Refinance home loans

With interest rates rising fast, there's never been a better time to refinance your home loan and save money on your mortgage. Switch to a rate as low as 5.24% and save.

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Compare rates and refinance your home loan

1 - 20 of 266
Name Interest Rate p.a. Comparison Rate p.a. Fees Amount Saved
Principal & Interest20% min. depositOwner-occupierRefinancers only
Interest Rate
5.34%
Comparison Rate
5.25%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$133,699
Go to siteMore Info
Finder AwardPrincipal & Interest10% min. depositOwner-occupier
Interest Rate
5.49%
Comparison Rate
5.50%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$116,832
Go to siteMore Info
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Interest Rate
5.39%
Comparison Rate
5.40%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$128,091
Go to siteMore Info
$3,000+ cashback offer
Customers borrowing at least $250,000 can get between $3,000 and $4,000 in cashback (purchase and refinance). Terms and conditions apply
Principal & Interest40% min. depositOwner-occupier
Interest Rate
5.39%
Comparison Rate
5.42%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$128,091
Go to siteMore Info
Principal & Interest20% min. depositOwner-occupierOffset account
Interest Rate
5.49%
Comparison Rate
5.53%
Fees
Application: $595
Ongoing: $0 p.a.
Amount Saved
$115,617
Go to siteMore Info
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply.
Principal & Interest20% min. depositInvestment
Interest Rate
5.69%
Comparison Rate
5.72%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$94,143
Go to siteMore Info
Principal & Interest20% min. depositInvestmentRefinancers only
Interest Rate
5.64%
Comparison Rate
5.55%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$99,836
Go to siteMore Info
Principal & Interest20% min. depositOwner-occupier
Interest Rate
5.44%
Comparison Rate
5.45%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$122,469
Go to siteMore Info
Up to $4,000 cashback offer
Eligible refinancers can get $2,000 cashback for loans $250k to $500k, or $4,000 for loans $500k+. Terms and conditions apply.
Principal & Interest20% min. depositOwner-occupier
Interest Rate
5.49%
Comparison Rate
5.52%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$116,832
Go to siteMore Info
Principal & Interest 1Y Fixed10% min. depositOwner-occupier
Interest Rate
5.49%
Comparison Rate
5.50%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$116,832
Go to siteMore Info
Principal & Interest40% min. depositOwner-occupierOffset accountSpecial Offer
Interest Rate
5.24%
Comparison Rate
5.27%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$144,871
Go to siteMore Info
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Interest Rate
5.24%
Comparison Rate
5.80%
Fees
Application: $449
Ongoing: $6 per month
Amount Saved
$143,284
Go to siteMore Info
Up to $4,000 cashback offer
Eligible refinancers can get $2,000 cashback for loans $250k to $500k, or $4,000 for loans $500k+. Terms and conditions apply.
Principal & Interest20% min. depositOwner-occupierOffset account
Interest Rate
5.64%
Comparison Rate
5.99%
Fees
Application: $0
Ongoing: $395 p.a.
Amount Saved
$99,441
Go to siteMore Info
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply.
Principal & Interest40% min. depositInvestment
Interest Rate
5.59%
Comparison Rate
5.62%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$105,515
Go to siteMore Info
Principal & Interest20% min. depositInvestmentOffset account
Interest Rate
5.74%
Comparison Rate
5.78%
Fees
Application: $595
Ongoing: $0 p.a.
Amount Saved
$87,186
Go to siteMore Info
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply.
Principal & Interest20% min. depositOwner-occupier$150k+
Interest Rate
5.58%
Comparison Rate
5.60%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$105,309
More Info
Principal & Interest20% min. depositOwner-occupier$150,000 to $500,000
Interest Rate
5.69%
Comparison Rate
5.71%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$93,518
More Info
Principal & Interest20% min. depositOwner-occupier
Interest Rate
5.59%
Comparison Rate
5.60%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$105,515
More Info
Principal & Interest20% min. depositOwner-occupier
Interest Rate
5.59%
Comparison Rate
5.60%
Fees
Application: $0
Ongoing: $0 p.a.
Amount Saved
$104,876
More Info
Principal & Interest50% min. depositOwner-occupierOffset account$400k up to $699,999
Interest Rate
5.68%
Comparison Rate
6.07%
Fees
Application: $0
Ongoing: $395 p.a.
Amount Saved
$93,532
More Info
loading
Showing 20 of 266 results

How much money can you save by refinancing your home loan?

