What is your refinancing goal?
There are many reasons to consider refinancing your mortgage, which can provide a range of benefits. Choose a refinancing goal to get started:
Reduce my repayments
Budget too tight to manage? Consider switching to a loan with less interest and lower fees.
Pay off my loan faster
Reducing your rate but making the same repayments can help you pay off your property faster and save money on interest charges.
Get cash out of my home
Free up money in your home to renovate, buy an investment property or invest elsewhere.
Take advantage of incentives
Enjoy special offers, bonuses and discounts when switching to a new lender.
Increase flexibility and features
Want an offset account or redraw facility? Switch to a lender offering more features.
Consolidate debt
Pay off maxed-out credit cards and overdue personal loans with help from your home loan.
Refinance process
Follow these steps to select a new home loan that better suits your needs:
Refinance your home loan
Calculate how much time and money you could save by refinancing your home loan. Compare mortgage options to see whether switching may better suit your lifestyle and budget.
The result provided is an estimate only. Please read our for more information.
Your estimated remaining loan term
0 years
Company | Product Smart Booster Home Loan Discounted Variable - 2yr Real Time Rating™ | Interest Rate  2.10 % p.a Intro 24 months | Comparison Rate* 2.46 % p.a | Repayment $1,383 monthly | Savings Over Years $61.9k Savings over 10 years | Total estimated upfront fees 520 | Go to site |  Buyers and refinancers can benefit from this special discounted rate, plus no ongoing fees and optional access to an offset account. | Highlighted | |
Company | Product Variable Home Loan Real Time Rating™ | Interest Rate 2.09 % p.a Variable | Comparison Rate* 1.99 % p.a | Repayment $1,309 monthly | Savings Over Years $68.6k Savings over 10 years | Total estimated upfront fees 0 | Go to site | special Receive $5,000 AUD cashback when you refinance your existing home loan ~ Ends in about 1 month | Owner occupiers can enjoy a competitive interest rate and avoid upfront and ongoing fees with this variable rate home loan. | |
Company | Product Real Deal Home Loan Real Time Rating™ | Interest Rate 2.37 % p.a Variable | Comparison Rate* 2.41 % p.a | Repayment $1,359 monthly | Savings Over Years $62.6k Savings over 10 years | Total estimated upfront fees 595 | Go to site | Cashback Refinance and get $3,000 cashback for home loans over $500k with LVR ≤ 90%. Limited time offer extended, T&Cs apply. | Enjoy a special discounted variable interest rate, plus access to redraw. Pay no upfront fees, and if you're refinancing, you can get $2000 cashback. | |
Company | Product Complete Package Fixed Owner Occupier Real Time Rating™ | Interest Rate 4.49 % p.a Fixed - 3 years | Comparison Rate* 3.81 % p.a | Repayment $1,771 monthly | Savings Over Years $37.6k Savings over 10 years | Total estimated upfront fees 0 | Go to site | Bundle this fixed rate loan to enjoy waived annual fees on MOVE Bank's low rate credit card, no transaction fees on savings and transaction accounts, and a 5% discount on home and motor insurance. | ||
Company | Product Mortgage Simplifier Real Time Rating™ | Interest Rate 2.34 % p.a Variable | Comparison Rate* 2.37 % p.a | Repayment $1,354 monthly | Savings Over Years $63.2k Savings over 10 years | Total estimated upfront fees 299 | Go to site | |||
Company | Product Green Home Loan Real Time Rating™ Winner of Best Green Home Loan, RateCity Gold Awards 2022 | Interest Rate 2.13 % p.a Variable | Comparison Rate* 2.55 % p.a | Repayment $1,317 monthly | Savings Over Years $67.7k Savings over 10 years | Total estimated upfront fees 520 | Go to site | Winner of Best Green Home Loan, RateCity Gold Awards 2022 | ||
Company | Product Smart Booster Investor Bundle Discount Variable - 1 Year (Principal and Interest) Real Time Rating™ | Interest Rate 2.24 % p.a Intro 12 months | Comparison Rate* 2.96 % p.a | Repayment $1,474 monthly | Savings Over Years $51k Savings over 10 years | Total estimated upfront fees 520 | Go to site | |||
Company | Product Owner Occupier Accelerates - Liberate (Principal and Interest) Real Time Rating™ | Interest Rate 2.24 % p.a Variable | Comparison Rate* 2.18 % p.a | Repayment $1,336 monthly | Savings Over Years $65.4k Savings over 10 years | Total estimated upfront fees 0 | Go to site | |||
Company | Product Low Rate Home Loan - Prime (Owner Occupied) (Principal and Interest) Real Time Rating™ Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022 | Interest Rate 2.24 % p.a Variable | Comparison Rate* 2.24 % p.a | Repayment $1,336 monthly | Savings Over Years $65.4k Savings over 10 years | Total estimated upfront fees 0 | Go to site | Winner of Best Home Loans Over 1m, Best Variable Home Loan, RateCity Gold Awards 2022 | ||
Company | Product Low Rate Home Loan - Prime (Owner Occupied) (Interest Only) Real Time Rating™ | Interest Rate 2.54 % p.a Variable | Comparison Rate* 2.34 % p.a | Repayment $741 monthly | Savings Over Years $58.9k Savings over 10 years | Total estimated upfront fees 0 | Go to site |
Calculator Assumptions and Disclaimers
- Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
- The calculator rounds your remaining loan term to the nearest year for some calculations, such as your estimated monthly repayments. Your exact monthly repayments may be diferent
- All calculations are estimates only; they are not guarantees, pre-qualifcations or pre-approvals for borrowing.
