Find out how much refinancing now, might save you by next Easter

Following not one but two RBA cash rate cuts this year and a series of cash rate cuts last year, home loan interest rates are the lowest they’ve ever been. So if you’re feeling restless this weekend and want to take a little break from R&R time, why not figure out how much you could save by refinancing your home loan!

How much could you save by refinancing?

After crunching some numbers, our team of data experts figured out that you could save approximately $2,727 in one year, by switching from the average variable home loan rate to the most competitive variable rate in the Mozo database. 

How did we figure out the savings?

The good news is it’s fairly straightforward and you can do it too.

We simply took the example of a $400,000 30-year home loan^ and compared how much someone could save by switching from the average 3.45% p.a.^^ variable home loan rate to Reduce Home Loans Rate Slasher Variable Home Loan, for which rates start competitively low at 2.39% p.a. (2.39% p.a. comparison rate*).

Want to do the same? You can use Mozo’s home loan comparison calculator to compare more home loan interest rates and see how much you could save.

A few fees to remember when refinancing

Before you sign on the dotted line, you’ll want to make sure that the savings are worth it, especially when measured against the fees.

Fees you may be faced with when refinancing include:

  • • A break fee from your current home loan.

  • • An application fee for the home loan you want to switch to.

  • • A valuation fee - should your new lender want a more up-to-date valuation done on your property.

  • • A settlement/legal fee. Once everything is settled, you may have to pay a settlement fee.

Keen to learn more about refinancing? Check out our guide to refinancing your home loan for more tips and tricks.

^The example given is for a $400,000 30-year, principal and interest, owner-occupier home loan with an LVR of 80%.

^^Average variable home loan interest rate correct as of Thursday 9th April 2020.


Compare refinance home loans - last updated 13 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    3.60% p.a.variable for 24 months and then 4.00% p.a. variable
    3.96% p.a.

    Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Details
  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Details
  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

    Details
  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

    Details

* 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, loan amount and term entered. 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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