Refinance calculator

Enter the details of your current loan amount, property value and remaining loan term, and we'll show you loans that are a potential match for your requirements.

Mortgage Balance

$

Monthly Repayment

$

Interest Rate

%

Savings Over

years
Remaining loan term

0 years

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Advertised Rate
Comparison Rate*
Monthly Repayment
Savings Over Years
Total estimated upfront fees
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HSBC

3.27%

Variable

3.28%

$1.5k

$42.5k

Savings over 10 years

$150
More details
UBank

3.09%

Variable

3.09%

$1.5k

$46.6k

Savings over 10 years

$0
More details
UBank

2.99%

Fixed - 3 years

3.45%

$1.5k

$48.8k

Savings over 10 years

$395
More details
Athena Home Loans

3.09%

Variable

3.05%

$1.5k

$46.6k

Savings over 10 years

$0
More details
UBank

3.49%

Variable

3.49%

$1.6k

$37.3k

Savings over 10 years

$0
More details
Athena Home Loans

3.49%

Variable

3.45%

$1.6k

$37.3k

Savings over 10 years

$0
More details
UBank

3.49%

Fixed - 5 years

3.85%

$1.6k

$37.3k

Savings over 10 years

$395
More details
UBank

3.19%

Fixed - 5 years

3.44%

$1.5k

$44.3k

Savings over 10 years

$395
More details
Well Home Loans

2.97%

Variable

2.99%

$1.5k

$49.3k

Savings over 10 years

$250
More details
loans.com.au

2.88%

Variable

2.90%

$1.5k

$51.4k

Savings over 10 years

$520
More details

Refinance process

Follow these steps to select a new home loan that better suits your needs:

Case studies

See the impact that refinancing and switching lenders made on the lifestyle and personal finances of these Australians:

"When we first moved to Australia, we joined ANZ, so naturally we got a mortgage with them too. But we weren’t happy with their rising rates so I did some research and swapped to Reduce. They were very kind and helpful, and now we’re saving almost $400 a month!"

Ana and Marian
Owner occupiers Truganina, VIC

"We had been on a Westpac mortgage for 10 years when they sent us letters saying they were raising rates. We spoke to ING and they quickly got the ball rolling. I’m self-employed and even for me it was a straightforward process. Now we’re saving over $2,500 a year."

Steve and Emily
Owner occupiers Roweville, VIC

"I’d been with CBA since I was a kid. One day I found a lower rate with Reduce Home Loans on a comparison site and made the switch. Reduce made it easy and straightforward, and now I’m saving almost $5,000 each year on my home and investment property."

Nick
Owner Occupier & Investor Southport, QLD

What does it mean to refinance your home loan?

Refinancing your home loan simply means switching from your existing loan to a new one that is offered by either your current lender or a different one altogether.

Why should I consider refinancing?

As the market is continuously changing, it may be a good idea to consider regularly shopping around for a better deal on your mortgage. While the most obvious reason to consider refinancing might be to reduce your interest rate, there are plenty of other potential advantages including:

  • Paying off your loan faster with a shorter term
  • Getting a more flexible loan
  • Accessing more competitive features
  • Switching from a variable to a fixed rate, or vice versa
  • Consolidating debts
  • Making the change to a lender that provides better customer service

Are there any disadvantages to refinancing?

It’s important to take into account any fees you may be charged for refinancing your home loan, and whether or not the savings you might make on a lower interest rate would outweigh the cost of making the switch.

Some of the potential penalties you may encounter include a break fee for those currently on a fixed rate loan, a switching fee for refinancing with the same lender, and an application fee when applying for a new loan.

Additionally, refinancing may cost you time and effort when going through a new lender’s application process.

How do I refinance my home loan?

The first step is to identify what you want to achieve by refinancing, whether that is a reduced interest rate, shorter term or something else. Once you have that established, you can begin comparing your current loan to others on the market and create a shortlist of those that fit your goals. 

Be sure to weigh up the total switching costs you may incur with any potential savings before making a decision to apply for a new loan. Our home loan refinance calculator may come in handy here.

If you are happy with your current lender, you may also consider negotiating with them to switch to one of their more competitive loans in order to save the time and energy it takes to apply for a loan at a new bank.