- All results are based solely upon the data entered into the calculator. Your fnal mortgage repayments will depend on your lender’s eligibility criteria among other factors.
- Calculator does not include the cost of fees or other extra charges.
- Calculator does not account for changes to interest rates over time.
- The calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances.Read our full disclaimer.
Case studies
See the impact that refinancing and switching lenders made on the lifestyle and personal finances of these Australians:
"When we first moved to Australia, we joined ANZ, so naturally we got a mortgage with them too. But we weren’t happy with their rising rates so I did some research and swapped to Reduce. They were very kind and helpful, and now we’re saving almost $400 a month!"
Ana and Marian
Owner occupiers
Truganina, VIC
"We had been on a Westpac mortgage for 10 years when they sent us letters saying they were raising rates. We spoke to ING and they quickly got the ball rolling. I’m self-employed and even for me it was a straightforward process. Now we’re saving over $2,500 a year."
Steve and Emily
Owner occupiers
Roweville, VIC
"I’d been with CBA since I was a kid. One day I found a lower rate with Reduce Home Loans on a comparison site and made the switch. Reduce made it easy and straightforward, and now I’m saving almost $5,000 each year on my home and investment property."
Nick
Owner Occupier & Investor
Southport, QLD
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What is refinancing, and what does it mean to refinance your home loan?
Refinancing your home loan simply means switching from your existing loan to a new one that is offered by either your current lender or a different one altogether.
Why should I consider refinancing?
As the market is continuously changing, it may be a good idea to consider regularly shopping around for a better deal on your mortgage. While the most obvious reason to consider refinancing might be to reduce your interest rate, there are plenty of other potential advantages including:
- Paying off your loan faster with a shorter term
- Getting a more flexible loan
- Accessing more competitive features
- Switching from a variable to a fixed rate, or vice versa
- Consolidating debts
- Making the change to a lender that provides better customer service
Are there any disadvantages to refinancing?
It’s important to take into account any fees you may be charged for refinancing your home loan, and whether or not the savings you might make on a lower interest rate would outweigh the cost of making the switch.
Some of the potential penalties you may encounter include a break fee for those currently on a fixed rate loan, a switching fee for refinancing with the same lender, and an application fee when applying for a new loan.
Additionally, refinancing may cost you time and effort when going through a new lender’s application process.
Is refinancing a good idea?
Refinancing your home loan can allow you to benefit from lower interest rates or home loan features and benefits that better suit your financial situation. If your lifestyle and personal circumstances have changed since you first applied for your home loan, and you’ve found a mortgage deal that might be better suited to your needs, you may want to consider refinancing, either with your current lender or a new one.
There are also risks to consider when refinancing. For example, the cost of fees and charges when switching loans may reduce the overall value offered by lower interest rates. You’ll also want to make sure you’re in a financial position where you can comfortably afford to refinance.
If you’re not sure whether it’s a good idea for you to refinance right now, consider contacting a mortgage broker for more personal financial advice.
What is a refinance home loan?
Most home loans can be used to refinance, but a refinance home loan is a mortgage offer that’s been specifically designed for borrowers who are refinancing existing loans, rather than buying property for the first time.
Home loans for refinancing may offer lower interest rates or more flexible home loan features, though they may also require the borrower to hold extra equity in the property to reduce their loan to value ratio (LVR).
How do I refinance my home loan?
The first step is to identify what you want to achieve by refinancing, whether that is a reduced interest rate, shorter term or something else. Once you have that established, you can begin comparing your current loan to others on the market and create a shortlist of those that fit your goals.
Be sure to weigh up the total switching costs you may incur with any potential savings before making a decision to apply for a new loan. Our home loan refinance calculator may come in handy here.
If you are happy with your current lender, you may also consider negotiating with them to switch to one of their more competitive loans in order to save the time and energy it takes to apply for a loan at a new bank.
How do I refinance my home loan?
Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.
Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.
How much does it cost to change home loans?
When changing or refinancing your home loan, you may focus on paying less interest, but you should also account for other fees charged by your existing lender as well as the new lender. Your current lender will likely charge a loan discharge fee and possibly also a settlement fee, which can together cost you a few hundred dollars. Applying for a new loan will similarly involve an administration fee as well as a property valuation fee if the new lender insists on verifying the value of your home. Further, depending on the state or territory you live in, you may need to pay duties and fees to register the change in your mortgage.
You may want to think about why you are changing home loans, and then use a refinancing calculator to see how you can get the most out of the switch. For instance, if you are refinancing your mortgage to pay it off faster, you could check if another lender will offer a shorter loan period, involving larger repayments. You should check whether your current mortgage lender is willing to renegotiate your loan terms before you approach a new lender and thus save on some of the fees.
Is there a limit to how many times I can refinance?
There is no set limit to how many times you are allowed to refinance. Some surveyed RateCity users have refinanced up to three times.
However, if you refinance several times in short succession, it could affect your credit score. Lenders assess your credit score when you apply for new loans, so if you end up with bad credit, you may not be able to refinance if and when you really need to.
Before refinancing multiple times, consider getting a copy of your credit report and ensure your credit history is in good shape for future refinances.
Can I refinance if I have other products bundled with my home loan?
If your home loan was part of a package deal that included access to credit cards, transaction accounts or term deposits from the same lender, switching all of these over to a new lender can seem daunting. However, some lenders offer to manage part of this process for you as an incentive to refinance with them – contact your lender to learn more about what they offer.
Will I be paying two mortgages at once when I refinance?
No, given the way the loan and title transfer works, you will not have to pay two mortgages at the one time. You will make your last monthly repayment on loan number one and then the following month you will start paying off loan number two.