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

Refinancing: Unlock the power of your home loan

Find our your indicative interest rate, in just a few easy steps.

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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 refinance with Pepper Money?

We're fast: Credit decision within 2 business days

We're flexible: We'll look to give you options before saying 'no'

We're accessible: Talk through your situation with us

 

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.

Let's Get Started

Refinancing options that work for you

Variable Rates

Variable interest rate home loans start from

% p.a.  variable rate~

% p.a. comparison rate^

Submit an application by 13 October 2023 to take advantage of our red hot variable interest rates on select LVRs~.

Plus, benefit from our:

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

Fixed Rates

2 year fixed interest rate home loans start from

% p.a.  2 year fixed rate*

% 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
Find out more

Our home loan application process

Calcualte you interest rate

 Less than 5 Minutes

Find out your indicative interest rate and estimated repaymentsˇ. Best yet, it won’t impact your credit score.

Apply online


 Less than 20 Minutes

Eligible customers with a PAYG income can apply online to refinance or purchase a new property. For self-employed call or request a call back.

Get an answer
You will then have an appointment with one of our lending specialists to organise your preliminary approval of your loan, and help you progress through the home loan approval process through to settlement as quickly as possible.
Apply online

Prefer to talk to a home loan specialist?

Leave us your details and we'll call you in one business day to answer all your questions.

Cant wait? If you'd like to speak to us sooner,
give us a call on 137 377 Monday to Friday 8am - 5pm (Sydney time).

Request a call back

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. 

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Borrowing power calculator

Borrowing Power

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

Stamp Duty

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

Mortgage Repayments

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

Savings Goals

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

Lots of things 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.  

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.

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. Refinancing could also help you access any equity built up in a property.

Find out more in 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

or

  • International passport showing a valid Australian permanent residency visa

To prove your deposit:

  • Recent bank 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 six months:

You’ll need to be able to show at least six months of GST and ABN registration and provide an 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:

1 years’ tax returns and 1 years’ notice of assessments, or

1 years’ financial statements from a registered tax agent or accountant; and

 last month of business bank statements

 

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 speak 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.

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Our Product Reviews

What our customers think about us

4.2

from 1,218 reviews

Read all
Excellent Experience

Marie and her 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 Loan Type: Variable Rate Loan Purpose: Refinancing

Nicole B, Victoria
Made life easy!

The entire relationship was perfect, the loan was sanctioned Just in time. Documentation was not fussy, and straightforward. Costs were as per the market standard, and though I was worried about the due date for settlement, the process was good and done prior to the deadline.

James, Melbourne
Home loan heaven

Every time I had to deal with Pepper Money was a pleasant experience. Nothing was too difficult and the people I spoke with were friendly, easy to deal with and professional.

Noeleen, Western Australia
When the struggle is lifted finally

We had had been refused and knocked back by our big 4 lender several times and even mortgage brokers were reluctant to help us. We never once said we were perfect and new we had some past credit issues but they shouldn't have held us back from reaching our financial goal.

Jarrod, Goulburn Valley
Best phone call I made all year

Pepper Money was an absolute pleasure to deal with. My situation was not straight forward and I am grateful there is alternative lenders to the bank. I was guided and updated throughout the process and have successfully refinanced with Pepper. Great service! Loan Type: Variable Rate Loan Purpose: Refinancing

Leisa, Queensland
Fantastic to deal with made everything so easy

Extremely satisfied with all there help and service great customer service always keeping me informed with what was going on with loan process will be recommending to all family and friends.

Pino, Victoria
Thank you for giving me a chance to have a home for my kids

Excellent customer service. Very grateful to ge customer of pepper. Was given a chance of getting a house loan when other banks would not even look at you been a single mum.

Olena, Perth
Excellent Experience

Marie and her 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 Loan Type: Variable Rate Loan Purpose: Refinancing

Nicole B, Victoria
Best phone call I made all year

Pepper Money was an absolute pleasure to deal with. My situation was not straight forward and I am grateful there is alternative lenders to the bank. I was guided and updated throughout the process and have successfully refinanced with Pepper. Great service! Loan Type: Variable Rate Loan Purpose: Refinancing

Leisa, Queensland
Made life easy!

The entire relationship was perfect, the loan was sanctioned Just in time. Documentation was not fussy, and straightforward. Costs were as per the market standard, and though I was worried about the due date for settlement, the process was good and done prior to the deadline.

James, Melbourne
Fantastic to deal with made everything so easy

Extremely satisfied with all there help and service great customer service always keeping me informed with what was going on with loan process will be recommending to all family and friends.

Pino, Victoria
Home loan heaven

Every time I had to deal with Pepper Money was a pleasant experience. Nothing was too difficult and the people I spoke with were friendly, easy to deal with and professional.

Noeleen, Western Australia
Thank you for giving me a chance to have a home for my kids

Excellent customer service. Very grateful to ge customer of pepper. Was given a chance of getting a house loan when other banks would not even look at you been a single mum.

Olena, Perth
When the struggle is lifted finally

We had had been refused and knocked back by our big 4 lender several times and even mortgage brokers were reluctant to help us. We never once said we were perfect and new we had some past credit issues but they shouldn't have held us back from reaching our financial goal.

Jarrod, Goulburn Valley

Talk to a home loan specialist

Leave us your details and we'll call you in one business day to answer all your questions.

Cant wait? If you'd like to speak to us sooner,
give us a call on 137 377 Monday to Friday 8am - 5pm (Sydney time).

 

Personal information is collected, used, stored and disclosed in accordance with Pepper’s Privacy Policy. All applications are subject to credit assessment, eligibility criteria and lending limits. Terms, conditions, fees and charges apply.

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. Offers may be continued, withdrawn or changed at any time without notice.

~Pepper Money’s fixed interest rate promotion is only available for new home loan applications not previously submitted. Applications must be submitted between 12:00am AEST 17 April 2023 until 11:59pm AEST 12 May 2023 and formally approved by 5:00pm AEST 19 May 2023 (Promotion Period). A fixed rate lock application form will need to be submitted prior to 19 May 2023 to lock in the applicable fixed interest rate for 90 days, otherwise the fixed interest rate at settlement will apply. Home loan applications submitted after 12 May 2023 will be offered the current interest rates then applicable. Offer is not available to existing Pepper Money home loan borrowers. This offer is subject to change, and may be varied or withdrawn at any time.

#There is a non-refundable, minimum fee of $750 per home loan application payable at settlement to lock in a fixed interest rate for 90 days. For home loan balances greater than $500,000, the rate lock fee is 0.15% of the fixed interest rate loan balance at settlement. For example, for a fixed rate loan amount of $600,000 the rate lock fee will be $600,000 x 0.15% = $900. The lesser of the fixed interest rate at settlement or the applicable locked in fixed interest rate will be applied at settlement. The rate lock fee will be charged at settlement even if interest rates decrease after the rate lock request has been approved.

* 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 based on a secured loan of $150,000 and 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.

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 Home Loan Lending Specialist

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