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

  • UBank

    3.59% p.a.

    3.59% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    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

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • HSBC

    3.59% p.a.

    3.61% p.a.

    $1234

    Product details Close details
    Discounted Home Value Loan

    Discounted rate for the life of the loan. A relationship manager to help you through the application process.

    • $0.00

    • $300.00

    • yes - free

    • yes - free online

    • no

    • 3.59% p.a.

    • 3.61% p.a.

    • $150

    • 90.00%

    • $50,000

    • $7,500,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discounted Home Value Loan

  • loans.com.au

    4.29% p.a.

    4.31% p.a.

    $1234

    Product details Close details
    Essentials Variable 80

    No monthly or ongoing fees. Unlimited additional repayments.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 4.29% p.a.

    • 4.31% p.a.

    • $520

    • 80.00%

    • $50,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Investor

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Essentials Variable 80

  • ME

    3.97% p.a.

    3.99% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    No fees to redraw & low variable rate. Meet a mobile banker at a time or place that suits you.

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • 3.97% p.a.

    • 3.99% p.a.

    • $400

    • 80.00%

    • $40,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • NAB

    3.99% p.a.

    4.03% p.a.

    $1234

    Product details Close details
    Base Variable Rate Home Loan Special Offer

    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

    • 3.99% p.a.

    • 4.03% p.a.

    • $600

    • 95.00%

    • $20,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

*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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