Home loan refinance deals to save you thousands this spring

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 - last updated 9 August 2022

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  • 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

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.

* 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.

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