Compare Refinance Home Loans 

With interest rates rising, now is a good time to review your home loan and consider refinancing with a lower rate to save on your repayments. Compare refinance home loan rates and lenders below or learn more about tapping into your property's equity with our range of refinance guides and calculators.

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refinance home loans

Refinance home loan comparisons on Mozo - last updated 22 February 2024

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  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.11% p.a.

    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.

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    Details
  • Straight Up

    Obliterate, Owner Occupier, Principal & Interest, <50% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.24% p.a. variable
    6.24% p.a.

    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.

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    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.64% p.a.
    fixed 3 years
    6.52% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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    Details
  • Straight Up

    Obliterate, Investor, Principal & Interest, <50% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.34% p.a. variable
    6.34% p.a.

    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.

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    Details
  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    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.

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  • Flex Home Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.19% p.a. variable
    6.43% p.a.

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process.

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    Details
  • Elevate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.20% p.a.

    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.

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    Details
  • Flex Home Loan

    Owner Occupier, Principal & Interest, LVR 60-70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.19% p.a. variable
    6.43% p.a.

    Compare
    Details
  • Mozo Expert Choice Badge
    Variable Investor Home Loan 80

    Investor, Principal and Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.34% p.a. variable
    6.36% p.a.

    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.

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    Details
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*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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Refinance home loans monthly snapshot: February 2024

When you refinance your home loan, keep an eye out for deals that can put a little cash back in your pocket. 

In February, the Mozo database tracks a variety of special offers from lenders, ranging from cashback deals, to fee waivers, to a home loan interest rate that goes down each year. 

Cashback deals

Lenders offer cashback deals as a way to draw in new customers. You can do whatever you want with the lump-sum they give you, including putting it towards your repayments. 

As always, if you're refinancing your home loan, you'll want to compare home loan interest rates to make sure you're getting a rate that helps trim down your repayments. 

Greater Bank has a cashback deal for home loan refinancers worth up to $3,000, for those with a loan-to-value ratio (LVR) of <80%, who move their loan over to its Great Rate Home Loan (T&Cs and lending minimums apply).

Bank of Queensland (BoQ) also has a cashback deal for refinancers with LVR <80%, offering $2,000 cashback with the BoQ Clear Path Variable Rate Special Offer Home Loan (T&Cs and lending minimums apply). 

ANZ also joins the ranks of lenders offering cashback with its Standard Variable Rate home loan. If you're refinancing, you could get $2,000 cashback, as long as your existing loan is over $250,000 (T&Cs and lending minimums apply).  

Newcastle Permanent’s Special Real Deal Home Loan currently offers a $2,000 cashback deal when you refinance your home loan online, with at least $250,000 of new borrowing (T&Cs and lending minimums apply. 

ME’s Basic Home Loan offers up to $3,000 cashback when you refinance your home loan with ME. The $3,000 cashback is only for refinancers with a loan value over $700,000. Otherwise, those refinancing loans worth between $400,000 to $700,000 may be eligible for a $2,000 cashback deal (T&Cs and lending minimums apply. 

St.George’s Basic Home Loan Special Offer could earn you $2,000 cashback when you refinance your home loan worth $250,000 or more, and your LVR is 80% or less (T&Cs and lending minimums apply). 

Establishment fee waivers 

Great Southern Bank’s Basic Variable home loan has a deal for refinancers where they may waive your loan establishment fee if you refinance your home loan (min. $100,000) with them before February 29, 2024 and settle before 31 May, 2024 (T&Cs apply). 

Annual rate discounts

Unloan’s Variable home loan is only for refinancers and offers a loyalty discount of 0.01% p.a. Every year, up to a maximum total discount of 0.30% p.a. (T&Cs apply). 

Check out more of the latest deals from a range of lenders by comparing refinance home loans here. Or, learn more about getting a new loan by reading through our refinancing guides.


How to refinance your home loan to the perfect fit

Your home loan is a long term financial commitment which can span anywhere from 25 to 30 years. But that doesn’t mean you’re stuck with the same deal that whole time! Refinancing your home loan is the perfect way to score an offer that will save you money and suit your current budget better.

We’ve answered some of the most frequently asked home loan refinance questions below, to help get you started on the path to switching.

Why refinance my home loan?

There are heaps of good reasons to refinance your home loan, from saving money to reworking your household budget. Some of the main ones include:

To save with lower repayments. One of the big perks of refinancing a home loan is that you can potentially save thousands of dollars by switching to a lower interest rate. Better in your pocket than the bank’s, right?

To pay your loan off faster. Another big benefit of refinancing is that, by switching to a lower interest rate but keeping up the same repayments you make now, you can shave years off your loan term. This will not only mean you’re mortgage free
sooner, but will also save you on interest.

