Refinancing your home loan

It may be that you've had your home loan for some time, or your circumstances have changed since you first took out your mortgage. Or you may be looking to consolidate your debts into your mortgage.

Refinancing your home loan can help you save on your mortgage with a lower interest rate and add flexibility and features to your loan to suit your change in lifestyle.

What is home loan refinancing?

Home loan refinancing involves negotiating a better deal with your current financial institution or taking out a new home loan with a lower interest rate to help you save on your monthly repayments. It's a good idea to get an annual health check for your loan to review whether the interest rate and loan features are still right for you.

Some great reasons to refinance your home include:

  • Save money on your monthly repayments with a lower interest rate.
  • Consolidate your personal loans, credit cards and other debts into your home loan. While you'll be paying a lower interest rate, making extra repayments to your home loan will help you pay it off sooner.
  • Access the equity in your home for investment purposes, renovation or to achieve your personal goals.
  • Take advantage of loan features that can add flexibility to your home loan.

What do I need to consider with a home loan refinance?

Refinancing your current home loan may save you money in the long run, but there are some costs to consider when you're refinancing. These include:

Break costs or exit fees Chat to your current lender about any potential fees or exit costs for repaying your home loan.
Settlement Fees To be paid to your lender for attending settlement.
Home Loan Application fees These may be charged on your new home loan. Our Clear Path Variable Rate Home Loan has no application fee and includes a free valuation.
Mortgage refinance registration fees If switching financial institutions, you'll need to consider any government fees that may be applicable.

Finding your new home loan

When comparing home loans, it's important to look at all the features of a home loan to see whether it's right for you. Here are some things to consider.

Our most popular home loans at a glance

Know what your repayments are for peace of mind

Fixed Rate Home Loan

A fixed rate home loan gives you the certainty of knowing exactly what your repayments will be for up to 5 years, while protecting yourself against any potential interest rate rises.

  • Owner occupier and investor options available
  • Great interest rates across our range of terms
  • Principal and interest, or interest only repayments

Our most popular low rate loan, packed with features

Clear Path Variable Home Loan

If you're looking for a fully featured, cheap home loan with a low rate, our Clear Path Variable Rate Home Loan is for you!

  • Owner occupier and investor options available
  • Mortgage offset
  • Flexible repayments

Save with our lowest home loan interest rate

Economy Variable Home Loan

Getting a cheap home loan doesn't mean you have to compromise on its features.

  • Owner Occupier and Investor options available
  • Free redraw
  • Unlimited additional repayments

Additional home loan features to consider

BOQ has a range of great home loan features to add flexibility to your loan that may suit your needs, which include:

Fixed or variable rate

Want to fix your home loan interest rates for the peace of mind, or do you need the flexibility of a variable rate? You can also combine both options.

Redraw facility

Have the ability to draw on your home loan in case you need it.

Additional repayments

Pay off your home loan sooner and reduce the term of your loan.

Flexible repayments

Choose from weekly, fortnightly or monthly repayments in line with your salary.

Line of credit facilities

Access a line of credit from $25,000 for those home renovations that you may be wanting.

How to refinance your home loan with BOQ

Compared to the first time you applied for your home loan, refinancing your home loan is a much easier process. Here's a simple breakdown on the home loan refinancing process:

  1. Get started online - starting your application process couldn't be easier. You can also visit your local branch or call us to chat to our home loan experts.
  2. Loan application - we’ll guide you on all the necessary information and documentation you need to complete your loan application. 
  3. Loan approval - once your loan has been approved, it's time to notify your current lender that you will be discharging your home loan.
  4. Loan settlement - we will meet with your current lender for the home loan settlement.

Ready to get started?

We’re here to answer any questions you may have.

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