June 2026
Is it worth refinancing if my rate is 7%?
If your current rate starts with a 7, you are well above the sharpest rates being written today. We compute what moving to the lowest variable rate on the panel would do to your repayments on a worked example loan.
$422Possible monthly saving
If your rate is 7.00% and you moved to the lowest variable rate on the panel, 5.93% p.a., you could save about $422 a month on a $600,000 loan, roughly $6,420 of interest in the first year. The further above 7.00% you sit, the more there is to gain.
Reviewed by the Ratesniffers Editorial Team. Figures computed from the current rate corpus and updated daily.
Refinance from 7% rates, ranked by comparison rate
| Lender | Type | Rate p.a. | Comparison | Max LVR |
|---|---|---|---|---|
| Bank of China | Variable | 5.93% | 5.97% | — |
| HSBC | Variable | 5.94% | 5.98% | 80% |
| ING BANK (Australia) Ltd | Variable | 5.99% | 6.03% | — |
| ME Bank - ME Go | Variable | 5.99% | 6.03% | 80% |
| Queensland Country Bank | Variable | 5.99% | 6.03% | — |
| BCU Bank | Variable | 5.99% | 6.03% | — |
| People's Choice and Heritage | Variable | 5.99% | 6.03% | 80% |
| Newcastle Permanent Building Society | Variable | 5.99% | 6.03% | 80% |
| Hume Bank | Variable | 5.99% | 6.03% | — |
| Bank of Queensland Limited | Variable | 6.03% | 6.07% | 80% |
Sorted by comparison rate, the statutory true-cost metric that includes fees. Showing the panel's sharpest matches; not every lender is shown.
Frequently asked questions
- Is it worth refinancing if my rate is 7%?
- Today the sharpest match on the panel is 5.93% p.a. from Bank of China. Rates change daily, so the live table on this page always shows the current ranking.
- How often are these rates updated?
- The rates on this page are refreshed daily from across the lender panel and ranked by comparison rate, the true-cost figure that includes fees. The figures reflect the most recent update, not a static snapshot.
- Is the lowest rate always the best loan for me?
- Not always. The cheapest headline rate can come without features like an offset account, and your deposit size, income type and goals all change which loan suits you. Use the rate as a starting point, then weigh the features that matter to your situation.
- What is a comparison rate?
- A comparison rate folds most ongoing fees into a single percentage so you can weigh loans on their true cost rather than the advertised headline rate alone. It is the metric these rankings sort on.