Compare Home Loans

Compare refinancing rates

Lender
Advertised rate Comparison rate Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval
VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
VariableMore details
WIN YOUR HOME LOAN INTEREST FREE

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • WIN your home loan interest free and save up to $1.1 million. Refinance by 29 October. T&Cs apply.
  • Refinance Only. Fast online application, refinance in minutes, not weeks.
  • No Nano fees, Free 100% offset sub account. Mobile app. Visa debit card & instant payments.
WIN YOUR HOME LOAN INTEREST FREE

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • WIN your home loan interest free and save up to $1.1 million. Refinance by 29 October. T&Cs apply.
  • Refinance Only. Fast online application, refinance in minutes, not weeks.
  • No Nano fees, Free 100% offset sub account. Mobile app. Visa debit card & instant payments.
VariableMore details
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
FixedMore details
ONLY A 5% DEPOSIT REQUIRED

Fixed Rate Home Loan (Principal and Interest) 3 Years

ONLY A 5% DEPOSIT REQUIRED
FixedMore details
NO ONGOING FEES

Basic Home Loan Fixed (Principal and Interest) (LVR 70%-80%) 3 Years

NO ONGOING FEES
FixedMore details

Home Advantage Fixed Home Loan 1 Year

FixedMore details

Fixed Rate Home Loan (Principal and Interest) (NSW and ACT only) 1 Year (LVR < 95%)

VariableMore details

Pepper Essential Home Loan (Prime) (Principal and Interest) (LVR < 55%)

VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
FixedMore details

Basic Home Loan Fixed 1 Year (LVR 70%-80%)

FixedMore details

Fixed Rate Home Loan 2 Years (LVR 80%-95%)

FixedMore details
NO UPFRONT OR ONGOING FEES

Basic Home Loan Fixed (Principal and Interest) (LVR < 70%) 3 Years

NO UPFRONT OR ONGOING FEES
VariableMore details
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)

YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*
VariableMore details

Great Rate Variable Home Loan (New Customers) (NSW, ACT & QLD only)

VariableMore details
NO ONGOING FEES

Basic Flyer Home Loan (Principal and Interest) (LVR 60%-70%)

NO ONGOING FEES
FixedMore details

Your Way Plus Fixed Home Loan 3 year (Principal and Interest) (LVR 60%-80%)

FixedMore details

Fixed Rate Home Loan (Principal and Interest) 1 Year

VariableMore details
FREE REDRAW FACILITY

Basic Home Loan (Principal and Interest) (LVR 70%-80%)

FREE REDRAW FACILITY
VariableMore details

Yard Home Loan (Principal and Interest) (Special) (LVR < 80%)

  • Application completely online
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^

Yard Home Loan (Principal and Interest) (Special) (LVR < 80%)

  • Application completely online
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
FixedMore details

Fixed Rate Home Loan (Principal and Interest) 3 Years (LVR > 80%)

FixedMore details

Tailored Home Loan Fixed (Principal and Interest) 4 Years

FixedMore details
ONLY A 5% DEPOSIT REQUIRED

Fixed Rate Home Loan (Principal and Interest) 2 Years

ONLY A 5% DEPOSIT REQUIRED

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of September 25, 2021. View disclaimer.

About refinancing home loans

If you’re one of many Australians that feel like they’re getting a raw deal on your home loan, you have the power as a borrower to do something about it. By refinancing your home loan to a new loan with a lower interest rate or better features, you could save yourself thousands of dollars over the course of your loan period.

What is refinancing?

Switching home loans used to be a bonafide nightmare. Prior to 2011, lenders could charge exorbitant exit fees for customers who switched within a specified period, which discouraged people from refinancing despite being unhappy with their current loan. Fortunately, the Federal Government outlawed exit fees after that (except for loans written before 2011), making refinancing much easier.

