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Refinance your home loan now!

If you're not happy with your lender, (perhaps because they are not passing the Reserve Bank's rates cuts to you in full) there is something you can do right now.

Fierce competition between lenders is a big win for borrowers. The ban on additional fees for discharging your loan before its term has created an opportunity for you the borrower, to save thousands of dollars on your home or investment loan.

Are you paying more than 3.99%* pa. on your home loan? If you are, you could be paying too much.

* Comparison Rate 4.19% pa.

Try our Refinance Loan Calculator to see how much you could save. 


What do I need to do?

What information do I need to supply?

  • Details of your income
  • A statement for the last 6 months for each of the loans you want to refinance
  • Copy of your Council Rates Notice for the property/ies you will offer as security

How long does it take to refinance a loan?

  • Provided you can supply us with all the documents we need at the start, it should take approximately one month to change from one lender to another.

How much does it cost to refinance a loan?

Costs will vary depending on your current and new lender. As a general rule, the following fees may apply:-


Discharge costs from your current lender:

The fees to discharge your loan are now minimal since the abolition of early discharge penalties about 4 years ago. Generally the lender’s discharge fee and the Title’s Office registration of discharge fee should add up to no more than about $400.00

If you are on a Fixed Rate loan then you may be up for economic break costs if you discharge the loan prior to the expiry of your fixed term. Your lender will be able to work out this break cost. It is always prudent to check with your lender for a payout figure before committing to a new loan.

* Please note that the ban on exit fees only apply to loans taken out from 1 July 2011.


Set-up costs for your new loan:

Costs will vary depending on the lender and you can expect to pay up to $750.00 to cover application fee, valuation fee and the lender’s legal costs. However, should your new loan exceed 80% of the property valuation you will most likely be up for Lender’s Mortgage Insurance. This can be an expensive cost and your lending Specialist will give you an estimate prior to arranging your loan.

Call us today on 1300 732 630 and start saving!


The comparison rate is calculated on a loan of $150,000 over a 25 year term. Different terms, fees and loan amounts may result in a different comparison rate. Costs such as redraw fees or early repayment fees and cost saving such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Commonwealth Bank