LVR
Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
Read our Mozo Review to learn more about the Aussie Elevate
Your selected home loans
Owner Occupier, Principal & Interest, LVR 60-70%
Read our Mozo Review to learn more about the ubank Flex Home Loan
Your selected home loans
Investor, Principal and Interest, LVR<80%
Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.
Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.
Read our Mozo Review to learn more about the loans.com.au Variable Investor Home Loan 80
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Thinking of refinancing your home loan? You’re not alone.
Research shows that home loan refinancing rates rose 11% last year, as borrowers sought to switch to lower interest rates and minimise damage from the rising RBA cash rate.
In 2024, experts predict that interest rates will come down sometime after September to December.
As the cash rate drops, more and more lenders will offer attractive refinancing rates, which could bring down interest rates across the market.
But you don’t have to wait for the RBA to make a move before you compare refinance home loan rates.
In fact, there are plenty of rates in our database that beat the average variable owner-occupied home loan rate (P&I, $400k, <80% LVR) of 6.83% p.a.
So, if you’re currently on an above-average rate, and you’re able to switch home loan lenders, check out some of the lowest refinance rates in March below.
In the Mozo database at 29 February 2024, for owner-occupied, variable rate loans of $400,000, paying principal and interest, with <80% LVR.
Of course, those are just a few options, and might not necessarily suit your needs and wants.
So, make the most of our refinance home loan comparison tool and keep an eye out for features you might want like offset accounts or redraw facilities.
Or, learn more about getting a new loan by reading through our refinancing guides.
Unhappy with your home loan or lender? Refinancing is the process of switching from one mortgage to another.
Some great reasons to refinance your home loan include:
Ultimately, the purpose of refinancing is to save money, time, or stress – ideally, all three at once. Sometimes the grass truly is greener on the other side!
There are several key ways to refinance your mortgage. Let's run through a few.
This type of refinancing switches your home loan interest rate and loan term.
For example, you could refinance to a lower interest rate and extend your loan term to lower your mortgage repayments.
Conversely, you could refinance to shorten your loan term and save on overall interest.
If you’ve built up considerable home equity, it is possible to refinance your loan to get cash out.
Your home equity is the value of your homeownership, i.e. how much of your property you already own.
To get cash out, you refinance your home loan and borrow from the equity you've built up overtime.
This can increase your loan payments and extend your loan term.
However, it can also be a useful way to fund projects, like a second investment property or home renovations.
Debt consolidation loans combine multiple loans, such as credit card debt, personal loans, and mortgages into a single loan.
It can be a useful way to tackle outstanding debt.
However, this can also spread debt over a longer period of time and increase your interest rate.
Some key benefits of switching home loans include lower monthly payments, shorter loan terms, and gaining access to better home loan features like offset accounts.
However, these advantages will depend on your new and old home loan. For refinancing to work, it’s vital to find a home loan deal that ticks all your boxes.
Smaller home loan lenders usually have sharper rates and more innovative savings features, including quick online refinancing.
Before you refinance your home loan, ask yourself some basic refinancing questions, such as costs, dislikes, and wish lists.
Refinancing doesn’t reduce your debt – your outstanding loan amount will remain the same when you switch.
However, comparing refinance home loans can help you see which mortgage ultimately costs you less.
For instance, switching interest rates, gaining interest-saving features, or changing your loan term could save you overall interest, even if you have some steeper payments upfront.
You can see how switching interest rates saves you money over time in the graph below. Try your own calculations using our home loan comparison calculator.
Refinancing home loans can come with some additional upfront fees.
For example, you may have to pay charges and penalties for leaving your old home loan, such as fixed mortgage break costs and home loan settlement fees.
You may also have to pay fees for your new home loan, such as property valuation or application fees, though some lenders will cover or waive these.
Every time you apply for credit, it counts as a “hard inquiry” on your credit report. If you get rejected too many times trying to refinance, it could lower your credit score and make it harder to refinance your home loan.
Luckily, there are some strategies you can take to refinance with bad credit.
Refinancing follows a similar process to taking out your initial home loan. The main difference is you already have the property.
Let’s look at how to refinance your mortgage, step-by-step.
Put your finances in order at least 3 months before you refinance. Check your spending and credit history.
Identify what you want in your new mortgage and compare offers with better features, rates, and fees.
Ready to switch? Get your refinance application to show your new lender why you’re a great bet.
Refinancing is like lodging your home loan application again. This means you’ll need identity documents, financial statements, and your property information.
Here is the typical list of home loan documents you’ll need to refinance. Your new home loan lender might require additional supporting documents.
How much can you save by refinancing? It depends on the borrower and lender. Luckily, Mozo’s free, interactive home loan calculators make it easy to crunch your costs.
Use these handy tools to calculate your borrowing power, estimate potential savings, and compare refinance home loans. Get started below!
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Yes, it is possible to refinance with your current lender. This is common when moving LVR tiers or switching to a different home loan product.
No, you do not have to switch home loan lenders to refinance your home loan, but comparing lenders is an option to consider.
For instance, if you’re dissatisfied with your current lender’s customer service, lack of features, or inflexibility with negotiating interest rates, you could refinance to a lender that’s a better fit.
It depends on the refinancer. Sometimes it just takes a few days to refinance; sometimes, it takes a few months.
You can speed up the refinancing process by preparing your finances ahead of time, assembling your documents, and researching lenders and home loans till you find the right one for you.
Refinancing means qualifying for a new mortgage, so your new lender will look at your credit score and credit history to determine how safe you are as a borrower.
While your credit score isn’t the end all be all, it’s still a vital part of your home loan application.
You can refinance your home loan as often as you like, but remember that every time you apply to refinance, it registers as a “hard inquiry” on your credit report.
Lodging too many hard inquiries in a short period of time makes you look desperate for credit and therefore a home loan red flag. Ironically, this can also make it harder for you to refinance.
Negative equity means you owe more debt on your property than it’s worth.
Most home loan lenders have home equity requirements for refinancers, so unfortunately, if you have negative equity, it’s unlikely that you can refinance until your equity improves.
As a rule of thumb, it’s good to have at least a loan-to-value ratio (LVR) of at least 80% to refinance (20% equity).
Learn what you need to know about refinancing, including tips and traps, in our helpful guides. See all
Get the latest on property market trends, interest rates, and lending news from Mozo's expert writers. See all
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I have a small loan and am not offered the same as larger loan holders. I feel that any call to see if I can have a better deal is not regarded as the amount I owe (due to hard work) is not beneficial to the bank. I would like to refinance but don’t have the criteria needed to get a better deal. A place of do or don’t for me.
Read full reviewI have a small loan and am not offered the same as larger loan holders. I feel that any call to see if I can have a better deal is not regarded as the amount I owe (due to hard work) is not beneficial to the bank. I would like to refinance but don’t have the criteria needed to get a better deal. A place of do or don’t for me.
Increased interest rates higher than RBA rate increase amount which I thought was greedy as rates have been steadily increasing regularly.
Read full reviewIncreased interest rates higher than RBA rate increase amount which I thought was greedy as rates have been steadily increasing regularly.
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