10 Best Refinance Companies in Australia for First Home Buyers (2025 Guide)

Buying your first home in Australia is a huge milestone. But after the excitement settles, the real challenge begins: managing your mortgage. Refinancing is a smart way for many first home buyers to cut costs, access better loan terms, or free up cash for other needs.

In 2025, Australian lenders will offer many refinance options to help first-time buyers save. Interest rates, loan flexibility, and incentives can make a big difference when you're still early in your repayment journey. Choosing the right refinance company can feel overwhelming, but the right Choice could mean thousands saved over the life of your loan.

This guide breaks down the 10 best refinance companies in Australia for first-home buyers in 2025. You'll also learn what factors to look out for, common mistakes to avoid, and how the refinance process works. Let's get started.

Why First Home Buyers in Australia Refinance Their Loans

Refinancing isn't only for seasoned homeowners. Many first-time home buyers quickly realise that their first mortgage isn't always the best long-term fit. Maybe the rate looked attractive at the start, but shifted with time. Maybe your financial situation has improved, and you now qualify for lower rates.

The main reasons first home buyers refinance include:

• Lower monthly repayments: Even a slight drop in interest rates can save big.
• Access to better features: Extra repayment flexibility, redraw facilities, or offset accounts.
• Debt consolidation: Roll personal loans or credit cards into a single home loan.
• Cash-out opportunities: Use equity to fund renovations or other expenses.

For many Australians, the key driver is saving money. But for first-time home buyers, refinancing also provides peace of mind and a better grasp of long-term financial goals.

How We Ranked the Best Mortgage Refinance Companies in Australia

Not every lender is the same. Some focus on competitive interest rates, while others stand out with customer service or flexible programs tailored for first home buyers.

When putting together this list, we looked at:

• Interest rates and fees: The lower, the better, and transparent.
• Loan features: Offset accounts, redraw facilities, and repayment flexibility.
• Customer reviews: Real experiences from other first home buyers.
• Eligibility for first home buyers: Lenders that offer programs or support for newcomers.
• Approval times: How quickly applications are processed in 2025.

This mix ensures the companies listed are competitive and reliable for Australians starting their homeownership journey.

Top 10 Mortgage Refinance Companies in Australia for 2025

Below are the lenders making waves in the refinance market this year. Each has strengths that make them worth considering for first-home buyers.

1. ING Australia – Best for Competitive Rates and Digital Experience

When it comes to competitive refinance rates, ING Australia consistently appears at the top. Known for its simple online process, ING makes refinancing easier for first-time home buyers who prefer managing everything digitally.

First-time buyers choose ING mainly because of its low ongoing rates and minimal fees. They also offer redraw facilities and offset accounts, giving you more flexibility in managing your mortgage. ING's digital-first platform is a big win for younger borrowers who are used to handling money through apps.

Customer satisfaction is another strength. Many first home buyers praise ING for its transparency, simple loan setup, and responsive support. Refinancing with ING often means you can cut paperwork and speed up approvals.

If you want an affordable, tech-friendly option that doesn't compromise on features, ING Australia is one of the best refinance companies to consider in 2025.

2. Commonwealth Bank (CBA) – Best for First Home Buyer Support

The Commonwealth Bank of Australia is the country's biggest lender, and this shows in its wide refinance options. For first-home buyers, CBA offers tools like online refinance calculators, cashback offers, and flexible repayment terms.

One of the main reasons first-time buyers turn to CBA is accessibility. With branches nationwide and strong digital services, it's easy to get help whenever you need it. They also have programs specifically designed to support first home buyers, making the transition into refinancing less intimidating.

CBA may not always have the absolute lowest rates, but its range of features and support can make it a safer choice for beginners. If you value security, brand trust, and customer service, CBA is a top refinance option in 2025.

3. Westpac – Best for Cashback Refinance Offers

Westpac is another of the big four banks making waves in refinancing for 2025. First-time home buyers love Westpac because of its generous cashback offers, which can sometimes be thousands of dollars just for switching their mortgage.

For many young Australians, a cashback offer can cover moving costs, home improvements, or provide a financial cushion. Westpac also offers competitive variable and fixed rates, with flexible options to suit different needs.

What sets Westpac apart is its commitment to helping borrowers with easy-to-use refinance calculators and quick approvals. If you're motivated by upfront savings, Westpac is one of Australia's most attractive refinance companies for first-home buyers.

4. ANZ – Best for Flexible Refinance Programs

ANZ is popular among first-time buyers who want flexible refinance programs. With fixed and variable loans, ANZ provides options that can be tailored to fit your financial situation.

One of ANZ's strengths is its refinance cashback deals, often bundled with competitive rates. This combination gives borrowers both immediate and long-term savings. Their online portal makes refinancing smooth, and their dedicated loan specialists guide first-time buyers through each step.

For Australians looking for a balance of flexibility, reasonable rates, and extra perks, ANZ is an excellent refinance option in 2025.

5. NAB – Best for Customer Loyalty and Support

The National Australia Bank (NAB) offers a strong balance of refinancing products focusing on customer loyalty. NAB often discounts existing customers, which is excellent news if you already bank with them.

First home buyers benefit from NAB's detailed refinance tools, strong customer support, and flexible repayment options. NAB's reputation for reliability makes it one of the safest refinance companies for young Australians starting their homeownership journey.

6. Great Southern Bank – Best Customer-Owned Refinance Option

Great Southern Bank is growing quickly as a customer-owned bank in 2025. They offer refinancing with lower fees and programs tailored for first-time home buyers.

