Challenger banks wage battle on Big 4 for refinancers

If you’re one of the millions of mortgage holders who has built up substantial equity in your home,  you may not know it, but there is a battle taking place right now for your home loan.
With home loan interest rates steadily increasing some challenger banks and lenders have been tweaking their home loans and are offering borrowers with low loan-to-value ratios (LVRs) lower interest rates, loyalty bonuses and even cashback in a bid to woo them away from the Big 4, where the current average^^ owner-occupier variable home loan rate sits at 7.29%.

So, if you’ve been feeling the pinch of higher repayments lately and you’re likely to qualify for refinancing, take a closer look at what these loans have on offer to see how they stack up...

Unloan - Variable Home Loan
  • 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only

Unloan is a stellar new digital home loan built by CommBank, offering owner-occupiers a low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $10M. Minimum 20% deposit. Awarded Best New Home Loan in the 2023 Mozo Experts Choice Awards.^

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loan

home with heart

*based on a $400,000 loan over 25 years owner occupier loan paying principal and interest. 

* 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 $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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.

^See information about the Mozo Experts Choice Home Loan Awards

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