Refinancing is simply paying out your existing loan with money from a new bank or lender. Refinancing to a lower interest rate will lower your monthly mortgage repayments, so it's an opportunity to save money on your regular repayment.

Using ABS and Finder data, we estimate that the average person could save up to $3,192 a year by switching to a lower rate loan:

  • The average Australian borrower refinances a loan amount of $496,161.
  • The average variable interest rate loan on Finder is 5.61%. The lowest variable rate is 5.24%.*
  • Assuming a 30-year loan term, if you switched to that lower rate your monthly repayments would drop from $2,852 to $2,586. That’s a saving of about $266 every month, or more than $3,192 a year.

*These rates and averages are current as of 13 April 2023.

Of course, this is just an estimate and doesn't take into account your personal circumstances or factors like interest rate rises and fees.

You can try this for yourself with Finder's mortgage repayment calculator.

My top refinance tip is to not be lured into a substandard loan. Weigh carefully whether 'honeymoon' discounts and cashbacks are worth it. The way you'll save the most money is with the lowest rate over the long term. The comparison rate, which takes into account fees and charges, will help you understand this.

Nicole Pedersen-McKinnon

Nicole Pedersen-McKinnon
Freelance finance journalist

There are more benefits to refinancing than just saving money:

  • Get more mortgage features. Get features like additional repayments, a redraw facility, portability or offset accounts. These features can help you save on interest repayments or give you more flexibility.
  • Unlock equity. If you've repaid a substantial amount of your mortgage or its value has increased, you have equity. You can borrow against this equity using a line of credit or by refinancing to borrow more money.
  • Consolidate debt.Refinance multiple debts into your mortgage and pay it off with a single repayment and lower interest rate.

Why you can trust Finder's home loan experts

free
We're free
You won't pay any more by taking out a home loan with us. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare loans.
expert advice
We're experts
We've researched and rated dozens of home loans as part of our Finder Awards. We provide unique insights and our in-house experts regularly appear on Sunrise, 7News and SBS News.
independent
We're independent
Unlike other comparison sites, we're not owned by a third party. That means our opinions are our own and we work with lots of home loan lenders, making it easier for you to find a good deal.
help
We're here to help
Since 2014, we've helped 150,000+ people find a home loan by explaining the nitty gritty details simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

How to refinance a home loan in 5 steps

Refinancing means switching your current home loan to a new one. You can do this to save money, borrow more money or to get a loan that better suits your needs.

And switching is easier than you think:

🔎 1. Check your current interest rate. Look at competitive mortgage rates and see if yours is too high. You could ask your lender to lower your rate or you could start looking for a better deal.

📊 2. Compare home loan options. If you do decide to switch lenders, look for a suitable loan with a better rate and features you need.

🧮 3. Crunch the numbers. Work out the costs of your new loan, including application and ongoing fees, and make sure the new loan really is a better deal. Check the exit costs from your current loan too (there may be a discharge fee or break costs).

📝 4. Apply for the new home loan. Collect your mortgage documents, submit your application and then wait for approval from the new lender. This can take a few hours to compile, but it's a worthwhile investment of time considering the potential savings. See how Kate Browne saved $6,000 on her mortgage after getting a better deal.

🏃‍♀️ 5. Exit your current loan. When you refinance, your new bank will notify your current lender and discharge your mortgage.

Refinancing is quite a straightforward process, although it requires quite a bit of paperwork to submit a loan application. If your situation is complicated or unusual, you may want expert refinancing guidance, so you could reach out to a mortgage broker.

