Refinance Home Loan Rates
Compare some of the best refinance home loan rates from Australia’s major lenders, smaller banks and member-owned lenders
Lowest variable refinance rate
Laboratories Credit Union ·
P&I ·
OO ·
≤95% LVR
5.69%
P.A. rate5.71%
Comparison*Lowest 1 yr fixed refinance rate
Transport Mutual ·
P&I ·
OO ·
≤80% LVR
5.99%
P.A. rate6.09%
Comparison*Lowest 3 yr fixed refinance rate
Police Credit Union· P&I ·
OO ·
≤95% LVR
5.89%
P.A. rate6.12%
Comparison*Lowest 5 yr fixed refinance rate
Police Credit Union· P&I ·
OO ·
≤95% LVR
6.29%
P.A. rate6.20%
Comparison**Comparison rates based on a $150,000 loan over 25 years. Different terms, fees or loan amounts might result in a different comparison rate.
Best refinance home loan rates from leading lenders
Filter the table and enter your loan amount and term for estimated repayments. For an expert comparison of any product versus the loans in our lender panel, just click 'compare'.
Owner occupier · Refinance home loans
| Lender & product | Type | Features | Compare | ||
|---|---|---|---|---|---|
:format(webp)){kind=small} South West Slopes Bank Intro Discounted Standard Variable Home Loan · Principal & interest · ≤90% LVR | 5.70%p.a. Comparison* 6.06%p.a. | Variable | OffsetRedrawExtra repays | $3,482 | Compare Lowest |
:format(webp)){kind=small} Laboratories Credit Union Simple Home Loan Owner Occupied · Principal & interest · ≤95% LVR | 5.79%p.a. Comparison* 5.81%p.a. | Variable | RedrawExtra repays | $3,517 | |
:format(webp)){kind=small} BankWAW Back to Basics Home Loan · Principal & interest · ≤59% LVR | 5.79%p.a. Comparison* 6.01%p.a. | Variable | Extra repays | $3,517 | |
:format(webp)){kind=small} Pacific Mortgage Group Owner Occupied Variable Home Loan · Principal & interest · ≤80% LVR | 5.84%p.a. Comparison* 5.84%p.a. | Variable | Redraw | $3,536 | |
:format(webp)){kind=small} Greater Bank Great Rate Home Loan · Principal & interest · ≤80% LVR | 5.84%p.a. Comparison* 5.85%p.a. | Variable | RedrawExtra repays | $3,536 | |
:format(webp)){kind=small} Virgin Money Lite Home Loan Variable · Principal & interest · ≤80% LVR | 5.84%p.a. Comparison* 5.86%p.a. | Variable | RedrawExtra repays | $3,536 | |
Virgin Money Lite Home Loan Variable · Principal & interest · ≤70% LVR | 5.84%p.a. Comparison* 5.86%p.a. | Variable | RedrawExtra repays | $3,536 | |
Virgin Money Lite Home Loan Variable · Principal & interest · ≤60% LVR | 5.84%p.a. Comparison* 5.86%p.a. | Variable | RedrawExtra repays | $3,536 |
If you choose to compare with us, our experts can offer you rates from the lenders in our panel only. Some of the lenders shown in our comparison tables are not on our lender panel.
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
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
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.
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 home loan rates for refinancers 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. Rates on principal and interest loans are almost always lower than even the lowest interest-only home loan rates, but is that what you actually need?
What you want is the cheapest version of the loan that fits what you're looking for from your mortgage.
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% | 5.25% |
|---|---|---|
| Monthly repayment | $4,288 | $4,089 (-$199) |
| Total interest cost over 30 years | $783,030 | $576,757 (-$59,598) |
| 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.
In some scenarios, refinance rates can still work out significantly cheaper. For example, if you took out your initial loan with poor credit, but have since improved it, the refinance rates available should be much lower than the bad credit home loan rates you were limited to on your original loan.
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
- 1
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.
- 2
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.
- 3
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.