Australia’s best refinance home loans for 2020

Katherine O'Chee

04 Feb 2020


With the new year well and truly here, it could be time to revisit your home loan to see if it’s still the best deal for you. After all, if you’re still stuck on an outdated loan and haven’t made the switch to a lower rate offer, you could be paying a lot more than you should.

In fact, Mozo data found that borrowers with a $400,000 mortgage could save as much as $282 each month, or $3,390 a year by switching from the average big bank variable rate of 3.97% to the lowest rate around^. That’s a total saving of $101,689 over the life of a 30-year-long loan!

With savings like that on offer for refinancers, we thought you might be eager to meet some of the winners of our Mozo Experts Choice Awards, so you can pick out a better deal for you. Our experts identified the best value mortgage options by comparing 436 different home loans from 85 Australian lenders - here are some of our Editors’ picks for refinancers.


Athena Variable Home Loan
  • 2.84% p.a. variable interest rate (2.80% p.a. comparison rate*)

  • Free extra repayments and redraw facility

  • No upfront or ongoing fees

New online mortgage challenger Athena wants you to love them and leave them, offering super competitive interest rates to help you get rid of your home loan as fast as possible. This home loan was so impressive it was even recognised with a Mozo Experts Rated badge.^^ Not only does Athena’s Variable Home Loan have one of the lowest rates on the market, but it also charges no application, valuation or ongoing fees. And the value doesn’t end there - this home loan also comes with free repayments and a redraw facility.


Homestar Star Essentials Home Loan
  • 2.74% p.a. variable interest rate (2.77% p.a. comparison rate*)

  • Free extra repayments and online redraws

  • No application and ongoing fees

With one of the lowest variable rates around, the Star Essential Home Loan is a star of the home loan show. This loan from the Mozo Experts Choice Award^^^ winning non-bank lender, Homestar - which took out awards for the Low Cost Home Loan, Offset Home Loan and Investor Home Loan categories - could save you loads in the long run. Refinancers have plenty to get excited about, including no application and ongoing fees as well as flexible features, such as free extra repayments, free online redraws, and the option to choose between weekly, fortnightly and monthly repayments.


Tic:Toc Variable Home Loan
  • 2019 Mozo Experts Choice Award winner^^^

  • Low 2.79% p.a. variable rate (2.80% p.a. comparison rate*)

  • Free extra repayments and redraw

Tic:Toc is shaking up the market with its Variable Home Loan offer and it might have something to do with its competitive 2.79% p.a. variable rate (2.80% p.a. comparison rate*), or the fact that it was crowned 2019 Mozo Experts Choice Online Home Lender of the Year. Refinancers will enjoy no upfront or ongoing fees, plus have the option to make as many extra repayments as they’d like with no penalty. There’s also an optional offset account for $10 a month.


UBank UHomeLoan - Discount Offer
  • 2.84% p.a. variable interest rate for loans over $200,000 (2.84% p.a. comparison rate*)

  • No upfront or ongoing fees

  • Free extra repayments and redraw facility

With two 2019 Mozo Experts Choice Awards^^^ for best Low Cost Home Loan and best Split Home Loan under its belt, UBank’s UHomeLoan is a worthy contender if you’re looking to refinance loans over $200k, as for a limited time, it comes with an incredible rate of 2.84% p.a. (2.84% p.a. comparison rate*). The deal is still great for loans below $200k - the discount offer shaves 0.43% off the standard variable rate, bringing the UHomeLoan rate down to just 2.99% p.a. (2.99% p.a. comparison rate*). And if that isn’t enough, you also don’t need to worry about upfront or ongoing fees, and can take advantage of free extra repayments and a free redraw facility. As for those who want the security of a big bank, you can set your mind at ease that UBank is backed by NAB.

Promoted Essentials Variable 90
  • 3.04% p.a. variable interest rate (3.06% p.a. comparison rate*)

  • No application or service fees

  • Free extra repayments and redraw facility

If you’re after a winner, you’ll love’s Essential Variable loan which took out a 2019 Mozo Experts Choice Award for Low Cost Home Loan category.^^^ The Essentials Variable loan is a match made in heaven for those who want all the essentials: a competitive interest rate of 3.04% p.a. (3.06% p.a. comparison rate*), no application or service fees, and the option to make free extra repayments and access a free redraw facility.

*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 check out more refinancing options? Take a look at our Switch and Save calculator to search for other home loan options.

^Calculations based on a loan of $400,000 over 30 years with an LVR of 80%. As of 4 February 2020, the average big bank variable rate is 3.97% while the lowest rate in Mozo’s database is 2.69% (2.71% comparison rate*) from Reduce Home Loans

^^For more information, head over to on the Mozo Experts Rated.

^^^For more information on the winners, head over to 2019 Mozo Experts Choice Awards for Home Loans.

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