Refinancing can help reduce repayments, compare rebate or cashback offers, access equity, consolidate debts or move to a loan structure that better fits your current plans.
Know the real saving
A lower advertised rate or refinance rebate can look attractive, but the real result depends on switching costs, package fees, loan term, cashback conditions, valuation, loan-to-value ratio and whether the new loan gives you better features.
The simple version
Most borrowers start by asking whether there is a lower rate available. That matters, but the better starting point is whether the new loan creates a better overall position after costs, features, policy and loan term are considered.
Refinancing may reduce repayments, but extending the loan term can increase total interest over time. The right comparison looks at monthly cash flow and the long-term cost.
Cashback offers
Some lenders advertise refinance rebates or cashback offers for eligible borrowers. These can help offset switching costs, but they are usually subject to loan size, LVR, application date, settlement date, lender exclusions and product conditions.
Estimate the possible refinance cashback, LVR and repayment difference for owner occupier or investment refinance options.
This calculator is a guide only. Rebate shown follows current advertised cashback tiers of $2,000 for $250k-$499k, $3,000 for $500k-$749k and $4,000 for $750k+ eligible loans with LVR up to 80%. Rebate amounts, rates, lender fees, eligibility rules, valuation outcomes and approval conditions can change.
Lower rates
If your current lender has not reviewed your rate for a while, refinancing can be a way to compare sharper rates, negotiate with your existing lender or move to a lender that better fits your current goals.
Winning Home Loans can compare lender options, check repayment changes and explain whether a lower rate is likely to be worth the switch after fees and policy are considered.
Clean energy option
Some lenders may offer reduced-rate home loan options for properties that meet clean energy or energy-efficiency criteria. Bank Australia says its Clean Energy Home Loan can reward eligible customers who buy, build or renovate greener homes through New Build or Renovate pathways.
This may be relevant if you have made eligible upgrades, are planning an all-electric energy-efficient home, or want to understand whether solar, electrification or renovation work could support a cleaner loan pathway. Eligibility, evidence, LVR, loan purpose, property type and timing need to be checked before relying on this option.
Process
The cleanest refinance is usually a rate, policy and property check moving together before you commit to switching lenders.
Check your rate, repayments, fees, features, fixed-rate status and discharge position.
Review available rates, rebates, cashback offers, features and lender policy.
Estimate property value, loan-to-value ratio and whether the loan amount fits lender rules.
Review income, expenses, debts and serviceability under current lender assessment rules.
Submit documents, order valuation, receive approval and coordinate discharge with the old lender.
Confirm the new repayment, offset setup, direct debits and future review date after settlement.
Important traps
Broker support
We can help compare lenders, check whether your current lender can sharpen the rate, review refinance rebates, estimate break-even timing and explain whether the switch is likely to suit your loan goals.
Information is general only and does not consider your objectives, financial situation or needs. Lending options are subject to lender approval, valuation and policy.
Helpful resources
Refinance offers and rates change. These sources are included so borrowers can compare the current market and general guidance.
Government guidance on switching home loans and checking costs.
Open MoneysmartRefinance home loan comparison and market information.
Open CanstarCurrent refinance cashback offers and conditions.
Open Money.com.auClean Energy Home Loan eligibility and evidence information.
Open Bank AustraliaQuestions
Helpful answers about rebates, lower rates, equity and switching costs.
Some lenders offer refinance rebates or cashback from time to time. Eligibility can depend on loan size, LVR, lender, application date and settlement date, so the offer should be checked against the overall loan cost.
A lower rate can reduce repayments, but the comparison should include fees, loan term, features, discharge costs and whether extending the term increases total interest.
Debt consolidation may be possible, but lenders assess purpose, equity, affordability and whether the new structure is suitable for your position.
Ready when you are
Book a call and we will help compare rates, rebates, fees, lender policy and the next practical step for your refinance.
