Want to save money with lower interest rates? Like more flexibility?
Need to access equity in your property? Talk to our team about refinancing today.
At Homestar Finance, we help property owners get a better deal
– with market leading rates, personalised service
and loans packed with features (not fees).
We offer competitive rates to suit all refinancing needs.
View latest rates.
No application fee, no annual fee, no monthly fee, and no offset fees.
Be in control of your money with our online platform, digital wallet and Visa Debit Card.
All wrapped up in just a few days with the help of your dedicated loan specialist.
Pay fortnightly or weekly over monthly and save. Repay extra any time.
Split your loan into multiple portions and get up to four free offset accounts.
Our market-leading mortgage options are simple to understand and easy to navigate. Plus, our friendly team of dedicated loan specialists can help find an option that’s perfect for you.
Variable principal & interest
Variable principal & interest
Variable principal & interest
2 Years - Fixed principal & interest
5 Years - Fixed principal & interest
Variable principal & interest
Interest only
Fixed principal & interest
Contact our friendly team or fill in this form and we’ll get back to you pronto.
Our friendly team can help you find the right solution for your refinancing needs.
Gather your documents to make the application as smooth as possible.
If you meet certain criteria, you could be eligible for an extra speedy approval.
Our friendly team can help you find the right solution for your refinancing needs.
Gather your documents to make the application as smooth as possible.
If you meet certain criteria, you could be eligible for an extra speedy approval.
Australians deserve a better deal. That’s why we’ve been challenging the market and rewriting the rulebook, since 2004.
By listening and understanding what’s important to property owners, we’ve developed a customer focused approach that helps thousands of property owners feel in control and save money every day.
Great customer service and competitive rates
Amazing service from the retention team, they were very efficient, fair and straight to the point. From the moment I first contacted them, to the last step of getting my rate updates in the system, everything was done and dusted within 10 days. I had a lot of queries, so I’m sure they would have done it in less than a week! Read more
Happy services
Great Experience, thanks Homestar! Edy and the rest of the homestar team made it very easy. He kept us informed during the whole process and was very professional and answered all our questions along the way. We have used them for 6 years with our previous property so they are consistent. I would highly recommend them. Read more
Amazing Customer Service & Very Helpful
Andrew and the rest of the team are really amazing and helpful all through out our loan process. Thank you Homestar for fast accommodation and absolutely wonderful customer service! Read more
John and Michel were fantastic- the entire process was smooth and both were very responsive
Beats any bank hands down. Their Service was top notch and thorough and helped me navigate my way around what could have been a challenging process give mine was spread between a Top Up and an investment loan. Read more
Great customer service
I’ve been a Homestar customer for a few years now, and recently requested a switch to a more competitive product. I’ve been impressed by the quality of the customer service (especially Regina from the Retentions team), and have had friendly & professional responses throughout the process. Importantly, the turnaround time has been super quick, with minimal time spent on hold / waiting for email responses. Read more
For great rates, great savings and great service, Homestar Finance has you covered. Fill in your details to connect with a dedicated lending specialist who will guide you through your refinancing options
Refinancing works by taking out a new home loan to replace your current loan – this might be with your current lender, or a different one. There are different types of refinancing based on your needs and goal, but they all follow a similar process.
Check out this article on What is Refinancing?
To get a better interest rate
Reducing their interest rate is the primary reason borrowers opt to refinance. If interest rates have gone down since you initially signed up for your loan, you could move to a loan with a lower interest rate and pay less in monthly interest repayments. Perhaps you have come off a fixed interest rate and the variable rate you have moved to is higher than other rates in the market. It would be a good idea to research loans to get a better deal.
Remember that refinancing does involve some costs, so you need to weigh up all the costs with the potential savings to make sure it’s worth changing.
Check out the Homestar Finance refinance calculator for an easy way to compare numbers side by side.
