2025 Home Loan Refinance Award

Canstar releases its
2025 Home Loan Refinance Awards.

Released: 04 November, 2025

About this year’s awards

It’s been a busy year for mortgage holders, with the Reserve Bank of Australia cutting the cash rate three times to the lowest it’s been since April 2023. The series of cuts prompted a flurry of refinancing activity, with an estimated 100,000 mortgages switching to a new lender in the June 2025 quarter alone. To put it into perspective, that’s an estimated 1,000 loans moved each day. 

Given mortgage stress is the biggest financial concern for Aussie households, according to Canstar research, it’s unsurprising so many home owners were looking to switch to a bank with a lower interest rate. 

The simplest way to find a more competitive interest rate is to compare. Remember there are different loan options out there and the best one for you will depend on your personal finances and circumstances. 

In recognition of the breadth of home loan options on the market, our Home Loan Refinance Awards cover four categories: Bank of the Year, Customer-Owned Bank of the Year, Non-Bank Lender of the Year and Digital Lender of the Year.

Congratulations to the Award winners

(Winners are listed alphabetically)

Newcastle Permanent

Customer-Owned Bank of the Year — Home Loan Refinance

Newcastle Permanent has picked up the Customer Owned Bank of the Year award for Home Loan Refinance in 2025. With strong performance across both variable and fixed profiles, it offers low interest rates with low fees across all loan to value ratio (LVR) tiers. In the variable profile, Newcastle Permanent’s average interest rate is among the lowest at 5.58% compared to the market average of 5.62% at 60% LVR.

Pacific Mortgage Group

Non-Bank Lender of the Year — Home Loan Refinance

Pacific Mortgage Group has retained the Non-Bank of the Year award in 2025. It continues to offer the most competitive average six-month interest rates in the market, at 5.40% compared to market average of 5.70% at 60% loan to value ratio.

Up Bank

Bank of the Year – Home Loan Refinance
Digital Lender of the Year – Home Loan Refinance

Up Bank has retained both the Bank of the Year and Digital Lender of the Year awards for Home Loan Refinance in 2025. With consistently strong performance across all variable and fixed loan to value ratio profiles, Up Bank offers the lowest average six-month interest rate of 5.55% in the variable profile. On features, Up Bank continues to offer a competitive suite including customer service support for 18 hours, seven days a week.

Up Bank, a 100% mobile bank, began as a partnership between Bendigo Bank and Ferocia. Now officially part of Bendigo and Adelaide Bank Limited, Up Bank provides transaction and saving accounts, as well as home loans.

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About Canstar

Canstar also has insights and information about financial products and services generally. You can find out about topics such as: interest rates, buy now pay later (BNPL), business products and tax. You may also be interested in discovering more about calculators and resources, such as our rate checker and free credit score tool, to help you with your financial decision-making.

About: Josh Sale, Group Manager, Research & Ratings

Bachelor of Commerce, Economics/Finance dual major, Griffith University. Master of Data Science, Strategy and Leadership, RMIT (ongoing studies)

Joshua Sale is responsible for developing the methodology and delivering Canstar’s flagship Star Ratings, as part of Canstar’s Research team. With tertiary qualifications in economics and finance, he enjoys helping Australians find more suitable financial products by transforming complex calculations into a consumer-friendly Star Rating that explains the values and benefits of different financial products.

As one of Canstar’s company spokespeople, Joshua has participated in print, radio and broadcast interviews with the likes of the Australian Financial Review, news.com.au and Money magazine, along with other leading media outlets, discussing topics such as home loan equity, banking incentive schemes, digital wallets and wider finance trends.

Joshua is known for his ability to simplify complex products and technical information, crunching the data into meaningful insights for consumers about finance. He has analysed several consumer markets across banking, insurance and wealth, and is keenly interested in various topics, ranging from how Australians interact with their superannuation funds, to the dynamic nature of the health insurance market, and collecting and redeeming credit card reward points.

Joshua believes that knowledge is the first step towards empowerment. Even while studying, he facilitated peer-assisted study sessions for economics, and represented his University’s Business School in an academic committee.

You can follow Josh on LinkedIn, and Canstar on X and Facebook.