Home Loan Refinance

Let Savvy help you with your home loan refinance by comparing offers so you can find the lowest interest rate and most suitable loan available.

Home loan refinance

There’s never been a better time to refinance your home loan, with many online lenders currently making the home loan market highly competitive.  Whatever your reason for wanting to switch to another loan, there’s plenty of opportunities to save, both on fees and interest payments.

Savvy is partnered with a range of lenders who are keen to take on your business.  Whether you’re wanting to switch to take advantage of lower interest rates, change the type of loan you have or even finance renovations or consolidate other debts, we’ll help you find and compare lenders offering mortgage refinances which fit your criteria.

Home Loans

So many reasons to refinance your home loan

Lowest interest rates

Want the lowest interest rate and extra features?  You can compare a range of different home loans with Savvy, so you can start your search right here.

Reduce your loan fees

No-fee and low-fee home loans are now available, so you can reduce the charges you pay on your loan and potentially save thousands over the years.

Use your existing home equity

If you already have equity in your home, you may be able to use it as security in place of a cash deposit to refinance your loan.

Choose the features you need

With such a wide range of loans to choose from, you can choose a loan with all the features you need to save on interest over the life of your loan

Select your interest type

We’re partnered with a variety of lenders offering many types of loans so you have greater choice between fixed, variable or split rate loans

Simple application process with quick processing

We make it simple to refinance with comparison information and loan application links all in one location. Rapid loan processing means you get your outcome fast.

Why start your home loan refinance journey with Savvy?

Why you might look to refinance your home loan

Frequently asked home loan refinance questions

How much will I have to pay in fees if I refinance my home loan? 

That will depend on whether you currently have a fixed rate loan that includes exit or break fees (which are calculated based on the sum of your loan and the time remaining on your loan contract), or a variable rate with no early exit penalties.  Check with your lender what exit fees and new loan establishment fees may apply to you, as these vary widely between loans.

Will I need to have my home revalued when I refinance?

Yes – most lenders will want to carry out an independent property valuation before approving a loan, but they will arrange this for a cost to you of around $250 to $500.

Will I need to resubmit all my documents again when I refinance?

That depends on whether you choose to go with another lender or stick with your existing lender.  If you stay with your existing lender, little further documentation is likely to be required.

What additional features may be available if I refinance?

Offset accounts are available on variable rate home loans.  These work by reducing the interest you pay on your loan by offsetting the amount you borrow with your savings.  There may also be options to make additional repayments to pay down your loan sooner and also to redraw these savings when you need them. You can choose the exact term of your new loan, and also your repayment frequency (either weekly, fortnightly or monthly).

Should I check my credit report before I refinance my home loan? 

Yes – it’s a very good idea to ensure your credit report is accurate, and to correct any mistakes you may find by contacting the credit agency who supplied your report.  It’s also important to ensure that all unnecessary debt and credit cards are paid off or cancelled before applying for a new loan.

If I refinance, will I have to pay Lender’s Mortgage Insurance (LMI) again?

No – unless you have less than 20% of the property’s value as equity. This is likely to lead to you being considered a higher-risk borrower and charged LMI as a result.  Some lenders may again insist on LMI but offer you a partial refund on the insurance premium.

How long will the home loan refinance process take?

If you stay with your existing bank or lender, home loan refinance offers can be approved as soon as the same day.  However, if you’re changing to another lender (or if you have a more complex financial situation, such as owning property trusts or multiple companies), you can expect the process to take anywhere from several days to several weeks.

Can I refinance my mortgage if I’m behind with my loan repayments?

This is a situation in which you need to speak to your lender and explain that you’re suffering mortgage stress.  Your lender may be able to suggest an alternative loan structure which could assist you in your current position.  Don’t leave it until you’ve missed multiple repayments; talk to your lender as soon as possible.