Showing results for

Refinance Personal Loan

Personal loans for

Won’t impact your credit score!
Won't impact your credit score!

Trusted by thousands of Australians

The Morning Show

Types of loans

Big purchase
Debt consolidation

An award-winning experience

Estimate your repayments

Find out how much your repayments and interest rate could be with our calculator.

Enter your loan details


Don’t know your score? Check for free

Estimated monthly repayments


Example interest rate

9.20% p.a.

Comparison rate*

10.58% p.a.

Total charges


Total repayments


It won’t affect your credit score!

Refinance Personal Loan

Refinancing a loan is when you take out a new loan to pay off an existing loan. It can save you money if your new loan is with a lender that has better conditions than your existing loan. You’ll still have the same level of debt if you refinance your personal loan, but you can save in other ways such as paying lower interest rates or lower fees or having longer payment terms which will reduce the amount of each monthly repayment.

Are you looking to refinance your personal loan? Sometimes by shopping around you can get a better deal on a new loan than you are currently getting on your existing loan. Or refinancing your personal loan could be a good way to consolidate your other debts and get back on top of your finances.

When can you refinance a personal loan?

There may be many reasons why it is a good time to refinance your personal loan. You may be refinancing your personal loan to save money, simplify or reduce your monthly repayments or you may want to take out a larger loan. If your goal is to save money, you may be able to find a personal loan with a much lower interest rate, especially if your credit score has improved since you first took out your loan. Or you may want to have more certainty around your repayments and switch to a variable interest rate. And if you are struggling to meet your repayments each month, you may want to take out a new loan with a longer repayment term so you can lower your regular payments.

Can I refinance a personal loan with the same lender?

You may be wondering whether you can refinance your personal loan with your current bank or lender. In some cases, a lender won’t refinance your existing loan and there may be exit fees if you pay off your loan early. However if your current lender is offering better conditions to new customers, or you find better rates with competitors you could try negotiating a lower interest rate with your current lender.  Thankfully some lenders, such as MoneyMe, don’t charge early termination fees so you have more flexibility. Through the user-friendly Member’s Area, you can have a personal dashboard to manage your loans, make extra repayments, or even payout your loan ahead of time in full if you’d like to.

Does refinancing a personal loan hurt your credit score?

How refinancing a personal loan will affect your credit score will depend on your specific circumstances. For example, if you’re taking out a new personal loan for debt consolidation it could actually help your credit score in the long term. This is because you’ll have fewer accounts that have outstanding balances. Your credit score has a lot to do with whether you make your repayments on time. Obviously, if you refinance your personal loan and then default on this new loan it will hurt your credit score. If you make multiple applications for new loans this can also harm your credit score. Even if your credit score does take a slight hit, it is likely to recover if you make the repayments on your new loan on time. The initial slight drop in your credit score may be worth it if refinancing your personal loan saves you money or if it means making the repayments will be easier and it will prevent you from defaulting on your loan.

How often can you refinance a personal loan?

Should you refinance your personal loan every time you find a better deal? Even though it may be possible to refinance your personal loan many times, it doesn’t mean it is always a good idea as your credit score may go down slightly every time you take out a new loan. Although your credit score will recover relatively quickly if you make your repayments on time, if you refinance too many times over a short period you may find it will harm your ability to refinance in the future. This is why it’s essential to weigh up your different options. Also, refinancing does come with a cost. You’ll need to factor in any fees such as application fees, establishment fees, or any ongoing fees, and some lenders also charge an early repayment fee. Before refinancing, you will need to compare the costs and decide the best alternative for you.

If you are thinking about refinancing your loan, MoneyMe offers low rate personal loans with simple repayments, and depending on your financial situation you can borrow anywhere from $5,000 to $50,000. So whether you need a $5,000 personal loan or a $30,000 personal loan, with our simple application process you can apply for personal loans online.

MoneyMe provides quick loans without all the complicated paperwork. Our interest rates will be tailored to your credit profile and history but you’ll find we have some of the most competitive personal loan rates in Australia. MoneyMe provides 100% online loans but our support team is still available to help you refinance your personal loan. You can contact us 7 days a week on 1300 072 042, send us an email at or get in touch via LiveChat. Apply for one of our easy loans today and you may be surprised how much money you can save!

Our customers

Refinance Personal Loan

Transparent and
simple pricing

Interest rate

9.20 %
to 25.20 %

Comparison rate*

10.58 %
to 26.58 %

Establishment fee
(Direct applications)

$395 for loans between $5,000 and $15,000

$495 for loans between $15,001 and $50,000

Monthly fee


Loan terms

Minimum 3 years

Maximum 5 years

Early exit fees


Ready to get

Won’t impact your credit score!
Won't impact your credit score!

Personal Loans are running hot!

55 people in the last 24 hours have applied

Freestyle is running hot!

55 people in the last 24 hours have applied

Debt Consolidation is running hot!

55 people in the last 24 hours have applied