Refinance Home Loan Rates Comparison
RATE OF THE DAY
Variable
5.24%
Comparison Rate*
5.25%
This is our pick of the top refinance rates available from the lenders we analysed. Rate shown is for owner occupiers making principal and interest repayments with a loan-to-value ratio of 60%
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Best refinance home loan rates from leading lenders

Compare some of the best refinance home loan rates from Australia’s major lenders, smaller banks and member-owned lenders.

The Big 5 Banks
Non-Major Banks
Member Owned
Lender
Variable
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
5.24%
Interest Rate
5.25%
Comparison Rate
5.49%
Interest Rate
6.00%
Comparison Rate
5.59%
Interest Rate
6.01%
Comparison Rate
5.69%
Interest Rate
6.03%
Comparison Rate
5.89%
Interest Rate
6.11%
Comparison Rate
5.89%
Interest Rate
6.13%
Comparison Rate
5.34%
Interest Rate
5.60%
Comparison Rate
5.84%
Interest Rate
5.41%
Comparison Rate
5.94%
Interest Rate
5.49%
Comparison Rate
5.99%
Interest Rate
5.77%
Comparison Rate
6.04%
Interest Rate
5.61%
Comparison Rate
6.14%
Interest Rate
5.71%
Comparison Rate
5.59%
Interest Rate
5.72%
Comparison Rate
5.94%
Interest Rate
7.78%
Comparison Rate
5.79%
Interest Rate
7.59%
Comparison Rate
6.04%
Interest Rate
7.50%
Comparison Rate
6.09%
Interest Rate
7.41%
Comparison Rate
6.24%
Interest Rate
7.35%
Comparison Rate
5.75%
Interest Rate
5.76%
Comparison Rate
5.89%
Interest Rate
6.66%
Comparison Rate
5.79%
Interest Rate
6.56%
Comparison Rate
6.04%
Interest Rate
6.54%
Comparison Rate
6.09%
Interest Rate
6.51%
Comparison Rate
6.24%
Interest Rate
6.52%
Comparison Rate
5.94%
Interest Rate
5.98%
Comparison Rate
5.74%
Interest Rate
6.32%
Comparison Rate
5.79%
Interest Rate
6.28%
Comparison Rate
5.84%
Interest Rate
6.25%
Comparison Rate
5.99%
Interest Rate
6.27%
Comparison Rate
6.09%
Interest Rate
6.29%
Comparison Rate
Investment property loans with principal and interest repayments, LVR 60%
Lender
Variable
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
5.49%
Interest Rate
5.50%
Comparison Rate
5.54%
Interest Rate
6.01%
Comparison Rate
5.44%
Interest Rate
5.98%
Comparison Rate
5.59%
Interest Rate
6.00%
Comparison Rate
5.79%
Interest Rate
5.91%
Comparison Rate
5.79%
Interest Rate
5.94%
Comparison Rate
5.64%
Interest Rate
5.65%
Comparison Rate
6.14%
Interest Rate
6.17%
Comparison Rate
6.24%
Interest Rate
6.21%
Comparison Rate
6.24%
Interest Rate
6.27%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.34%
Interest Rate
6.38%
Comparison Rate
5.59%
Interest Rate
5.61%
Comparison Rate
5.64%
Interest Rate
5.65%
Comparison Rate
5.64%
Interest Rate
5.65%
Comparison Rate
5.73%
Interest Rate
5.68%
Comparison Rate
6.03%
Interest Rate
5.79%
Comparison Rate
6.09%
Interest Rate
5.85%
Comparison Rate
5.58%
Interest Rate
5.73%
Comparison Rate
-
Interest Rate
-
Comparison Rate
5.69%
Interest Rate
5.78%
Comparison Rate
6.79%
Interest Rate
5.93%
Comparison Rate
6.09%
Interest Rate
5.78%
Comparison Rate
6.09%
Interest Rate
5.93%
Comparison Rate
5.64%
Interest Rate
5.94%
Comparison Rate
5.54%
Interest Rate
5.43%
Comparison Rate
5.74%
Interest Rate
5.69%
Comparison Rate
5.79%
Interest Rate
5.71%
Comparison Rate
5.89%
Interest Rate
5.76%
Comparison Rate
5.89%
Interest Rate
5.78%
Comparison Rate
Owner occupier loans with principal and interest repayments and 80% LVR
Lender
Variable
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
5.24%
Interest Rate
5.25%
Comparison Rate
5.54%
Interest Rate
7.46%
Comparison Rate
5.64%
Interest Rate
7.64%
Comparison Rate
5.69%
Interest Rate
7.45%
Comparison Rate
-
Interest Rate
-
Comparison Rate
5.84%
Interest Rate
7.17%
Comparison Rate
5.49%
Interest Rate
5.53%
Comparison Rate
5.59%
Interest Rate
7.46%
Comparison Rate
5.54%
Interest Rate
6.62%
Comparison Rate
5.59%
Interest Rate
7.14%
Comparison Rate
5.79%
Interest Rate
7.07%
Comparison Rate
5.84%
Interest Rate
6.99%
Comparison Rate
5.39%
Interest Rate
5.42%
Comparison Rate
5.89%
Interest Rate
6.42%
Comparison Rate
5.99%
Interest Rate
6.26%
Comparison Rate
6.09%
Interest Rate
6.30%
Comparison Rate
6.29%
Interest Rate
6.38%
Comparison Rate
6.29%
Interest Rate
6.41%
Comparison Rate
5.38%
Interest Rate
538%
Comparison Rate
5.49%
Interest Rate
5.40%
Comparison Rate
5.59%
Interest Rate
5.42%
Comparison Rate
5.39%
Interest Rate
5.58%
Comparison Rate
-
Interest Rate
-
Comparison Rate
5.84%
Interest Rate
5.58%
Comparison Rate
5.64%
Interest Rate
5.70%
Comparison Rate
5.99%
Interest Rate
6.42%
Comparison Rate
6.10%
Interest Rate
7.28%
Comparison Rate
6.10%
Interest Rate
7.15%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.25%
Interest Rate
7.00%
Comparison Rate
Owner occupier loans with principal and interest repayments and 80% LVR

