Basic Home Loan

Owner Occupied Home Loan

5.99% p.a. Variable

6.04% p.a. Comparison*

Borrow up to 80% LVR*

  • $0 monthly or annual fees!

  • Repayment flexibility and redraw options

  • Unlimited extra repayments

Find out more

THE HOME OF AUSTRALIA’S CHEAPEST HOME LOAN

Welcome to Reduce Home Loans. Awarded Australia’s Cheapest Home Loan by Money magazine 2016, 2017, 2018, 2019, 2020, 2021, and 2024

Reduce Home Loans
4.4
Based on 634 reviews
powered by Google
Darryl MurphyDarryl Murphy
00:43 04 May 24
Got a great rate and the team worked hard to get the job done. Kept us up to date the whole way through the process.
We were so impressed with Ben Ithell, he is knowledgeable, patient and worked really hard getting us an amazing deal that 8 other brokers I called said they couldn’t even touch due to our unusual circumstances. Please give Ben a call and have a chat he is very honest and will tell you straight up if he thinks he can help. Highly recommend him!
Sahn MillsSahn Mills
00:47 17 Apr 24
sara yuansara yuan
03:52 18 Mar 24
Working with Ben Ithell and his team was a great experience. The team was very knowledgeable and patient with my questions. They were always on time and reply my emails quickly.Excellent…I would give them my highest recommendation!
Mark JohnstonMark Johnston
01:37 06 Feb 24
Ben Ithell was fantastic, laid all my options out for me. Got me good deal especially considering the unusual circumstances I was in. He kept me up to date, communicated well and was always available to help as I needed it.
craig kimptoncraig kimpton
10:02 18 Jan 24
Professional staff that keep you well informed throughout the process, and provide great savings with lower rates.Ben Ithell was a pleasure to consult with, diligent and extremely professional throughout. Thanks Ben.
vineet sagarvineet sagar
08:06 16 Jan 24
Vaughan Enright was great to deal with. Not only he is well versed with all the home loan technicalities, he also has soft skills to deal with not so knowledgeable people like myself. Communication was outstanding with emails/calls immediately being answered.
Angie ChuAngie Chu
11:16 09 Jan 24
Thank you Reduce Home Loans! If we could give more than five stars, we would. Especially to Ben Ithell whose professionalism and help throughout the entire process was second to none. He is genuinely attentive, caring and a patient customer service/finance manager! We would certainly recommend him to anyone!
Havea ValaHavea Vala
16:41 08 Jan 24
Jonathan DoddJonathan Dodd
06:47 02 Jan 24
Amazing experience, I cannot recommend this company or Kurt more. He found a path forward when multiple brokers (at other companies) could not make it work. Kurt does not mess around and I wholeheartedly recommend him if you need to get a loan.
Alex JenkinsAlex Jenkins
03:46 21 Dec 23
I used Kurt Trendle from Reduce Home Loans when completing my refinance. I found him to be extremely helpful, patient and found the right loan for me. I found the whole process to be extremely easy with Kurt. Thanks again!
Patrick SimonettiPatrick Simonetti
13:25 22 Nov 23
Kurt was excellent to deal with. Great customer service, very helpful and experienced. One of the best rates on the market.
Kate EverettKate Everett
08:27 08 Nov 23
Exceptional customer service provided by Nick Freney in assisting us to navigate three separate loans. Wouldn’t hesitate in strongly recommending him to other prospect customers.
Patrick DawsonPatrick Dawson
05:55 30 Oct 23
Just settled on my refinance with Vaughan at Reduce Home Loans. He made the process super easy and efficient. Was also great to be informed regularly throughout the entire process to put my mind at ease.Thanks 👍
Rina WRina W
23:27 28 Sep 23
We have been with Reduce Home Loans since 2015 and they've consistently secured the best rates and account features for us. This month we refinanced to a very competitive rate thanks to our Personal Finance Manager Connor.Connor provided us with helpful guidance and thoroughly answered all our questions. Everything was completed promptly and he was so responsive with our queries. The application process has also become much more streamlined and user friendly over the years.Thanks to Connor (and previously Rhyse) at Reduce Home Loans, we've been able to achieve our dream of having a home for our family. We highly recommend them for their personalised, exceptional service and expertise, as well as their broad product offering. Thanks again!
Dev GovekarDev Govekar
23:10 24 Sep 23
I have used Reduce Home Loans recently. I have dealt with Vaughan from Reduce Home Loans. I find Vaughan very helpful and easy to approach. I think they have great knowledge and great interest rates options and cash back offers. I will recommend to seek their advice for new home loans. Thanks, Dev
Hin LHin L
06:42 07 Sep 23
