Refinancing a home loan

What is a home loan refinance?

It means replacing your existing mortgage with a new one, either with the same lender or a different one. The primary reasons for refinancing include securing a lower interest rate, accessing better loan features, consolidating debt, or tapping into the equity in your home.

You can calculate your future expenses using one of many loan calculators.

How do I calculate my future costs for a refinance?

Calculating your future costs for a refinance involves considering both the immediate costs associated with the refinancing process and the long-term savings or costs from the new loan terms.

You should consider:

1. Current Loan Details (Outstanding loan balance, Current interest rate, Remaining loan term, Current monthly repayments)
2. Gather New Loan Details (New interest rate, New loan term, New monthly repayments, Identify Upfront Costs of Refinancing)
3. Exit and other Fees

You can calculate your future expenses using one of many loan calculators.

Where can I get home refinance loans for bad credit?

Refinancing a home loan with bad credit in Australia can be challenging, but it's not impossible. Some lenders specialize in providing home loans to borrowers with less-than-perfect credit histories. These lenders often have more flexible lending criteria and may offer products designed to help people rebuild their credit (Pepper Money, Liberty Financial, Bluestone Mortgages, Resimac).

You can also apply for large banks and Mortgage Brokers.

To Improve Your Chances of Approval, you should:

• Check Your Credit Report
• Provide Full Disclosure
• Demonstrate Stability
• Pay Off Small Debts
• Save a Larger Deposit

Can I redraw on a refinance loan?

Yes, you can typically redraw on a refinance loan, provided the new loan includes a redraw facility. When refinancing your mortgage, it’s important to ensure that the new loan product offers the same features you need, including a redraw facility.

What are cashback home loans?

Cashback home loans are mortgage products that offer a cash incentive to borrowers when they take out the loan. This cashback can be used for various purposes, such as covering moving costs, paying off debts, or funding home improvements. Lenders offer these incentives as a way to attract new customers. 

You can find cashback offers for mortgage refinance in Australia. Lenders often provide these incentives to attract new customers who are looking to refinance their existing home loans. Cashback offers can make refinancing more attractive by providing immediate financial benefits, which can help offset the costs associated with switching lenders.

Home loan calculations for 20 years (example)

You can make more detailed calculations using the financial calculators on our website.

Can I remortgae a house?

Yes, you can remortgage a house in Australia.

Steps to Remortgage Your House:

• Evaluate Your Current Loan
• Determine Your Goals
• Research and Compare Loans
• Check Your Credit Score
• Calculate Costs

See the similar FAQs about Australian banks: 

• Commonwealth Bank home loan approval time
• Commonwealth Bank offset account
• Commonwealth Bank wealth package eligibility criteria
• Does Bank of Melbourne propose to redraw money for a home loan?
• Does Commonwealth Bank have a redraw option for home loans?

Details of companies offering the financial services:

