Hot off the press: Big-name lenders HSBC, loans.com.au, Homestar and UBank have just dropped brand new home loan rates - each of which offers killer variable rates in return for a 20% deposit or equity in your property.
So if you've built up some decent equity in your property, these new offers could be your chance to save thousands and shave years off your mortgage by refinancing. Home buyers lucky enough to have saved up enough cash to pay for a larger home deposit up front can also take advantage of these stellar new rates.
HSBC has announced a new market leading 2 year fixed rate of 2.09% (2.98% comparison rate*), while popular online lender loans.com.au is making headlines with a new 1.99% discounted variable 1 year home loan rate that rolls over to a low ongoing 2.48%. Not to be left out, UBank and Homestar have both sharpened their variable rates to new lows.
So, if you’ve been holding out for the right refinance loan, then today could be your lucky day! Now, let’s take a closer look at what these new loans have on offer along with some of the other lowest refinance rates on the market right now...
4 new home loan rates refinancers need to know about
HSBC Fixed Rate Home Loan
2.09% fixed rate for 2 years (2.98% comparison rate*)
No upfront application or ongoing service fees
Free extra repayments up to $10,000 a year
This market leading 2 year fixed rate home loan lets you guarantee your monthly repayments while still taking advantage of flexible features like the ability to make free extra repayments up to $10,000 a year and split your loan between fixed and variable rates. What's more, there are no upfront or ongoing fees and you'll get a relationship manager to help you through the application process. Available to borrowers with 20% deposit for loans of $50,000 or more.
loans.com.au Smart Booster Home Loan
1.99% discount variable rate for 1 year
Rolls over to low ongoing 2.48% (2.47% comparison rate*)
No monthly fees plus unlimited free redraws and extra repayments
It's official, home loan rates now start with a '1' thanks to this headline stealing new offering from loans.com.au. Available to borrowers with a 20% deposit, the new Smart Booster Home Loan is designed to help you boost your savings, build your equity and own your own home, sooner. Flexible features include free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. What's more, there are no ongoing monthly or annual fees.
UBank UHomeLoan - Discount Offer
New 2.49% variable & comparison rate*
$0 annual or upfront application fee
Best Low Cost Home Loan - Mozo Experts Choice Awards 2020
Borrowers with a 20% deposit can apply for this cracking variable loan and enjoy no upfront or ongoing fees. You can choose to make monthly, fortnightly or weekly repayments to suit your budget plus take advantage of free extra repayments and redraw. It's little wonder the Mozo experts awarded UBank Best Bank Home Lender of 2020 for its winning combination of ultra low rates, minimal fees and super streamlined online application processes. Available for loans of $200,000 or more.
Boasting one of the lowest variable rates on the market plus no ongoing fees, this super sharp loan also comes neatly packaged with a number of great features including unrestricted extra repayments and free online redraws. Plus, refinancers receive up to $1,500 cashback or upfront fees waived on purchases for applications received by 31 October, 2020. With all this value on offer, it's no surprise Homestar is a perennial Mozo Experts Choice Winner for Best Low Cost Home Loan.
*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.