Zachary has been fantastic through out the whole process.
James ZhangJames Zhang
07:43 21 Aug 23
Kurt was phenomenal, very knowledgable, patient and communicative across the entire process. Can't recommend them highly enough.
Melanie MaclureMelanie Maclure
04:35 10 Aug 23
Vaughan Enright has been an absolute pleasure to deal with. He is always extremely responsive and helpful, listens to my needs, and has been working with me to get the best he can. He has been reliable, getting back to me quickly, calling when he says he will (great timekeeper). Very happy with the experience as I initially called 3 or 4 months ago, he has been very informative from tyre kicking/semi serious stage to now at crunch time. Definitely recommend working with him.
Wendy ReevesWendy Reeves
02:23 03 Aug 23
I have used Reduce Home loans several times to refinance our loan. I cannot recommend them highly enough. They are extremely knowledgeable and have access to highly competetive interest rates. Their communication throughout the loan application process is excellent and it is very easy to get in touch with them when you need to. Definitely use Reduce!
Brad GosbellBrad Gosbell
07:41 21 Mar 23
Nick and the team never fail to impress and always achieve better than expected results. With a great network of lenders and products they always manage to deliver, keeping you well informed along the journey. Always know I am in capable hands and a achieving the best of what's out there.I cannot recommend Reduce highly enough. 11 out of 10! Keep up the good worm 👍
Richard WRichard W
04:34 20 Mar 23
Prompt customer service and staightforward process. Access to great rates. Clear communication. Loan settled without problems and would definitely use them again.
Kumbi MKumbi M
04:06 20 Nov 22
We have been working with Reduce Home Loans for a few years now. We have done some refinancing of home loans and have applied for new home loans with Reduce Home Loans. Each and every time we managed to get some awesome deals, lowest variable rates available on the market. I highly recommend Reduce Home Loans. We will definitely use them again in future!!
Michelle DavisMichelle Davis
21:15 15 Sep 22
Nick Freney, from reduced home loans, was fantastic. He made the whole process of refinancing my house loan, hassle free and also got me a great interest rate. I can't recommend Nick and his team highly enough.
Goran MaricGoran Maric
03:46 15 Sep 22
Reduce were very easy to work with, and they got us the lowest variable rate on the market - which is saving us thousands each year.Highly recommend. We'll definitely go with them again in the future.
David ElmerDavid Elmer
10:05 30 Aug 22
Overall, we are happy with our experience at Reduce. We moved from another non-bank lender, who wouldn't move our rate, despite their new owner rates being much lower, and our loans under what we originally borrowed. Nick and the team from Reduce were very easy to deal with, and our rate has been competitive since we started with them.
Jon McilveenJon Mcilveen
06:52 11 Aug 22
Just refinanced with Reduce Home Loans. Better interest rates, staff have been nothing but helpful and easy process. Can't ask for more!
Chris LimChris Lim
07:55 04 Aug 22
I had a fantastic experience dealing with Reduce Home Loans who provided finance for my SMSF to purchase an investment property in July 22. I was particularly impressed with Bryce Stimpson's helpfulness, knowledge, responsiveness, professionalism and pleasantness. I received an excellent rate and am happy I went with Reduce.
Peta GeakePeta Geake
02:41 04 Aug 22
Using reduce loans has saved me a lot of money on our home loan. The staff are professional and caring, always easy to get in contact with and there to help with any questions you. The switch from one of the big 4 banks (wont name names of who was ripping us off!) was easy with reduce loans. I highly recommend anyone to get in contact and see how many money they can save you.
Amanda BeresfordAmanda Beresford
20:09 16 Jun 22
Reduce Loans were able to find us a much better home loan rate. The process was so easy and we were walked through every step. Everything was done online and the whole process was handled quickly. I would highly recommend working with Reduce Loans.
Matt HingstonMatt Hingston
00:42 16 Jun 22
We secured a great loan with Reduce far below market rates of the large lenders. Was particularly impressed by their flexible banking style in setting up the loan and Nick Freeney was great to work with in the loan application. The only issue is the application process was longer and more admin intensive than some other loans so removing one star - but if you stick with it you can save a bunch over the life of the loan.
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Home loan refinance offers to put a smile on your face

