Home loan refinance deals to save you thousands this spring

Kelly Emmerton   |   19 Sep 2017

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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

  • UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    3.59% p.a.

    3.59% p.a.

    A low rate Home Loan with no bank fees on variable rate loans. Easy & fast to apply. Choose between flexible repayments and make extra repayments for free on a variable rate home loan.

    • $0.00

    • $0.00

    • yes - free

    • yes

    • no

    • 3.59% p.a.

    • 3.59% p.a.

    • $0

    • 80.00%

    • $200,000

    • $699,999

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Details Close

  • Discounted Variable Home Loan Premium Plus Package

    Owner Occupier, Principal & Interest

    3.72% p.a.

    4.12% p.a.

    Experts Choice - Australia's Best Customer-Owned Banking & Home Lender of the Year 2018.

    • $395.00 yearly

    • $0.00

    • yes - free

    • yes - free

    • yes

    • 3.72% p.a.

    • 4.12% p.a.

    • $0

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Details Close

  • Low Rate Home Loan with Offset

    LVR<80%, Owner Occupier, Principal & Interest

    3.68% p.a.

    3.69% p.a.

    A Low Rate Home Loan with a $0 Application Fee, Free Redraws & Extra Repayments

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • yes

    • 3.68% p.a.

    • 3.69% p.a.

    • $0

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Details Close

  • Base Variable Rate Home Loan

    Owner Occupier, Principal & Interest

    3.87% p.a.

    3.91% p.a.

    $1,250 BONUS WITH AN ELIGIBLE NAB HOME LOAN BANKING BUNDLE (T&Cs apply). Low ongoing rate. Free extra repayments and redraw facility. Only 5% deposit and no annual or monthly fees.

    • $0.00

    • $350.00

    • yes - free

    • yes

    • no

    • 3.87% p.a.

    • 3.91% p.a.

    • $600

    • 95.00%

    • $20,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Details Close

  • The Online Home Loan

    LVR<70%, Owner Occupier

    3.70% p.a.

    3.70% p.a.

    An easy online application with upfront rates tailored to you & no ongoing fees

    • $0.00

    • $250.00

    • yes - free up to $10,000 p.a.

    • yes - free

    • yes - optional, $198 annual fee

    • 3.70% p.a.

    • 3.70% p.a.

    • $363

    • 70.00%

    • $150,000

    • $2,000,000

    • Variable

    • Principal & Interest, Interest Only

    • Owner Occupier

    • Fortnightly, Monthly

    Details Close

*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.

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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