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 | Advertised Rate  2.09 % p.a Intro 24 months | Comparison Rate* 2.52 % p.a | Repayment $1,399 monthly | Savings Over Years $60.5k Savings over 10 years | Total estimated upfront fees $0 | Go to site |  Refinance and get $3,000 cashback for new investment and owner-occupier loans. Terms apply. |  Winner of Best Small Deposit Home Loan, RateCity Gold Awards 2021 More details | |
Company | Advertised Rate 1.85 % p.a Intro 24 months | Comparison Rate* 2.21 % p.a | Repayment $1,338 monthly | Savings Over Years $67.3k 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. More details | ||
Company | Advertised Rate 2.49 % p.a Variable | Comparison Rate* 2.53 % p.a | Repayment $1,381 monthly | Savings Over Years $60k Savings over 10 years | Total estimated upfront fees $0 | Go to site | 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. | Winner of Best Home Loans Over 1m, Best Variable, RateCity Gold Awards 2021 More details | |
Company | Advertised Rate 1.85 % p.a Fixed - 3 years | Comparison Rate* 2.24 % p.a | Repayment $1,268 monthly | Savings Over Years $67k Savings over 10 years | Total estimated upfront fees $0 | Go to site | Fix the interest rate on your owner occupier home loan for up to three years and pay no ongoing fees. More details | ||
Company | Product | Advertised Rate 2.29 % p.a Fixed - 3 years | Comparison Rate* 3.06 % p.a | Repayment $1,345 monthly | Savings Over Years $57.3k Savings over 10 years | Total estimated upfront fees $150 | Go to site | More details | |
Company | Advertised Rate 1.89 % p.a Fixed - 2 years | Comparison Rate* 2.85 % p.a | Repayment $1,275 monthly | Savings Over Years $62.4k Savings over 10 years | Total estimated upfront fees $0 | Go to site | More details | ||
Company | Advertised Rate 1.84 % p.a Fixed - 2 years | Comparison Rate* 3.73 % p.a | Repayment $1,266 monthly | Savings Over Years $38.9k Savings over 10 years | Total estimated upfront fees $299 | Go to site | More details | ||
Company | Product | Advertised Rate 3.74 % p.a Variable | Comparison Rate* 3.78 % p.a | Repayment $1,091 monthly | Savings Over Years $31.5k Savings over 10 years | Total estimated upfront fees $0 | Go to site | More details | |
Company | Advertised Rate 1.99 % p.a Intro 12 months | Comparison Rate* 2.47 % p.a | Repayment $1,379 monthly | Savings Over Years $61.5k Savings over 10 years | Total estimated upfront fees $520 | Go to site | Winner of Best Refinance Home Loan, Best Variable, RateCity Gold Awards 2021 More details | ||
Company | Advertised Rate 1.99 % p.a Intro 12 months | Comparison Rate* 2.71 % p.a | Repayment $1,427 monthly | Savings Over Years $56.5k Savings over 10 years | Total estimated upfront fees $520 | Go to site | Winner of Best Investment Home Loan, RateCity Gold Awards 2021 More details |
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.
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.
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.
If I don't like my new lender after I refinance, can I go back to my previous lender?
If you wish to return to your previous lender after refinancing, you will have to go through the refinancing process again and pay a second set of discharge and upfront fees.
Therefore, before you refinance, it’s important to weigh up the new prospective lender against your current lender in a number of areas, including fees, flexibility, customer service and interest rate.
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.