ANZ Bank

Head office’s address: 833 Collins Street

Contact center: 13-13-14

Phone: 61-3-9683-9999

Mail address: 833 Collins Street Docklands, Melbourne

Web-site: http://www.anz.com

Swift code: ANZBAU3M

Financial institution code: ANZ

Stock code: ANZ

ABN: 11 005 357 522

BSB: 015-891

Bank of Melbourne

Head office’s address: 525 Collins Street

Contact center: 61-132266

Phone: 61-3-9982-4186

Mail address: 525 Collins Street Melbourne

Web-site: https://www.bankofmelbourne.com.au/

Swift code: SGBLAU2S

ABN: 33 007 457 141

BSB: 193-879

Bank of Queensland

Head office’s address: 100 Skyring Ter

Contact center: 61-1300-557-272

Mail address: 100 Skyring Ter L 6, Newstead, Queensland, 4006

Web-site: http://www.boq.com.au/

Stock code: BOQ

ABN: 32 009 656 740

BSB: 124-001

Beyond Bank Australia

Head office’s address: 100 Waymouth St

Contact center: 13-25-85

Phone: 61-8-8205-8888

Mail address: GPO Box 1430 Adelaide SA 5001

Web-site: http://www.beyondbank.com.au

Swift code: CUSCAU2S

ABN: 15 087 651 143

BSB: 805022

CommBank

Head office’s address: 201 Sussex Street

Contact center: 13-22-21

Phone: 61-2-8055-4001

Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street

Web-site: https://www.commbank.com.au/

Swift code: CTBAAU2S

Stock code: CBA

ABN: 48 123 123 124

CommBank

Head office’s address: 201 Sussex Street

Contact center: 13-22-21

Phone: 61-2-8055-4001

Mail address: Level 10, Tower One, Darling Park, 201 Sussex Street

Web-site: https://www.commbank.com.au/

Swift code: CTBAAU2S

Stock code: CBA

ABN: 48 123 123 124

Greater Bank

Head office’s address: 103 Tudor Street

Contact center: 13 13 86

Phone: +612 4921 9111

Mail address: Greater Bank PO Box 173, Hamilton NSW 2303

Web-site: https://www.greater.com.au/

Swift code: ASLLAU2CGBS

ABN: 88 087 651 956

BSB: 637 000

Greater Bank

Head office’s address: 103 Tudor Street

Contact center: 13 13 86

Phone: +612 4921 9111

Mail address: Greater Bank PO Box 173, Hamilton NSW 2303

Web-site: https://www.greater.com.au/

Swift code: ASLLAU2CGBS

ABN: 88 087 651 956

BSB: 637 000

IMB Banking

Head office’s address: 47 Burelli St

Contact center: 61-133-462

Mail address: 47 Burelli St, Wollongong, NSW, 2500

Web-site: https://www.imb.com.au

Swift code: IMTIAU21

BSB: 641-800

IMB Banking

Head office’s address: 47 Burelli St

Contact center: 61-133-462

Mail address: 47 Burelli St, Wollongong, NSW, 2500

Web-site: https://www.imb.com.au

Swift code: IMTIAU21

BSB: 641-800

IMB Banking

Head office’s address: 47 Burelli St

Contact center: 61-133-462

Mail address: 47 Burelli St, Wollongong, NSW, 2500

Web-site: https://www.imb.com.au

Swift code: IMTIAU21

BSB: 641-800

ING Bank

Head office’s address: 60 Margaret St

Contact center: 61-2-9028-4077

Mail address: 60 Margaret St, Sydney NSW 2000

Web-site: http://www.ingdirect.com.au/

Swift code: INGBAU2S

Financial institution code: ING

ABN: 24 000 893 292

BSB: 923-100

ING Bank

Head office’s address: 60 Margaret St

Contact center: 61-2-9028-4077

Mail address: 60 Margaret St, Sydney NSW 2000

Web-site: http://www.ingdirect.com.au/

Swift code: INGBAU2S

Financial institution code: ING

ABN: 24 000 893 292

BSB: 923-100

ING Bank

Head office’s address: 60 Margaret St

Contact center: 61-2-9028-4077

Mail address: 60 Margaret St, Sydney NSW 2000

Web-site: http://www.ingdirect.com.au/

Swift code: INGBAU2S

Financial institution code: ING

ABN: 24 000 893 292

BSB: 923-100

Members Equity Bank (ME Bank)

Head office’s address: 360 Elizabeth Street

Contact center: 13-15-63

Phone: 61-3-9708-4001

Mail address: PO Box 1345 Melbourne, VIC 3001

Web-site: http://www.mebank.com.au/

Swift code: MEQBAU3M

Financial institution code: MEB

ABN: 56 070 887 679

BSB: 944-300

Members Equity Bank (ME Bank)

Head office’s address: 360 Elizabeth Street

Contact center: 13-15-63

Phone: 61-3-9708-4001

Mail address: PO Box 1345 Melbourne, VIC 3001

Web-site: http://www.mebank.com.au/

Swift code: MEQBAU3M

Financial institution code: MEB

ABN: 56 070 887 679

BSB: 944-300

NAB

Head office’s address: 800 Bourke Street

Contact center: 13-22-65

Phone: 61-3-8566-7023

Mail address: Level 4, 800 Bourke Street, Docklands, VIC

Web-site: http://www.nab.com.au/

Swift code: NATAAU3303M

Financial institution code: NAB

Stock code: NAB

BSB: 086-027

NAB

Head office’s address: 800 Bourke Street

Contact center: 13-22-65

Phone: 61-3-8566-7023

Mail address: Level 4, 800 Bourke Street, Docklands, VIC

Web-site: http://www.nab.com.au/

Swift code: NATAAU3303M

Financial institution code: NAB

Stock code: NAB

BSB: 086-027

NAB

Head office’s address: 800 Bourke Street

Contact center: 13-22-65

Phone: 61-3-8566-7023

Mail address: Level 4, 800 Bourke Street, Docklands, VIC

Web-site: http://www.nab.com.au/

Swift code: NATAAU3303M

Financial institution code: NAB

Stock code: NAB

BSB: 086-027

Pepper money

Head office’s address: 177 Pacific Highway

Contact center: 13 73 77

Mail address: 177 Pacific Highway Level 27 North Sydney, NSW 2060

Web-site: https://www.pepper.com.au

Swift code: PEGPAU2S

Financial institution code: WBC

Stock code: PEP

BSB: 032-813

RAMS Home Loans

Head office’s address: 321 Kent St, Sydney

Phone: 61-137267

Mail address: 321 Kent St, Sydney, NSW, Australia, New South Wales

Web-site: https://www.rams.com.au

Swift code: NATAAU3R

Stock code: RHG

BSB: 082-459

Regional Australian Bank

Head office’s address: Technology Park, New England,

Phone: +61-132067

Mail address: Technology Park, New England, Madgwick Dr, Armidale NSW 2350

Web-site: https://www.regionalaustraliabank.com.au

St. George Bank

Head office’s address: 275 Kent Street

Contact center: 13-33-30

Phone: 61-2-9553-5333

Mail address: St.George Bank Locked Bag 1 Kogarah NSW 1485

Web-site: http://www.stgeorge.com.au/

Swift code: SGBLAU2S

Financial institution code: STG

Stock code: SGB

ABN: 33 007 457 141

BSB: 112-908

Suncorp Bank

Head office’s address: 80 Ann Street

Contact center: 13-11-55

Phone: 61-7-3362-2222

Mail address: PO Box A50 Sydney South NSW 1235

Web-site: http://www.suncorpbank.com.au/

Swift code: METWAU4B

ABN: 66 010 831 722

BSB: 484-799

Westpac Bank

Head office’s address: 275 Kent Street

Contact center: 13-20-32

Phone: 61-2-9155-7700

Mail address: 275 Kent Street, Sydney, NSW

Web-site: https://www.westpac.com.au/

Swift code: WPACAU2S

Financial institution code: WBC

Stock code: WBC

ABN: 33 007 457 141

BSB: 032-063