Refinance Home Loan Background

Refinance Home Loan Comparison

Looking to refinance your mortgage? Use Canstar’s comparison tool and expert ratings to compare refinance home loan rates and features

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5.94% Glossary
5.95% Glossary
$2,978.50 Glossary
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6.04% Glossary
6.06% Glossary
$3,010.63 Glossary
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6.01% Glossary
6.14% Glossary
$3,000.97 Glossary
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5.99% Glossary
5.90% Glossary
$2,994.54 Glossary
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5.99% Glossary
6.06% Glossary
$2,994.54 Glossary
Suncorp Bank | Back To Basics | Special | Owner Occupied | LVR 70-80% | Variable
via a Canstar Certified Mortgage Broker
Suncorp Bank logo
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6.19% Glossary
6.20% Glossary
$3,059.11 Glossary
Teachers Mutual Bank | Your Way Plus Home Loan | Owner Occupied | LVR 60-80% | Variable
via a Canstar Certified Mortgage Broker
Teachers Mutual Bank logo
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6.39% Glossary
6.69% Glossary
$3,124.26 Glossary
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6.14% Glossary
6.16% Glossary
$3,042.91 Glossary
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6.14% Glossary
6.17% Glossary
$3,042.91 Glossary
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6.14% Glossary
6.17% Glossary
$3,042.91 Glossary
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6.15% Glossary
6.17% Glossary
$3,046.14 Glossary
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6.19% Glossary
6.21% Glossary
$3,059.11 Glossary
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6.19% Glossary
6.21% Glossary
$3,059.11 Glossary
Cashback
Up to $2,000 when you refinance with a IMB home loan. 
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6.24% Glossary
6.35% Glossary
$3,075.34 Glossary
BOQ | Economy Home Loan | Special | Owner Occupied | LVR 70-80% | Variable
Cashback
Up to $2,000 when you refinance with a BOQ home loan. 
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via a Canstar Certified Mortgage Broker
BOQ logo
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6.23% Glossary
6.38% Glossary
$3,072.09 Glossary
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6.15% Glossary
6.40% Glossary
$3,046.14 Glossary
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6.15% Glossary
6.40% Glossary
$3,046.14 Glossary
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5.99% Glossary
6.51% Glossary
$2,994.54 Glossary
ANZ | Simplicity Plus | Special | Owner Occupied | LVR 70-80% | Variable
Cashback
Up to $2,000 when you refinance with an ANZ home loan. 
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Tooltip icon
via a Canstar Certified Mortgage Broker
ANZ logo
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6.64% Glossary
6.64% Glossary
$3,206.52 Glossary
Westpac | Flexi First Option Introductory Home Loan | Owner Occupied | LVR 70-80% | 2 Yr Intro | Variable
via a Canstar Certified Mortgage Broker
Westpac logo
star-rating-icon star-rating-icon star-rating-icon star-rating-icon star-rating-icon
6.54% Glossary
6.86% Glossary
$3,173.51 Glossary

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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, see top of table for details.

What is refinancing?

Refinancing a home loan is the process through which a homeowner swaps their loan, either to a different product or loan amount with the same lender, or switches to a different lender that takes over the existing mortgage.

Should you refinance your home loan?

There are many reasons homeowners may choose to refinance. Some of these could include:

  • Saving money: Refinancing could help a borrower take advantage of a better deal, such as a lower interest rate, which could potentially save thousands of dollars off the lifetime cost of a loan.
  • Borrowing more: It could be possible for some borrowers to change the conditions of their loan, such as increasing the amount borrowed by refinancing.
  • Restructuring: It may be possible to, for example, move from principal-and-interest repayments to interest-only repayments.
  • Bundling: Moving all their banking business to a single financial institution could allow a borrower to access package deals or other perceived benefits.
  • Adding features: You could switch to a loan with a wider range of features, such as an offset account or redraw facility.
  • Consolidating debts: In some circumstances, it may also be possible to consolidate multiple debts into the one home loan when refinancing. It could be wise to consider financial advice before doing so, however, as there can be risks associated with this.

