Home Compare Home Loans Refinancing Rates updated 26 August 2026 - Need to refinance your home loan? See below for some of the best refinance interest rates from our database to save on your next home loan. One of our lowest refinance home loan rates: 5.70% p.a (comparison rate* 6.06% p.a ) from South West Slopes Credit Union Ltd — Intro Discounted Standard Variable . Do you like & trust our expert, human-written content? Simply click this button to tell Google you want to see more of us in your Google Search Results, AI Overviews and AI Mode answers. Principal & Interest 10% Min Deposit Extra Repayments Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application. Built and funded by CommBank Principal & Interest 20% Min Deposit No application or ongoing fees. Annual rate discount Unlimited redraws & additional repayments. LVR <80% A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank. Principal & Interest 20% Min Deposit $3000 Cashback T&Cs apply Principal & Interest 40% Min Deposit Principal & Interest 20% Min Deposit Extra Repayments Principal & Interest 10% Min Deposit Extra Repayments Principal & Interest 10% Min Deposit Extra Repayments Principal & Interest 30% Min Deposit Extra Repayments Principal & Interest 20% Min Deposit Principal & Interest Extra Repayments Principal & Interest Extra Repayments Principal & Interest 10% Min Deposit Extra Repayments Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application. Principal & Interest 40% Min Deposit Extra Repayments Principal & Interest Extra Repayments Principal & Interest Extra Repayments Principal & Interest 10% Min Deposit Extra Repayments Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Dedicated loan specialist throughout the loan application. Monthly repayments: $ 2,978 August Refinance Home Loan Rates & Deals On the hunt for lower mortgage repayments ? These are some of the lowest rate home loan products available on the Savings.com.au product database this month you might be able to refinance to: For more information on how we’ve selected these products, the products we compare, how we make money, and other important information about our service, please click here . Rates correct as of 26 August 2026 . View disclaimer If your current deal isn’t stacking up, it might be time to refinance. Switching your mortgage to a new loan with a lower interest rate or better features could save you many thousands of dollars over the course of your loan period. What is refinancing? Refinancing basically means changing your home loan . It can be: Internal (switching to a different loan product with the same lender), or External (switching lenders) To externally refinance , you make a refinancing application with your new lender of choice. If successful, the new lender pays off the existing loan (to your old lender), then you keep making repayments on the new loan. There are lots of reasons a borrower might want to refinance their home loan, including: Wanting a better interest rate Sick of paying too much in ongoing fees Wanting to switch between variable and fixed rates Wanting to access home equity Looking to incorporate features that would be more beneficial to their situation Wanting to consolidate other debts into a home loan How to compare home loans when refinancing If you're refinancing, there are a few things you should be looking at when trying to find the best refinance home loan for your circumstances. Check the interest rate and comparison rate The biggest reason to refinance is usually to pay a lower interest rate. Over the life of a loan term, even small rate drops can add up to thousands of dollars worth of savings. However, don’t just stop at the advertised rate, look at the comparison rate too. The comparison rate reflects fees and charges that come with the loan. This gives you a clearer picture of the true cost of over time. How much can you save by refinancing to a lower rate? Imagine your current home loan is at 5.90% p.a. and you find a product you can switch over to that has a rate of 5.50% p.a. Here's how much you might be able to save depending on your loan size: Outstanding home loan balance Monthly repayments at 5.9% p.a. Monthly repayments at 5.5% p.a. Refinancing could lower monthly repayments by… Over the life of your loan you could save… Calculated using Savings.com.au's Refinance Home Loan Calculator . Assuming a 25-year loan term with monthly repayments. Take into account all fees and charges Refinancing is rarely free. Just like when you apply for a home loan , you might incur charges like application or establishment fees from your new lender. If you’re switching lenders, you typically have to pay a mortgage discharge fee, which covers the administrative costs of closing out your home loan. Most banks charge between $150 and $400, while some (albeit less common) may charge up to around $500. Your existing lender might also impose a break cost for discharging your loan early if you’re on a fixed rate. Other fees to check and compare include valuation fees, annual package fees, and ongoing costs. Look closely at loan features Home loan features such as redraw facilities, offset accounts , and flexible repayment options can make a big difference to your mortgage. Evaluate which features you need and can help boost interest savings. If you currently have a basic, feature-lite home loan, you might need to refinance to access the features you want. Many refinance mortgages may also offer fast approval times and/or digital-first management, which can be appealing if you want a streamlined setup. Factor in your property valuation and LVR Your property’s assessed value directly affects your loan-to-value ratio (LVR) , which impacts the rates you’re eligible for. A lower valuation can push your LVR higher, which means LMI may become payable if you’re pushed above 80% LVR or you may drop into higher LVR pricing thereby increasing your costs. Example: If your $750k home is valued by the lender at $720k, a $576k refi that looked like 76.8% LVR becomes 80% LVR potentially tipping you into LMI territory. Savings.com.au tip: Aim for ≤80% LVR to avoid LMI and broaden your options. If you’re chasing the sharpest pricing, aim for ≤60%. Now, if a low valuation pushes you higher, consider shopping the valuation or tweaking the loan amount to land in a better LVR band. See if the lender has refinancing offers Lenders often have special offers designed to entice customers to refinance to them. Most common is cashback, which is exactly what it sounds like – your new lender will reward you for refinancing with a couple of thousand dollars. This can be debited from your outstanding loan balance, or go straight to your bank account. Read more: Home loan cashback offers and deals How do I refinance my home loan

