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Home loan refinance · owner-occupied and investment
Refinancing, worked out properly
Switching lenders only makes sense if the numbers survive the costs of switching. We do that arithmetic before you commit to anything.
Refinancing is the one thing in home lending you can act on at any time, which is exactly why it gets oversold. A lower headline rate is not automatically a saving. Discharge fees on the old loan, application and settlement costs on the new one, and a reset loan term can quietly undo the gain.
The question worth asking is not “is there a cheaper rate” — there almost always is. It is whether the total cost over the years you actually intend to keep the loan comes out lower after the switching costs. Sometimes it does by a wide margin. Sometimes it does not, and we will tell you so.
What people refinance for
- A lower rate on an existing owner-occupied loan
- Releasing equity for a renovation or deposit
- Consolidating higher-rate debt into the mortgage
- Moving from interest-only back to principal and interest
- Switching between fixed and variable
- Restructuring after a separation or change in ownership
What you get from us
The switching costs count
Discharge, application and settlement fees are counted before we call anything a saving.
Term reset is the hidden one
Refinancing $400,000 back out to 30 years can cost more in total interest than the rate saves.
Equity release explained
Cash out is assessed on purpose. Lenders treat renovation and debt consolidation differently.
Consolidation is a trade-off
Rolling personal debt into a mortgage lowers the repayment but stretches the term. We show both numbers.
Eligibility
What lenders look at
- You're 18 or over and an Australian citizen or permanent resident
- You have some regular income — from work, self-employment, superannuation, investments or a pension
- You're borrowing an amount you can service comfortably — most of our panel starts around $10,000
- You can comfortably meet the repayments alongside your existing commitments
Every lender on the panel weighs these differently, so none of it is a fixed cut-off — send the enquiry and we'll tell you honestly what is and isn't available. If money is already tight, the National Debt Helpline offers free, independent financial counselling, with nothing to sell you.
Enquire about refinancing
Two minutes. No credit check.
The market right now
Where home loan rates sit
RBA cash rate: 4.35% p.a.
Held at the Reserve Bank's 11 August 2026 meeting, effective 12 August. The Board next meets on 29 September 2026. Variable home loan rates generally move with the cash rate, though lenders do not always pass changes on in full.
Advertised variable rates: from about 5.69% p.a.
Around a dozen lenders currently advertise owner-occupier variable rates below 6% p.a. The lowest big-four variable is Westpac's Basic Variable at 5.99% p.a. (comparison rate 6.00% p.a.). Average variable rates on loans already written sit near 5.5% p.a. for owner-occupiers and 5.7% p.a. for investors.
These are market figures, not an offer of credit and not our
panel's pricing. They are published so you can see roughly where the market sits
before you enquire. Sourced from RBA and public lender comparison data, last reviewed
. The rate actually available to you
depends on the lender, the property, your deposit or equity and the lender's assessment
of your circumstances.
Comparison rates are based on a loan of $150,000 over 25 years.
WARNING: a comparison rate is true only for the example given and may
not include all fees and charges. Different terms, fees or loan amounts might result in
a different comparison rate.
Estimate
What would the repayments be?
- Total repayable
- $0
- Total interest
- $0
- Establishment fee
- $195
Estimate only. This is not a quote or an offer of credit. Figures include the $195 establishment fee and assume principal-and-interest repayments at the rate selected. Your actual rate is determined on assessment.
Common questions
Before you enquire
How much equity do I need to refinance?
Most lenders want you at or below 80% of the property's value to avoid lenders mortgage insurance. Refinancing above 80% is possible but usually means paying LMI again, which often wipes out the saving.
Will refinancing hurt my credit file?
Each application is recorded as a credit enquiry. One or two is unremarkable. Applying to several lenders in a short period is visible and can count against you, which is a reason to narrow the field before applying rather than after.
How long does a refinance take?
Commonly four to eight weeks from application to settlement, depending on the lender and how quickly the outgoing lender processes the discharge. The discharge is often the slow part and it is largely outside anyone's control.
Is it worth refinancing to consolidate debt?
Sometimes. The repayment almost always falls, because mortgage rates are far below card and personal loan rates. But a five-year debt stretched across a twenty-five year mortgage can cost more in total interest even at the lower rate. We will show you both figures and let you decide.
Find out if switching is actually worth it
Send us your current rate, balance and lender. We will come back with whether a switch stacks up after costs — including when it doesn't.
Start an enquiry