To change between fixed rate and variable rate
Fixed-rate mortgages are good for borrowers who want the security of knowing how much their repayments will be for an extended period. Lenders usually offer fixed rates for short periods of time, typically between one and five years. The disadvantage of a fixed rate is that interest rates may go down while your rate is fixed leaving you on a higher interest rate until your fixed rate term is up.
Variable rates, on the other hand, can change with the market which means you will be able to benefit if the market rate drops. However, this does mean repayments can be a little unpredictable over the long term, especially if market rates rise.
To shorten the loan term
A home loan is a long commitment, with terms up to 30 or even 40 years. During that amount of time, things often change and it’s likely that your financial situation could improve over time. If you have the available cash flow, refinancing could potentially shave years off your loan contract.
Refinancing your loan so you have a shorter term would generally result in a higher repayment amount, but the overall interest you pay would likely be less over the course of the loan. Pair that with seeking a better deal on interest rates, and the trade-off could be worth it.
To access the equity in your property
Leveraging the equity you already have in your home by refinancing is a popular way to borrow a lump sum of money without paying higher interest rates often associated with other borrowing options like a personal loan or credit card.
Refinancing to access equity involves taking out a larger loan to gain instant access to the difference in cash. For example, say your original home loan was $600,000 and you’d paid off $75,000 of it, you may be eligible to take out a new loan of $675,000 and make use of the difference in cash.
You’ll find more information in our Blog article Should I Refinance My Home Loan?
Cash-out refinance loan
This type of refinancing refers to taking out a new loan amount larger than your current mortgage to “cash out” the equity that you already hold in the property. By taking out a larger loan you can withdraw the difference in cash to use for other purposes – for example renovations, debt consolidation or other asset acquisitions.
Before you refinance your home loan or property loan, you need to think about whether you meet the eligibility criteria. Consider the following personal and economic factors or talk to one of the friendly team at Homestar Finance.
Are you looking to sell or buy another property?
If you are thinking of selling your property, buying another property or your life circumstances have changed, it may be good time to seek out and assess the refinancing opportunities that are available to you as well.
Check out our Blog article When can you Refinance a Home loan?
Since your equity essentially serves as your deposit when refinancing your home loan, 20% is usually the industry standard required. This means that if your property valuation is $800,000, you must have less than $640,000 remaining on your loan balance.
It is still possible to qualify for a refinance even if you hold less than 20% equity. We will apply a lender paid Lenders Mortgage Insurance (LMI) premium in these circumstances, allowing homeowners the flexibility to refinance.
Research what’s available. The first step is to research current interest rates and loan terms and compare features and benefits of other loans to make sure you are aware of what is available. The friendly team at Homestar Finance is on hand to help if you have any questions. Or you can check out our handy refinance calculator.
Understand the costs involved. Next you need to make sure you are familiar with any costs associated with leaving your current home loan provider during the loan term, this could include discharge fees, early exit fees or break cost fee if you are on a fixed-rate loan contract. The new home loan will also attract its own fees for set-up and establishment.
Apply for the loan. Once you’re happy with your choice, you simply apply. Most home loan providers will allow you to apply online and you will need to provide the same documentation as when you lodged your first mortgage application.
Approval and signing of contract. The lender will then conduct a property valuation to see if the value of your house has changed since your first mortgage. If you meet all the eligibility criteria, they will approve you for a home loan refinance and will forward through the necessary forms and contracts for you to proceed.
You’ll find more information in our Blog article How to Refinance a Home loan
At Homestar Finance, we make sure our customers have access to all the information they need to make the best decision for their home loan journey. Contact the friendly team.
It’s important to find out the costs involved with refinancing. Some of the main ones to think about could include:
Discharge fee. An administration fee paid to your current loan provider to release the existing home loan in full and prepare required documentation for the new lender
Application fee. A fee charged by some lenders to apply for a new home loan.
Break fee. If you’re contracted under a fixed-rate home loan, you may be subject to additional fees if you look to refinance and break the contract within the fixed term.
