Couple thinking about refinancing their home loan
Couple thinking about refinancing their home loan

Refinancing: Unlock the power of your home loan

Check your borrowing power, get a rate estimate or even apply online in just a few easy steps.

Big dreams? Refinancing could help you get there

Our home loan options factor in the ups and downs of real life, making sure you’re always ready to get ahead. Refinancing can help reshape your financial situation so you can do the things that matter to you.

What does it mean to refinance? Home loan refinancing is when you take out a new loan to pay of your mortgage, this could be with your existing lender or through a different financial institution. When you refinance, your current home loan is paid out by the new loan and you make repayments towards the new loan. Refinancing to a lower interest rate may reduce your monthly mortgage repayments, although the overall amount you pay will vary depending on the new term of the loan. Likewise, it could help you to consolidate debts or bring multiple mortgages together with one lender so you can streamline your financial commitments. What’s more, even if you’ve had a few blips on your credit score, you may still be able to refinance your home loan.

If you’ve been paying off your home loan for several years already, you may take advantage of your home's value to access cash. Equity (the market value of your property minus what you owe on your mortgage) could be used for cash-out, allowing you to pay for the kids’ education, buy a boat, make renovations that can increase your home's property value, or even acquire an investment property. 


Why Pepper Money?

We're fast: Credit decisions within 2 business days

We're flexible: Multiple loan options, if we can help, we will 

We're accessible: We’re here to talk through your situation 


Pepper Money refinancing trio
  • Cash-out up to 90% LVR; including for renovations 
  • Borrow up to 90% of the property value 
  • Deal directly with a decision-maker 
  • Unlimited debt consolidation considered 
  • We look beyond just your credit score 
  • Additional income sources considered 

See what your repayments might look like

This repayment calculator gives you an estimate of what your home loan repayments could be, based on information you have provided in the calculator. The calculator does not take into account loan establishment or application fees, nor government statutory or lender fees.  It is to be used as a guide only and does not constitute a quote, pre-qualification, approval for credit or an offer for credit and you should not enter commitments based on it.

Your Loan, Your Rate

Discover our flexible approach to home loans. We look at a range of factors to provide eligible borrowers with an interest rate estimate. Find out where you stand today.

Refinancing options that work for you

Variable Rates

Variable interest rate home loans start from

6.84% p.a.  variable rate*

7.02% p.a. comparison rate^

Go with the flow with our variable rate option. Maximise your cashflow with our 100% interest offset sub-account, complete with debit card access.

  • VISA debit card+
  • 100% interest offset sub-account
  • Free online redraw

Fixed Rates

2-year fixed interest rate home loans start from

6.84% p.a.  2-year fixed rate*

7.02% p.a. comparison rate^

Manage your money with our fixed rate loan option – choose a fixed-rate term that suits you. Plus, benefit from no break costs!

  • 2, 3, 5, 7 and 10-year loan terms
  • No break costs or early repayment fees
  • Unlimited extra repayments

Let's crunch those numbers

Our calculators are here to help you along your journey. From working out stamp duty to helping reach those savings targets. 

Borrowing power calculator

Borrowing Power

Work out how much you may be able to borrow with us, based on your income and expenses. 
Stamp duty calculator

Stamp Duty

Work out how much stamp duty you may need to pay in each state or territory across Australia.
Mortgage repayment calculator

Mortgage Repayments

Work out your mortgage repayments and interest payable over the life of the loan.
Savings and term deposit calculator

Savings Goals

Find out how much you could save with a savings account or term deposit.

What other home loan refinancers are asking

There's no point re-inventing the wheel. Here's what other savvy home buyers are frequently asking us. If you're still stuck for help, then why not check out all of our home loan FAQs.

What could refinancing do for me?

Depending on your situation, refinancing could help you save money through a lower interest rate or by saving on overhead fees charged by other lenders.  Refinancing can be a strategy used to free up the equity you have in your home. Tapping into your equity could also be a way to realise your property investment goals, renovate the house, or even buy a boat or caravan - the options are almost endless.  

Refinancing your home loan may allow you to switch between a variable and a fixed rate home loan. With a fixed rate loan, your payment amount stays the same for a set period, regardless of market changes – so you can rely on the amount you have budgeted for loan repayments. Or you may decide to take advantage of lower interest rates that may come with variable rate mortgages along with the risk that rates may rise in future.

If you’re keen to learn more about ways we’ve helped real-life Aussies refinance, check out our Simple Guide to Refinancing.

What’s a flexible credit assessment?

We don’t just look at the black and white boxes on your home loan application. We make the effort to get to know you – the person behind the application. We ask the questions that matter and look to uncover the meaning behind any blips on your credit report, which allows us to make an informed offer based on your ability to repay a loan with us. We then use a range of factors (including your property goals, income and financial details) to provide an interest rate matched to your circumstances.

It’s our flexible approach that helps more Aussies achieve their dreams of buying their new home. 

