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Low-Rate Refinance Home Loan Comparison

With interest rates still at record lows, it could be a clever time to compare refinancing home loan offers. See a comparison of some of our top low-rate refinance products on variable and fixed mortgage rates with links to lenders’ websites. 

There are a number of reasons why people decide to refinance their loan – whether it be to take advantage of competitive interest rates, starting a family, helping consolidate debt or accessing equity in your property to fund a renovation. Either way, if you decide to refinance, make sure you do your research before you make a decision.

The loans below are based on refinancing home buyers, so if you’re looking for an investment property loan, or are a first home buyer, go to our comparison selector.

Compare Home Loans

Low residential variable interest rates for refinancing home loans

The table below displays refinance home loans in Canstar’s database with links to lenders’ websites. The display is sorted by advertised interest rate (lowest to highest). The products and Star Ratings displayed are based on a loan amount of $350,000 at 80% LVR for a property in New South Wales.

Source: Canstar. Based on residential variable home loans available for a loan amount of $350,000 at 80% LVR, and available for Principal and Interest repayments in New South Wales.
*Comparison rate based on loan amount of $150,000. Read the Comparison Rate Warning.

Compare Variable Refinancing Home Loans

Low 1-year fixed interest rates for refinancing home loans

This table displays refinance home loans in Canstar’s database with links to lenders’ websites. The display is sorted by advertised interest rate (lowest to highest). The products and Star Ratings displayed are based on a loan amount of $350,000 at 80% LVR for a property in NSW.

Source: Canstar. Based on residential 1-year fixed home loans available for a loan amount of $350,000 at 80% LVR, and available for Principal and Interest repayments in New South Wales.
*Comparison rate based on loan amount of $150,000. Read the Comparison Rate Warning.

Compare Fixed Rate Refinancing Home Loans

Low 3-year fixed interest rates for refinancing home loans

This table displays refinance home loans in Canstar’s database with links to lenders’ websites. The display is sorted by advertised interest rate (lowest to highest). The products and Star Ratings displayed are based on a loan amount of $350,000 at 80% LVR for a property in NSW.

Source: Canstar. Based on residential 3-year fixed home loans available for a loan amount of $350,000 at 80% LVR, and available for Principal and Interest repayments in New South Wales.
*Comparison rate based on loan amount of $150,000. Read the Comparison Rate Warning.

Compare Fixed Rate Refinancing Home Loans

Low 5-year fixed interest rates for refinancing home loans

This table displays refinance home loans in Canstar’s database with links to lenders’ websites. The display is sorted by advertised interest rate (lowest to highest). The products and Star Ratings displayed are based on a loan amount of $350,000 at 80% LVR for a property in NSW.

Source: Canstar. Based on residential 5-year fixed home loans available for a loan amount of $350,000 at 80% LVR, and available for Principal and Interest repayments in New South Wales. 
*Comparison rate based on loan amount of $150,000. Read the Comparison Rate Warning.

Compare Fixed Rate Refinancing Home Loans

Of course, remember that getting the lowest interest rates isn’t everything. Be sure to look for the features that will make your loan work for you, not against you. To find out what features you should consider in a home loan, read our Choosing A Home Loan Checklist.

How to refinance home loans

Refinancing refers to the process of taking out a new mortgage to replace your current one. More often than not, people refinance their home loans in order to take advantage of better interest rates or more favourable loan conditions. Canstar’s top-rated refinance home loans score highly in this regard.

There are some common fees associated with refinancing your home loan:

  • Discharge fees: you will likely have to pay a discharge fee to your current lender to pay for the work they have to do in order to terminate your loan
  • Break fees: this is a fee that compensates the lender for any loss of profit they have incurred on a fixed-rate home loan
  • Upfront costs: these are not always charged on home loans but they can be when taking out a new one. They include establishment fees, settlement costs and valuation fees

Why should I refinance?

Here are five key reasons why someone might consider refinancing their home loan:

  1. To secure a better interest rate
  2. To consolidate several debts into one lower-rate debt
  3. To access additional home loan features, such as redraw facilities, offset accounts and flexible repayments
  4. To switch between variable and fixed rates
  5. To access the equity in your home

There can also be attractive signup deals when it comes to joining new lenders, and some can have very few fees. Whatever your reason for refinancing, make sure you compare your options before deciding.

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