Here to refinance your home loan? Reduce Home Loans has Australia’s best refinance home loans and the hottest rates to keep you happy.

Refinance with confidence, with multi-award winning loans including Canstar 5 Star Rating and Money magazine’s Best of the Best Cheapest Home Loan for 7 years running! We’ll help you consolidate your debts with low rate, full-featured loans. When your refinance is settled, you’ll be paying way less in interest!

Refinance home and debt - Reduce Home Loans

Featured Home Loans

Basic Home Loan 

5.99%
p.a. Variable
6.04%*
p.a. Comparison
  • Borrow up to 80% LVR*
  • Redraw facility available
  • Free Additional payments
MORE

Discount Variable

5.99%
p.a. Variable
6.04%*
p.a. Comparison

  • $0 application fee
  • Redraw facility available
  • No hidden fees or ongoing monthly fees
MORE

Eco Home Loan Variable

5.84%
p.a. Variable
5.89%*
p.a. Comparison
  • Borrow up to 80% LVR*
  • Redraw facility available
  • No hidden fees or ongoing monthly fees
More

Featured Investment Loans

Investor Rate Slasher Special

6.59%
p.a. Variable
6.65%*
p.a. Comparison
  • Up to 90% LVR
  • 100% offset available
  • Interest Only available
MORE

Investor Capitalizer Variable

6.69%
p.a. Variable
6.76%*
p.a. Comparison
  • Alt Doc available
  • 100% offset available
  • Interest Only available
MORE

Great rates for owner occupiers

Owner Occupied Home Loans

Loan ProductRate p.a.
Comp* p.a.
LVRInstant
Approval
OffsetRedrawInterest
Only
Eco Home Loan Variable
5.84%
5.89%*
60%
Basic Home Loan Variable
5.99%
6.04%
60%
Discount Variable
5.99%
6.04%*
70%
Economizer Variable 80
6.29%
6.35%*
80%
Capitalizer Variable
6.59%
6.63%*
90%
Rate Slasher 90 Variable
6.64%
6.70%*
90%
Capitalizer ALT-DOC Variable
7.19%
7.26%*
65%

Loan ProductRate p.a.
Comp* p.a.
LVRInstant
Approval
OffsetRedrawInterest
Only
Home Owners Dream 1 Yr Fixed
6.29%
6.35%*
80%
Home Owners Dream 2 Yr Fixed
6.04%
6.32%*
80%
Home Owners Dream 3 Yr Fixed
5.99%
6.29%*
80%
Home Owners Dream 4 Yr Fixed
6.29%
6.35%*
80%
Home Owners Dream 5 Yr Fixed
6.29%
6.35%*
80%

Loan ProductRate p.a.
Comp* p.a.
LVRInstant
Approval
OffsetRedrawInterest
Only
1 Yr Fixed Home Owners Dream Cash Back
6.29%
6.35%*
80%
2 Yr Fixed Home Owners Dream Cash Back
6.04%
6.32%*
80%
3 Yr Fixed Home Owners Dream Cash Back
5.99%
6.29%*
80%
4 Yr Fixed Home Owners Dream Cash Back
6.29%
6.35%*
80%
5 Yr Fixed Home Owners Dream Cash Back
6.29%
6.35%*
80%

