Fact Checked
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare |
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6.04% p.a. | 6.06% p.a. | $2,408 | Principal & Interest | Variable | $0 | $530 | 70% | Featured Online ExclusiveUp To $4K Cashback |
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5.99% p.a. | 5.90% p.a. | $2,396 | Principal & Interest | Variable | $0 | $0 | 80% | Featured Refinance OnlyApply In Minutes |
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6.14% p.a. | 6.16% p.a. | $2,434 | Principal & Interest | Variable | $0 | $250 | 60% | Featured Unlimited Redraws |
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5.94% p.a. | 5.95% p.a. | $2,383 | Principal & Interest | Variable | $0 | $0 | 90% | No hidden feesFree redraw facility | ||||||||||
5.99% p.a. | 6.13% p.a. | $2,396 | Principal & Interest | Fixed | $0 | $350 | 70% |
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6.04% p.a. | 6.06% p.a. | $2,408 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 Star Customer Ratings | ||||||||||
6.09% p.a. | 6.19% p.a. | $2,421 | Principal & Interest | Fixed | $0 | $350 | 80% | |||||||||||
6.19% p.a. | 6.21% p.a. | $2,447 | Principal & Interest | Variable | $0 | $250 | 80% |
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6.15% p.a. | 6.40% p.a. | $2,437 | Principal & Interest | Variable | $248 | $350 | 70% |
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6.24% p.a. | 6.24% p.a. | $2,460 | Principal & Interest | Variable | $0 | $0 | 50% |
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6.59% p.a. | 7.68% p.a. | $2,552 | Principal & Interest | Fixed | $395 | $0 | 70% | |||||||||||
6.69% p.a. | 7.06% p.a. | $2,578 | Principal & Interest | Variable | $395 | $200 | 80% | |||||||||||
6.84% p.a. | 6.88% p.a. | $2,618 | Principal & Interest | Variable | $0 | $0 | 95% | |||||||||||
6.84% p.a. | 7.06% p.a. | $2,618 | Principal & Interest | Fixed | $0 | $160 | 80% |
Frequently Asked Questions
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.
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.
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.
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.
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.
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.