What does it cost to refinance a home loan?

Refinancing can come with a range of costs. Some of the fees you may have to pay include:

  • Discharge fee: a fee charged by your current lender to pay out your existing loan.
  • Application fee: a fee charged by your new lender to make a new loan application.
  • Valuation fee: a fee charged by your new lender to determine your property’s current value.
  • Lenders mortgage insurance (LMI): if you have less than 20% equity in your property, you may need to pay LMI, even if you already paid for it through your existing lender.
  • Break fees: If you have a fixed rate home loan, you will likely need to pay a break fee if you decide to refinance during the fixed rate period.

The overall costs of refinancing will depend on your current lender, your new lender and potentially which state or territory you live in.

How to refinance a home loan

There are a few ways that homeowners can approach refinancing, but it could be a good idea to start by working out what you’re paying at the moment, then doing some research into what interest rates are currently on offer in the market:

  1. Know your mortgage: Record the vital stats of your mortgage, such as what interest rate your lender is currently charging you, what your monthly repayments are, the loan’s fees and charges and a rough estimate of how much the loan will cost you over its life. A mortgage repayment calculator could help. It could also be helpful to know how much equity you have. Conditions could differ depending on if the mortgage is on an investment property or a home you’re living in. It may also be useful to find out whether your current lender will charge any break or discharge fees if you do decide to swap loans or lenders.
  2. Research home loan rates: You can use the comparison tool above to compare refinance home loans on our database. The tool allows you to see what loans are on offer in your state or territory, their advertised interest rates and comparison rates, and a calculation of what the monthly repayments on each of them could be.
  3. Compare your loan to what’s on offer: Now that you have the information in hand, it could be a good idea to weigh up your loan against what’s available in the wider market. Perhaps there’s a lower interest rate or better loan features on offer from a different lender, or maybe your lender has dropped its rates to new borrowers? Either way, consider carefully the options available (and remember, while a low rate could be beneficial, it is also important to consider the comparison rate as well as other features and benefits when comparing loans). Canstar’s expert star ratings could also assist you to create a shortlist of loans and lenders.
  4. Ask your lender for a better deal: It could be worth negotiating with your existing lender, to see if it can give you a better home loan interest rate, or if it can offer any special benefits to keep you as a customer. Ask if there are any costs involved in changing your loan. Compare your lender’s offer with your shortlist of other loans and lenders.
  5. Investigate other lenders: If you find a deal that’s worth exploring, you could approach that lender to find out more. Ask lots of questions – it’s important to understand the terms and conditions, plus the fees, of any new financial product before applying for it or entering into a contract. It may be helpful to ask the lender to send you information about their offer, so you can take time to review it. Factor into any decision the impact of any costs associated with refinancing, such as if your current lender will charge you any break or discharge fees.

A low rate isn’t the only factor to consider when judging a loan. Other factors could play a part, such as if it comes with any features, like an offset account or redraw facility, extra fees or similar considerations. Consider if you need to seek professional financial advice.

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About our finance experts

Nina Tovey, Editor-In-Chief

As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for eight years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp.

Nina has ghostwritten dozens of opinion pieces for publications including The Australian and has been interviewed on finance topics by the Herald Sun and the Sydney Morning Herald. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids.

Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series.

You can follow her on Instagram or Twitter, or Canstar on Facebook.

You can also read more about Canstar’s editorial team and our robust fact-checking process.


Josh Sale, Home Loans Ratings Manager

Joshua Sale, Ratings ManagerAs Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Home Loan Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right home loan for them.

Josh is passionate about helping consumers get hands-on with their home loans, always reminding home buyers that finding the right loan can be as important for your finances as negotiating a fair property purchase price. Josh has been interviewed by media outlets such as the Australian Financial Reviewnews.com.au and Money Magazine, discussing topics including home loan equity and wider finance trends.