See Cash Back Terms and Conditions Here

Refinance your investment loan

Investment loans

Loan ProductRate p.a.
Comp* p.a.
LVRInstant
Approval
OffsetRedrawInterest
Only
Basic Home Loan Investment
6.29%
6.35%*
70%
Basic Investment
6.34%
6.37%*
80%
Investor Rate Slasher Special
6.59%
6.65%*
90%
Investor Capitalizer

6.69%
6.76%*
90%
Loan ProductRate p.a.
Comp* p.a.
LVRInstant
Approval
OffsetRedrawInterest
Only
Wealth Maximizer 1 Yr Fixed
6.39%
6.59%*
80%
Wealth Maximizer 2 Yr Fixed
6.19%
6.55%*
80%
Wealth Maximizer 3 Yr Fixed
6.29%
6.55%*
80%
Wealth Maximizer 4 Yr Fixed
6.49%
6.59%*
80%
Wealth Maximizer 5 Yr Fixed
6.49%
6.58%*
80%
Loan ProductRate p.a.
Comp* p.a.
LVRInstant
Approval
OffsetRedrawInterest
Only
1 Yr Fixed Cash Back 6.39%
6.59%*
80%
2 Yr Fixed Cash Back 6.19%
6.55%*
80%
3 Yr Fixed Cash Back 6.29%
6.55%*
80%
4 Yr Fixed Cash Back 6.49%
6.59%*
80%
5 Yr Fixed Cash Back 6.49%
6.58%*
80%

See Cash Back Terms and Conditions Here

Refinance and pay less on your home loan

Owner Occupied Home Loans

Loan ProductRate p.a.
Comp* p.a.
Max
LVR
Instant
Online
Approval
90% LVR
Available^
Offset
Account
Extra
Repayments
& Redraw
Interest
Only
Construction
Available
Eco Home Loan Variable
5.84%
5.89%
60%
Basic Home Loan
5.99%
6.04%*
60%
Discount Variable
5.99%
6.04%
70%
Economizer Variable 80
6.29%
6.35%*
80%
Capitalizer Variable
6.59%
6.63%*
90%
Rate Slasher 90 Variable
6.64%
6.70%*
90%
Capitalizer ALT-DOC Variable
7.19%
7.26%*
65%

Loan ProductRate p.a.
Comp* p.a.
Max
LVR
Instant
Online
Approval
90% LVR
Available^
Offset
Account
Extra
Repayments
& Redraw
Interest
Only
Construction
Available
Home Owners Dream 1 Year Fixed
6.29%
6.35%*
80%
Home Owners Dream 2 Year Fixed
6.04%
6.32%*
80%
Home Owners Dream 3 Year Fixed
5.99%
6.29%*
80%
Home Owners Dream 4 Year Fixed
6.29%
6.35%*
80%
Home Owners Dream 5 Year Fixed
6.29%
6.35%*
80%

Loan ProductRate p.a.
Comp* p.a.
Max
LVR
Instant
Online
Approval
90% LVR
Available^
Offset
Account
Extra
Repayments
& Redraw
Interest
Only
Construction
Available
1 Yr Fixed Home Owners Dream Cash Back

6.29%
6.35%*
80%
2 Yr Fixed Home Owners Dream Cash Back

6.04%
6.32%*
80%
3 Yr Fixed Home Owners Dream Cash Back

5.99%
6.29%*
80%
4 Yr Fixed Home Owners Dream Cash Back

6.29%
6.35%*
80%
5 Yr Fixed Home Owners Dream Cash Back

6.29%
6.35%*
80%

See Cash Back Terms and Conditions Here

Save more on your investment loan

Investment loans

Loan ProductRate p.a.
Comp* p.a.
Max
LVR
Instant
Online
Approval
90% LVR
Available^
Offset
Account
Extra
Repayments
& Redraw
Interest
Only
Construction
Available
Basic Home Loan Investment
6.29%
6.35%*
70%
Basic Investment6.34%
6.37%
80%
Investor Rate Slasher Special6.59%
6.65%
90%
Investor Capitalizer Variable
6.69%
6.76%*
90%