How to get the best refinance home loan rates

1.
Health check your current loan. That includes your interest rate, remaining balance, loan features and how much equity you’ve built up. If your loan-to-value ratio (LVR) has decreased, you should be able to secure a better rate.
2.
Consider your loan structure. Are you keeping your current loan amount and simply switching for a better deal? Or are you looking to borrow more? Do you want to refinance to a fixed or variable rate?
3.
Compare refinance rates based on your current LVR and desired rate type (fixed or variable), plus loan features, switching fees and the lender’s eligibility criteria. A mortgage broker can make this process quick and easy.
4.
Haggle with your current lender. Before you jump ship, it’s worth asking your current lender if they can match the best refinance rate you've found elsewhere.
5.
Lock in your new refinance rate. If you’re switching lenders you’ll need to make a new home loan application. Before you do, it’s worth asking the lender if they can offer any discount on the advertised rates, or a fee discount.
Review my mortgage
Talk to a mortgage broker
Review my mortgage
Talk to a mortgage broker

What are the best refinance home loan rates in 2026?

The best refinance rates available in Australia generally start from around 5.00% on both fixed and variable rates loans. The lowest refinance rates are generally offered by smaller lenders, either member-owned institutions or non-bank lenders.

Bear in mind that the best refinance rates are typically available to borrowers with a loan-to-value ratio (LVR) of 60% or below. If your LVR is above this, you may not be eligible for the very lowest rates when you go to refinance.

If you refinance with the help of a mortgage broker, they’ll generally be able to negotiate with lenders on LVR if you're on the borderline of moving into a lower interest rate tier.

Should I go with the cheapest rate when refinancing?

Switching to the cheapest refinance rate you can find is a perfectly sensible approach to take, assuming it’s the cheapest rate among like-for-like loans. If you’re simply refinancing to save some money, your mortgage broker will look at the deal you’re currently on and ideally find you loans that are the same only cheaper.

What you want to avoid is refinancing to a cheaper rate, but ending up on a very basic loan compared to your existing one. Losing out on features you’ll get value from could end up costing you in the long run.

Also consider the interest rate type when refinancing. At certain times, variable loans will have cheaper rates. At others, fixed rates will be cheaper. What you want is the cheapest version of the loan that fits what you actually need. 

How much can you save by refinancing to a lower rate?

The table below shows the potential cost difference for a borrower who manages to refinance their mortgage to a lower rate.

In short, securing a refinance rate that’s 1% lower on a $650,000 loan would mean saving $393 per month in interest and $117,822 over the life of a remaining 25-year loan term.

Interest rate (p.a.) 6.25% 5.75% 5.25%
Monthly repayment $4,288 $4,089 (-$199) $3,895 (-$393)
Total interest cost over 30 years $783,030 $576,757 (-$59,598) $518,533 (-$117,822)
Based on a $650,000 refinance loan with principal & over a 25-year remaining term.

Are interest rates lower on refinance loans?

Traditionally, yes, refinancing to a different lender resulted in a lower home loan rate. The reason is simple: lenders tended to offer better rates to new customers. Over time existing borrowers ended up on less competitive deals and those who refinance regularly benefit.

However, in the last couple of years, lenders have been much more aggressive about retaining existing customers. As a result, the gap between the average home loan rates for new and existing customers has closed.