Read our detailed, step-by-step refinance guide

Your interest rate update: May 2023

On 02 May the official cash rate increased to:

3.85%

The lowest owner-occupier loan in Finder’s database is:

5.24%

Assuming the average owner occupier home loan size of $586,366 you would be making monthly repayments of:

$3,145

RBA returns to rate hikes

After a month’s pause, the Reserve Bank of Australia (RBA) has increased the cash rate again. While this isn’t anything new to borrowers, the return of a rate rise is likely to be frustrating news.

The latest inflation figures show a 7% annual increase, which means inflation is finally heading in the right direction. It’s a fall from the last quarterly update and the RBA needs the rate to head back towards the 2-3% target range.

Some economists predicted that with inflation falling the RBA might take the opportunity to pause again and assess the impact the past rate rises would continue to have.

It’s expected that banks and lenders will begin passing on the interest rate increase to borrowers. If you had a rate of 2.00% in April 2022, you’d now be looking at a rate of about 5.75%.

On the average home loan amount of $586,366 that’s a monthly repayment increase of around $1,255.

Rebecca Pike

Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing about mortgage and finance, including three years as editor of Mortgage Professional Australia.

Video: Why you should consider switching

How to find the best refinance rate

To get the best refinance rate, take the following steps:

Percentage

Look for a cheaper rate

The lower the interest rate the more money you save. This is true for every borrower and it's the first thing most refinancers look for.

Even just a small difference in rates can end up saving you hundreds of dollars a year in repayments.

Tick

Make sure the loan meets your needs

A low rate is very important. But you also need to refinance to a home loan that suits your needs. If you need a loan with an offset account, you want to avoid a basic loan that doesn't have this feature.

A package loan might look attractive, but it might have high annual fees. If you don't take advantage of the other products in the package, it could be a waste of money.

Dollar

Avoid a loan with high fees

There are usually 1 or 2 fees with any new home loan. But the cost of fees can vary widely, from practically nothing to hundreds of dollars. It's worth keeping loan fees in mind when preparing to refinance your home loan.

How much does refinancing cost?

  • Discharge fees. Lenders often charge a fee to end a home loan.
  • Government fees. Refinancers may have to pay 2 state government fees: a fee to deregister their old loan and a fee to register the new one. These vary between states and territories.
  • Loan fees. Some lenders charge application or settlement fees ranging from $250-$750 or charge ongoing fees.
  • Fixed rate break costs. You may have to pay an exit fee for breaking the loan when refinancing a fixed-rate loan. This can be thousands of dollars, so ask your current lender for a break fee before committing to refinancing.

Here's a quick example of switching costs in a hypothetical refinance scenario (using government fees from Victoria):

Fee/costAmount
Discharge fee (old loan)$250
Mortgage deregistration fee$110.80
Mortgage registration fee$110.80
Application fee (new loan)$450
Settlement fee$75
Title search fee$30
Total refinancing costs:$1,026.60

Learn more about calculating your refinancing costs

When you should not refinance

Sometimes, refinancing your home loan may cost you more than the benefits you'll gain. Here are some common scenarios where this may be the case:

  • Your fixed rate break costs are too high

If the cost of breaking a fixed rate loan is too high, then refinancing may not be worth it. Check with your current lender for an idea of your break costs (it's hard to calculate on your own) and compare this fee against the savings you'll make with the new, cheaper loan.

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

If you own less than 20% of the property, meaning your equity is less than 20% of the home's total value and your mortgage is worth more than 80% of its value, then you will have to pay lenders mortgage insurance when you refinance. This is payable even if you already paid it on the first home loan.

  • Your loan amount is small or you're selling soon

If you don't have much left to repay on your home loan, then the savings from refinancing might not be worth the hassle. If you're planning on selling within the next 6 months, then the effort and cost involved in refinancing could also cancel out any financial rewards.

