Looking to reduce your home loan repayments?

Book a home loan health check today.

Book a call back

Why refinance with us

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 take a look at 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
     

    100% offset

    Make the most of your savings with 100% offset on your home loan package.4

      

    Discounted rates for teachers^

    See how much you could save with our special discounted rates.

     

    Fixed or variable rate loan options

    Flexible options for the home loan that suits you best.

    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 .09
        pa %
        Your Way Home Loan Basic Variable rate (Owner, P&I, LVR up to 80%)
      • 6 .15
        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

      Take advantage of a home loan with offset, discounted rates for teachers and much more with our package home loan.

      Learn more

      • 6 .09
        pa %
        Your Way Plus Essential Worker^ variable rate (Owner, P&I, LVR up to 60%)
      • 6 .39
        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

    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.

    Read more here.

    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.

    Get in touch today.

    Take the next step in your home loan journey.

    Get Approval in Principle
    Icon of a mobile banker talking

    Talk to a Lending Specialist

    We can visit you at home, call you on the phone, or speak to you on a video call.

    Book an appointment
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    Apply Online

    Complete an online application to fast track your home loan financing.

    Begin application
    Got a Question?
    Enquire Online

    Understanding your needs

    House icon on Teachers Mutual Bank's refinancing page, indicating options for homeowners to reassess and improve their mortgage conditions, emphasising financial growth and stability.

    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.

    Easier for regular casual and relief teachers

    We accept three months’ employment history instead of six for regular casual or contract teachers, making it easier to refinance2.

    Dollar sign icon, indicating Teachers Mutual Bank's special discount rates, offering financial savings and benefits directly to its members, emphasising value and affordability in banking services.

    Discounted rates for essential workers

    Teachers may be eligible for discounted rates with our Your Way Plus Essential Worker^ rate.

    Icon of an unlocked padlock, symbolizing openness, accessibility, and the unlocking of new possibilities or secure access within a digital environment.

    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

    Easy steps to refinancing

    Number 1

    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.

    Number 2

    Find the right home loan

    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 basic variable loan that comes with redraw, or add an offset facility and have both.

    Number 3

    Make the move

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

    **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.

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