Refinance Personal Loan

Refinance your personal loan to a more affordable and flexible offer by comparing your options here with Savvy.

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, updated on July 4th, 2024       

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The personal loan features to consider with Savvy

Compare rates and save

You can cut down on the cost of your current personal loan by opting for one which offers a lower interest rate and potentially save hundreds.

Compare lower fees

Similarly, look out for lenders with cheaper added charges, with ongoing service fees, establishment fees and early payment fees all able to be waived.

Borrow up to $75,000

If you’re looking to add more money to your loan agreement, you can take out more on top of your initial loan from $2,000 up to a maximum of $75,000.

Repay over up to seven years

For borrowers looking to make their repayments more manageable, you’ll be able to choose terms up to seven years in length (or as short as one if you become able to contribute more).

Customisable repayment schedules

You’re also able to alter the frequency of your repayments, with our lenders offering instalments on a weekly, fortnightly or monthly basis.

Free additional repayments

On top of these, you’ll be able to enjoy flexibility in your repayments to contribute over and above the minimum requirements to cut down on the term of your loan.

Fixed or variable interest

If you’re wanting to switch to a different interest rate on your personal loan, our lenders can offer both fixed and variable rates as part of their financing agreements.

Money sent in as few as 24 hours

Importantly, you can enjoy a quick turnaround time and move to a newer and better loan within one day of your initial application.

Types of personal loan

Why compare personal loans through Savvy?

Why should I refinance my personal loan?

Frequently asked questions about refinancing personal loans

Can I refinance my personal loan with the same lender?

No – you won’t be able to refinance for a better rate or to consolidate your debt if you’re already with the same lender. When it comes to personal loans, refinancing can only be completed when switching from a loan with one lender to a different loan with another.

What are the fees associated with refinancing a personal loan?

The primary fees to consider when refinancing your personal loan are establishment or application fees and early repayment fees. The former is a one-off payment of up to $575 that is split up throughout your loan, while the latter can cost up to $600 to $900 depending on how much of your loan term was left to run. However, we compare lenders who are willing to waive either or both of these at the outset of your refinanced loan.

Should I refinance my personal loan if my employment situation has changed?

You can – but only if the change is a positive one. It’s often a good idea to look for a new loan to replace your current one if your employment has become more stable since the start of the agreement, or if you’ve received a promotion, as you’ll likely qualify for a better rate.

For example, if you had only just started your new job at the time of your loan or moved from a casual or part-time position to a full-time job, you’re likely to be eligible for lower rates and greater borrowing sums. Additionally, if you’re self-employed and have spent more time running your business successfully, you have a greater chance of being rewarded in the same way.

Is it better to have a fixed or variable interest rate?

Both have advantages when it comes to personal loans. Fixed rates are the most common and enable you to maintain a degree of financial stability in knowing how much your repayments will be each month, in addition to protecting you from rate rises. Variable rates fluctuate over your loan term, placing you in an ideal position should interest rates fall during your term and opening you up to saving money.

Will refinancing to consolidate debt hurt my credit score?

No – in fact, it’s very likely to leave a positive impression on your report even before you start repaying on time. This is because it leads to fewer open credit lines, which are more likely to hurt your score if left in position.

Are funds deposited into my account when refinancing?

In most cases, yes – your lender will transfer the funds to your account and you’ll be tasked with closing out your existing personal loan. In some circumstances, though, your lender may be able to arrange this for you by paying out your existing lender directly. 

Helpful personal loan guides

Still looking for the right personal loan?

Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.