Loan ProductRate p.a.
Comp* p.a.
Max
LVR
Instant
Online
Approval
90% LVR
Available^
Offset
Account
Extra
Repayments
& Redraw
Interest
Only
Construction
Available
Wealth Maximizer 1 Year Fixed
6.39%
6.59%*
80%
Wealth Maximizer 2 Year Fixed
6.19%
6.55%*
80%
Wealth Maximizer 3 Year Fixed
6.29%
6.55%*
80%
Wealth Maximizer 4 Year Fixed
6.49%
6.59%*
80%
Wealth Maximizer 5 Year Fixed
6.49%
6.58%*
80%

Loan ProductRate p.a.
Comp* p.a.
Max
LVR
Instant
Online
Approval
90% LVR
Available^
Offset
Account
Extra
Repayments
& Redraw
Interest
Only
Construction
Available
1 Yr Fixed Wealth Maximizer Cash Back

6.39%
6.59%*
80%
2 Yr Fixed Wealth Maximizer Cash Back

6.19%
6.55%*
80%
3 Yr Fixed Wealth Maximizer Cash Back

6.29%
6.55%*
80%
4 Yr Fixed Wealth Maximizer Cash Back

6.49%
6.59%*
80%
5 Yr Fixed Wealth Maximizer Cash Back

6.49%
6.58%*
80%

See Cash Back Terms and Conditions Here

Home Loan Refinance Guide

Find out more:

    • Why should you refinance?
    • What are the costs of refinancing?
    • How long is the refinance process?
    • Common traps to avoid
    • What documents you may need to refinance

Cheap home loan refinance

It’s no secret that staying loyal to one bank for your whole life can cost you. This is why thousands of Aussie homeowners choose to refinance their mortgage.

And when it comes to refinancing your home loan, the cheaper the loan the better. This is where Reduce Home Loans comes in, by offering some of the lowest refinance rates on the market.

As one of Australia’s leading low-rate lenders, we aim to keep your household’s biggest ongoing expense as cheap as possible with our lowest refinance rates. Switching to one of the cheapest refinance rates in Australia means you’ll find much needed breathing room in your budget, gain some great new features and potentially save big in interest repayments.

How to find the best refinance home loans

No two homeowners are the same and Reduce Home Loans understands this. To find the best refinance home loan for you, you’ll first want to ask yourself what you’re looking for in your next home loan so we can pinpoint what makes up the best refinance deals for your financial situation.

Interest rates: Your home loan interest rate is one of the biggest factors for the loans’ affordability. If your current lender is charging you through the nose in interest, you may want to focus on new loans with rock-bottom interest rates to find your best refinance home loan.

Fees: A home loan with high ongoing fees will always cost you in the long run. However, Reduce Home Loans does not charge borrowers annual fees or monthly fees on many of its refinance loans.

Features: You may have opted for a more basic home loan when you first took out a mortgage. Now, your best refinance mortgage may be one that offers helpful features, such as an offset account or the ability to make extra repayments.

Reduce Home Loans frequently breaks records by offering the lowest mortgage rates on the Australian market. If your idea of the best bank to refinance with involves low rates, low fees and plenty of helpful features, consider refinancing with Reduce Home Loans today.

Family Home Loan

Refinance home loan comparison guide

One of the best ways to find a new home loan is to research and compare your options. Reduce Home Loans can help you in your refinance home loan comparison journey through a range of helpful tools.

  • Compare loans: Our easy-to-follow comparison table allows you to compare our range of leading, low rate loans side by side via interest rates, total fees and any features available. This can help you to find the right refinance home loan for your financial needs.
  • Calculators: A mortgage repayment calculator can help you in your refinance comparison by narrowing down your refinance loan short-list through calculating how the potential loan repayments may fit in your budget.
  • Brokers. Need a little help or advice? Reduce Home Loans’ accredited Finance Managers can assist in your home loan refinancing comparison journey.

Not sure whether now is the right time to refinance? Check out this guide on refinancing.

What is the cost to refinance my home loan?

