What is refinancing?

Refinancing is where you replace your existing home loan with a new one that’s ideally more cost-effective and flexible.

It may involve changing your home loan product with your current provider, but often it will mean switching to a different lender who can offer you a better deal.

When should I refinance?

There are several reasons why you may consider refinancing, which could include:

  • getting a better deal (which could save you thousands of dollars over the life of the loan);
  • changing your repayment amounts (for example, if you are ahead in repayments and want to reduce them)
  • accessing equity in your property; and/or
  • getting a better customer experience

How do you refinance a home loan?

You’ll first need some basic information on your current situation such as your loan amount, loan type, and current interest rate so that you can compare loans.

Once you find a suitable lender, ensure the amount you are asking to borrow will cover the loan (or loans) you are refinancing, including any break or exit fees and outstanding interest.

After this step, you can apply for the new loan. Once approved, the new lender will issue you contracts and organise settlement and transfer of the mortgage.

We make the refinance process as easy and as fast as possible via our digital application process, where approval is possible within 60 minutes. We use automated property valuations, digital credit scores, automatic retrieval of banking transaction and income data, and digital verification of your identity using biometrics. This removes the need for paper-based forms, manual intervention, and long waiting times.

What is the cost of refinancing?

AMP is unable to say exactly how much it will cost you to switch from your existing lender to us, so we recommend you check your existing financial institution’s Terms and Conditions or contact them to be certain.

How long does the refinancing take?

Once you've had your new home loan approved, the settlement process is set by your current lender which usually takes around 2-3 weeks, though it can take longer.

Download the My AMP app

What you need to know

The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.

It’s important to consider your circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account. Information including interest rates is subject to change without notice.

Any application is subject to AMP Bank’s approval. Terms and conditions apply and are available at amp.com.au/bankterms or 13 30 30. Fees and charges may be payable. Full details are available in the Fees and charges guide.

This information is provided by AMP Bank Limited. Read our Financial Services Guide available at amp.com.au/fsg for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.

AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice

A target market determination for these products is available on our TMD page.