Bank of giving you 2k back
Refinance your home loan with us for $2,000 cashback and great low rates.32{sub-heading}
Refinance your home loan
Split between Fixed & Variable
Split your loan between fixed & variable rate home loan portions.
Flexible repayment options
Choose weekly, fortnightly or monthly repayments to align with your pay cycle or budget needs.
Mobile & online banking
Access your account balances and transactions at the tip of your fingers with mobile and online banking.
Economy Variable Home Loan
Our lower-rate variable home loan helps you keep things simple yet flexible.
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For Owner Occupiers with Principal and Interest Repayments
- Access unlimited free redraw.
- Make unlimited extra repayments.
Clear Path Variable Home Loan
Our popular variable rate home loan is packed with smart features that give your finances room to move.
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For Owner Occupiers with Principal and Interest Repayments
- Offset your mortgage and save on interest.
- Enjoy unlimited free redraw and flexible repayments.
Fixed Rate Home Loan
Fix your rate for up to 5 years and relax knowing interest rate rises won’t affect you.
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For Owner Occupiers with Principal and Interest Repayments
- Enjoy great interest rates on terms from 2 to 5 years.
- Choose Principal and Interest, or Interest-Only repayments.
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Owner-Occupier interest rates
See fixed and variable interest rates for Owner-Occupier home loans.
Investor home loan interest rates
See fixed and variable interest rates for Investor home loans.
Fixed interest rates
Learn more about fixing your Owner-Occupier or Investor home loan.
Ready to refinance your home loan with BOQ?
Let’s make a time for one of our home loan specialists to talk you through the next steps and answer any questions. Booking an appointment is fast and simple.{sub-heading}
Calculate how much you could save by refinancing{yellow-border}
See how much you can borrow
Work out your borrowing power based on your income and expenses.
Work out your repayments
Find out how much your regular home loan repayments will be.
Split loan calculator
Calculate your repayments based on fixed and variable terms
Latest articles
Find useful blog articles with handy tips to help when you are refinancing your home loan.{sub-heading}
Refinancing your home loan: What, why and who?
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When mortgage stress strikes, refinancing your home loan is an appealing option. So, how does refinancing work and what are the pros and cons?
Fixed rate ending soon?
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Explore your options and feel confident about your next step.
What is equity and how can it help you?
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If you've always wanted to invest in property, equity could be a good start. Discover our guide to building and accessing home loan equity.
Frequently asked questions{yellow-border}
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What does refinancing your home loan mean?
This is when you take out a new home loan to replace your current loan, usually with a different bank. You might do this to take advantage of additional benefits, like a lower interest rate or a more convenient repayment plan. There might be extra benefits like a refinance cashback offer.
With interest rates on the rise, there’s never been a better time for Australians to refinance to a home loan with a better interest rate or move to a new provider with fewer fees.
Why refinance your home loan?
When it comes to refinancing home loans, some of the most common reasons are to:
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Save money with a better interest rate or reduced fees.
Refinancing is an opportunity to potentially find a home loan with a more suitable interest rate. A lower interest rate could save you thousands of dollars over the lifetime of the loan.
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Shorten (or extend) your loan term.
Switching to a home loan with a lower interest rate can also potentially help you pay off your home loan sooner. If you get a better interest rate and continue to make the same monthly repayments as you did on your old home loan, you’ll shorten the term of your loan.
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Consolidate multiple debts into one, easy-to-pay package.
If you have more than one loan, refinancing can make it easier to manage your repayments. Depending on your circumstances, you may be able to consolidate your multiple debts into one home loan.
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Free up equity for a new purchase
By refinancing your home loan, you can gain access to your home equity. This may be appealing if you are looking to renovate your home, purchase a second property or go on a dream holiday.
What does it cost to refinance your home loan?
When refinancing your home loan, it's important to consider all your expenses, including not only the more obvious upfront costs, but also the ongoing costs.
Upfront costs:
- Exit fees - otherwise called discharge fees.
- Break fees - otherwise called mortgage deregistration fees.
- Start-up/ new home loan application fees.
- Lender's Mortgage Insurance - insurance that credit providers take out to protect themselves should the loan not be repaid.
- Stamp duty - when refinancing you may be liable to pay stamp duty.
- Settlement fees.
Ongoing costs:
- New monthly home loan repayments.
- Direct debits - when switching lenders remember to update any existing direct debits.
Is refinancing your home loan always the right option?
Not always. You’ll need to check that any benefits, such as lower interest rates and cashback offers, outweigh any additional fees you’ll have to pay to complete the process. It’s important to do your research so you’re not caught off guard by application fees, valuation fees, registration fees or settlement fees. If you have less than 20% equity in your property, you may also have to pay Lenders Mortgage Insurance.
Our home loan specialists can help you understand the big picture if you’re thinking about refinancing.
I’d like to refinance. How do I get started?
Compared to the first time you applied for your home loan, refinancing your home loan is a much easier process. Our home loan specialists can help guide you through these steps.
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Assess your financial situation
Before you start the refinancing process, take stock of your current financial situation. Consider if the timing is right and if you can comfortably pay back your home loan.
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Compare home loan options
There are a few decisions you will need to make, such as whether you would like a fixed rate loan or you’d prefer a variable rate. Look carefully at the products and services attached to each option. For example, can you link your new home loan to an offset account or redraw facility? We can help explain these options.
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Submit your application
Once you’re ready to apply you can choose whether you’d like to do this online, visit your local branch or give us a call to chat to our home loan experts.
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Complete your documentation
We’ll guide you through the necessary information and documentation you need to complete your loan application.
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If approved, sign your new loan contract
Once your loan has been approved, we’ll get in touch with your current lender to organise paying back your old loan.