There may be some associated costs to refinance your home loan, depending on your current lender and your new lender. Firstly, if you’re on a fixed rate there may be a break fee charged by your existing lender. Secondly, your existing lender may charge you a discharge fee if you refinance your mortgage.

While these costs can be frustrating at the time of refinancing, it’s generally accepted that the initial cost to refinance your mortgage will pay for itself in reduced interest, lower fees or added features, over the life of your loan. By switching to a record-breaking Reduce Home Loan low rate mortgage, you’ll potentially pay off these costs within a year or two thanks to our competitive interest rates.

Another cost to refinance may be the new lender charging an application fee, as well as ongoing fees. Thankfully, Reduce Home Loans offers a range of refinance loan products that do not charge some of these pesky fees.

Not sure you’re ready to reassess your mortgage? Here are the top signs it’s time to refinance your home loan

Refinance home loan rates

Many Australians choose to switch home loan providers to get a lower interest rate. While researching refinance mortgage rates, this is when they hear about Reduce Home Loans and our multi-award-winning home loans.

Reduce Home Loans offers a range of competitive refinance rates on home loans for refinancers. This includes:

  • Variable rate home loans
  • Fixed rate home loans
  • Split rate home loans
  • Owner-occupier home loans
  • Investment home loans

These home loans are flooded with helpful features designed to help you chip away at your loan faster, such as an offset account and a redraw facility. You also may not need to worry if your home loan refinance rate is still low, as Reduce Home Loans frequently breaks records with the lowest home loan rates on the market.

You can compare refinance home loan rates through our comparison table now. Compare mortgage refinance options side by side to see which one may come out on top for your financial needs.

Home loan refinance offers

When refinancing your home loan, you may be curious to know – what’s in it for you? Lenders will advertise a number of mortgage refinance offers to make new customers happy and to stand out in the home loan market.

Reduce Home Loans has some of the best refinance offers around, depending on what you’re looking for in a new home loan. These include:

  • Cash back loans: Enjoy a refinance offer of $1,000 to $10,000 cash back when you refinance with some of Reduce Home Loans’ flexible loan options.
  • Low rates: Refinancers may have noticed that new customers tend to be offered lower rates. This may be part of why you’re considering refinancing. Another home loan refinance offer you may find with Reduce Home Loans is that we frequently offer new customers some of the lowest home loan rates in Australia.
  • Waived fees: Upfront or ongoing fees can be a barrier for refinancers. This is why lenders, like Reduce Home Loans, offer no-fee mortgage refinance deals. Depending on the loan, you may not pay an application fee, establishment fee, third party evaluation fee and more.
  • Added features: Another refinance offer to consider is added features to your home loan. Reduce Home Loans may provide new customers with refinance loans that come with an offset account, the ability to split your loan, a redraw facility and the ability to make extra repayments without penalty.

Refinance cash back offers

Reward yourself for saving with even more cash in your pocket! As mentioned above, one of the most sought-out perks is a refinance cash back offer.

Reduce Home Loans has some of the most competitive refinance cash back offers in Australia. Depending on the loan and your personal financial situation, you may be able to refinance to a new loan with $1,000 to $10,000 cash back up for grabs. This cash back offer will be deposited directly into your bank account when you are approved for the refinance mortgage.

Refinancing to a home loan that offers cash back can not only give your finances a much-needed boost but may also pay for the cost of switching loans, such as discharge fees and application fees. A refinance home loan cash back offer can help with the mental barrier associated with refinancing, as it’s an extra incentive to do so.

Reduce Home Loans is committed to helping you find your best home loan deal. Why shouldn’t you also be rewarded through a refinance cash back reward when you make the switch?

Refinancing your investment property

Refinancing an investment property can sometimes be a little tricker than refinancing an owner-occupier mortgage. This is because lenders perceive property investors as riskier for a number of reasons, such as the reduced pressure to pay off a mortgage for a home you’re not actually living in.

To improve your chances of being approved for a refinancing investment loan, ensure you’ve crossed your t’s and dotted your i’s. Meaning, make sure your financials and credit history are healthy, and that you ideally have an LVR of 80 per cent. Also, ensure you’ve paid off – or are making consistent repayments – on any existing debts, like a credit card. Also consider saving up a sizable rainy-day fund, as this will showcase a level of financial responsibility to the new lender.

