Refinancing › Why do people refinance their home loan?

Why do people refinance their home loan?

The most common reasons are to get a lower interest rate, reduce repayments, access equity, consolidate debt, or move to a loan with better features such as an offset account. The right reason depends on your goals.

Written by Ross McFarlane, Licensed Mortgage Broker (Credit Representative 526725). About the author

Why this matters

There is no single reason to refinance, and the best move depends on what you are trying to achieve. Someone chasing a lower rate has a different ideal loan to someone wanting to renovate using equity, so being clear on the goal first makes the comparison far sharper.

The key points

A lower rate and lower repayments.
Accessing equity for renovations or investing.
Consolidating debts or getting better loan features.

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What is your goal?

Buy a home or investment property First home, next home, or adding to your portfolio Build a house or develop land New build, renovation, duplex, or subdivision project Lower my current repayments Better rate, release equity, or restructure existing debt Finance an established commercial property Business premises or commercial investment asset

Tell us a bit more about the plan

How do you earn your income?

Standard salary or wage Full-time, part-time, or casual employment (PAYG) Self-employed or business owner Sole trader, company director, or contractor

How is your credit score?

This helps us match you to the right lender from the start.

Healthy No issues that I am aware of A few small marks A couple of late payments, now caught up Not sure, or it is complicated We work with specialist lenders for these situations

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More refinancing questions

Back to the full Refinancing guide

Last reviewed: June 2026

General information only. This page provides general information about home loans and is not financial or credit advice, a quote, or a guarantee, and your personal circumstances have not been considered. Lending policies, interest rates, fees and eligibility vary by lender and change over time. Always confirm your own situation with a licensed mortgage broker or lender before acting. Ross McFarlane (Credit Representative 526725) is an authorised Credit Representative of Australian Associated Advisers Pty Ltd t/a Keylend, Australian Credit Licence 392169.