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Refinance Home Loans

Many lenders reserve their most competitive rates for refinancers with equity in their property. This is why it’s always a good idea to review your home loan every few years, just to be sure you're still getting a competitive deal. 

The home loans market caters to many different buyers, so by switching loans and refinancing you could save thousands. Compare refinancing deals below.

Fact Checked

Refinance home loan comparisons on Mozo - last updated 24 October 2021

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
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    Mozo Experts Choice 2021
    Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.variable for 24 months and then 2.25% p.a. variable
    2.21% p.a.

    New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

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    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

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    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.87% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Includes an HSBC Premier Master Card with HSBC rewards and no annual credit card fee allowing you to earn points. Mozo Experts Choice Fixed Home Loan 2020^

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    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 3 years
    2.32% p.a.

    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.

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    Mozo Experts Choice 2021
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    2.02% p.a.

    Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

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    Fixed Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.97% p.a.
    fixed 2 years
    2.88% p.a.

    The IMB Fixed Rate Home Loan gives you peace of mind with the security of fixed loan repayments. You can also pay up to 12 months repayments in advance without penalty.

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    Special Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    3.67% p.a.

    Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.

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    Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a. variable
    1.99% p.a.

    Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Minimum 25% deposit required.

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  • Hot DealGet a decision on your application fast
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    Prime Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.44% p.a. variable
    2.49% p.a.

    Competitive low variable rates for borrowers with 30% deposit. Flexible home loan with no ongoing fees. Extra repayments and redraw available. Get a dedicated specialist for the loan application process.

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    Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.14% p.a. variable
    2.14% p.a.

    Competitive low variable rate. No application or account management fees. Flexibility to split your loan and set different repayment types. Fee free withdrawals of your savings.

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    Economy Variable Home Loan

    Owner Occupier, Principal & Interest, <70% LVR, Debt to Income ratio <6

    interest rate
    comparison rate
    Initial monthly repayment
    1.98% p.a. variable
    2.15% p.a.

    An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.

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    Well Balanced Fixed

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.14% p.a.
    fixed 3 years
    2.06% p.a.

    Super low fixed rate and only 20% deposit required. Optional 100% offset account. Free extra repayments and redraw facility. Flexible repayment schedule.

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    Mozo Experts Choice 2021
    Evaporate Variable Home Loan

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

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a. variable
    2.02% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

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    Details
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    Fixed Home Loan Special Offer

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.85% p.a.

    Competitive low fixed rates for owner occupiers. No monthly account keeping or loan establishment fees. 20% deposit required. Get $3K cash when you refinance to a Suncorp Bank home loan of $750K+ with LVR <= 90%. Apply by 30/11/21, settle by 28/02/22. (T&Cs apply).

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    Refinance SMSF Home Loan

    interest rate
    comparison rate
    Initial monthly repayment
    3.69% p.a. variable
    3.70% p.a.

    Competitive low rate Self-Managed Super Fund Home Loan. Available to refinancing SMSF Home Loan customers only. No application or ongoing fees. Unlimited extra repayments.

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    Equity Plus

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    1.87% p.a. variable
    1.90% p.a.

    Low rate variable home loan with optional offset. Free online redraw. No valuation fee. Purchase, refinance or equity release purposes allowed. Min 40% deposit.

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    Mozo Experts Choice 2021
    Liberate Variable Home Loan

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

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.08% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. Athena automatically lowers the rate as the loan is paid down. Winner of three Mozo Expert's Choice Awards for 2021.

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    Discount Variable Home Loan

    Owner Occupier, LVR<70%, over $700,000

    interest rate
    comparison rate
    Initial monthly repayment
    2.39% p.a. variable
    2.44% p.a.

    No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.

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    Mozo Experts Choice 2021
    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.64% p.a.

    Competitive fixed rates across 1 to 5 year terms. No application fee or annual fee. Free extra repayments (up to $10,000 per year). Winner of Australia's Best Large Mutual Bank 2021.

