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

Tara McCabe

09 Apr 2020

Refinance home loan easter savings content content

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

Rates updated daily. Advertiser disclosure.

  • loans.com.au
    Mozo Expert Choice Badge" style="width:60px;">

    1.85% p.a.variable for 24 months and then 2.25% p.a.

    2.21% p.a.

    $1234

    Product details Close details
    Smart Booster Home Loan

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

    1.85% p.a.variable for 24 months and then 2.25% p.a.

    2.21% p.a.

    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.

    Smart Booster Home Loan

    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.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 1.85% p.a.variable for 24 months and then 2.25% p.a.

    • 2.21% p.a.

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Booster Home Loan

    Details Close

  • Athena
    Mozo Expert Choice Badge" style="width:60px;">

    1.99% p.a.

    1.99% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    1.99% p.a.

    1.99% 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. Winner of three Mozo Expert's Choice Awards for 2021.

    Celebrate Variable Home Loan

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 1.99% p.a.

    • 1.99% p.a.

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

    Details Close

  • HSBC

    p.a.

    2.87% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan Home Loan Package

    Owner Occupier, Principal & Interest, LVR <80%

    p.a.

    2.87% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).

    Fixed Rate Home Loan Home Loan Package

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).

    • $390.00 yearly

    • $300.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • $270

    • p.a.

    • 2.87% p.a.

    • $270

    • 80.00%

    • $500,000

    • $7,500,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 December 2021 and settle by 28 February 2022.

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

    Details Close

  • Macquarie

    p.a.

    2.19% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    p.a.

    2.19% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Basic Home Loan

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • p.a.

    • 2.19% p.a.

    • $0

    • 70.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

    Details Close

  • Yard
    Mozo Expert Choice Badge" style="width:60px;">

    1.99% p.a.

    2.02% p.a.

    $1234

    Product details Close details
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR <70%

    1.99% p.a.

    2.02% p.a.

    Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

    Variable Home Loan Special

    Special rate applies to home loan applications submitted by 31 October 2021. Unlimited additional repayments, free redraw, 100% offset account. 30% deposit required. Simple online application. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

    • $0.00

    • $500.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • $530

    • 1.99% p.a.

    • 2.02% p.a.

    • $530

    • 70.00%

    • $150,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Special rate applies to home loan applications submitted by 31 October 2021.

    Read our Mozo Review to learn more about the Variable Home Loan Special

    Details Close

^See information about the Mozo Experts Choice Home loans Awards