Refinance and start saving today
Refinancing is the process of replacing your existing home loan with a new one, either with the same lender or a different one, to secure a lower interest rate, reduce repayments or access equity. Refinancing is one of our most common services. Replace your existing mortgage with a new one that offers a lower rate, reduced repayments, or access to equity. We compare 28+ lenders to find the right deal. Use our loan repayment calculator to model your new repayments, or the extra repayment calculator to see how faster repayments could shorten your loan.
Why refinance?
Lower your rate
Secure a more competitive interest rate and save thousands over the life of your loan.
Reduce repayments
Free up cash flow with lower monthly repayments that fit your budget better.
Access equity
Tap into your property's equity for renovations, investments, or other goals.
Better features
Switch to a loan with offset accounts, redraw facilities, and flexible terms.
How refinancing can help you
Refinancing can offer a range of benefits to homeowners looking to improve their financial position.
Lower Monthly Payments
Refinancing can help homeowners lower their monthly mortgage repayments, freeing up more money for other expenses or savings.
Reduced Interest Rates
By refinancing to a lower interest rate, homeowners can save money on interest charges over the life of the loan.
Access to Home Equity
Cash-out refinancing can provide homeowners with access to their home equity, which can be used for a variety of purposes.
What to weigh up before refinancing
Several key factors should be considered when refinancing a home loan to ensure it's the right move for you.
Interest Rates
Compare interest rates offered by different lenders to find a better deal than your current loan. Lower rates can reduce monthly repayments and save money over the life of the loan.
Fees and Charges
Take into account any upfront fees, ongoing fees, or exit fees associated with refinancing. Ensure potential savings outweigh the costs involved.
Loan Features
Evaluate features like offset accounts, redraw facilities, and additional repayment options. Choose a loan that aligns with your financial goals.
Equity
If you've built up equity, you may be able to access it through refinancing for renovations, investments, or other purposes. Keep in mind borrowing more increases overall debt.
Creditworthiness
Lenders assess your creditworthiness when considering a refinancing application. A good credit score and reliable repayment history improve your chances of approval.
Lender Options
Research different lenders and consider their reputation, customer service, and flexibility. We compare 28+ lenders to find the best option for you.
Before proceeding with refinancing, it's important to carefully evaluate your individual circumstances and financial goals. It's recommended to seek advice from a financial professional or mortgage broker who can provide personalized guidance based on your situation.
Disclaimer: The information provided here is general in nature. It's always advisable to consult with a mortgage professional for specific details and guidance regarding refinancing a home loan in Australia.
How it Works
We want to help you achieve your finance needs. Here's the process on how we get your refinance approved quickly.
Initial discovery call
Chat with us to discuss your specific financial goals and dreams.
Research, Planning & Comparison
We work hard to present to you the best solution, lender and interest rate based off our initial discovery call.
Submit your application
We will help you complete all the necessary paperwork and requirements with your chosen lender to get your application sorted.
Ongoing Support
We will monitor your application and keep in touch along the way. We work behind the scenes to make sure everything is as smooth for you as possible.
Should you choose a fixed or variable rate?
The right rate type depends on whether you value repayment certainty or flexibility. Here is how fixed and variable rates compare across the features that matter most to borrowers.
| Feature | Fixed rate | Variable rate |
|---|---|---|
| Repayment certainty | Repayments stay the same for the fixed period, making budgeting predictable. | Repayments can rise or fall at any time when the lender changes its rate. |
| Ability to make extra repayments | Extra repayments are usually limited or may not be permitted during the fixed term. | You can usually make unlimited extra repayments to pay the loan off sooner. |
| Offset account availability | Offset accounts are rarely available on fixed rate loans. | Offset accounts are widely available and can reduce the interest you pay. |
| Break costs if you exit early | Breaking a fixed loan early can trigger significant break costs. | You can usually refinance or exit without break costs, though discharge fees apply. |
| Best suited to | Borrowers who want certainty and protection against rate rises. | Borrowers who want flexibility and the ability to benefit from rate cuts. |
Repayment certainty
Repayments stay the same for the fixed period, making budgeting predictable.
Repayments can rise or fall at any time when the lender changes its rate.
Ability to make extra repayments
Extra repayments are usually limited or may not be permitted during the fixed term.
You can usually make unlimited extra repayments to pay the loan off sooner.
Offset account availability
Offset accounts are rarely available on fixed rate loans.
Offset accounts are widely available and can reduce the interest you pay.
Break costs if you exit early
Breaking a fixed loan early can trigger significant break costs.
You can usually refinance or exit without break costs, though discharge fees apply.
Best suited to
Borrowers who want certainty and protection against rate rises.
Borrowers who want flexibility and the ability to benefit from rate cuts.
A split loan lets you fix part of your loan and leave the rest variable, combining certainty with flexibility. Your broker can model both options against your situation.
Frequently asked questions
Common questions about refinancing your home loan, answered by our brokers.
How do I know if refinancing is worth it?
Refinancing is worth it when the ongoing savings from a lower rate outweigh the upfront costs of switching. A broker can calculate your break-even point by comparing your current rate against 28+ lenders, factoring in fees, break costs and how long you plan to hold the loan. Even a small rate reduction can add up over time.
What fees are involved in refinancing a home loan?
Common refinancing fees include discharge fees from your current lender, application and settlement fees from the new lender, government registration charges, and potentially valuation or title search costs. Some lenders offer cashback incentives that offset these. Your broker will outline every fee before you commit, so you can see the true cost of switching.
How long does refinancing take?
Refinancing typically takes between two and six weeks from application to settlement, depending on the lender, the complexity of your situation and how quickly documents are supplied. Your broker manages the timeline, chases the lender and keeps you informed at each stage so there are no surprises along the way.
Will refinancing hurt my credit score?
Refinancing involves a credit enquiry which can have a minor, short-term effect on your credit score. However, if switching to a lower rate improves your repayment history and reduces financial stress, the long-term impact is generally positive. Your broker can advise on timing if you have multiple applications in mind.
Can I refinance if my property value has dropped?
Yes, but your options may be narrower. A lower valuation affects your loan-to-value ratio, which can limit which lenders will approve the refinance or trigger Lender's Mortgage Insurance. A broker can order a valuation first, assess your equity position and identify lenders more likely to accommodate your circumstances.
How much equity do I need to refinance?
Most lenders prefer at least 20 percent equity to refinance without Lender's Mortgage Insurance, but refinancing with less is possible. The amount of equity you hold affects your interest rate, available lenders and whether insurance applies. Your broker can review your current position and tell you which lenders suit your equity level.
Ready to refinance and save?
Book a free consultation with our expert team today. We'll compare 28+ lenders to find the best refinance deal for your situation.