Mortgage need enhancing?
Get clever refinancing.
Spending too much on your home loan? Refinancing is a clever way to reduce your expenses and save thousands over the life of your loan.
You don’t have to live with a high interest rate. Refinance to a Great Southern Bank Home Loan and pay your mortgage off sooner with a great competitive rate and no monthly or annual fees.
Why refinance your home loan to Great Southern Bank?
Find out more
Unlock up to $3,000 cashback on your refinance home loan
Get more than just a better rate!
- Applications must be received between 1 September 2026 and 1 February 2027, and funded on or before 30 June 2027.
- Minimum loan amount of $400,000
- Borrow up to 90% of the value of your property
View all eligibility requirements and exclusions here.
Enquire nowSee how much you can save
Your repayment changes
with an interest rate of 6.25%
This calculator provides general information only and should not be relied on to make a decision about a financial product. You should consider obtaining advice from an appropriately licensed financial services professional before making any financial decisions.
Important information
New repayment is for the repayment type, interest rate, loan balance, and years remaining on loan that has been input. It assumes the interest rate remains the same for the term of the loan. Changes in interest rates, loan balance and loan term will affect the new repayment amount.
The results from this calculator should be used as an indication only.
The outputs are based on a 364 day year; one year is assumed to contain exactly 52 weeks or 26 fortnights. All months and fortnights are assumed to be equal. Given some months are longer than others interest charged will vary depending upon the month.
The calculations do not take into account fees, upfront costs, charges or other amounts that may be charged to your loan (such as monthly or annual service fees). Continuing fees and charges will affect the repayment amount.
The calculator assumes that interest is charged to the loan account at the same frequency as the repayments are made. In practice, there may be differences between the timing of the loan repayments and the timing of the interest charges being added to the loan balance.
The amounts shown are rounded to the nearest dollar.
Refinance with the right home loan
Refinancing a home loan
If you're looking to switch your home loan, our team of specialists can help guide you through the process step by step.
Complete the form and we’ll connect you with one of our experienced Home Loan Specialists to discuss your goals, eligibility and next steps.
When you’re ready, we’ll help you prepare and submit your application.
Your specialist will guide you through the rest of the process from approval to settlement, including how to sign your loan documents digitally.
Refinancing explained
Got a question about refinancing your home loan? Find the answers you’re looking for here.
Refinancing is when you take out a new home loan – usually to get a better deal or interest rate. This can be with your existing lender or a new one.
There are many reasons to refinance your home loan. For some homeowners, it might be to get a better interest rate and lower monthly repayments, or to access different features such as redraw and unlimited extra repayments.
Other people might refinance to access the equity in their property for a home renovation, to buy a new car or consolidate their debt. And some might simply want to switch to a lender that truly cares about them and provides the level of service they need. Each to their own.
When refinancing, it is important to consider the costs involved. Discharge fees, early payout fees and Lenders Mortgage Insurance (if your loan is more than 80 per cent of the property value) are usually the main ones to be aware of.
To start with, look at your current home loan to understand its current features, how much you're paying in rates and fees, and the costs associated with refinancing.
This allows you to see how it compares to the competition. While your interest rate will always be an important factor, there are other things to consider comparing to a new loan – such as being able to make fee-free extra repayments and redraw at any time. These features can make it easier for you to save on interest and pay off the loan sooner.
When comparing interest rates, remember to look at the comparison rate, as this includes any upfront or ongoing fees and charges to give you a more accurate reflection of the true cost of the loan in question. Once you’re ready to apply you can enquire with a Home Loan Specialist, apply online if you are eligible, give us a call on 133 282 or visit your local branch.
Most lenders will require your home to have a valuation completed when you refinance. This doesn’t necessarily mean a valuer needs to come to your house. Some valuations are done electronically by looking at similar properties in your area.
The type of valuation your lender will require depends on how much you want to borrow, where your home is located and the type of home you own. Most lenders will pay for your first valuation as part of your application.
While most customers refinance their home loan with at least 20 per cent equity, it’s possible to do so with as little as five per cent. However, if your equity is less than 20 per cent, Lenders Mortgage Insurance (LMI) will need to be factored into the loan.
No, you don’t need a deposit to refinance. Your application will be assessed on your current home loan, the amount of equity you have and financial details. If you have any questions or concerns, our Home Loan Specialists are always happy to have a chat.
Yes. If you’re not happy with your current investment home loan, refinancing could help lower your repayments with a better rate, reduced fees and access better features such as free redraw.
Remember, there are likely to be costs associated with refinancing that you’ll need to consider, but it might be a good move for you.
Get savvy with refinancing
We’ve got lots of tips to help you refinance your home loan with confidence.
How do you know you’re eligible to refinance your home loan?
Sure, you can refinance your home loan whenever you want, but are you actually eligible to do it? Learn if you’re eligible to refinance in our handy article.
