Refinancing your home loan is a big choice, and we know it involves much more consideration than just maths. Discovering a mortgage that complements both your current lifestyle and your long-term objectives is key. Refinancing can be a wise move if your top priorities are to gain access to the equity in your house for investments or renovations, lower your interest rate to minimise monthly payments, or move to a more reliable loan to alleviate financial stress.
Top Mortgage Lenders For Refinancing In Australia 2024
Our expert mortgage brokers have curated a list of Australia’s top refinancing lenders to make your choice easier. We’ve organised the list into categories based on different financial goals, so you can easily find a lender that fits your needs.
- If you’re looking for immediate cash benefits when refinancing, lenders with cashback offers might be the best option for you. These offers provide upfront cash incentives that can help with expenses or even go straight into your savings.
- Equity cash-out options are available for those who want to access their home’s equity
. These allow you to tap into the value of your home to get additional funds, which can be used for renovations, investments, or other financial needs.
- If securing the lowest possible rates is your priority, we’ve highlighted lenders with the best interest rates. Choosing one of these options can help you save on your mortgage repayments over time.
- Lastly, if you have multiple debts, consider lenders that offer debt consolidation. This option combines various debts into a single, more manageable mortgage payment, simplifying your financial commitments and potentially lowering your overall interest rate.
Cashback Offers
ANZ
Lender Details: ANZ is offering a $2000 cashback for refinancers with loans up to an 80% Loan-to-Value Ratio (LVR). They also provide additional perks, such as competitive, though not the lowest, interest rates.
- Pros: Significant offer, solid customer service, and additional perks for refinancers.
- Cons: Interest rates may not be the most competitive in the market, making it less appealing if the primary goal is securing the lowest rate.
ME Bank
Lender Details: ME Bank offers a cashback of $3000 for refinancing your home loan if you meet certain conditions, such as a minimum loan size of $700,000 and an LVR of 80% or less.
- Pros: ME Bank offers competitive rates and cashback incentives, which can help customers save money on their home loans.
- Cons: The cashback offer has specific eligibility requirements, including a high minimum loan amount, which may not suit all borrowers.
Cash-out Equity Options
Macquarie Bank
Lender Details: Macquarie is a top choice for those looking to refinance and cash out equity. They are known for their quick service level agreements (SLAs) and excellent customer service.
- Pros: Fast processing times, strong service reputation, and good options for cash-out refinancing.
- Cons: Slightly higher rates than lenders focused solely on interest-rate competitiveness.
Bankwest
Lender Details: Bankwest offers solid options for cash-out refinancing, with a focus on flexibility and customer satisfaction.
- Pros: Flexible loan options, strong customer service, and suitable for cash-out refinancing.
- Cons: Rates may not be the lowest, making it less ideal for borrowers focused solely on interest savings.
Commonwealth Bank
Lender Details: CBA provides robust options for those seeking to refinance with cash-out capabilities, backed by a strong branch network and reliable service.
- Pros: Wide availability, strong service network, and good options for cash-out refinancing.
- Cons: Higher fees and rates than more rate-focused lenders.
Better Interest Rates
St. George Bank
Lender Details: St. George offers some of the most competitive interest rates in the market, making them a top choice for borrowers whose primary goal is reducing their mortgage repayments.
- Pros: Very competitive rates, particularly for fixed-rate loans.
- Cons: Fewer cashback or additional perks than other lenders.
Heritage Bank
Lender Details: Heritage Bank is known for offering some of the lowest interest rates, particularly for borrowers interested in straightforward rate reduction without additional services or perks.
- Pros: Among the lowest rates available, especially for fixed and variable loans.
- Cons: Limited branch network and fewer additional perks like cashbacks.
Debt Consolidation
ING
Lender Details: ING is a great option for those looking to consolidate debt as part of their refinancing process. They offer good investment rates, making them appealing for investors as well.
- Pros: Good investment rates, solid service, and flexible options for debt consolidation.
- Cons: Limited branch network and fewer additional perks such as cashback.
Resimac
Lender Details: Resimac is ideal for borrowers with tighter borrowing power, offering tailored solutions for debt consolidation and refinancing.
- Pros: Strong for borrowers with tighter financial situations, good service for debt consolidation.
- Cons: Fewer branches and less brand recognition than larger lenders.
Factors To Consider When Choosing A Mortgage Refinance Lender
- Interest Rates: Compare rates across lenders, considering fixed and variable options. A lower rate can reduce your payments and overall interest.
- Credit Requirements: Know your credit score, as it affects both approval and the interest rate you’ll receive.
- Loan Options: Evaluate fixed-rate, variable-rate, split, and interest-only loans to find the best fit for your financial goals.
- Fees and Costs: Be aware of application, valuation, and discharge fees. These can affect your overall savings, so compare carefully.
- Customer Service: Quality service can make or break your experience. Check reviews and the reputation of your lender for a smoother process.
We’re Here to Help You Find The Right Lender
Refinancing your home is a journey, but you don’t have to walk it alone. Our expert mortgage brokers will be there, side-by-side with you, to make sure you’re making the best choices for your future.
When comparing lenders, it’s important to look beyond the interest rate. We’ll help you consider the full picture – the overall cost, the flexibility of the loan terms, and how each option aligns with your goals.
At Home Loan Experts, we believe in oneness – working as one team with you to find the solution that’s truly right for your life. Call us on 1300 889 743 or complete our free online assessment form.
Additional Mortgage Refinance Resources
Calculate Your Repayments: Plan your budget effectively with our easy-to-use repayment calculator. Use the Repayment Calculator
Estimate Break Costs: Make informed decisions before switching from a fixed-rate loan with our break cost calculator. Estimate Break Costs
Frequently Asked Questions
What Is Mortgage Refinancing?
Mortgage refinancing involves replacing your existing home loan with a new one, possibly with different terms. This could be to secure a lower interest rate, switch to a fixed or variable rate, or access the equity in your property for other financial needs.
Is It Better To Refinance With My Existing Lender?
When Is The Best Time To Refinance A Mortgage?
How Much Does It Cost To Refinance A Mortgage?