Can I refinance my investment property to a lower interest rate?

If you’ve been with your current lender for an extended period (more than 12 months) it’s often possible to refinance to a lower investment loan interest rate. Lenders are constantly changing their rates and generally offer slightly lower rates to new customers versus existing borrowers.

On top of the rate, there may be other potential benefits to refinancing your investment loan. For example, some lenders offer cashback to borrowers who switch their loan to them, or you may be able to get a loan with better features, which can save you money.

3 other benefits of refinancing your home loan

Unlock new features
A lot of borrowers who take out a mortgage initially go with a basic loan to keep costs low. But if you’ve a few years with a mortgage under your belt - and perhaps some savings built up or more spare cash to work with – refinancing to a loan with extra features like redraw or an offset account is worth considering.
Get cashback
Some lenders offer cashback of $1,000 - $3,000 to eligible refinancers who switch their mortgage to them. If you can combine a lower interest rate on your loan with a few grand in cashback, why not? Just don’t fall into the trap of signing up with a new lender to get cashback if you’re not actually saving money overall on the loan.
Release equity
Some borrowers simply switch their existing loan balance as is to a lower rate. But if you have a decent amount of equity built up in your property, you may have the option to borrow more when you refinance. This could be extra funds for a home reno, new car, or money to invest. Talk to a mortgage broker to see if this could be an option for you.

Frequently asked questions

Should I refinance to a fixed or variable rate?‍

You should refinance your home loan to whichever interest rate type makes most sense for your situation, whether that’s fixed, variable or a combination of the two.

You might want to consider a fixed rate if your priority is certainty over your repayments and no surprises if the RBA decides to lift rates. If interest rates are very low across the board, locking in a fixed rate can make sense.

If you want to maintain flexibility over making extra repayments and potentially having access to an offset account, plus the potential to benefit from lower repayments if interest rates fall, refinancing to a variable rate may be better.

How soon can I refinance my home loan rate?

You can generally refinance your home loan at any time, but it’s generally best to wait at least a year before refinancing away from your current lender. There are a few reasons to avoid refinancing too frequently:

- There are usually exit fees to pay when you refinance and potentially establishment fees with the new lender. - These could well cancel out any benefit you get from refinancing if you chop and change too often.
- If you have a high LVR (above 80%) and you refinance before you have had a chance to increase your equity, you could end up needing to take out lender’s mortgage insurance on the new loan.
- Lenders can see your credit application history via your credit report and generally don’t like applicants who switch lenders very frequently.

Will a lower rate be enough to offset refinancing fees?‍

You generally need to be refinancing to a meaningfully lower rate to offset switching fees make refinancing worth your while overall.

Ideally the aim should be to recoup your switching costs in less than a year.

For example, let’s say your loan has a $500 exit fee, and the establishment, title and legal fees on the new loan add up to $600 – that’s a cost of $1,100 to refinance your loan.

On a $650,000 loan, you’d need a rate discount of around 0.25% (25 basis points) to be in a position to offset the switching costs.

The higher the loan amount, the more you’ll benefit from a lower rate and the sooner you’ll recoup your refinance costs, which are generally the same regardless of loan amount.
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Can I get a lower rate without refinancing?
Yes it’s possible to get a lower interest rate without refinancing. In many ways, this is the ideal scenario, as you avoid switching costs and the admin involved in closing your existing loan and applying with a new lender.

The easiest way to get a better rate with your current lender is to call them and tell them you’re considering switching if they can’t offer you an improved rate. It’ll help if you have compared interest rates from other lenders and have some lower rates you can quote.

Particularly if you LVR has come down significantly since you took out your loan initially, most lenders will be open to offering existing customers a lower rate to retain their business.

Can I refinance if I’m on a fixed rate?

Yes you can still refinance your home loan if you’re on a fixed rate, but it could be very expensive depending on how much time is remaining on your fixed term. Lenders charge break fees for ending a fixed term early, with the amount generally dropping as your fixed term elapses.

Unless there’s a substantial interest saving available via a new loan, refinancing while you’re on a fixed rate is generally not a great idea.

Which banks offer the best refinance rates?‍

Generally smaller lenders, like credit unions, mutuals and non-bank lenders offer the lowest refinance rates. That said, banks change their rates regularly and sometimes you’d be surprised at who has the best rates at any given time.

When’s the best time to refinance my home loan?‍

The best time to refinance your home loan is when you have a strong level of equity in your property and your current loan is no longer competitive. Other times you can benefit from refinancing include:

- When you want to switch from a variable rate to a fixed rate or vice versa
- You need extra funds to cover a large cost (e.g. a home reno)
- You’re converting your mortgage from an owner occupier loan to an investment loan

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