Australia’s best refinance home loans for 2020

Katherine O'Chee

19 Mar 2020


When was the last time you performed a home loan health check? Mortgage rates have plummeted over the past year, so if you haven’t made the move to refinance your home loan already you could be missing out on serious savings.

After all, a typical borrower could save $90,000 over the life of their loan* if they were to make the switch from the average big bank variable rate to one of the lowest rates around.

Where’s the place to start though? With one of Australia’s best refinancing home loans. Analysing 436 home loans from 86 lenders, the 2020 Mozo Experts Choice Awards showcase the best home loans in Australia refinancers. Here are some of the standout performers.


Athena Variable Home Loan
  • 2020 Best New Home Loan Award

  • 2.59% variable interest rate (2.55% comparison rate*)

  • Zero upfront, ongoing or exit fees

Armed with an impressively low variable rate and a serious lack of fees, it’s not hard to see why Athena scooped up an armful of Mozo Experts Choice Home Loan Awards including the 2020 Best New Home Loan prize. If that’s piqued your interest, you’ll also be pleased to hear that the Variable Home Loan comes with free extra repayments and a redraw facility, and borrowers will even receive a 0.01% annual loyalty discount (for five years) if they stick with Athena. 

Where do I get it? Head over to Athena to find out more >>

Promoted Smart Home Loan 80
  • 2.63% variable rate (2.65% comparison rate*)

  • Unlimited free extra repayments

  • $0 ongoing service fee

There’s nothing clever about sticking with a rate that’s past its use by date, which is where the Smart Home Loan from comes in. Winner of a 2020 Mozo Experts Choice Award for best Low Cost Home Loan, the Smart Home Loan has all the features a refinancer could want: a low variable rate on loans from $50,000 - $1,000,000, no ongoing service fee and free extra repayments as well as a free redraw facility. 

Where do I get it? Head over to to find out more >>


ING Orange Advantage
  • 3.08% variable rate (3.42% comparison rate*)

  • Full offset account attached

  • $0 application fees

Love the idea of switching to a more competitive rate but don’t want to give up your offset account? With the ING Orange Advantage home loan you can have the best of both worlds. As you’d expect from a full feature home loan and a 2020 best Packaged Home Loan Award winner, you’ll be able to take full advantage of a 100% offset account as well as the split rate feature, redraw facility and free extra repayments.

Where do I get it? Head over to ING to find out more >>


UBank UHomeLoan - Discount Offer
  • 2020 Home Lender Bank of the Year

  • 2.59% variable rate (2.59% comparison rate*)

  • Zero fees and free extra repayments

Looking to refinance with a loan over $200,000? Home Lender Bank of the Year winner UBank has a mortgage that’s hard to beat - the UHomeLoan Discount Offer. Serving up an interest rate that’s among the lowest around, the Mozo Experts Choice Award winning loan doesn’t come with any of the regular old fees attached (think upfront, ongoing or exit fees) and it even allows borrowers the option of splitting their rate and making extra repayments (for free). 

Where do I get it? Head over to UBank to find out more >>


Homestar Star Essentials Home Loan
  • 2.49% variable rate (2.52% comparison rate*)

  • No ongoing monthly fees

  • Free extra repayments and redraws

If refinancing is on your mind then securing a great rate should be top of your priority list, and when it comes to low rates the Home Star Essentials home loan is right up there with the cheapest around. After all, it took out a 2020 Mozo Experts Choice Award for best Low Cost Home Loan! It doesn’t stop there though, as borrowers won’t be charged an ongoing service fee with the loan and they’ll also have free extra repayments and a redraw facility at their disposal.

Where do I get it? Head over to Homestar to find out more >>

*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.

Want to continue your search? Make sure you visit our dedicated Mozo refinance home loan hub for all the latest rates from an even greater range of mortgage lenders. 

This is just a snippet of our 2020 award winners though. For the complete winners list, including all the categories and the methodology report, check out our 2020 Mozo Experts Choice Award page.

*Loan savings based on a $400,000 owner occupier loan over 25 years with principal and interest repayments.

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