Your home loan refinance questions answered

Read more on this topic

Find the right home loan now

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

65 Responses

    Default Gravatar
    RohanJuly 19, 2021

    Hi guys,

    Basically, I’m trying to find the best way to borrow money from my considerable amount of equity for renovations, etc. but also increase my loan term period to help offset my ongoing repayment costs. It’s currently 2.97% fixed over 7 years. Can you help me?

    Kind Regards
    Rohan

      Avatarfinder Customer Care
      SarahJuly 20, 2021Staff

      Hi Rohan,

      If your current loan is fixed for 7 years at 2.97%, then you will need to pay a break fee in order to end that loan and break that contract with your current lender. This amount changes daily, depending on how much loss the bank incurs by ending your loan. You can call your bank for an estimate.

      Depending on what this break fee is, it may be worth ending your loan and refinancing. Alternatively, if you don’t want to end the current loan as the fee is too high, you could get a second mortgage against your equity.

      We have guides to help you learn more about break fees and second mortgages:
      https://www.finder.com.au/fixed-rate-home-loan-break-costs
      https://www.finder.com.au/home-loans/second-mortgages

      However, the first step is to find out how much that break fee is going to be, so you can work out your next step. There are many competitive deals at the moment, so it may be worth ending your current loan even if you have to pay a fee, in order to take advantage of a better value offer.

      Hope this helps!

      Cheers,
      Sarah

    Default Gravatar
    TimMay 16, 2019

    Hi,

    I’m after help to get a better interest rate on my home loan my current rate is 4.03%. I’m a bit indecisive in regards to how to go about it. I’m unsure of fees cost to change loan. I’m lost I have to say.

    Regards,
    Tim

      Avatarfinder Customer Care
      JeniMay 18, 2019Staff

      Hi Tim,

      Thank you for getting in touch with Finder.

      You may ask your lender if they can offer better deals than the one you have. Lenders will usually have a number of incentives to retain customers thinking of refinancing, including discounted interest rates and waived fees. If you’re still considering shopping around, you may start comparing refinance home loans. You may use the refinancing calculator to calculate the expected costs. I also suggest that you seek help from a mortgage broker since you’re looking for providers that offer the cheapest rate.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    MaryApril 4, 2019

    How does being over 60 years and semi -retirement impact refinancing for an investment property where the rental income covers the mortgage repayments?

      Avatarfinder Customer Care
      JeniApril 6, 2019Staff

      Hi Mary,

      Thank you for getting in touch with Finder.

      As you know, there is technically no maximum age limit for when an Australian can apply for a home loan – residential or investment property. However, lenders have the responsibility to ensure that they only approve home loans to applicants who can afford the repayments without experiencing financial hardship, so older applicants will find it much more difficult to obtain home loan approval.

      Since you mentioned that you’re over 60 and applying for a home loan, you’ll need to provide a greater amount of information regarding your current and future financial position including the rental income. I also suggest that you seek professional help from a mortgage broker to find out which lenders offer loans suitable for your needs.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    BekimApril 2, 2018

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

      Default Gravatar
      ArnoldApril 3, 2018

      Hi Bekim,

      Thanks for your inquiry

      There’s really no limit, at least under the law. Legally, you could close on one mortgage today, then go right out tomorrow and refinance it. Now, how long should you wait before refinancing again? And how soon will your lender allow you to get out of your current mortgage?

      This will vary extensively between lenders. As a practical matter, few lenders are likely to approve you for a new mortgage if you’ve been in your current one for less than a year. Your current lender may also have restrictions on how soon you can get out of the mortgage, usually in the form of prepayment penalties. It would be best to speak with your lender for clarification about this.

      Hope this information helps

      Cheers,
      Arnold

    Default Gravatar
    JacquiMarch 11, 2018

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

      Avatarfinder Customer Care
      MayMarch 21, 2018Staff

      Hi Jacqui,

      Thanks for your inquiry.

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

      Hope this helps.

      Cheers,
      May

Go to site