Why refinance with us?

Refinancing shouldn’t be difficult. Our Lending Specialists will do everything they can to make your experience easy.

A simple drawing of a house with a magnifying glass looking it over with a dollar sign.

If your current repayments are making money too tight, now is the right time to spring clean your finances, starting with a home loan health check.

A home loan health check may help if you’re:

worried about higher interest rates

coming off a fixed rate home loan

paying more on your home loan than you need to.

Book a call back

Flexibility for you

By including 100% of regular overtime in your salary.²

Calculate how much you can save

Compare two loans to see what you can save in interest.

A single contact at every stage

Have the same lending specialist throughout the whole process of refinancing.

Anytime, anywhere

Face to face⁵, on the phone or by video, our Lending Specialists can work around your shift hours.

Understanding your needs

Flexible home loans

Choose if your home loan is fixed or variable, with options for 100% offset and redraw on our Your Way Plus Home Loan package.

Discounted rates for essential workers

Healthcare professionals may be eligible for discounted rates with our Your Way Plus Essential Worker^{^} rate.

Unlock your property’s equity

Find out if you can access equity in your property. It may allow you to renovate or consolidate your debts into one.

Book a call back Apply online

Calculate how much you can save by switching

Other calculators and tools

Choose the calculator that applies to your refinancing scenario below.

Your Way Home Loan

Stay in control with the flexibility that you need to do your home loan, your way.

Learn more
- 6 .24
  pa %
  
  Your Way Home Loan Basic Variable rate (Owner, P&I, LVR up to 80%)
- 6 .30
  pa** %
  
  Your Way Home Loan Basic comparison rate (Owner, P&I, LVR up to 80%)
- Fixed and variable rate options
- Free redraw on the variable portion
- Make unlimited additional repayments on variable loans
- Ability to split loan
Apply Become a member
Your Way Plus Home Loan

Get flexibility for your home loan PLUS our package benefits. If you’re an Essential worker^ you’ll get access to the discounted rate below. Higher rates apply for persons who are not Essential workers^.

Learn more
- 6 .44
  pa %
  
  Your Way Plus Essential Worker^ variable rate (Owner, P&I, LVR up to 60%)
- 6 .74
  pa** %
  
  Your Way Plus Essential Worker^ comparison rate (Owner, P&I, LVR up to 60%)
- Discounted Variable rates for life of the loan
- Establishment fee waived (normally $600)
- Flexibility to make additional repayments on variable rate loans and up to $10k per anniversary year on fixed rate loans
- 100% Offset facility so you can pay your loan down faster
Apply Become a member

Easy steps to refinancing

Have a chat

Tell us about you and your current loan so we can let you know what you can save by switching, and how much you can borrow.

Choose your options

Take a look at our home loan options and we'll help you find the right loan. We’re flexible to suit your needs – you can have a no-frills basic variable loan, or add an offset facility, redraw facility, or both.

Make the leap

A Lending Specialist will be in touch to finalise your loan. Our lenders will help you take the next steps to discharge your existing home loan from your other bank.

Book a call back Apply online now

Top tips for refinancing

Set your goals for refinancing.

Find out if you’re eligible to join Health Professionals Bank. It’s open to current or retired employees of the Australian health sector and their families.

Use our calculators to compare two loans or see your savings with an offset facility.

Work out the costs associated with refinancing and if it’s the right choice for you.

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FAQs

How do I refinance a home loan?

Refinancing is basically a loan swap. You continue to pay off your home, but with a new loan that has a lower rate or better features (or both!). Once you’re sure you want to refinance, all you need to do is complete a home loan application and we’ll arrange to have your property revalued.

How do I avoid Lender’s Mortgage Insurance (LMI) when refinancing?

Lender’s Mortgage Insurance is only required if you borrow more than 80% of the property’s value. If you’re refinancing, decide to swap lenders, and need to borrow more than 80%, you will need to pay LMI again as it doesn’t transfer from one lender to another. You may be able to reduce or avoid LMI entirely by having a family member act as guarantor.

How soon can I refinance?

Technically, you can refinance whenever you like. However, refinancing comes with various administration costs. How much equity you have in your home can affect whether you will need to pay Lender’s Mortgage Insurance (LMI). Refinancing is considered an application for credit, so it will influence your credit score. Be sure you carefully consider the wider effects of refinancing before you proceed.

Why refinance?

Refinancing can be a great money saver. If you’ve had your loan for a while there’s a good chance you can get a better deal now. Other reasons you might refinance are to consolidate debt, or to get a home loan with features that suit you better.

Speak to us today

Refinancing may be all about the savings, but it’s important to do your sums to make sure you will be better off overall with your new loan. You can find more information at our Home Loan Resource Centre (and or borrowing power calculator) or, if you want to ask a real person some questions, make an enquiry with one of our Lending Specialists.

Book a call back

**Comparison rate warning
Comparison rates quoted are based on $150,000 for a term of 25 years. Rates apply to secured loans only. WARNING: This Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different Comparison rate

Essential workers

^Eligible Essential workers include: School Principal, Faculty Head, Commissioned Fire Officer, Commissioned Police Officer, Ambulance Officer, Intensive Care Ambulance Paramedic, Supervisor Police Officer, Police Officer, Senior Fire Fighter, Fire Fighter, Registered Nurse, Registered Midwife, Registered Mental Health Nurse, Registered Developmental Disability Nurse, Enrolled Nurse, Pre-Primary School Teacher, Primary School Teacher, Secondary School Teacher, Special Needs Teacher, Special Education Teachers, University Lecturer, University Tutor, Vocational Education Teacher, English as a Second Language Teacher.

Important information

1 Eligibility criteria apply to join Teachers Mutual Bank Limited. Fees and charges and lending criteria apply. Consumer lending terms and conditions available here.

2 We include 100% of regular overtime for nurses (or nursing professionals) when assessing your application. Regular overtime proven over 3 months. Other credit criteria apply.

3 The Your Way Plus is available as a package home loan with package benefits. A package fee is payable annually. For further details see Package Terms and conditions.

4 If your loan has an offset facility, terms and conditions for the mortgage offset facility are set out in our Consumer lending terms and conditions and Conditions of use Accounts and access. For more information refer to Mortgage Offset section of our website.

5 Mobile Lenders: Please check details of availability in your area.

® “World’s Most Ethical Companies” and “Ethisphere” names and marks are registered trademarks of Ethisphere LLC. The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient (EQ) framework and honours superior achievements in transparency, integrity, ethics and compliance.

*Competition details:

Full Terms and Conditions

Entry into the Promotion Draw is automatic when, during the Entry Period 9am AEST/AEDT 27 February 2023 and 5pm 30 June AEST/AEDT 2023, an Entrant applies to refinance a new mortgage with the Bank, and is approved and funded before the 5pm AEST/AEDT 28 July 2023 .

When you refinance, the new product you take up with the Bank must be:

A variable interest rate product for the purposes of owner occupied, with principal and interest repayments, and
Minimum loan amount applied for of $350,000 not including fees, taxes or legal costs, and
Your home loan must be approved and funded through Teachers Mutual Bank before 5pm AEST/AEDT 28 July 2023

Authorised under NSW Permit No TP/02411, SA Licence No: T23/189, ACT Permit No TP 23/00276.

Refinancing? Find out how easy it can be.