One of the most significant advantages here is transparency. Borrowers often report that Great Southern Bank is easy to deal with, with clear communication and no hidden surprises. They also offer flexible loan structures, making refinancing less stressful for first-time borrowers.

Great Southern Bank is worth considering if you prefer a smaller, member-focused bank over the big four.

7. G&C Mutual Bank – Best for Low Fees and First Home Buyer Programs

G&C Mutual Bank is often recognised in awards for value, especially for first home buyers. They stand out because they don't pile on fees, and they provide competitive refinance rates that help young Australians save.

First-time buyers benefit from features like waived setup costs, flexible redraw facilities, and helpful support staff. For those looking for an affordable and friendly refinance company, G&C Mutual Bank is one of the best picks in 2025.

8. Australian Mutual Bank – Best for Award-Winning Value

Australian Mutual Bank has received awards for outstanding value across fixed and variable home loans. They are a strong choice for first-home buyers who want competitive refinance rates without sacrificing service.

Borrowers appreciate the clear communication and helpful tools provided by Australian Mutual Bank. Their straightforward refinancing options make them a reliable lender for refinancing their first mortgage.

9. People's Choice Credit Union – Best for Member Benefits

People's Choice Credit Union is a trusted name in refinancing and offers substantial benefits for members. As a credit union, they focus on providing value back to customers rather than shareholders.

People's Choice offers competitive rates, refinance calculators, and helpful customer support for first-home buyers. Their community-focused approach makes the refinancing journey feel more personal and supportive.

10. Pacific Mortgage Group – Best for Low Variable Refinance Rates

Finally, Pacific Mortgage Group deserves a spot for its consistently low variable refinance rates. This lender is an excellent option for first-time buyers looking to maximise savings over the life of the loan.

Their streamlined refinance process is simple, and they provide flexible loan features that fit different borrower needs. If your goal is to cut costs, Pacific Mortgage Group is one of the top refinance companies to check out in 2025.

Key Factors to Consider Before Choosing a Refinance Company

Not all refinance companies are a good match for first home buyers. Before signing any agreement, pay attention to the following:

1. Interest Rates and Loan Terms

Even a slight change in interest rates affects your repayments. Compare rates, but also look at the term. A longer loan term may lower payments but increase total interest.

2. Fees and No-Closing-Cost Options

Some lenders advertise low rates but attach high fees. Look at application fees, settlement fees, and hidden costs. "No-closing-cost" refinance loans can be appealing but often have higher rates.

3. Customer Reviews and Reputation

A company's reputation matters. Check independent reviews and forums to see how first home buyers feel about their experiences. Smooth communication and transparency are non-negotiable.

4. First Home Buyer Friendly Programs

Some lenders offer added perks for first-time buyers, like waived fees or special fixed rates. These features can save you money and make the process less stressful.

The Benefits of Refinancing for First Home Buyers in Australia

Refinancing can feel daunting, but the benefits often outweigh the effort. The biggest advantage is savings on repayments. With rates shifting across lenders in 2025, finding a cheaper option can cut hundreds off your monthly budget.

Other benefits include access to better features like redraws or offset accounts. These tools give you more control over your finances. Some first home buyers also use refinancing to switch from variable to fixed rates, giving them repayment stability.

Finally, refinancing can unlock cash through equity. This cash can be used for renovations, debt repayment, or investment.

Step-by-Step Guide to Applying for a Refinance Loan in 2025

Applying for refinancing is straightforward when broken down into clear steps:

1. Review your current loan: Check your current interest rate, repayments, and fees.
2. Research lenders: Compare refinance companies and shortlist options.
3. Check eligibility: Make sure you meet requirements, especially income and credit score.
4. Apply: Submit your application online or in-branch with the required documents.
5. Approval and settlement: Once approved, your new lender pays out the old loan and sets up the new terms.

Depending on the lender, the process may take anywhere from a few days to a few weeks.

Common Mistakes to Avoid When Refinancing Your First Home Loan

First home buyers often make avoidable mistakes when refinancing. A common one is chasing the lowest rate without checking fees. Another is failing to calculate the total savings across the loan term.

Not reading the fine print can also lead to surprises, like hidden exit fees. Others rush through the process without comparing multiple lenders. Avoiding these pitfalls ensures refinancing works in your favor.

Conclusion

Refinancing is one of the smartest moves first home buyers can make in 2025. With rates, lenders, and programs designed to help Australians save, now is the perfect time to act.

The best refinance company for you depends on your goals. Whether you want lower repayments, better features, or faster approvals, a lender fits this list. Take the time to compare, ask questions, and choose wisely.

In the end, refinancing isn't just about numbers. It's about building stability, saving money, and shaping a stronger future as a first-time homeowner in Australia.

Frequently Asked Questions About Refinancing in Australia

How Long Does It Take to Refinance a Mortgage in Australia?

Most refinance applications take 2 to 4 weeks. The exact time depends on the lender, required paperwork, and how complex your current loan is.

Is It Worth Refinancing a Home Loan in Australia in 2025?

Yes. Refinancing is worth it if you can lower your rate, cut monthly repayments, or unlock better loan features suited to your needs.

Can First Home Buyers Refinance in Australia?

First home buyers can refinance once they build enough equity and meet basic eligibility. Many lenders allow refinancing after 6 to 12 months.

Which Bank Is Best for Refinancing in Australia?

The best refinance banks in 2025 include CBA, Westpac, ANZ, NAB, and ING. Smaller lenders like Great Southern Bank and People’s Choice also offer strong value.

How Much Does Refinancing a Mortgage Cost in Australia?

Refinance costs usually range from $300 to $1,200. This may include discharge fees, application fees, and government charges, though some lenders waive these costs.