There is no set timeframe you need to wait until you can refinance your home loan, however you should consider the following when evaluating if it’s the right time to refinance your loan:

  • Why do you want to refinance? Is there a product you’ve seen that you think might better suit your situation, or have interest rates drastically changed? Has your financial situation changed? What fees might you need to outlay to refinance, and do they outweigh the benefits?  
  • Read the terms of your current loans carefully (including break fees, interest rates, comparison rates, etc.) and weigh these up against the features of any refinance options you’re considering, including the loan term. Will your objectives be met?

If you're looking to refinance, you may be wondering if it will affect your credit score. It’s possible that your credit score may drop down initially after refinancing, but this may just last for a short period of time. In fact, your credit score has a chance to rebound and even improve in the longer term, especially if you pay your new monthly repayments on time.

There are several factors that can impact your credit score, including when a credit provider obtains a copy of your report during your credit application. Whilst each of the Australian credit reporting bodies calculate credit scores differently, making multiple applications within a short space of time can negatively affect your credit score. Find out more in our quick guide to understanding your credit report.

If you have a below-average credit score, then refinancing could still be an option for you. However, you may need to look to alternative lenders that take a holistic view of your financial situation. Non-bank lenders like Pepper Money can assist you whether you want to refinance your existing home loan or if you want to switch from another lender. 

Even if you have a bad credit rating or a limited credit history, we may be able to help you reduce your interest rate and combine all your existing debts together into one easy to manage payment.   It’s important to understand what factors have impacted your credit score in the past and ensure that you have a plan in-place to rectify these issues. Check out our tips on understanding your credit score.

Compare the terms and conditions of each product – the one you have, compared to the one you’re considering refinancing to. Ensure you understand the fees and charges to both discharge and get a new mortgage, as they differ from lender to lender and product to product. It’s important to also understand the terms and conditions, including any fees, applicable where you’re considering refinancing with your current lender to a different product. Before making any decisions, read the fine print to ensure your refinancing benefit isn’t eaten up by fees or break costs. 

Break costs or exit fees are additional costs that can be charged to a borrower when they switch home loans to a different lender or refinance an existing loan. These fees are to ensure that lenders are financially protected if a loan is refinanced or switched to another lender during the fixed interest rate period. 

Break costs are charged to recoup the costs associated with resetting a particular loan from the existing lender. Any costs incurred depend on how much of a locked-in rate period is remaining and how much of the loan amount has been paid off. 

Refinancing your home loan is the process of getting a new loan to replace an existing mortgage – this could be with the same lender through moving to a new product, or switching to a new mortgage with a different lender. While some may refinance their home loan to take advantage of a lower interest rate, others do so to consolidate their debts. Home loan refinancing could also help you access any equity built up in a property.

If interest rates have increased since you first took out your loan, refinancing to a lower interest rate could be a way to help reduce your monthly repayments. A lower interest rate could save you hundreds or even thousands of dollars over the life of the loan.                                      

Keen to learn more? Read our Simple Guide to Refinancing.

To apply for a home loan, you’ll need to provide documents to verify your identity, employment, and financial position. 

To prove your identity:

  • Australian passport


  • International passport showing a valid Australian permanent residency visa

To prove your deposit:

  • 3 months banks statements showing a savings balance 

  • Recent share trading statement, showing current value

To prove your income:

For PAYG applicants you’ll need two recent payslips plus one of the following: 

• Most recent group certificate  
• Most recent notice of assessment  
• Current letter of employment 
• Bank statements - showing last 3 months’ salary 

For Self-Employed applicants, the required documents vary depending on how long you’ve been self-employed.

At least 6 months:

You’ll need to be able to show at least 6 months of GST and ABN registration and provide declaration of financial position, as well as one of the following: 6 months business bank statements, 6 months BAS-Pepper Money accountant’s letter (not accepted if ABN registered for < 12 months, on loan sizes > $1.5m or on Plus).

Over a year:

Last 2 years tax returns and notices of assessments, or

Last 2 years financial statements executed by a registered tax agent or accountant

When refinancing your home loan with us, we can finance up to 90% of the property’s value. This means you’ll need to maintain at least 10% equity or contribute an equivalent deposit to your loan.

Remember, there can be extra costs involved when buying a house. You’ll need to cover government and legal fees, which can’t be added to your home loan balance.

The interest rate offered, and fees and charges will depend on our assessment of a number of factors at the time of application including:

  • The size of your deposit
  • Nature of the security property
  • Loan to value ratio (LVR)
  • Your income
  • Credit history
  • Any assets you own
  • Any liabilities or credit obligations
  • Chosen repayment type – paying off interest-only, or principal and interest
  • The purpose of the loan – if it’s for an owner-occupier or investment property

To get an indicative interest rate, you can start by using our online borrowing power calculator, or speak to one of our Lending Specialists on 137 377.