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    Details
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    Mozo Experts Choice 2021
    Discount Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.
    fixed 2 years
    3.07% p.a.

    Lock in a competitive rate for 2 years. Only 20% deposit required. Flexible repayment options and make up to $5,000 in additional repayments annually. Refinance to BOQ by 31 October 2021 and get $3,000 cashback (T&Cs apply).

    Compare
    Details

^See information about the Mozo Experts Choice Home loans Awards

*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.

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October market update: Refinance home loans

Written by: Tom Watson, Home Loans writer, 1 October 2021

Spring property season may have arrived, but it’s a different sector of the property sphere that is really running hot. There’s no doubt about it now, homeowners are switching their home loans like never before, with a record $17.2 billion worth of loans refinanced in the month of July according to the most recent figures from the Australian Bureau of Statistics. 

The reason? There are a few, but it’s safe to say that the major inspiration for this refinancing boom is the historically low interest rates available to borrowers at present. We’re also seeing even sharper rates being offered to ‘safer’ borrowers - so those who have greater equity and a lower loan-to-value ratio (LVR). 

And if the prospect of saving money by switching to a lower rate wasn’t enough, a growing number of banks and lenders are enticing eligible refinancers with additional cashback offers in the region of $1,500 to $5,000.

Which lenders stand out?

With the amount of competition in the mortgage market at present it’s difficult to highlight any one lender, so here are a few that are offering low variable and fixed rates for refinancers. 

There are currently 30 lenders in our database offering at least one variable rate for owner occupiers (max. 80% LVR) with a headline rate below 2.30%. Included in that list are online lenders like Athena, loans.com.au, Well Home Loans and Yard, plus well known banks like BOQ, Bendigo Bank, Macquarie and St.George. 

In terms of fixed rate home loans, there are a number of competitive 1, 2 and 3-year fixed rate options with headline rates below 2.00% for owner occupiers with an LVR below 80%, including the likes of of 86 400, Greater Bank, ING, Newcastle Permanent and UBank. Meanwhile, 4 and 5-year fixed rates aren’t quite as sharp as they were earlier in the year, but there are still a number of competitive loans around for borrowers looking to lock in. 

How about the big banks?

The variable home loan rates available from the big four banks remain higher than many other offers on the market, meaning refinancers will have to look elsewhere if they're wanting one of the very lowest rates around. For example, the lowest variable headline rates (owner occupier, 80% LVR) from ANZ, Commonwealth Bank and NAB are all currently around the 2.70% mark, while Westpac’s is slightly lower following a cut in late August

The major banks are more competitive on fixed rates though. This is particularly true of the 4-year fixed rate with CBA’s Fixed Rate (Wealth Package) and the 5-year fixed rate with ANZ’s Fixed Rate (Breakfree Package) - both of which are within range of the lowest rates in our database for those particular terms.

Refinance home loan rates of note in September:

  • Lowest variable rate: 1.88% p.a. (1.97% p.a. comparison rate*) on the Reduce Home Loans Super Saver Variable for LVRs <80%

  • Lowest 3-year rate: 1.85% p.a. (2.24% p.a. comparison rate*) on the UBank UHomeLoan (Fixed) for LVRs <80%

  • Lowest investor variable rate: 1.99% p.a. (2.38% p.a. comparison rate*) on the Queensland Country Bank Discount Ultimate Loan (Package) for LVRs  <80%

  • Lowest investor 3-year fixed rate: 2.09% p.a. (2.60% p.a. comparison rate*) on the UBank UHomeLoan (Fixed) for LVRs <80%

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.


Show transcript
It's always a good idea to review your home loan every few years, to make sure that you're still getting a good deal. Once you've reviewed it you may even start thinking about refinancing.

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.
Picture of JP Pelosi
JP Pelosi
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.

Home Loan Reviews

Macquarie Home Loan
Overall 1/10
Banks somewhere else, they charge loyalty tax

The banks service has gone down hill. Now they give a 1300 number to ring and the wait times are awful. I've tried to get the bank to match the new customer home loan rate after being a loyal customer for 10 years and they keep refusing to review the rate. They are very poor in responding to emails and are very fast to raise rates when they can. Avoid at all costs.

