It’s easy to get stuck in a rut with your mortgage, and to stay with the same lender because it’s simpler than switching. But if the romance has gone out of your home loan and you’re no longer feeling the love with your current lender, it may be time to think about playing the field.
“There are no less than 70 lenders in Mozo’s database offering variable interest rates lower than 4.00%. With numbers like that, I’d say it’s high time Aussies review their home loan situation and find out if there’s a better deal out there,” said Mozo Director Kirsty Lamont.
To help you find a home loan that treats you right, we’ve listed some of our top refinancing home loan picks below.
The loans.com.au Essentials 80 is packed full of the value you love in a home loan, from a super low rate and no application fee, right through to money saving features like the chance to make free extra repayments. This one’s available for up to $2 million with a maximum LVR of 80% - perfect for refinancers after a rock bottom rate!
Newcastle Permanent Discounted Variable Home Loan
3.64% interest rate (4.03% comparison rate)
No upfront application fee (yearly fee applies)
Free extra repayments, redraw and repayment holiday
If you’re after a home loan with all the bells and whistles to help you save, look no further than the Newcastle Permanent Discounted Variable Premium Package. With free extra repayments, a redraw facility, offset account and the option to split your loan between fixed and variable rates, you won’t miss out on features with this low rate option.
Click Loans The Online Home Loan
3.64% interest rate (3.64% comparison rate)
No ongoing service fee (application fee applies)
Optional offset account (fee applies)
The Online Home Loan from ClickLoans comes with a bargain interest rate, plus free extra repayments up to $10,000 per year, and a free redraw facility. You’ll need to have a maximum loan-to-value ratio of 70% to take out this loan, so it’s perfect for refinancers who have already chipped away a chunk from their original loan.
CUA Advance Variable Home Loan
3.65% interest rate (3.66% comparison rate)
No upfront application fee
Keep up to $50,000 in an offset account
For savvy refinancers after a low rate deal with plenty of extras, it's hard to go past the CUA Advance Variable Home Loan. With an offset account, free extra repayments, free redraw and the option to split your loan between variable and fixed rates on offer, this one packs a tonne of value, all at a very reasonable price point.
Beyond Bank Low Rate Special Variable Home Loan
3.73% interest rate (3.73% comparison rate)
No ongoing or application fees
Maximum LVR of 70%
Another one for refinancers well on their way to paying off their home loan and looking for a better deal, the Beyond Bank Low Rate Special Variable Home Loan comes with free extra repayments and redraw facility, plus a full offset account. Add in a competitive interest rate and no ongoing service or upfront application fees and that’s a recipe for success.
*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.
*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may inﬂuence the cost of the loan.