Over the past few weeks, we’ve unfortunately seen countless Aussies lose their jobs or have their pay cut due to the new restrictions in place to help slow down the spread of COVID-19. Inevitably, many people are tightening their budgets and setting aside money to create a safety buffer.
And even if your job is currently secure and you haven’t been directly impacted by the Coronavirus financially, with so much uncertainty right now, it may be wise to revise your budget and look for ways to potentially cut costs or save more money.
In saying this, while you’re held up in quarantine and working your way through your life admin checklist, one task to tick off that could save you a fortune is reevaluating your mortgage deal.
Now’s as good a time as ever to take a look at where your home loan currently stands in the market - and then consider refinancing if you find a better deal elsewhere.
Refinancing your home loan could potentially score you significant savings on interest, so, if you’re looking to switch and save in self-isolation, then here are three refinance home loans to get you started!
If you’re looking for a killer refinance deal, then call off the search party! The Loans.com.au Smart Home Loan offers competitive variable interest rates starting from 2.63% p.a. (2.65% p.a. comparison rate*) on owner-occupier loans between $50,000 and $1,000,000 with an 80% LVR. Not to mention, this loan offers a flurry of flexible features, such as free extra repayments, a free redraw facility and an optional split account feature. But the real cherry on top is that it won not one, but two 2020 Mozo Experts Choice Awards** in the Low Cost Home Loan and Investor Home Loan categories.
Gateway Bank Low Rate Essentials Home Loan
Competitive variable interest rates from 2.76% p.a. (2.79% p.a.comparison rate*)
No application or service fees
Free extra repayments & redraw facility
The Gateway Bank Low Rate Essentials Home Loan gets straight down to business with super-low variable interest rates up for grabs from 2.76% p.a. (2.79% p.a. comparison rate*) on loans between $500,000 and $2,000,000, available to owner-occupier’s who can meet the 80% LVR requirement. On top of this, the loan offers a range of features, like flexible weekly, fortnightly and monthly repayment options, a split account option, the ability to make extra repayments and a free redraw facility.
Homestar Star Essentials Home Loan
Super low variable interest rates from 2.44% p.a. (2.47% p.a. comparison rate*)
Free extra repayments & redraw facility
Split account option
2020 Mozo Experts Choice Award-winner
When it comes to low rates, let’s just say that with variable interest rates starting at 2.44% p.a. (2.47% p.a. comparison rate*) on owner-occupier loans between $150,000 to $850,000 (with an 80% LVR), variable rates don’t get much better than the Homestar Star Essentials Home Loan, folks! This loan also offers the ability to make free extra repayments so you can pay your loan off quicker, a free redraw facility so you can redraw on those extra repayments in an emergency and an optional split account. Plus, it even took out a 2020 Mozo Experts Choice Award** in the Low Cost Home Loan category!
*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.