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 $112,704 over the life of their loan* if they were to make the switch from the average big bank variable rate to the lowest rate in the Mozo database.
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.
ING Fixed Rate Loan with Orange Advantage
Best Fixed Rate Home Loan Award^
3-year fixed rates from 2.34% (3.67% comparison rate*)
Everyday roundup feature
If you’re after a top-notch fixed rate for your refinance, then you’ll love the Mozo Experts Choice Award-winning ING Fixed Rate Loan. Rates start from a competitive 2.34% (3.67% comparison rate*) for three-year loans ranging from $50,000 up to $2,000,000. Borrowers won’t have to worry about any pesky application or ongoing service fees. The loan must be combined with an Orange Advantage variable home loan, but by doing so, you’ll be rewarded with 0.10% off the advertised fixed rate. You’ll also need to link your Orange Everyday transaction account, but that again comes with a perk: access to a handy roundup feature that rounds your transactions to the nearest $1 or $5 and transfers the difference to your home loan balance - every little bit counts, after all!
If you prefer the security of a fixed home loan, the UBank UHomeLoan (Fixed) offers one of the cheapest rates around. Refinancers with a loan of $100,000 up to $2,000,000 can enjoy ultra low 3-year fixed rates from 2.14% (2.41% comparison rate*), as well as no ongoing service fees and a range of flexible options. For instance, they can make free extra repayments (up to $20,000 per year) or split their loan up to four times. It’s no wonder UBank UHomeLoan (Fixed) snagged three 2020 Mozo Experts Choice Awards for Best Fixed Rate Home Loan, Best Split Home Loan and Best Investor Fixed Home Loan. Just bear in mind there’s a $395 application fee to budget for.
3-year fixed rates from 2.29% (2.82% comparison rate*)
No application or ongoing service fees
With stellar fixed rates of 2.29% (2.82% comparison rate*) for three-year loans from $150,000, the Qudos Fixed Rate Home Loan is so impressive it’s award-winning. The home loan has won not one, but three 2020 Mozo Experts Choice Awards for Best Fixed Home Loan, Best Split Home Loan and Best Fixed Investor Home Loan. Refinancers won’t be charged any upfront or ongoing fees, and they’ll also have free extra repayments (up to $10,000 per year) and a split loan option at their disposal.
2-year fixed rates from 2.09% (2.98% comparison rate*)
Option to split your loan
For any refinance, a great rate should be your number one priority, and that’s where the HSBC Fixed Rate Home Loan comes in. Armed with low fixed rates of 2.09% (2.98% comparison rate*) on two-year loans from $50,000, this home loan offers such good value it won a 2020 Mozo Experts Choice Award for Best Fixed Rate Home Loan. Borrowers also have the option to split loans and make free extra repayments (up to $10,000 a year). Plus, they won’t need to worry about any application or ongoing service fees.
*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.