There are a range of reasons for refinancing your home loan:

  • You might want a better interest rate
  • You’re sick of paying too much in ongoing fees
  • You might want to switch between variable and fixed rates
  • You want to access the equity in your home
  • You want to access more beneficial features (such as offset accounts)

Whatever your reason, the process of switching loans or lenders is called refinancing.

What is a refinancing home loan?

There technically isn’t such a thing as a ‘refinancing home loan’. They are just home loans that you switch to. These loans don’t have to be from another provider – you can refinance your home loan to a different loan product with your existing lender too.

When refinancing, you don’t have to take on any extra debt – you can simply refinance the amount left to repay (the ‘principal’). For example, let’s say you’re five years into a $500,000 home loan, with $100,000 repaid so far. If you wanted to refinance to a more suitable loan that had, say, a 15-year loan term, an offset account and a lower mortgage rate, then you would only have to refinance the remaining $400,000.

Some Australians do take on extra debt when refinancing as a way of borrowing more money (e.g. to pay for renovations, a deposit on a second house etc.), which they do by utilising the equity they’ve built up in their house.

When to refinance?

This is a question only you can really answer, as your living situation will be unique to everyone else’s. We can’t read your mind through the screen, as useful as that would be.

But, refinancing may be a good idea if you think you’re paying too much in interest on your home loan. You don’t have to quite be at mortgage stress levels (mortgage repayments making up 30% of your take-home pay) to be unhappy with your home loan, and keep in mind that even a slight reduction in interest rates, fees and features can make a noticeable difference to your budget.

However, it might NOT be worth refinancing if you:

  • Have only just taken out the loan
  • Have a loan with high refinancing costs
  • Don’t have much time remaining on your loan term
  • Your remaining principal is small

Essentially, if the costs of refinancing outweigh the potential savings or other benefits, it’s probably not worth it.

How can I refinance my home loan?

Luckily for you, you now live in a world where switching home loans with certain providers can be done almost entirely online and in a timely manner. You’d be hard pressed to find someone who actually enjoys the process of looking at their home loan and applying, it’s a pain! If you’ve crunched those numbers and are ready to make the switch, have your documents ready, such as payslips, loan statements, your ID and anything else you might need. If a few years down the track after refinancing you think you can get an even better deal, you might consider refinancing again! When it comes to home loans, lenders need to earn your loyalty.

Frequently asked questions

1. Do I need a deposit to refinance my home loan?

You generally do not need to pay a deposit when refinancing your home loan, but there are a range of fees you'll probably have to pay. You may also have to pay for LMI if the value of your equity in the property (your initial deposit, plus the sum of your principal repayments so far and any capital gains) is less than 20% of the property's value, or if you're refinancing the loan to over 80% of the property's value.

2. Does refinancing a home loan hurt your credit?

Most people don’t realise that every application for credit goes into their personal credit file. Refinancing your home loan often could impact your credit score which can make it difficult to receive lower interest rates for future applications.

3. How much equity do I need to refinance my house?

Many loans have a maximum LVR of 95%, which means you can't borrow any more than 95% of the value of your home. If you want to refinance, this means you must have at least 5% equity in your property.

When it comes to refinancing, a general rule of thumb is to have 20% equity in the property to avoid having to pay for LMI.

4. Is it expensive to refinance a mortgage?

Refinancing a mortgage can be costly, however, these costs can be recouped over time if you're refinancing to a loan with a lower interest rate. The discharge fee will generally cost between $100-$400. The setup fees for the new loan can cost between $300-$1,000. A standard valuation fee alone can be between $200-$500.

5. How much can refinancing save me?

To work out what your monthly repayments might be and how much you could save by refinancing, you can use our home loan repayment calculator.

6. How do I know if I should refinance my mortgage?

You may want to refinance your mortgage for a range of reasons, including if you want to reduce your home loan interest rate, if you're unhappy with your current lender, to consolidate debt, to fund a home renovation or extension, or to fund a big purchase (such as a car) at a lower interest rate.

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Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.