Valuation fees. This is a fee charged by the new loan provider when they are required to assess the current value of your property prior to approving the loan.
Ongoing fees. Certain lenders will charge an ongoing annual fee. It’s important to check if your current or new provider charges monthly or ongoing fees and if this will affect your exit fees.
LMI (Lenders Mortgage Insurance). If your equity in the property is less than 20%, your new lender may charge you for insurance as a safety net.
At Homestar Finance, we help you avoid fees – we don’t charge an application fee, annual fee, monthly fees or fees for redraw. Talk to our friendly team.
This differs from lender to lender and can be anything from 1 week to 2 months and may depend on the following:
At Homestar Finance, our dedicated loan specialists are there to make your experience as straightforward as possible. Contact the team on 1300 231 948.
Discover more in our Blog article How Long Does it Take to Refinance a Home Loan
When you refinance, you can opt to either extract the available funds and refinance with the total amount (loan balance + redraw balance), or you can leave the redraw balance untouched and deduct it from the total loan amount.
Read more in our Blog article What Happens to My Redraw When I Refinance?
Most costs associated with refinancing can be claimed under tax deductions when it comes to investment properties. Exit fees and borrowing costs such as loan application fees, legal fees, LMI, refinance stamp duty are all tax-deductible. We recommend you talk to your accountant about your own situation before making any decisions.
Find out more in our Blog article Investment Property Tax Deductions: What Can I Claim on Tax?
The main things to consider are the loan product options available, fees and other associated costs and whether refinancing your home loan would prove to be financially beneficial.
Read more in our Blog article 4 Common Refinancing Mistakes to Avoid
It can seem as though home loans have almost a language of their own, with so many financial references. If you need clarification, we are here to help.
In the meantime, our Frequently asked questions page can be useful.
1 Rates shown apply to new eligible Owner Occupieda or Investmentb home loans only, up to 80% LVR, loan amounts up to 2,000,000 and at least one applicant is on PAYG employment. Rates are subject to change without notice. Existing borrowers may have different interest rates which are dependent on the rate offered to the borrower at the date when a home loan settled and any reductions or increases the lender decided to make on the existing loan over time. Accordingly, there is not one standard variable rate that applies to all Homestar Finance home loans and existing customers can confirm their current rate(s) by logging in to internet banking or by contacting customer service. Terms, conditions, and eligibility criteria apply.
2 Comparison rates are based on a basic Homestar Finance loan, on a $150,000 loan amount over 25 years. 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.
3Third party cost(s) incurred by service provider(s) are payable and may vary or increase depending on the service provider, nature of the service and request. Any additional cost(s) are passed on directly to the applicants(s). If there is a variation or an increase, a separate quote will be provided.
4Disbursements may also be payable.
5Rates shown apply to new eligible Owner Occupieda or Investmentb home loans only, up to 80% LVR, loan amounts up to 2,000,000 and at least one applicant is on PAYG employment. Rates are subject to change without notice. Existing borrowers may have different interest rates which are dependent on the rate offered to the borrower at the date when a home loan settled and any reductions or increases the lender decided to make on the existing loan over time. Accordingly, there is not one standard variable rate that applies to all Homestar Finance home loans and existing customers can confirm their current rate(s) by logging in to internet banking or by contacting customer service. Terms, conditions, and eligibility criteria apply.
6The break cost fee varies based on several factors, including the number of days left on the fixed rate period, the amount the market rate has moved, the outstanding loan amount and remaining cash flows.
Other fees and charges may apply.
DISCLAIMER: Terms, conditions and eligibility criteria apply to all our loan products and features. Fees, charges and disbursements are payable. Final approval is subject to credit assessment. Information valid as at 21st April 2024 which is subject to change without notice. Please consider if the product is appropriate for your individual circumstances. If you need assistance or have any questions about a product or feature and its suitability, please contact our Loan Specialists.
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