Refinance your home loan and get $1,000 cashback
We compare 30+ lenders to find you a sharper rate, handle the switch for you, and on loans of $1M or more pay you $1,000 on top of any lender cashback. It costs you nothing.
Short answer
If your rate is more than about 0.30% above what new customers are being offered for your loan size and LVR, refinancing is usually worth a 15-minute review. On a $1M loan, every 0.25% is roughly $2,500 a year in interest.
When refinancing makes sense
Lenders compete hardest for new customers. Over time, the gap between the rate you pay and the rate a new customer would get can widen without you noticing. Refinancing is worth a look when:
- Your rate is 0.30% or more above new-customer rates for a similar loan size and LVR.
- Your fixed rate is ending and you are about to roll onto a revert rate.
- Your property has grown in value, dropping your LVR into a cheaper pricing tier.
- You want to release equity for renovations or an investment deposit.
- You need features you don't have, such as a full offset account.
- Your income or plans have changed and your loan structure no longer fits.
What a lower rate is worth
Approximate first-year interest saving, by loan size and rate reduction:
| Loan amount | 0.25% lower | 0.50% lower | 0.75% lower |
|---|---|---|---|
| $600,000 | $1,500 | $3,000 | $4,500 |
| $800,000 | $2,000 | $4,000 | $6,000 |
| $1,000,000 | $2,500 | $5,000 | $7,500 |
| $1,500,000 | $3,750 | $7,500 | $11,250 |
Figures are simple interest estimates for illustration only. Your actual saving depends on your balance, repayments and the costs of switching.
How our $1,000 cashback works
Refinance or take out a new loan of $1 million or more through Rate Engine and we pay you $1,000, on top of any cashback the lender offers.
- $500 when your loan settles.
- $500 on your loan's 12-month anniversary, provided the loan is still active and has not been refinanced or repaid.
- One payment per loan, subject to lender approval and our full offer terms.
Lender cashback offers change often and come with their own conditions. We will tell you which lenders currently offer one and whether it is worth chasing compared with a lower rate.
How refinancing with Rate Engine works
- Book a call. Fifteen minutes on your current loan, goals and timing.
- We compare 30+ lenders. Big four, tier 2, customer-owned, online and non-bank lenders.
- Your Tune-Up within 24 hours. Named lenders, real rates and the dollar difference.
- We handle the switch. Application, valuation, discharge from your old lender and settlement.
- Cashback and Rate Watch. $500 at settlement, $500 at 12 months, and we keep checking your rate against the market.
Costs to check before you switch
- Discharge fee from your current lender.
- Break costs if you are leaving a fixed rate early. These can be significant.
- Establishment, valuation and settlement fees at the new lender, which are often waived.
- Lenders mortgage insurance if you are borrowing more than 80% of the property's value.
- Annual package fees on some products.
We net all of these off against the saving so you see the real benefit before you decide.
Reprice or refinance?
Sometimes your current lender will match a sharper rate if you ask. We usually test both: we show you the market, and if your lender reprices and that is the best outcome, you stay put. Read is your rate still competitive? for the two-minute test.
Frequently asked questions
How long does refinancing take?
Usually a few weeks from application to settlement, depending on the lender and how quickly documents and the valuation come through.
Will refinancing affect my credit score?
A formal application is recorded on your credit file. We compare lenders first, so you only apply where you are likely to be approved.
Can I refinance a loan under $1M?
Yes. Everything works the same way and it still costs you nothing. The $1,000 cashback applies to loans of $1M or more.
Can I release equity when I refinance?
Often, yes, subject to the lender's policy, your LVR and the purpose of the funds. Investors should keep equity releases in a separate split for tax clarity.
Do you only refinance owner-occupied homes?
No. We refinance investment loans too. See investment loans.