Compare Refinance Rates from 30+ Lenders

The average Australian refinancer saves $2,000-$5,000 per year by switching to a lower rate. On a $600,000 loan, dropping your rate by 0.50% saves approximately $190/month ($2,280/year). Use our break-even calculator above to estimate your personal savings based on your current rate and loan balance.

The break-even period is how long it takes for your interest savings to exceed the switching costs. If refinancing costs $1,500 and saves $200/month, you break even in 7.5 months. Any savings after that point are pure benefit. A break-even under 12 months is generally considered worthwhile.

Refinancing means switching your entire loan to a new lender. Renegotiating (or repricing) means asking your current lender for a better rate. Try renegotiating first - call your lender's retention team with competitor rates. If they won't match, refinance externally. Renegotiating has zero switching costs.

Review your home loan at least annually, and always after RBA rate changes. Key triggers: your fixed rate is expiring within 3 months, you haven't compared rates in 12+ months, your lender raises rates without an RBA change, or your property value has increased (lowering your LVR and qualifying you for better rates).

Typical refinancing costs total $700-$2,000: discharge fee ($150-$400), application fee ($0-$600, often waived), valuation ($200-$600), and legal/settlement ($200-$500). State mortgage registration fees range from $120-$198. Many online lenders offer fee-free refinancing to attract switchers in 2026.

A discharge fee is charged by your current lender when you pay out your loan. It covers the administrative cost of releasing the mortgage from the property title. Most lenders charge $150-$400. This fee applies whether you're refinancing, selling, or simply paying off the loan. It's non-negotiable.

No. Stamp duty only applies when you purchase a property. Refinancing with a new lender does not trigger stamp duty because there is no change of property ownership. You will pay mortgage registration fees (varying by state from $120-$198) but these are significantly less than stamp duty.

Yes, but you may face break costs. Break costs compensate the lender for lost interest when you exit early. They can range from a few hundred dollars to $20,000+ depending on the rate differential and remaining fixed term. Ask your lender for a break cost estimate before proceeding.

Sometimes. A $4,000 cashback on a loan priced 0.25% above the sharpest rate costs more than taking the lower rate over 3+ years. On a $500,000 loan, that 0.25% rate difference equals $1,250/year in extra interest. After 3.2 years, the lower rate saves more than the cashback. Always compare total cost, not just the upfront offer.

Ideally 20% equity (80% LVR) to avoid Lenders Mortgage Insurance. With less than 20% equity, you can still refinance but may pay LMI again ($8,000-$35,000 depending on loan size). Some lenders accept 85-90% LVR for refinancers. Check if your original LMI policy is transferable to save costs.

You'll need: 100 points of ID (passport, licence), 2-3 recent payslips, current home loan statement, 3 months bank statements, details of other debts, and your property address. Self-employed borrowers need 2 years tax returns and business financials. Digital lenders may verify income via Open Banking.

Yes, but options are limited. Specialist non-conforming lenders accept borrowers with defaults, late payments, or low credit scores. Expect rates 1-3% higher than standard, larger equity requirements (20%+), and stricter conditions. Improving your credit score before applying significantly reduces your costs.

Yes. Standard lenders require 2 years of tax returns and business financials. Low-doc lenders accept 6-12 months of business bank statements as income verification instead. Self-employed borrowers typically pay 0.1-0.3% more than PAYG applicants. Athena, Pepper, and Liberty are more flexible for self-employed refinancers.

Most mainstream lenders prefer a credit score of 600+ (Equifax scale). Scores above 700 qualify for the best rates. Between 500-600, you'll have fewer options and higher rates. Below 500, specialist lenders are typically required. Check your free credit score at Equifax or Credit Savvy before applying.

Yes. Investment property refinancing works the same way but rates are typically 0.25-0.50% higher than owner-occupier rates. Interest on investment loans remains tax-deductible. Ensure your new loan structure preserves deductibility - mixing personal and investment borrowing can create tax complications.

In 2026, fixed rates (5.74-6.19%) sit below variable rates (5.99-6.59%), suggesting markets expect rates may fall. Choose fixed if you want certainty and protection against rises. Choose variable if you want offset accounts and the ability to make unlimited extra repayments without break costs.

Yes. Cash-out refinancing lets you borrow more than your current loan balance, accessing your property equity for renovations, investing, or consolidating debt. Most lenders allow cash-out up to 80% LVR. On a property worth $800,000, you could access up to $640,000 minus your current balance.

Brokers arrange approximately 70% of Australian home loans and don't charge you directly (they're paid commission by the lender). A good broker compares 30+ lenders and handles paperwork. However, some lenders like Unloan and Athena are direct-only with lower rates. Compare both channels for best results.

Typically 2-6 weeks from application to settlement. Digital lenders (Unloan, Athena) can process in 2-3 weeks. Major banks take 3-5 weeks. Complex applications (self-employed, high LVR) may take 4-6 weeks. Pre-approval usually comes within 1-3 business days for most lenders.

A comparison rate includes the interest rate plus most fees and charges, expressed as a single percentage. It's calculated on a $150,000 loan over 25 years as required by Australian law. Always compare loans using comparison rates rather than headline rates. A low advertised rate with high fees can be more expensive overall.

The RBA cash rate is currently 4.35% as of May 2026. When the RBA cuts rates, variable loans get cheaper but fixed rates may have already priced in expected cuts. After a rate cut cycle, variable rates often drop faster than fixed rates adjust. This can be an optimal time to refinance to a variable rate.