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Comparing refinancing home loans

We have made comparing home loan refinance rates easy. Simply start with our refinancing comparison tool above, completing the relevant sections. The more information you provide, the more filters we apply to ensure we find a home loan that suits you. However, if you’re confused by all the rates, then simply get in touch with us. One of our Refinancing consultants will contact you to discuss your requirements.

What does it mean to refinance?

A home loan is a long-term commitment that can span over 20 to 30 years. During this time, your personal and financial needs will change as well as market conditions. This is where refinancing could help you. Refinancing your home loan is when you switch home loans; whether that means negotiating a better loan with your existing lender or taking out a new loan with a new lender. It allows you to change your home loan to suit your needs.

What is Home Loan Refinance?

The benefits of refinancing your home loan

A home loan is a long-term commitment that can span over 20 to 30 years. During this time, your personal and financial needs will change as well as market conditions, which is when refinancing may help you.

Getting a better rate

If market rates are at least 1 percent lower than your rate, refinancing could decrease your expenses and increase your cash flow.

Accessing your home equity

Your home is a large asset, so refinancing means you can access your equity and use this money to renovate or purchase other assets.

Gaining cost-saving features

If your home loan does not have the features you require, when refinancing you can select the features and fees that suit you.

Consolidate debts

Juggling debt can be hard, however consider merging all your financial commitments into one easy payment and reduce your monthly expenses.

The advantages and disadvantages of refinancing

Refinancing is an ideal option for home loan borrowers seeking cost-effective ways to get financially ahead. However, carrying out research and getting a clear picture will help you find the best home loan for your situation.

  • Reducing your interest rate
  • Improving home loan terms
  • Consolidating debt
  • Decreasing monthly repayments
  • Increasing your home loan features
  • Maximising your cash flow
  • Application fees
  • Potenital break costs or exit fees
  • Qualifying for a home loan
  • More paperwork
  • Increased financial risk

Refinancing home loan types

Gone are the days where you choose between a basic fixed-rate home loan, or variable-rate home loan. Today, there are far more home loan refinance products available to suit your situation.

Basic Home Loan. A no-frills home loan which will enable you to pay off your home loan faster with minimal features, flexibilty, and typically offers a lower interest rate.

Standard Variable. This popular home loan option combines a mixture of flexbility and features, however it is generall a slightly higher rate of interest than a basic home loan.

Fixed Rate. Plan you home loan budget and fix your interest for a period of 1 to 5 years, however flexibity is generally reduced and you can incur potential exit fees if you refinance.

Interest Only. If you wish to reduce the amount repaid to free-up capital, this allows you to pay only the interest portion of the loan, with the principal paid at the end of the interest only loan term.

Line of Credit. This type of refinance home loan gives you access to an agreed amount of credit that can be withdrawn when you wish, for whatever purpose, being charged interest on the amount you use.

Refinance Home Loan Types

Home loan product features

Are you looking for a refinance home loan with all the ‘bells and whistles’, or would you prefer to focus on paying-off your home loan as fast as possible? Before you decide, consider some of the loan features available.

Redraw Facility. You’re eager to pay off your home loan and have made extra payments, however you also want the option to access those extra funds without certain limits at a later date.

Offset Account. Reduce your mortgage and link a transactional account to your home loan with the money in the account ‘offsetting’ the debt, reducing the interest paid.

Split Rate. If you want the best of both world, this allows you to fix a portion of your home loan for a set period, and leave the rest variable where you can pay off more of that portion of your home loan.

Extra Repayments. Some home loans allow you to make extra repayments without a penalty fee. It’s common that some fixed rate loans tend to restrict the number and amount of additional repayments.

Portability. If you’re moving homes, this allows you to keep your existing mortgage and account numbers, but the bank switches the security property to your new home.

Refinanicng Lender Product Features

The cost of refinancing

Before you commit yourself to a refinance home loan, always look at all the costs involved. Yes, this can be a little time consuming; but, it’s well worth the effort. Rest assured your Home Loan Manager will help you understand any fees involved and do the sums of refinancing. Costs are approximate only, and may vary between each lender.

Existing lender
Exit fees. A one-off fee charged when you exit your home loan before the end of its specified term.
$100 – $200
Break costs. A fee may be applied when you switch from a fixed rate home loan to a variable rate. These are calculated to cover your existing lender.
New lender
$100 – $500
Upfront fees. An application fee may apply when switching loans. Look out for things like document preparation fees when reviewing the product details.
$0 – $300 (yearly)
Monthly account fees. Your new home loan may have a monthly account-keeping fee so it’s recommended to check any additional costs.
$200 – $300
Valuation fee. A new lender will require you to conduct their own bank valuation on your property, however some lender may absorb the cost.
$50 – $200
Settlement fees. The cost to payout your previous lender and switch the funds to your new lender, which may also be absorbed by the lender.

Potential savings from refinancing your home loan

Now let’s look at the sums and how much you can save. On a $350,000 principal and interest loan with a 6% p.a. interest rate, calculated over a 30-year term, you could save approximately $110 per month for every 0.5% you can negotiate off your loan.

Interest rate

Monthly repayment

Potential monthly savings