You can refinance your home loan as often as you like, but it usually involves fees, so you'll need to make sure the deal you're moving to is worth it
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Refinance with support from our trusted team of home loan experts. Updated 24 Jun 2026.
Interest rates from
6.04%
p.a.
Comp. rates from^
6.08%
p.a.
Variable Bare Home Loan 90% LVR
Borrow up to $2m with competitive variable rates from 6.04% p.a. (comparison rate^ 6.08% p.a.). Enjoy flexible payment options, zero monthly or ongoing fees, unlimited free redraws and up to 30 year terms. 90% Max LVR applies. Visit site for T&Cs and to check eligibility.
Interest rates have fallen well below your current variable rate, meaning you could potentially secure a lower rate and reduce your monthly repayments. Just make sure the savings outweigh any switching costs.
When your fixed-rate term ends, your loan typically reverts to your lender’s standard variable rate, which is often much higher than the most competitive rates available on the market. Instead of copping the sudden jump in repayments, you could refinance to a better deal.
If interest rates are at a low point in the cycle and tipped to increase, you might consider switching to a fixed rate home loan. Locking in can help you secure a lower rate and shield yourself from future repayment hikes.
Rising property values and consistently making your mortgage repayments will improve your loan-to-value ratio (LVR). This stronger position may help you qualify for a lower interest rate or better loan features when refinancing.
Rolling personal loans or credit card debt into your mortgage can simplify your finances and reduce interest costs. Rather than paying repayments on multiple high-interest debts, consolidating makes it easier to manage with a single monthly repayment, often at a lower interest rate. Rising interest rates and mortgage pressure has seen half of Aussie home-owners (49%) consider consolidating their debts into their home loan to reduce their overall monthly repayments.
A cash-out refinance lets you tap into your home equity to access funds for big costs like renovation finance, education, or even a deposit for an investment property. It can be a cost-effective way to borrow, provided the new loan amount and repayments still align with your budget.
An improved credit score may help open doors to better loan options and lower interest rates. Refinancing lets you move from bad credit lenders to more competitive products, potentially saving you money and giving you access to features, like redraw or offset.
Refinancing may be necessary to remove a partner from the loan or buy out their share of the property. It can also help restructure the loan to reflect your new financial situation and responsibilities.
Akos from Woodford, NSW
“We wanted to refinance to a lower rate and unlock equity in our home for a variety of needs and opportunities. Refinancing can be daunting – especially if you run your own business and have a complex financial situation like we do – but the team at Money.com.au were exceptionally helpful. They were excellent communicators, told us exactly what information we needed to provide, and then handled the rest. I can’t recommend them highly enough. They found a bank willing to work with our complex financial situation, which allowed us to unlock equity in our home.”
Akos from Woodford, NSW
Another reason to refinance may be that you’re not happy with your current lender and the level of service you’ve received. Having access to a banking app with everything you need at your fingertips – or the ability to speak with a real person – can make a big difference.
If you’re borrowing more than 80% of your property’s value, you’ll likely need to pay for lender’s mortgage insurance (LMI), even if you’ve already paid it on your current mortgage. There’s also a strong likelihood lenders won’t offer you their best rates if your loan-to-value ratio (LVR) is above 80%.
The cost of refinancing could mean that the benefits don’t outweigh the fees. Potential costs can include valuation fees ($50-$600), new loan set-up fees (up to $750) and exit fees ($350-$500). A mortgage broker may be able to help you negotiate lower costs or have some fees waived altogether.
There will be higher break costs compared to a variable rate loan. However, if your fixed rate is particularly high relative to the best home loan rates available, it might still be worth it. It may pay to speak to a mortgage broker in this instance.
If you’re near the end of your loan and only have a small balance left – say, $100,000 – it may not be worth refinancing. That’s because the potential savings might be small compared to the costs involved. Some lenders may also be less willing to refinance small loan amounts. In this case, it might be better to ask your current lender for a lower rate instead.
Sometimes simply being prepared to switch lenders is enough. Our research shows that nearly three-quarters of refinancers (72%) were offered a better deal by their existing lender when they made it clear they were ready to switch. The majority then chose to take that improved offer.
If your circumstances have shifted in a way that could make loan approval harder, refinancing might not be the right move – at least for now. This could include recently taking on new debt, like a car loan, or experiencing a drop in income. Lenders may view you as a higher risk, which could limit your options, result in less competitive rates, or in some cases, lead to outright rejection.
Nick Burgess, Money.com.au Senior Mortgage Broker
“A client working in the public sector wanted to refinance their variable-rate home loan to a fixed rate to gain some repayment certainty in the rising interest rate environment. Their objective was to secure a low fixed rate while retaining the flexibility of a full offset account to help manage their cash flow.