To access flexible features. When you were wading into the world of home loans for the first time, you might have decided to keep things simple with a basic no-frills option. But now that you’ve had that loan for a few years (or a decade) you
might want to refinance to an option with a few more features, like an offset account, extra repayments or a redraw facility.

Because your LVR has changed. If you picked up your first home loan with a small deposit of 10% or even 5%, then you probably didn’t get the absolute best interest rate around, since the best offers are reserved for borrowers with LVRs of 80% or below. Once you’ve paid off some of your loan and your LVR decreases, you may be able to snag a better interest rate.

Because your financial situation has changed. Chances are, some things have changed since you first signed up for your home loan. Maybe you got a new job, or you had kids, or you paid off other debts that were dragging you down. All these things can mean that a different home loan offer will now suit you better.


How do I refinance my home loan in Australia?

Refinancing your home loan simply means that you take out a new home loan to replace your old one. Benefiting from a lower interest rate, access to more features and greater flexibility are just some of the reasons why a number of people choose to refinance.  

When you switch home loans you will more often than not have to use some or all of the funds to pay off your old home loan. Depending on what works best for you or what deals are available when you’re looking to refinance, you can either stick with your existing lender or switch to a new one entirely.  

It simply depends on where you can find the best deal to benefit you. If your existing lender has an enticing home loan package that you want to switch to then it’s definitely worth looking into, or if an online lender has a rate that catches your eye, you might want to get more information about that. 

Once you’ve decided which lender/home loan you want to switch to, your new lender will pay out your existing home loan in full with your new home loan.

How much could I save by refinancing my home loan?

Okay, we know the main reason you’re thinking about refinancing is probably
because of the savings on offer - but just how much cash can you put back in your pocket by switching to a better home loan deal?

That will depend on your loan amount, how long you have left on your loan term and what interest rate you’re switching to and from. But to give you an idea, let’s look at an example.

Say you have $400,000 left on your home loan and you’re 10 years into a 30 year loan with an interest rate of 4.20%. If you stick with this loan, your monthly repayments would be $1,956, and over the next 20 years, you’d pay $152,207 in interest.

Now, imagine you refinance that loan to an offer with 3.60% interest. Your monthly repayments would drop to $1,819, and over the next 20 years, you’d pay $125,650. That’s a saving of $26,557. Imagine the luxury holiday you could take with that!

Where to compare refinance home loan rates 

If you’ve decided to refinance your home loan to a better deal, now comes the tricky part of finding the right home loan to switch. Since the goal of refinancing is to save on your repayments, choosing a loan with a lower interest rate is critical. So if you’d like to find out how much you could be saving on your home loan, make our Home Loans Interest Rates page your next stop.

Does refinancing cost money?

Despite the fact that the ultimate goal of refinancing is to save you money in the long run, initially there may be some costs involved. These costs will mostly come in the form of fees.

Of course, if you’re staying with the same lender and simply switching to another home loan, you may be able to avoid any additional charges. However, if you’re jumping ship to an entirely new home loan lender or bank, then chances are your old lender may hit you up for a penalty or exit fee.

Below is a list of some of the fees you may have to pay while refinancing:

  • A termination/discharge fee. Your old bank or lender may charge you a fee to terminate your existing home loan early. This fee could range anywhere from $0-600. 
  • A break fee. You may be charged a break fee, if you’re looking to refinance from a fixed interest rate home loan.
  • Application fee. Your new lender or bank may also charge you an upfront application fee, although this is sometimes waived if you have a good enough credit score.
  • Registration fee. Another potential cost to think about is the registration fee, which you may have to pay when you move your existing mortgage over to your new lender. The cost for this may depend on what state you live in.
  • Valuation fee. Your new lender may wish to have an up-to-date valuation done on your property, meaning that you may have to come up with the fee for the valuer to visit your property.
  • Settlement/legal fee. Finally, once everything is settled, you may have to pay a settlement or legal fee.

It’s clear that refinancing your home loan can come with a fee or two to start with, which is why doing your research and figuring out your long term savings is key. Basically you just have to make sure that what you save in the long run, will far outweigh what you have to pay upfront to switch. You can use Mozo’s home loans switch and save calculator to get some idea of what your savings will be.

Does refinancing hurt your credit score?

The simple answer is yes - refinancing your home loan could have an impact on your credit score.

But, as Oscar Wilde once wrote “everything in moderation, including moderation.” In other words, unless you’re refinancing all over the shop, multiple times in one year, switching your home loan shouldn’t have a huge impact on your overall score.

