Home loan refinance deals to save you thousands this spring
19 Sep 2017
There are plenty of good reasons to refinance your home loan this spring. One of them is all the cashback switching incentives currently on offer from a bunch of providers, including CBA, St.George and Police Bank, which can bag you up to a $1,500 rebate when you refinance.
Another good reason? There are currently 71 providers on the market offering up rates below 4.00% and snagging a low rate can save you thousands of dollars.
For example, refinancing from the average 4.88% to a low 3.64% rate with 25 years and a principal amount of $300,000 left on your home loan could save you over $200 a month, or $61,537 over the life of the loan. Think of all the better uses you could put $61k towards!
And the best news is, you can compare refinancing loans right now and find yourself a better deal. Check out the table below for some of the top home loans around at the moment.
Top refinancing home loans - rates updated daily
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Promoted
loans.com.au3.28% p.a.
3.30% p.a.
$1234
Product details Close detailsloans.com.auSmart Home Loan
Owner Occupier, Principal & Interest
3.28% p.a.
3.30% p.a.
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount.
Smart Home Loan
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount.
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$0.00
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$0.00
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yes - free
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yes - free
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no
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3.28% p.a.
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3.30% p.a.
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$520
-
80.00%
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$50,000
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$1,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Smart Home Loan
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Promoted
UBank
3.59% p.a.
3.59% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
3.59% p.a.
3.59% p.a.
Enjoy a low rate & no bank fees (on variable loans) from one of Australia's leading digital banks. Easy & fast to apply, you'll get free redraw with flexible repayments. Min. 20% deposit required. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.
UHomeLoan - Discount Offer
Enjoy a low rate & no bank fees (on variable loans) from one of Australia's leading digital banks. Easy & fast to apply, you'll get free redraw with flexible repayments. Min. 20% deposit required. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.
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$0.00
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$0.00
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yes - free
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yes
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no
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3.59% p.a.
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3.59% p.a.
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$0
-
80.00%
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$200,000
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$699,999
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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Promoted
HSBC 3.47% p.a.
3.48% p.a.
$1234
Product details Close detailsHSBC Discounted Home Value Loan
Owner Occupier, Principal & Interest
3.47% p.a.
3.48% p.a.
Enjoy unlimited free extra repayments and no ongoing service fees when you apply by 31 July (t&cs apply). Get help with the application process with an HSBC relationship manager. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^
Discounted Home Value Loan
Enjoy unlimited free extra repayments and no ongoing service fees when you apply by 31 July (t&cs apply). Get help with the application process with an HSBC relationship manager. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^
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$0.00
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$300.00
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yes - free
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yes - free online
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no
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3.47% p.a.
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3.48% p.a.
-
$150
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90.00%
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$50,000
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$7,500,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Discounted Home Value Loan
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Promoted
Bank of Queensland3.74% p.a.
3.90% p.a.
$1234
Product details Close detailsBank of QueenslandEconomy Home Loan
Owner Occupier, Principal & Interest
3.74% p.a.
3.90% p.a.
Take advantage of a low variable home loan interest rate with free redraw and flexible repayment options. There is no minimum or maximum loan amount so it’s suitable for everyone from first home buyers to luxury property moguls.
Economy Home Loan
Take advantage of a low variable home loan interest rate with free redraw and flexible repayment options. There is no minimum or maximum loan amount so it’s suitable for everyone from first home buyers to luxury property moguls.
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$10.00 monthly
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$320.00
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yes - free
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yes
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no
-
3.74% p.a.
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3.90% p.a.
-
$450
-
80.00%
-
-
-
-
-
Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Economy Home Loan
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Featured Product
Athena3.34% p.a.
3.30% p.a.
$1234
Product details Close detailsAthenaVariable Home Loan
Owner Occupier, Principal & Interest
3.34% p.a.
3.30% p.a.
With low rates, no fees, and automatic rate match, new-comer Athena wants you to love them and leave them. Refinance only. Minimum 20% deposit.
Variable Home Loan
With low rates, no fees, and automatic rate match, new-comer Athena wants you to love them and leave them. Refinance only. Minimum 20% deposit.
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$0.00
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$0.00
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yes - free
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yes - free
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no
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3.34% p.a.
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3.30% p.a.
-
$0
-
80.00%
-
$100,000
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$2,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
Read our Mozo Review to learn more about the Variable Home Loan
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What to look for when refinancing
If you’re taking the plunge to refinance your home loan, a low interest rate and some great incentives aren’t all you should be looking at. Here are a few other things to consider when looking for your new mortgage:
Low fees: When you say goodbye to your old home loan provider, there may be a discharge fee and when you find a new one, you may pay application, registration or valuation fees again. The good news is, there are plenty of options with low or no start-up fees to be found.
Flexible features: The interest rate isn’t the only thing you should consider when choosing a home loan. Features like free extra repayments or an offset account can also help you save on interest. Weigh up which features you’re likely to really use, and make sure you score a deal that includes them.
Flexible repayment structure: Another way to save money on your mortgage is to make repayments fortnightly, instead of monthly. This will chip away at your loan quicker, and save you interest in the long run, so if it sounds like a strategy you could use, look for a loan that gives you a choice of repayment frequency.
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