Read full review

The banks service has gone down hill. Now they give a 1300 number to ring and the wait times are awful. I've tried to get the bank to match the new customer home loan rate after being a loyal customer for 10 years and they keep refusing to review the rate. They are very poor in responding to emails and are very fast to raise rates when they can. Avoid at all costs.

Price
1/10
Features
4/10
Customer service
1/10
Convenience
6/10
Trust
1/10
Less
Tara, Australian Capital Territory, reviewed 2 days ago
UBank UHomeLoan - Investor Extra Offer
Overall 1/10
Avoid.

Awful customer service. Very slow to deal with. String you along for a couple of weeks then find roadblocks to progress with loan application. You will loose contracts relying on this bank.

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Awful customer service. Very slow to deal with. String you along for a couple of weeks then find roadblocks to progress with loan application. You will loose contracts relying on this bank.

Price
5/10
Features
3/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Kris, Queensland, reviewed 2 days ago
Westpac Equity Access (Premier Advantage Package)
Overall 1/10
very slow application service. poor customer care

After losing a house i was about to purchase after the cooling off period being extended 3-4 times, purely because westpac weren't on the ball and didn't finish the application for 3 months, i have nothing but bad things to say about them. I would call them everyday asking to talk to someone but constantly being told "this application cannot be escalated any higher" or "i'm not authorised to give you that sort of information" or after being asked to get put through to a manager i would be told " im sorry im not allowed to do that". Each time i called i would be on the phone for at least half an hr before i could actually speak to someone. I lost my 0.25% deposit and i was lucky to get my 10% deposit back just because the vendor and real estate agent were so understanding. This one really made me have my doubts about westpac. But after the first application with them, I thought the 2nd application (for another house I eventually found) would be a lot quicker and easier as they already had all of my information. But that wasn't the case. I am currently in the process of the purchase of new house, and i was supposed to get the keys early this week, until westpac have told us they are not ready to proceed with the purchase (2 months after the offer was first accepted), luckily the vendor is happy to accept a extended settlement date by a week . But I still have my doubts that Westpac will have their shit sorted in time. they still dont give out information and still let you stay on hold for hours per week. I am not confident we will get our 10% deposit back this time and I am absolutely filthy with Westpac and their terrible service. I cannot explain the stress this has put me and my family under and I would not wish this on anyone. Strongly advise looking at any other bank other than westpac

Read full review

After losing a house i was about to purchase after the cooling off period being extended 3-4 times, purely because westpac weren't on the ball and didn't finish the application for 3 months, i have nothing but bad things to say about them. I would call them everyday asking to talk to someone but constantly being told "this application cannot be escalated any higher" or "i'm not authorised to give you that sort of information" or after being asked to get put through to a manager i would be told " im sorry im not allowed to do that". Each time i called i would be on the phone for at least half an hr before i could actually speak to someone. I lost my 0.25% deposit and i was lucky to get my 10% deposit back just because the vendor and real estate agent were so understanding. This one really made me have my doubts about westpac. But after the first application with them, I thought the 2nd application (for another house I eventually found) would be a lot quicker and easier as they already had all of my information. But that wasn't the case. I am currently in the process of the purchase of new house, and i was supposed to get the keys early this week, until westpac have told us they are not ready to proceed with the purchase (2 months after the offer was first accepted), luckily the vendor is happy to accept a extended settlement date by a week . But I still have my doubts that Westpac will have their shit sorted in time. they still dont give out information and still let you stay on hold for hours per week. I am not confident we will get our 10% deposit back this time and I am absolutely filthy with Westpac and their terrible service. I cannot explain the stress this has put me and my family under and I would not wish this on anyone. Strongly advise looking at any other bank other than westpac

Features
5/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Luke, Victoria, reviewed 2 days ago
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