You can consolidate a number of debts into your home loan – so long as the consolidation puts you in a better financial position. We can look to consolidate different types of debt into your new home loan, including credit cards, personal loans, car loans, private finance, tax and other personal or business debts. Before you get carried away consolidating all outstanding debts into your loan, check your product features and limits – as some competitive interest rate products may have limits on the number of debts that can be consolidated.

Debt consolidation could help you better manage your debts. It involves taking out a single loan to consolidate multiple debts, such as credit card debts, student loans, and other outstanding loans. By consolidating debts, you can benefit from lower monthly payments, reduced or eliminated late fees, and the convenience of having just one loan to manage. 

Consolidation loans are available from both banks and non-bank lenders, each will have different terms and conditions. Deciding the right lender for the right borrower will depend on their individual circumstances. It's important to compare the costs and benefits of each loan provider and choose one that meets your needs.  

Debt consolidation works by bringing all your existing debts together and rolling them into a single loan account, often with lower monthly repayments and flexible terms. But when considering debt consolidation, it's critical to understand how the process works.  

Consolidating your debts can lead to a lower interest rate than your existing individual debts, resulting in savings over the life of the loan. Ideally the debt consolidation loan will have lower repayments that the total debts currently owed. Some lenders can also offer flexible repayment terms with loan repayments that could better suit your individual circumstances. 

If you have equity in your home loan, you might be able to leverage it to consolidate other debts into your loan.  

One benefit of consolidating debt with a home loan is that you can often get a lower interest rate. Because you will be putting your home up as collateral, lenders will usually offer lower interest rates than they would on other types of loans, saving you money in the long run. 

If you are looking to refinance your loan in Australia, you may need to pay stamp duty. This is generally a one-off fee charged by a State or Territory government on certain types of transactions. It is important to check with the relevant State or Territory Stamp Duty Office if stamp duty applies in your particular situation. 

There are certain instances when you can avoid paying stamp duty. For example, when the names of the borrowers are the same and the amount of the loan remains the same, it might be possible for you to avoid paying stamp duty. In other cases, you might need to refinance with the same lender to avoid this cost. 

Refinancing a home loan with us is straightforward. You can apply online and complete the process in less than 20 minutes if you are an eligible customer with PAYG Income. Best yet, you’ll get your individual rate before you apply without impacting your credit score.  

If you're self-employed or just prefer to speak to one of our friendly lending specialists, then submit an online enquiry or call our team on 137 377. 

Our Product Reviews

Family celebrating in their new home

What our customers think about us


from 1,218 reviews

Excellent Experience

The Pepper Money team were wonderful during the process of refinancing my home loan. Everything was discussed clearly, it all went so smoothly and couldn’t have been happier. I highly recommend Pepper! Thank you all so much.

Nicole, Victoria - Refinancing
Very easy to deal with

The customer service was perfect. No request was too hard. I’m very satisfied.

Mark, Tasmania - Refinancing
Request for information

My question was answered quickly, and I was provided the information promptly. The staff were very knowledgeable and friendly too.

Karen - Refinancing
Great alternative to the big banks

An absolute pleasure to deal with. My situation was not straight forward and I’m grateful there is alternative to the bank. I was guided and updated throughout the process and have successfully refinanced with Pepper Money. Great service!

Leisa, Queensland - Refinancing
Excellent customer service

We recently refinanced through Pepper and are really happy. The process was made simple. Thank you.

Kathleen, Adelaide - Refinancing
How easy

All done online which makes it so easy. 5 stars Pepper Money. I’ll be back.

Lynette - Refinancing

The important legal bits

Information and interest rates are correct as of 15 February 2024 and subject to change at any time. 

Information provided is factual information only, and is not intended to imply any recommendation about any financial product(s) or constitute tax advice. If you require financial or tax advice you should consult a licenced financial or tax adviser.

All applications are subject to credit assessment, eligibility criteria and lending limits. Terms, conditions, fees and charges apply.

*Our interest rates:

       Pepper Money variable interest rates range from 6.84%p.a. - 12.19% p.a. (Comparison rates range from 7.02%p.a. - 12.34%p.a.^)

        View all variable rates »

       Pepper Money 2-year fixed interest rates range from 6.84%p.a. - 12.19%p.a (Comparison rates range from 7.02%p.a. - 12.27%p.a.^). 

       View all fixed rates »

      The actual interest rate will depend on the borrower’s circumstances and the information verified during the loan application assessment.

^Comparison rate is calculated on a secured loan of $150,000 for a term of 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.

˅An indicative interest rate and estimated repayments are not a formal approval for a loan, so don’t enter any financial commitments based on it. They are a guide only, based on the basic information you provide and the credit score we obtain for the primary application and is not a suggestion or recommendation of any loan product.

+Visa Debit card is issued by Indue Limited ABN 97 087 822 464 and distributed by Pepper Finance Corporation Limited ACN 094 317 647 and/or through Pepper Money accredited mortgage brokers. Refer to the Conditions of Use and Target Market Determination (TMD).

Get in touch with a Lending Specialist

Tell us about your situation. The more we learn, the better we can help.