Refinance your home loan

Home loan refinancing means replacing your current mortgage with a new one, either with a different lender or a different product with your existing lender. The new loan pays off the old one, and you start repaying the new loan at the new interest rate and terms. People refinance to get a lower interest rate, access better features like an offset account, consolidate debt, or release equity.

Savings depend on the difference between your current rate and the new rate, your loan balance, and remaining term. On a $600,000 loan, a 0.5% reduction saves approximately $3,000 per year. Over 20 years, that is $60,000 in interest. Use our mortgage repayment calculator to model your specific scenario. A free home loan health check with our mortgage broker team shows your exact potential savings.

Consider home loan refinancing when: your rate is 0.5% or more above the market, your fixed rate period is ending, you want to consolidate debt, you need to release equity, your circumstances have changed (higher income, lower expenses), or you have not reviewed your loan in over 12 months. Our mortgage broker team provides a free home loan health check to determine if now is the right time.

Typical refinance costs include: discharge fee from your current lender ($150 to $500), application fee with the new lender ($0 to $400, often waived), and valuation fee ($200 to $500, often waived). If you are on a fixed rate, break costs may apply and can be significant. Most refinancers recoup all switching costs within 1 to 3 months through interest savings. A cashback refinance offer can also offset these costs entirely.

Break costs apply when you exit a fixed rate loan before the fixed period ends. They compensate the lender for the interest they expected to earn. Break costs can range from a few hundred dollars to tens of thousands depending on your loan size, remaining fixed term, and how much rates have changed since you locked in. Our mortgage broker team calculates your exact break costs before recommending a switch so there are no surprises.

A discharge fee is charged by your current lender to close your existing loan when you refinance. It typically ranges from $150 to $500. This is a standard administrative fee and is much smaller than the savings you gain from switching to a lower interest rate. Some cashback refinance offers cover the discharge fee entirely. Our mortgage broker team factors all fees into your savings calculation.

Yes. A refinance mortgage broker compares rates and features across 35+ lenders on your behalf, handles all paperwork, negotiates with both your current and new lender, and coordinates settlement. A mortgage broker can also negotiate a rate reduction with your existing bank before switching. The service costs $0 because the lender pays the commission. A mortgage broker is legally bound by the Best Interests Duty to recommend the best option for you.

$0. Our mortgage broker service is completely free to you. The new lender pays us a commission (typically 0.45% to 0.65% of the loan value) when your refinance settles. On a $600,000 refinance, the lender pays approximately $2,700 to $3,900, not you. You get expert guidance on home loan refinancing at zero cost. Meet our team.

A comparison rate includes the interest rate plus certain fees, giving you a more accurate picture of the true cost of a loan. When comparing refinance options, always look at the comparison rate rather than just the advertised interest rate. A loan with a lower advertised rate but high fees could be more expensive overall. Our mortgage broker team compares both rates across all 35+ lenders so you see the full picture.

Yes. You can consolidate debt by rolling credit cards, personal loans, car loans, and other debts into your home loan when you refinance. This replaces multiple high-interest debts with a single lower-rate repayment. On $50,000 of credit card debt at 20%, switching to your home loan rate saves approximately $7,000 per year in interest. Our debt consolidation guide explains the process and considerations.

Yes. If your property has increased in value, you can release equity by refinancing to a higher loan amount and withdrawing the difference as cash. Most lenders allow you to borrow up to 80% of your property value without LMI. Use our home equity calculator to estimate your available equity. Our equity release guide covers the full process.

An offset account is a transaction account linked to your home loan. The balance in your offset account reduces the amount of interest charged on your loan. For example, if you owe $500,000 and have $50,000 in your offset account, you only pay interest on $450,000. Over the life of your loan, a well-used offset account can save tens of thousands in interest. An offset account is one of the most valuable features to look for when refinancing your home loan.

A redraw facility lets you access any extra repayments you have made on your home loan. If you have paid $10,000 above your minimum repayments, a redraw facility lets you withdraw that $10,000 if needed. This gives you flexibility to pay down your loan faster while still having access to funds for emergencies. When refinancing, check whether the new loan offers free redraw or charges a fee per withdrawal.

Variable rates offer flexibility: offset accounts, extra repayments, and potential savings if rates drop. Fixed rates provide certainty: locked repayments for 1 to 5 years. A split loan combines both. The right choice depends on your financial goals, risk tolerance, and view on interest rate movements. Our choosing the right finance guide compares the trade-offs in detail.

A split loan divides your mortgage into a fixed rate portion and a variable rate portion. For example, you might fix 60% for repayment certainty and keep 40% variable for flexibility and offset account access. This gives you the benefits of both rate types. When refinancing your home loan, a split loan is one of the most popular structures. Our mortgage broker team helps you determine the right split ratio.

A cashback refinance offer is an incentive from a lender (typically $2,000 to $10,000) to attract your business when you switch home loan providers. The cash is usually paid within 60 days of settlement. Cashback can offset your discharge fee and switching costs. However, always compare the total loan cost (interest rate, comparison rate, fees) rather than choosing a loan solely for the cashback. Our mortgage broker team finds the best combination of rate plus cashback.

Your Loan to Value Ratio (LVR) is how much you owe compared to your property's value. A lower LVR means better rates. Most lenders offer their best rates at 60% LVR or below, with good rates at 80% or below. Above 80%, you may need to pay LMI. When refinancing, a higher property valuation lowers your LVR. Our mortgage broker team knows which lenders provide the highest valuations in your area.

Yes. Banks often offer a lower interest rate to retain customers who are considering refinancing. Before we switch you, our mortgage broker team can approach your current lender with competitive offers from other lenders to negotiate a rate reduction. If they match or beat the market, you save without switching. If they do not, we have 35+ lenders ready. Either way, you win.

Most refinances complete in 2 to 4 weeks from application to settlement. Some lenders offer fast-track refinancing that can settle in under 2 weeks. The timeline depends on your lender, the complexity of your loan, and how quickly your current lender processes the discharge. Our mortgage broker team manages the entire process to minimise delays.

Usually yes. The new lender needs to assess your property's value to determine your LVR and the rate they can offer. Some lenders use automated or desktop valuations (faster and free), while others require a physical inspection. A higher valuation means a lower LVR and better rates. Our bank valuations guide explains how valuations work and how to maximise yours.

Yes. Self-employed borrowers can refinance, though the documentation requirements differ. Most lenders require 2 years of tax returns and financial statements. Some lenders on our panel accept 1 year or even use alternative income verification. Our mortgage broker team knows which lenders are most flexible for self-employed refinancing and presents your income in the best possible light.

Yes. Investment property loans can be refinanced just like owner-occupied loans. Investment loan rates are typically slightly higher, but switching to a more competitive lender can still save you thousands. When refinancing investment loans, loan structuring for tax efficiency is important. Interest on investment loans is generally tax-deductible, so your mortgage broker should ensure the new structure preserves your deductions.

A home loan health check is a free review of your current loan against the market. Our mortgage broker team assesses your interest rate, comparison rate, fees, features (offset account, redraw facility), and overall loan structure. We then show you whether refinancing would save you money and by how much. We recommend a home loan health check at least once per year, or whenever rates change significantly.

You can, but you will only see the rates and products offered by the one lender you approach. A mortgage broker compares 35+ lenders simultaneously, often accessing rates and cashback refinance offers not publicly advertised. Since the service costs $0, there is no disadvantage to using a mortgage broker. You get better rates, less paperwork, and expert guidance when you switch home loan providers through a broker.