When it comes to Josh’s own property journey, the home loans expert once bought two houses in the same transaction when he ensured the cubby house his daughter loved was listed on the purchase contract for his new home. You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.

Refinancing FAQs

What is a refinance home loan?

A refinance home loan, also commonly known as a refi loan, is a type of loan available to people who already have a home loan on a property and want to switch to another mortgage product or another lender – or both. It is generally similar to other types of home loans, and can be available to both owner-occupiers and investors and offered with a variable rate, fixed rate or a split loan made up of a combination of fixed and variable rates. It may also be possible to refinance other types of loans, such as personal loans and car loans (typically, fees and charges apply).

How do you refinance a home loan?

You can refinance with your current lender by asking to change to a different type of loan. You can also refinance with a different lender (or via a mortgage broker), which means going through that lender’s application process. If your application is successful, the new lender typically will arrange for the mortgage from the previous lender to be ‘discharged’ and transferred over. There could be fees and charges involved with refinancing, including discharge fees.

Is it “good” to refinance a home loan?

Whether or not it is a good idea to refinance a mortgage depends on many factors, such as the conditions of your current mortgage, the other deals and home loan rates available in the market and whether or not you can qualify for a new loan. One possible outcome of refinancing a loan could be to reduce your costs. If that’s the case, switching may make sense. It’s important, however, to fully understand all of the financial implications of refinancing. This could include extra fees or a longer loan term (which could make your loan more expensive overall), so it’s a good idea to read all of the loan documents carefully so you know what you’re signing up for. If you’re unsure, it might be wise to consider financial advice before jumping in.

When is a good time to refinance a home loan?

It may never feel like the “perfect time” to refinance, however, a good place to start could be to consider your current loan and scout for a better deal. For example, depending on your circumstances, it might be a good time to refinance if you find a better interest rate. If you have a fixed rate home loan, another time to refinance could be when your fixed loan term is about to end. Fixed rate loans typically revert to a variable rate at the end of the term, so it could be worth comparing your options.

There is typically no cap on how many times you can refinance your home loan. However, it’s important to consider the overall fees and charges associated with refinancing. Applying for credit may also have an impact on your credit score.

What happens when you refinance your home loan?

When you refinance a home loan, your previous mortgage is typically discharged (closed). The balance owing on the loan is transferred to the new loan (which could be with a new lender). You then begin paying off that loan under the terms and conditions of the new loan. This could mean a different repayment amount or method of payment.

How long does it take to refinance a home loan?

How fast you can refinance your home loan will vary depending on the lender, the loan and your personal circumstances. In some cases, refinancing can take as little as a couple of days. In other cases, it can take over a month.

Remember, there are a number of steps involved in refinancing. This includes doing your research, applying for a new loan and getting approval. You may be able to speed up the refinancing process by getting all your paperwork ready before speaking to a lender. This includes things like proof of income documents, your current home loan statements and statements of any other debts, like personal loans and credit cards you have. The process may also be faster if you are refinancing with the same lender as they will already be aware of your finances.

What’s an interest rate?

The term “interest rate” means the amount of money you will have to pay or will receive from a bank, when you use one of its financial products. It is expressed as a percentage. When someone borrows money from a financial institution, the lender will charge interest on that loan – an extra amount of money the customer has to pay on top of their loan instalments. It’s the main way banks make money from loans. Conversely, when someone deposits money with a bank, the bank will pay that customer a percentage of that money back in interest, depending on how long they keep those funds in that bank. It’s why people choose to put their money in a bank. Banks then use this deposited money to fund loans to other people, among other things.

Learn more about interest rates:

What is a Home Loan Comparison Rate?

How is interest calculated?

What’s a “good” interest rate?