If you’re considering refinancing your investment loan, be sure to review your new lender’s eligibility criteria and terms and conditions before applying. Investment loans come with stricter lending criteria, such as meeting cash reserve minimums and higher equity requirements. It may also be a little harder to account for your rental income as part of your income assessment – particularly in a fluctuating housing market. If you’ve been paying interest-only on your loan, some lenders may not approve you for this when you refinance.

If you’re refinancing your investment property to a primary residence, this may save you over the life of your loan. Owner-occupiers are typically offered lower interest rates and greater features on their mortgages, as they’re perceived as a lower risk borrower.

Reduce Home Loans offers a range of refinance investment property loans on both variable and fixed rates. Investors may also be able to snatch up a cash back offer of up to $10,000.

Refinancing for renovations

If the old tiles in your bathroom are starting to bug you, or you’ve been dreaming of a new kitchen, consider refinancing for renovations.

One of the perks of refinancing your home loan is that you may be able to free up some equity. If you’ve paid down a considerable amount of equity, by refinancing to access this you can put your new cash directly towards your renovations.

You may also be able to refinance to a home loan with a line of credit. By adding this feature to your home loan, you’ll potentially be able to borrow money from the equity in your home loan. You may have an approved withdrawal limit and will typically pay interest when you’ve spent more than the available equity you’ve built up.

Further, if you’re still unsure about refinancing your home loan for renovations, you may want to instead consider a Reduce Home Loans construction loan. You may be offered a competitive interest rate and gain access to great features as well.

Refinance and save with Reduce

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Signs it’s time to refinance

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Should you stay or should you go?

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Do you know your Interest Rate?

75% of Australians do not know their home loan interest rate, according to the Herald [...]

FAQ section

When is a good time to refinance?

The best time to consider refinancing is when you have assessed that your current home loan provider is charging you a higher than average interest rate, too many fees or does not offer enough features. It may not be worth refinancing if you’re only a few years away from paying off your loan, as your loan term may be extended.

How do you refinance a home loan?

  1. Ensure your financials are in order, and that you’ve ideally paid enough equity to have an LVR of 80 per cent or less.
  2. Identify what you’re looking for in a new home loan.
  3. Hop online and do some research to create a new mortgage short-list.
  4. Reach out to a new, competitive lender and assess their eligibility criteria to ensure your chances of approval are high.
  5. Gather your paperwork and consider applying online or in branch.

What is a refinance mortgage broker?

A refinance mortgage broker can assist borrowers in refinancing their home loans. As this process can be complicated and involve excess paperwork, a refinance mortgage broker can help ease the transition. Reduce Home Loans are different to other lenders in that it’s team if accredited Finance Managers can assist in your home loan refinancing comparison journey from the beginning of the application process up to approval.

Can you refinance if you have a fixed rate?

It’s generally not recommended to refinance a fixed rate loan as you may face break fees from your existing lender by breaking this fixed term. If you’re willing to accept the potential break fees, it is possible to refinance your fixed rate home loan.

What is Cash Out refinance?

A cash out refinance involves refinancing your existing mortgage for a new, larger mortgage with cash paid out to you. This is similar to taking out a personal loan or line of credit. Whether you’re renovating or planning a wedding, you can refinance to boost your savings if your new lender approves you for a larger loan amount.

What are mortgage refinance fees?

There are a range of fees you may face when refinancing your loan from your existing lender and your new lender, including:

  • Break fees
  • Discharge fees
  • Application fees
  • Valuation fees
  • Lenders mortgage insurance (LMI)
  • Ongoing fees

What is equity refinance?

You may be able to refinance your home loan to release equity you’ve built up over the years.

For example, you have a property worth $500,000, your original loan was for $400,000 and your loan balance is now $250,000.

You may be approved by a new lender to refinance your now $250,000 loan balance. The excess $150,000 you’ve paid off over the years will be released into your account by your existing lender.

 

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