Reach out to your lender – Before looking elsewhere, contact your lender first. Ask whether they can offer you a better deal on your existing home loan. Run the numbers – Crunch the numbers, including all the costs to refinancing your home loan to see if switching will save you money. Compare your current loan to others on the market – Review interest rates, comparison rates, features, and fees. Use refinance comparison tables to see how your current loan stacks up. Decide whether refinancing is worthwhile – Weigh up if the fees and upfront switching costs you may potentially incur outweigh the savings you’ll get from refinancing. Gather all required documents – Prepare identification documents, collect recent payslips and bank statements, and have any other documents ready that outline your current financial position. Contact your broker or chosen lender – Once your documents are ready, get in touch to start the application process. Wait while both lenders finalise the refinance – There may be a waiting period while your new and current lenders complete the transition. Read more: How to refinance your home loan When should I refinance? The question of when to refinance is one only you can answer, as your financial situation is likely as unique as you are. That said, there are common indicators that it might be a good time to consider refinancing: You suspect you’re paying too much interest on your current home loan. You notice your rate is no longer competitive. Interest rates fluctuate and can vary significantly between lenders, so a once-sharp rate can become uncompetitive over time. You’ve repaid a large chunk of your mortgage and now have a lower LVR, which might qualify you for loans and rates that weren’t available to you before. You want to borrow a bit extra or ‘top up’ your existing loan, which usually involves an internal refinance. You want to switch to a loan that offers helpful features, such as an offset account. You’re currently on variable and want to lock in a fixed rate (or vice versa). When not to refinance It might not be worth refinancing if: You have only just taken out the loan and haven’t built enough equity. Refinancing too soon, as in within the first 1-2 years, can mean high LVR and very little interest shaved off. Your financial situation hasn't changed much since, or, worse, has actually worsened (i.e., your income dropped, your expenses have risen, your credit score has taken a hit). The switching costs outweigh the benefits, that is the long-term savings from refinancing your home loan don’t clearly exceed the upfront and ongoing costs (e.g., discharge fees, application fees, valuation fees, break costs, etc.). You’re still in a fixed-rate period and the break cost would outweigh the savings. Your property has dropped in value or you’re at high LVR. A lower valuation can push your LVR above 80%, which may mean paying LMI. You’ll lose valuable features your current loan offers. Your current lender is willing to reprice your loan. Sometimes the quickest win is negotiating a lower rate, so talk to your lender first. Read more: Pros and Cons of Refinancing 31, owns properties in VIC When and why does Zara refinance her home loan? My last refinance was to split one of my loans to have half fixed and half variable. I calculated that I had enough cash to sit in an offset account and decided to keep that portion as variable so that it could be offset. The rest I decided to fix for two years at a lower rate so that I'd pay slightly less interest on the portion I couldn't offset. When it's the right time to refinance will be different for everyone. Refinancing is a constant thing to do if you want to move towards your long term goals. Every 1-2 years your position will have changed, and, in my case, I'll re-look at my portfolio to see: Can I get a better rate? Can I streamline my portfolio? Can I be in a better situation where I can expand? Nick Lissikatos Director at Trelos Finance What the expert says Refinancing is like renegotiating your biggest bill. Lenders will often look after new customers better than existing ones, and if you’ve been sitting on the same rate for a while, there’s a decent chance you’re paying a loyalty tax. Most of my clients refinance for one of two reasons: either they want to stop overpaying on interest, or they want a better structure (usually an offset) so their money works harder. Savings depend on the loan size and the rate gap. As a rough guide, if you shave 0.50% off a $700k loan, that’s about $3,500 a year in interest. Bigger balances or bigger rate gaps obviously move the needle faster. However, the real win is when you combine a sharper rate with the right structure, because that’s when people not only save money, they build momentum. Get a better home loan deal Compare thousands of home loans rates and features from 100+ leading Australian lenders. Learn more about refinancing For help deciding if refinancing your mortgage is worthwhile, Savings.com.au’s home loan refinance calculator could be a good place to start. Looking to refinance your home loan but don’t even know where to start? Here’s a simple step-by-step guide to help you through the process. Time to refinance your investment property loan? Learn more about refinancing your investment loan and how to raise equity in it. Ready to buy your next property and looking to use equity to achieve it? We explain what equity and how to access it. So how much does it really cost to refinance a home loan? Learn more about major costs and fees. Look for a better deal on your home loan but is your credit score not looking too flash? Here's some tips to help you refinance with bad credit. Frequently Asked Questions Can I refinance my home loan if I’m in