Refinancing is the process of taking out a new mortgage to replace your existing one.
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Refinance your home loan
We know that switching home loans can feel overwhelming, so we’ve made refinancing to Bankwest simple.
Why refinance?
Existing Bankwest home loan customers
Check out our range of guides to help you manage your existing home loan and make sure it's still working for you.
Explore your refinance options
Rates shown are for owner occupied borrowings paying principal and interest ?
What’s the comparison rate?
It’s a tool that can help you identify the truer cost of a loan. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).
Comparison rate warning:
Rate subject to change. Comparison rate is calculated on the statutory assumption of $150,000 loan over 25 years. Different rates apply for different loan amounts and may depend on the duration of a fixed rate period or the ratio of the loan amount to the property value. Lending and eligibility criteria, fees and charges and T&Cs apply and are available on request. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Calculate your refinance savings
Wondering how your home loan compares? Get an idea of the interest and time you could save by refinancing to Bankwest.
Award winning lender
MFAA ‘Non-Major Lender of the Year’ for seven years running, Australian Mortgage Awards ‘Bank of the Year’ twice, and Mortgage Business Non-Major Bank of the Year 2024.
Three simple steps to refinance
Do a home loan health check
Chat to a broker to see if your current home loan is meeting your needs. If not – which features are missing?
Compare home loan products
Once you know what you want, start looking at which product will suit you best. Check out our range of home loans as a first port of call.
Apply for your new loan
It’ll be a similar process to applying for your first home loan. Keep in mind that there may be fees involved with switching, such as break costs and exit fees, as well as other application fees and charges.
Refinance guides
Whether it's your first house or your third, an investment property or building your dream place – we've got the answers to your home ownership questions.
Keep in mind – refinancing is subject to lending criteria and can incur other fees and charges.
Your home loan refinance questions answered
If you're looking to refinance your home loan to a new lender and have a personal loan, you have a few options. Remember to carefully consider interest rates and repayments when making changes.
Refinance your home loan to a new lender and leave your personal loan as is
Consider consolidating your debt in to your home loan to simplify your repayments
Consider moving your personal loan to a new lender, as well as your home loan
Whether you refinance or take out a new home loan, we'll undertake certain serviceability and credit assessments to ensure that you can manage repayments going forward. If you're currently in arrears, then you may need to provide evidence and explanations to help us understand why.
Remember, if you are finding it difficult to make repayments, it's important that you discuss options with your lender who might be able to help you with financial hardship assistance.
You can consider refinancing your home loan anytime. However, if your Loan to Value Ratio (LVR) is over 80% you may need to contribute towards a deposit or pay Lenders Mortgage Insurance (LMI). If you're currently on a fixed home loan, you might also encounter break fees.
When you refinance your home loan to a new lender, you essentially take out a new loan. Therefore, you'll encounter similar application and bank fees. You should also check with your current lender whether any discharge or break fees apply. The good news is that you won't need to pay stamp duty when refinancing, as you already own the property. To get started and find out more, chat to a Home Lending Specialist.
Refinancing your home loan with the same bank is what we call a Home Loan Transfer. This is when you want to make changes to your home loan like borrow more, consolidate your debt or extend your term. Chat to your Home Lending Specialist to see what's possible.
You'll only need a deposit to refinance your home loan if your Loan to Value Ratio (LVR) is more than 80%. If your LVR is more than 80%, you'll need to contribute your own funds, use any surplus in your mortgage if you've made additional repayments or you may need to pay Lenders Mortgage Insurance (LMI).