A good interest rate could be considered as one that is competitive against similar offerings from other institutions. Before committing to a financial product, it’s a good idea to not only consider the interest rate, but also the comparison rate, features and other costs of the product. For example, checking the loan includes features you want or need, such as the ability to pay extra to shorten the life of the loan or the ability to withdraw extra funds.

How do I compare interest rates on financial products?

You can use Canstar’s refinance home loan comparison tool (at the top of this page) to compare interest rates on a wide range of products. Generally, the lower the interest rate, the cheaper the loan will be, but it’s important to compare refinance home loans based on more than the interest rate alone. You can use the comparison rate to get a better sense of the overall cost of a loan, as this rate also incorporates many of the home loan fees that may apply to the product. You may also want to pay attention to the Star Rating that Canstar has given to the products you are comparing. This rating factors in a wide range of variables, including the costs of the loan but also the features on offer from the lender. It is designed to give borrowers an idea of what loans are offering the best value overall.

This content was reviewed by Deputy Editor Sean Callery and Sub-Editor Tom Letts as part of our fact-checking process.

Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more.

Home loan Star Ratings are updated monthly. The results don’t include every provider in the market and we may not compare all features relevant to you. Current rates and fees are displayed and may be different to what was rated. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Home Loans Star Rating Methodology. The rating shown is only one factor to take into account when considering products. The table defaults to display only home loans available to somebody borrowing 80% of the total loan amount but you can use the filters to change this. Similar products might have different features and fees depending on the amount you borrow. Contact the lender for details.

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied.  The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a loan, you will deal directly with the provider, not with Canstar. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. It’s important you check rates and product information directly with the provider. For more information, read our Detailed Disclosure. ^Read the Comparison Rate Warning.

Before you elect to terminate or modify existing lending arrangements, we recommend you consider (i) your personal circumstances, and (ii) any associated fees, exit costs and application costs that may be applicable as well as the impact these changes could have on you. We suggest you consider seeking independent advice from a qualified adviser.

“Interest-only loan” generally means a loan where you will only pay interest during the interest-only term. That means you won’t be making payments which reduce debt during the interest-only term.

On some Home Loan products, you can choose to be referred to a mortgage broker who has been certified by Canstar according to our certification process. Mortgage brokers may not be able to offer loans from every provider. The loans included in the table are loans that Canstar Certified Mortgage Brokers can discuss with you, if you choose to do so. There may be more suitable loans for your personal circumstances.

If a broker successfully completes the Canstar certification process, they may pay Canstar a fee to use the official Canstar Certified Mortgage Broker badge. Canstar may earn a fee from the Canstar Certified Mortgage Broker, or the broker group they are affiliated with, if you settle a Home Loan via a Canstar Certified Mortgage Broker after being referred to the broker by Canstar.  Fees payable may vary depending on the home loan product and product provider.

Not all mortgage brokers available in the market have undertaken the certification process.  Canstar has invited a limited number of brokers to undertake the process, and only those brokers who have successfully completed the certification process are entitled to use the logo and wording “Canstar Certified Mortgage Broker”. Being certified as a Canstar Certified Mortgage Broker is not a representation that the holder’s mortgage broking services are superior to all other brokers who do not hold the certification.

Canstar Certified Mortgage Brokers are independent contractors, operate under their own Australian Credit Licence, or as Credit Representatives under an Australian Credit Licence, and are not Canstar’s agent or representative. They are not Home Loan product providers, but they can make recommendations to you about Home Loan products that may suit your needs. The broker may require you to enter into an agreement with them in relation to the services they can provide.  Canstar will have no knowledge of or input into the advice and product recommendations you receive from a Canstar Certified Mortgage Broker.

If you choose to be referred to a Canstar Certified Mortgage Broker, you will be taken to have accepted Canstar’s Terms of Use.

Your use of the Canstar Group’s Mortgage Broker Referral tool does not mean that you will be eligible to be approved for any particular home loan.