Read moreWhy you might refinance your home loan
Is refinancing your home loan the right thing for you? There are many reasons why you might refinance your home and you can learn about them in our article.
Read moreWhy choose Great Southern Bank?
We’re customer owned, so our profits go towards delivering better products and services rather than to shareholders. We believe it’s a more transparent way of doing things and why we’ve been trusted by Australians for more than 75 years.
Complete the form and we’ll connect you with one of our experienced Home Loan Specialists.
Mon - Fri: 9:30am - 4:00pm (AEST)
Rates are current as at 11 September 2026 and subject to change.
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions, and fees apply. Applications are subject to credit approval.
1 The Boost is not available on business accounts.
2 Discounts off the Basic Variable and Offset Variable Reference Rate are available to (a) new home loans with a minimum application amount of $100,000; or (b) switching or restructuring of the home loan you already have with us when it includes new borrowing of at least $10,000; for new home loan applications unconditionally approved on or after 11 September 2026. Published interest rates are inclusive of any discounts off the respective Reference Rates. Interest rates and discounts vary based on the loan purpose (owner occupier and investor), repayment type (principal and interest, interest only, construction) and Loan to Value Ratio (LVR). Maximum LVR applies and includes Lenders' Mortgage Insurance and Great Southern Bank loan setup fees where applicable.
3 Great Southern Bank may withdraw or amend this offer at any time without notice. A change in your loan purpose, your repayment type or your loan product will permanently end your entitlement to the discount.
4 LVR means ‘Loan to Value Ratio’. It is the amount of your loan divided by the valuation of your property, calculated as a percentage. For example, if you apply for a loan of $400,000, which will be secured by a property valued at $500,000, your LVR is 80%. We calculate your LVR at the time we approve your loan and your discount won’t change because of changes to the LVR during the life of your loan.
5 Fixed Rate loans are available to (a) new home loans with a minimum application amount of $100,000; or (b) switching or restructuring of existing home loans. Maximum Loan to Value Ratio applies and includes Lenders' Mortgage Insurance and Great Southern Bank loan setup fees where applicable.
6 On expiry of the fixed rate period, the loan reverts to the Basic Variable Reference Rate relevant to your loan purpose and repayment type which applies at the time of expiry.
7 A $200 minimum withdrawal amount applies for redraws conducted in-branch.
8 You must maintain a minimum balance of $500 in each offset account to obtain an offset benefit. You will also not receive any interest on the funds in your offset accounts.
9 A daily transfer will refund any amounts paid in advance in excess of the total advance repayments allowed during the fixed rate period ($30,000) unless sufficient to pay out the loan in full (in which case an Early Payout Cost may apply). Excess funds will be transferred to the nominated deposit account, which must remain open for the fixed rate period.
^ Comparison rate accurate for $150,000 secured loan 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.
~Cashback offer available for Eligible Applicants who apply for an Eligible Loan between 1 September 2026 and 1 February 2027. To be an Eligible Applicant you must be an Australian resident aged 18+. An Eligible Loan is a loan that is a refinance of an existing home loan from another financial institution to Great Southern Bank or an investment property loan with Great Southern Bank. The Offer is only available for applications submitted directly to Great Southern Bank and is not available for applications submitted through a broker or other third party. To be eligible, the loan must be for a total loan amount of at least $400,000, have a loan to value ratio of 90% or less and be approved and funded on or before 30 June 2027. Great Southern Bank will pay a Cashback Payment of $2,000 for Eligible Loans between $400,000 and $699,999 and a Cashback Payment of $3,000 for Eligible Loans of $700,000 or more. For Eligible Loans with multiple borrowers, only one Cashback Payment will be paid.
Full terms and conditions are available at: www.greatsouthernbank.com.au/cashback-terms-and-conditions.
Fixed Rate Home Loan
Owner Occupiers
- Principal & Interest repayment: 95% maximum Loan to Value Ratio (LVR) including Lenders Mortgage Insurance (LMI)
- Interest Only repayment: 90% maximum LVR including LMI
Investors
- Principal & Interest repayment: 90% maximum LVR including LMI
- Interest Only repayment: 90% maximum LVR including LMI
Basic Variable Home Loan
Owner Occupiers
- Principal & Interest repayment: 95% maximum Loan to Value Ratio (LVR) including Lenders Mortgage Insurance (LMI)
- Construction purpose: 95% maximum LVR including LMI
- Interest Only repayment: 90% maximum LVR including LMI
Investors
- 90% maximum LVR including LMI
Offset Variable Home Loan
Owner Occupiers
- Principal & Interest repayment: 95% maximum Loan to Value Ratio (LVR) including Lenders Mortgage Insurance (LMI)
- Construction purpose: 95% maximum LVR including LMI
- Interest Only repayment: 90% maximum LVR including LMI
Investors
- 90% maximum LVR including LMI