arrears? It isn’t illegal to refinance a home loan that’s in arrears . If your application is successful, the new lender simply pays off the full loan amount, which includes the amount you owe. However, you might have a hard time finding a lender that doesn’t baulk at the prospect of lending to someone who has recently proven incapable of paying the loan back. It might be worth exploring specialist lenders that are experienced in dealing with customers that are struggling. Alternatively, it might be a good idea to contact your lender's hardship team. Can I refinance my home loan if I have bad credit? Having bad credit doesn’t necessarily mean you’ll be rejected from refinancing, but it can make it more difficult. You’re essentially applying for a new loan, so your new lender will take all the usual precautions, including checking your credit score. A poor credit report may make it more likely your refinancing application is rejected. How do I know if I should refinance my mortgage? You might consider refinancing your mortgage for various reasons. Perhaps you're eyeing a lower interest rate on your home loan, or maybe you're not quite clicking with your current lender. Other times, it could be about bringing your debts together under one roof, accessing the equity within your bricks and mortar to fund a renovation, or even financing a major purchase, like a new car, at a more friendly interest rate. Refinancing can be a path to making these goals more attainable. How much equity do I need to refinance my home loan? Many home loan lenders set a borrowing cap at 95% of a property's value, which essentially means you need to have at least 5% equity in your home to refinance. When thinking about refinancing, a handy tip is to aim for a loan to value ratio (LVR) of at least 20%. This can help you sidestep the extra cost of Lenders Mortgage Insurance (LMI), making your journey to a more suitable mortgage a bit smoother. How much can refinancing save me? To get a handle on your potential monthly repayments and figure out how much you could save by refinancing, you can use Savings.com.au's Mortgage Switching Calculator . It crunches the numbers for you, giving a clearer picture of the financial benefits of making the switch. How much equity do I need to refinance my house? Many loans have a maximum LVR of 95%, which means you can't borrow any more than 95% of the value of your home. If you want to refinance, this means you must have at least 5% equity in your property. When it comes to refinancing, a general rule of thumb is to have 20% equity in the property to avoid having to pay for LMI. Does refinancing a home loan affect your credit score? In short, refinancing a home loan could impact your credit score. That's because the process of refinancing a mortgage is effectively the same as shutting down one lending facility and opening another – an action that will be reflected on your credit report. Further, a credit inquiry – which a lender will likely conduct prior to approving a borrower's application – also leaves a mark, albeit temporary, on a person's credit score. However, the potentially negative impact of refinancing on a person's credit score is typically negligible compared to the positive impact of refinancing on their financial position. Make sure to consider your own personal circumstances carefully to decide whether refinancing is the right course of action for you. Is it expensive to refinance a mortgage? Refinancing a mortgage can be costly, incorporating discharge fees, set up fees, valuation fees, and potentially break fees, just to name a few. However, these costs might be recouped over time if you're refinancing to a loan with a lower interest rate or fewer fees. Its important to calculate whether the savings realised from refinancing outweigh the costs of doing so . Do I need a deposit to refinance my home loan? In most cases, you don't need a new deposit to refinance your home loan. Refinancing is more about reshuffling the existing loan based on your home's current value and the amount you still owe. The equity you've built up in your home typically takes the place of a deposit in this scenario. However, specific requirements can vary depending on your lender and your financial situation, so it's always a good idea to check with them directly for the nitty-gritty details. Additionally, if your equity is less than 20% of the value of your property, you might need to pay Lenders Mortgage Insurance (LMI) in order to refinance. Explore more home loan types Editorial Promise Savings.com.au follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts who ensure everything we publish is objective, accurate and trustworthy. Finance Journalist Bernadette is a journalist with years of experience covering topics in macroeconomics, real estate, and lifestyle beats for notable print media organisations. She joined the InfoChoice Group in 2024, bringing her passion for writing stories that help Australians make better decisions about money. Important information Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. 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You might also see ads in emails, sponsored content, or directly on our site. For more details, see How We Get Paid . Product Coverage and Sort Order We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral. You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear. For more details, visit How We Get Paid and Managing Conflicts of Interest . Comparison Rate Warning and Base Criteria For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges. *For home loans, the comparison rate is based on a $150,000 loan over 25 years. *For car and personal loans, the comparison rate is based on a $30,000 loan over 5 years. Warning: these comparison rates are true only for the examples shown and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Monthly Repayment Figures Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, and YourInvestmentPropertyMag.com.au. The InfoChoice Group is associated with the Firstmac Group. We may include products and services from loans.com.au, CarLoans.com.au, and OnlineAuto.com.au, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner. 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