Monthly Cash-back
100% of our trailing commission is credited to your loan account every month, for the life of the loan.
Compare home loan refinance interest rates from 45+ lenders and start saving tens of thousands over the life of your loan.
Your home loan is likely your largest ongoing financial commitment in your lifetime. Refinancing to a better rate, or to a lender who returns trailing commissions as monthly cash back, can make a significant difference to how quickly you pay it off and how much you pay in total. Mates Rates Mortgage Brokers makes the process free, straightforward, and more rewarding than any other broker in Australia.
Refinancing a home loan means replacing your current mortgage with a new loan, either with your existing lender or a different one. The goal is usually to get a lower life-of-loan cost with a lower interest rate, better loan features, reduced fees, or a combination of all three. With a Mates Rates cash-back refinancing loan, there is a 4th (FOURTH)!
You also receive 100% of your broker’s trailing commission credited to your loan as a Mates Rates Home Loan Cash-back subsidy account every month for the life of the new loan.
$14M+
Cash-back paid to borrowers
45+
Lenders compared
Since 2005
Australia’s original & best cash-back broker
Mates Rates, lender-paid trailing commission received from industry-leading aggregator Finsure, is credited to your home loan account every month for the life of your loan. On a $500,000 loan, that amounts to significantly more over time, and if those credits are applied directly to your principal, the compound interest savings grow on top of that.
| Refinancing type | Unbiased rate comparison | Estimated cash back on $500k loan | Total savings inc. compound interest |
|---|---|---|---|
| Mates Rates trailing commission cash back | Yes, via Lender Commission Leveller | $13,993.68 | $21,187.77 |
Comparison based on a 4.51% interest rate on a $500,000 loan over 30 years. Savings will vary with rate changes, savings in offset or redraw and loan term.
100% of our trailing commission is credited to your loan account every month, for the life of the loan.
The lender’s upfront commission funds our business, not you.
Our Lender Commission Leveller ensures no lender is excluded due to lower commission rates. We always recommend the most cost-effective home loan with our exclusive cash-back subsidy available to you.
You get the same interest rate you’d receive if you went directly to the bank, plus our monthly cash-back subsidy.
Our brokers guide you through every step, from rate comparison to settlement, at no cost to you.
We search across major banks, regional banks, and non-bank lenders to find the most cost-effective home loan for you!
1
Your current loan rate and lender and or one you are considering, compared to our most cost-effective recommendations with our monthly Mates Rates Home Loan Cash-back subsidy. This takes a few minutes and costs nothing.
2
Our recommendations compare home loan interest rates across 45+ lenders, factoring in fees, features, and the monthly Mates Rates cash-back credit to find your most cost-effective life-of-loan costs.
3
We prepare and lodge your home loan refinance application, manage the valuation process, and liaise with the new lender on your behalf through to formal approval.
4
Your new loan settles, and your monthly cash-back credits begin in 3 months after settlement.
We arrange cash-back refinancing loans across every major home loan type in Australia:
The most common reasons to refinance include securing a lower interest rate, reducing monthly repayments, accessing equity for renovation or investment, consolidating debt, switching from a variable to a fixed rate (or vice versa), or moving to a lender with better features such as an offset account. Refinancing with Mates Rates adds an additional reason: receiving our monthly Mates Rates Home Loan Cash-back subsidy for the life of your new loan.
Yes. Refinancing to access your home equity is the most common way Australians fund major renovations. If your property has increased in value since you took out your original loan, you may be able to refinance to a higher loan amount and use the difference as a renovation fund. A Mates Rates broker will assess your equity position and identify lenders with competitive rates for this type of refinance.
In most cases, yes. The new lender will typically require an independent property valuation to determine the current loan-to-value ratio (LVR). Some lenders use automated valuation models (AVMs) for straightforward refinances, which can speed up the process. Your Mates Rates broker will guide you through the valuation requirements for your specific situation.
Most lenders will allow you to refinance with as little as 5% equity, but holding at least 20% is strongly recommended. Borrowers with 20% or more equity in their property avoid paying lenders mortgage insurance (LMI) when they refinance, which can cost thousands of dollars and come with higher interest rates. More equity generally also means access to lower interest rates, as you represent less risk to the lender.
A top-up increases your existing loan balance with your current lender, while refinancing replaces the loan entirely, often with a new lender at a better rate. If your current lender is offering a competitive interest rate and your primary goal is to access equity, a top-up may be simpler. If your rate is no longer competitive or you want to start earning monthly cash back, refinancing to a Mates Rates loan will almost always deliver better long-term results.
Submitting a home loan application triggers a credit enquiry, which can have a small short-term impact on your credit score. However, if you refinance to a loan you can comfortably service and make all repayments on time, the long-term effect on your credit profile is typically neutral or positive. Multiple applications in a short period can have a more noticeable impact, which is why working with a broker to identify the right loan before applying is advisable
Use our cash-back calculator to see how much you could save, then book a free call with a Mates Rates broker. We handle every step of the refinancing process at no cost to you.
The most common reasons to refinance include securing a lower interest rate, reducing monthly repayments, accessing equity for renovation or investment, consolidating debt, switching from a variable to a fixed rate (or vice versa), or moving to a lender with better features such as an offset account. Refinancing with Mates Rates adds an additional reason: receiving our monthly Mates Rates Home Loan Cash-back subsidy for the life of your new loan.
Yes. Refinancing to access your home equity is the most common way Australians fund major renovations. If your property has increased in value since you took out your original loan, you may be able to refinance to a higher loan amount and use the difference as a renovation fund. A Mates Rates broker will assess your equity position and identify lenders with competitive rates for this type of refinance.
In most cases, yes. The new lender will typically require an independent property valuation to determine the current loan-to-value ratio (LVR). Some lenders use automated valuation models (AVMs) for straightforward refinances, which can speed up the process. Your Mates Rates broker will guide you through the valuation requirements for your specific situation.
Most lenders will allow you to refinance with as little as 5% equity, but holding at least 20% is strongly recommended. Borrowers with 20% or more equity in their property avoid paying lenders mortgage insurance (LMI) when they refinance, which can cost thousands of dollars and come with higher interest rates. More equity generally also means access to lower interest rates, as you represent less risk to the lender.
A top-up increases your existing loan balance with your current lender, while refinancing replaces the loan entirely, often with a new lender at a better rate. If your current lender is offering a competitive interest rate and your primary goal is to access equity, a top-up may be simpler. If your rate is no longer competitive or you want to start earning monthly cash back, refinancing to a Mates Rates loan will almost always deliver better long-term results.
Submitting a home loan application triggers a credit enquiry, which can have a small short-term impact on your credit score. However, if you refinance to a loan you can comfortably service and make all repayments on time, the long-term effect on your credit profile is typically neutral or positive. Multiple applications in a short period can have a more noticeable impact, which is why working with a broker to identify the right loan before applying is advisable
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