When you refinance a loan, your potential new lender will conduct an official check of your current credit report. This is known as a hard pull credit inquiry and will be listed on your credit history. The number of hard pull credit inquiries you have listed on your report can affect your overall credit score, so it’s best to only apply for a new home loan if you’re positive you want to switch.

Too many hard pull inquiries conducted in a short space of time, could potentially have a negative impact on your credit score. The key takeaway is to do your research, be selective and to only apply when you’re positive the new lender and home loan has a lot to offer you.

Is there any reason why I wouldn’t refinance?

Refinancing your home loan is not always the best idea. For starters, you might
already be on the best home loan offer around, in which case, it's unnecessary. But even if you do spy a lower rate when comparing home loans, refinancing may not be a good move, if you:

  • Are in the middle of a fixed term. Fixed rate home loans often come with break fees attached. This means, if you pay off or refinance your loan before the fixed period ends, you might get hit with a hefty fee. In this case, you’ll need to weigh up the benefits of refinancing against the cost of the break fee to decide on the right course of action.
  • Still have an LVR above 80%. If you took out a home loan with a deposit of less than 20%, you probably remember the sting of having to pay Lender’s Mortgage Insurance. Well, unfortunately, refinancing your home loan when you still need to
    borrow more than 80% of your home’s value will mean you’ll have to pay
    Lender’s Mortgage Insurance all over again.
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JP Pelosi
RG146
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

More FAQs about home loan refinancing


When should you refinance? 

There’s no set schedule to follow in terms of when you should refinance your home loan, but it can certainly be worth regularly checking in to see how competitive your interest rate is - say, once a year. One place to start is by seeing how your current rate stacks up against the latest average home loan rates in the Mozo database as a rough guide, then comparing it to a few offers from different lenders.   

Another trigger that may suggest it’s time to consider refinancing is if you’ve paid off a chunk of your loan or your home equity has increased. That’s because many lenders offer rate discounts for home loans with lower LVRs, so it’s possible you could be able to take advantage of this by refinancing (or negotiating with your current lender).

How long does it take to refinance a home loan?

That’s a tricky question, because it can take days or weeks depending on your situation. At first, when you’re researching your refinance home loan options and getting all your necessary documentation together, you’re entirely in charge of how long it takes - you might get it all done in an afternoon, or you could do it over a week or two. Once you’ve applied for the refinancing loan, things are in the bank’s hands and there’s two options: fast track refinancing, or standard refinancing.

  • Fast track: If you want to get your refinancing done and dusted, then you can ask your new lender about fast refinancing, which can take as little as three days. This essentially means that your new lender will pay out your loan before receiving the title to your home, speeding the process along. Keep in mind, your new lender may require you to pay title insurance, in case there are problems when transferring the title after they have paid out your loan.
  • Standard process: The other option is to stick to the standard refinancing process, which generally takes around 3-4 weeks. In this process, you apply to refinance your home loan with the new lender, then they will contact your old lender to transfer your debt over. It takes a bit longer to refinance this way, but the good thing is that you won’t need to pay title insurance.

Does refinancing start your loan over? 

Yes, in the sense that when you refinance with another lender you technically take out a new loan. However, that doesn’t mean your repayments start from square one! After all, you’ve already put in the hard yards by paying some of your loan down, so that won’t disappear. Refinancing also doesn’t mean you’ll be forced to take out another 25 or 30 year loan - you should be able to negotiate with the lender you’re refinancing with as to the length of your loan term.    

How much equity do I need to refinance?

The general rule is that you’ll want to have at least 20% equity built up (so a LVR of 80% or lower) before you consider switching home loans, otherwise you may face the prospect of having to take out lenders mortgage insurance again - an expense you can do without.  

As we mentioned above, many lenders also provide even lower rates for borrowers with lower LVRs or greater equity, so don’t forget to shop around whenever your loan to value ratio falls below a new threshold e.g. 70%, 60% etc.

What documents do I need to refinance my mortgage? 

As with any home loan application, you’ll need to pull a few documents together when refinancing your mortgage. Some of those may include:  Identification: e.g. a passport, drivers licence or a birth certificate Income: e.g. recent payslips, tax returns or a group certificate Assets and liabilities: e.g. investments you hold or any credit card or loan debt you may have (including your current home loan) Expenses: e.g. bank statements indicating how much you spend

What loan features should I look for when I refinance?

While you’re refinancing your home loan, why not score some handy features to help you save even more? There are tonnes of different home loans, ranging from basic options to full feature packages with all the bells and whistles, so you’re sure to find an option that has the features you want.