We found a suitable loan from UniBank that provided a two-year fixed rate paired with a full offset account, a rare product fit for their financial strategy. ”
Nick Burgess, Money.com.au Senior Mortgage Broker
You can refinance as often as you like, but it’s generally best to review your home loan once a year and consider refinancing every 2-3 years. Since refinancing involves paperwork and approval time, you’ll want to make sure the potential savings or benefits outweigh the costs and effort of kickstarting the process.
Refinancing too frequently can raise red flags with some lenders, as it could indicate financial problems or other concerns. After all, it’s in their best interest to keep you as a customer, so a track record of switching within six or 12 months might work against you when applying for a new home loan.
Your reasons for switching mortgages should be crystal-clear because it can also impact your credit score temporarily. You’ll need to keep this in mind if you’re planning to make other financial applications soon, like a credit card or personal loan.
Nick Burgess, Money.com.au Senior Mortgage Broker
“It’s best to get your finances in order at least six months before refinancing. This means having no missed payments on bills, credit cards, loans or extravagant spending. Lenders will also look at how you manage your money, including any frequent or unusual cash withdrawals, to assess if you can service the new loan. They also tend to favour borrowers taking out larger loans – typically $800,000 or more – so you may be offered better rates and terms if you're in that category.”
Nick Burgess, Money.com.au Senior Mortgage Broker
A recent Money.com.au survey found that one in three Australians (33%) would only consider refinancing if interest rates dropped by at least 1.00%. Another 23% said a 0.50% drop would be enough, while 22% would act at a 0.75% reduction. Just 10% would consider switching for a 0.25% cut, and 8% weren’t sure.
You might need to refinance to a much lower interest rate for it to make a real difference. This is because the savings you get from a lower rate can be eaten away by the fees involved in refinancing.
See your estimated refinance home loan repayments per week, fortnight or month.
Find out the impact of interest rate changes on your repayments.
While there’s no strict rule, it’s generally best to wait at least two years before refinancing your home loan. This gives you time to build equity and recover from any upfront costs associated with your original loan.
However, there are exceptions – such as when interest rates drop significantly or your property increases sharply in value, improving your loan-to-value ratio (LVR). In these cases, refinancing sooner may make financial sense.
You can refinance your loan in as little as six months, but whether it makes sense depends on your situation, the current mortgage market, and any switching fees involved. You should also check if interest rates have dropped since you first took out your loan and if you’ve built up enough equity in your home.
Refinancing with a new lender usually takes about four to six weeks. This includes the application process, property valuation, lender review, and final approval. The exact time can vary depending on the lender, the strength of your application, and how quickly you provide the necessary documents.
Some lenders offer “rapid” refinance home loans, which can be processed in as little as 72 hours if your application is prioritised. These loans are normally only available to customers who are refinancing from eligible loans from certain lenders.
Refinancing with the same lender typically takes less time than with a new lender, around two to four weeks. Since your current lender already has your financial information and property details, the process is often quicker. This timeline includes reviewing your application, updating your loan terms, and finalising the new agreement.
Refinancing with the big four banks - ANZ, CBA, NAB and Westpac - can be quicker if you already bank or have a mortgage with them. The big four have efficient systems and extensive resources, but processing times can vary depending on your application, how quickly you submit your documents, and the efficiency of the bank representative handling your loan.
Smaller lenders or non-banks can sometimes process refinance home loans faster than the big four banks because they have more efficient procedures. However, the speed of refinancing can differ for each application, regardless of which lender you choose.
Some of the main factors that can delay refinancing, include:
While there's no perfect season, many people review their finances at the start or end of the financial year. According to the latest ABS lending data, the most popular time for owner-occupiers and investors to refinance their home loan is during the months of May, June and July.
It may be the right time if interest rates have dropped, your financial situation has improved, your property has grown in value, or your current loan no longer meets your needs. An annual home loan health check is a good habit to get into.
Probably not. If you're planning to sell in the near future, the costs of refinancing may outweigh any short-term savings. It’s worth crunching the numbers or speaking with a broker first.
It's rarely "too late" to refinance, but if you're close to paying off your loan or planning to sell soon, the savings may not justify the costs. The later you are in your loan term, the less impact a lower interest rate may have on your overall repayments.
If you're looking to increase your property’s value and improve your loan-to-value ratio (LVR), refinancing after renovating might open up better deals. But if you need funds for the renovation itself, a cash-out refinance before you renovate could be an option.
You can, but timing is important. Lenders will assess your income and employment status, so refinancing during a period of reduced income or leave might affect your borrowing power. They’ll likely require a letter from your employer confirming your return date and salary.
Jared Mullane is a finance writer with more than a decade of experience at some of Australia’s biggest finance and consumer brands. His areas of expertise include energy, home loans, personal finance and insurance. Jared is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821).
Sean Callery is the Editor of Money.com.au. He has over 15 years of international experience. He is qualified with a Certificate IV in Finance and Mortgage Broking (FNS40821) and is compliant to provide general advice in Tier 1 General Insurance (RG 146) products.
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