Your selected home loans
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 online in minutes.
Read our Mozo Review to learn more about this Unloan Unloan Variable
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. 40% Deposit required.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
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 this ubank Neat Home Loan
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.
Read our Mozo Review to learn more about this South West Slopes Bank Optimum Fixed Rate Home Loan
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 online in minutes.
Read our Mozo Review to learn more about this Unloan Unloan Variable
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 this BCU Bank OMG Home Loan
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 this ubank Flex Home Loan
Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
Read our Mozo Review to learn more about this Bendigo Bank Express Home Loan
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 this ubank Neat Home Loan
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
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. 40% Deposit required.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Competitive variable 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 this ubank Flex Home Loan
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 this Macquarie Offset Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
Read our Mozo Review to learn more about this Macquarie Basic Home Loan
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
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 this ANZ Fixed Rate
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Refinancing your home loan is a great way to get a lower interest rate, take advantage of new features, or access your home equity.
There are different types of refinancing, which can be used for different purposes. But if saving money is your goal, finding a refinance rate that beats your current home loan might be just the ticket.
If you’re simply looking to refinance your home loan to a lower rate, these are the lowest variable rates† in the Mozo database, at the time of writing:
If you want to refinance to a home loan with an offset account, then the lowest home loans with an offset account (excluding first home buyer loans) at the time of writing are†:
†Lowest variable home loan rates for a $400,000 loan with principal and interest repayments and <80% LVR in the Mozo database at 27 June 2024.
Unhappy with your home loan? Refinancing is the process of switching from one mortgage to another, and you can do this by negotiating with your current lender or swapping to a new provider.
Some good reasons to refinance your home loan include:
Ultimately, the purpose of refinancing is to save money, time, or stress – ideally, all three at once.
There are several reasons to refinance your mortgage. Let’s run through a few.
You can refinance simply to secure a better home loan interest rate or to change the length of your loan.
For example, you could refinance to a lower interest rate and extend your loan term to lower your mortgage repayments.
However, if you’re able to refinance and shorten the length of your home loan, you’ll pay less interest overall.
Refinancing can also be a good idea if you’re coming off a fixed rate home loan and you want to change your loan type. If this is you, you might want to compare variable rate home loans or consider a split home loan.
You may also want to refinance to gain access to home loan features you don’t currently have, such as an offset account or a redraw facility.
If you’ve built up considerable home equity, it’s possible to refinance your home loan to get cash out.
Your home equity is the market value of your property minus the mortgage debt you have on it. In other words, it’s 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.
Note that this can increase your home loan repayments and extend your loan term.
However, it can also be a useful way to fund projects, such as using equity to buy an investment property or pay for home renovations.
Debt consolidation loans combine multiple loans you may have, such as credit card debt, personal loans and a mortgage into a single loan.
It can be a useful way to tackle outstanding debt, and may save you on paying interest across multiple loans.
However, note this can also spread debt over a longer period of time and increase your interest rate.
Smaller home loan lenders often have sharper rates and more innovative savings features, including quick online refinancing.
Before you refinance your home loan, ask yourself some basic questions and consider the pros and cons of refinancing.
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, swapping to a lower interest rate, gaining interest-saving features or shortening your loan term could save you on interest in the long term, 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.
There are costs to refinance your home loan.
For example, you may have to pay fees and penalties for leaving your old home loan, such as a discharge fee and a break fee if you decide to leave a fixed rate home loan early.
You’ll often need to pay fees when taking out a new home loan as well, such as an application fee and a property valuation fee to name a few.
If you’re wondering how often you can refinance your home loan, you can do it as many times as you like. But there are a few things to keep in mind before doing so.
Every time you apply to refinance, it registers as a hard inquiry on your credit report, and lodging too many hard inquiries in a short period of time makes you look desperate for credit and therefore a home loan red flag.
The process of refinancing also costs money and takes time and effort, so you’ll only want to refinance if it makes good financial sense and is worth your personal investment.
Refinancing follows a similar process to taking out your initial home loan – the main difference is you already have the property.
Here’s how to refinance your mortgage, step-by-step.
Refinancing is similar to lodging your home loan application again. This means you’ll need identity documents, financial statements and your property information.
Here’s an example of home loan documents you might need to refinance. Keep in mind if you’re swapping to a new home loan lender, it might require additional supporting documents.
How much can you save by refinancing? It depends on the borrower and lender. Mozo has free home loan calculators that can 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.
Compare refinancing costs now. See more
Yes, it’s possible to refinance with your current lender. This is common when your loan-to-value ratio (LVR) lowers or you want to switch 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 unwillingness to negotiate interest rates, you could refinance to a lender that’s a better fit.
It varies between lenders. Sometimes it can take a few days to refinance or it may take up to eight weeks.
You can help speed up the refinancing process by preparing your finances ahead of time, assembling your documents without errors, and making sure you have a healthy credit score.
We have a dedicated guide on how long it takes to refinance a home loan if you want to learn more.
Yes, it’s likely your credit score will be temporarily affected when you apply to refinance.
When you apply to refinance, your new lender will conduct credit report inquiries to determine how safe you are as a borrower, which will result in a hard credit check.
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.
Thankfully, there are some strategies you can use to refinance with bad credit.
While your credit score isn’t the end all be all, it’s still a vital part of your home loan application, so you’ll want to ensure it’s in good shape before applying.
Negative equity is when you owe more debt on your property than what it’s worth in the current market.
Most home loan lenders have home equity requirements for refinancers, so if you have negative equity, it’s highly unlikely that you can refinance until your equity improves.
As a rule of thumb, it’s good to have a loan-to-value ratio of at least 80% to refinance (that is, at least 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 would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
Read full reviewI would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
I've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Read full reviewI've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Bankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.
Read full reviewBankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.
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