A couple to keep an eye out for include:

  • Free extra repayments. Being able to make extra repayments and pour every spare dollar into paying off your home loan will not only mean you’re debt free quicker, but it can also cut down on the amount of interest you pay.
  • Redraw facility. This is a nice feature to have, just in case you go a bit overboard with those extra repayments, and then find yourself needing the cash for an unexpected bill. Remember that even if your loan comes with a redraw facility, there may be a minimum amount you need to redraw at a time, or there could be a fee. Look for an option that offers free redraw!
  • Offset account. A super easy way to cut down on the amount of interest you pay on your home loan is to stick your savings in an offset account. This effectively lowers the principal amount you pay interest on every single day - without you lifting a finger.

Do you have to pay fees to refinance a home loan?

One of the barriers to refinancing is that there are a number of fees that may apply when you do so. First of all, when you close out your old loan, you might be hit with a discharge or early break fee.

Then the new loan may include all the usual fees, such as application fee, valuation fee or yearly service fee. You should keep these in mind when deciding to refinance, and make sure the cost of fees doesn’t outweigh the benefit of making a switch.

Is it cheaper to refinance with my current lender? 

It’s a good question. Before refinancing your home loan with a new lender it’s worth checking in with your existing bank or lender to see if they’d be willing to offer you a better interest rate. That’s because discharge fees, as well as any set up fees with a new loan, can sometimes be expensive. 

Of course, if your existing lender isn’t prepared to offer you a rate that’s as competitive as other rates on the market then you’ll need to weigh up the benefits of making the switch (e.g. a lower rate and repayments) versus any costs associated with switching (e.g. fees). 

Can I get cash back by refinancing my home loan?

Aside from more competitive interest rates, one incentive some lenders will offer to refinancers is a home loan cashback deal. These cashback offers tend to range anywhere from $1,000 to $3,000 and even above, though they’re typically only available to refinancers who meet certain criteria such as a minimum loan size and LVR. 

Just remember, these loans with cashback deals don’t always come with the most competitive home loan rates around, so it’s also worth doing your research and comparing various offers first.

Ok, I’m ready to switch loans. Where do I start?

If you’re ready to take the plunge and refinance your mortgage to a better deal, you can start by comparing your home loan options in the table above. When you find the perfect fit, just click the blue ‘go to site’ button to go through to the lender’s website to get the ball rolling and apply to refinance, so consider looking at our comparisons to find the best mortgage available.

Or you could try out our Switch and Save calculator, which will not only show you a bunch of refinancing home loan options, but also how much you could save by making a change, don't forget an interest only home loan can be a great option too

Home Loan Reviews

Westpac Home Loan
Overall 1/10
Avoid Westpac at all costs

Westpac have proven to be completely incompetent, lied and their customer service is as poor as I've ever experienced. Even a complaint direct to the Managing Director proved a total waste of effort, as she never had the courtesy to even respond. Australia's worst bank.

Read full review

Westpac have proven to be completely incompetent, lied and their customer service is as poor as I've ever experienced. Even a complaint direct to the Managing Director proved a total waste of effort, as she never had the courtesy to even respond. Australia's worst bank.

Price
2/10
Features
3/10
Customer service
1/10
Convenience
7/10
Trust
1/10
Less
Ian, Victoria, reviewed 2 days ago
Macquarie Offset Home Loan (Package)
Overall 10/10
Great service and comparable rates

We have been with Macquarie for over a year and a half. We have our mortgage with them and combined offset bank accounts. They are very competitive in terms of their interest rate. They have great customer service and good services. We like the fact that we can have up to 7 separate offset accounts which we use to put separate savings aside for. We haven’t had any issues however I know their customer service is great.

Read full review

We have been with Macquarie for over a year and a half. We have our mortgage with them and combined offset bank accounts. They are very competitive in terms of their interest rate. They have great customer service and good services. We like the fact that we can have up to 7 separate offset accounts which we use to put separate savings aside for. We haven’t had any issues however I know their customer service is great.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Tanya, Western Australia, reviewed 2 days ago
Westpac Rocket Repay Home Loan
Overall 10/10
Where else but Westpac..

Was going to leave the bank for better rates. Retention office made contact with us and provided interest rates much lower than all other banks. Now, I make contact annually direct to the retention office to try and get a better deal. Easy to deal with, contact was immediate by either phone or email. Initial set up of homeloan in branch was easy and Westpac employee was extremely helpful and genuinely wanting to help.

Read full review

Was going to leave the bank for better rates. Retention office made contact with us and provided interest rates much lower than all other banks. Now, I make contact annually direct to the retention office to try and get a better deal. Easy to deal with, contact was immediate by either phone or email. Initial set up of homeloan in branch was easy and Westpac employee was extremely helpful and genuinely wanting to help.

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Renee, Victoria, reviewed 2 days ago

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