Home loan refinance deals to save you thousands this spring

Kelly Emmerton

19 Sep 2017

redactor/hero-images/111/spring-home-loan-deals_content.jpg

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

  • Promoted

    loans.com.au

    3.03% p.a.

    3.05% p.a.

    $1234

    Product details Close details
    Go to site
    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, Limited time only.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 3.03% p.a.

    • 3.05% 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 Home Loan

    Go to site

  • Promoted

    UBank

    3.09% p.a.

    3.09% p.a.

    $1234

    Product details Close details
    Go to site
    UHomeLoan - Discount Offer

    One of Australia's leading digital banks. Easy & fast to apply. Free redraw with flexible repayments. Min. 20% deposit required. Low rate and no bank fees (on variable loans). Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 3.09% p.a.

    • 3.09% p.a.

    • $0

    • 80.00%

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

    Go to site

  • Promoted

    Athena

    3.09% p.a.

    3.05% p.a.

    $1234

    Product details Close details
    Go to site
    Variable Home Loan

    Low rates, no fees, and automatic rate match. New-comer Athena wants you to love them and leave them. Refinance only. Minimum 20% deposit.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 3.09% p.a.

    • 3.05% p.a.

    • $0

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

    Go to site

  • Promoted

    ANZ

    3.38% p.a.

    3.42% p.a.

    $1234

    Product details Close details
    Go to site
    Simplicity PLUS Special Offer LVR <80%

    Competitive low rate. No upfront or monthly fees. Flexibility to make extra repayments and redraw. Minimum 20% deposit required.

    • $0.00

    • $160.00

    • yes - free

    • yes

    • no

    • 3.38% p.a.

    • 3.42% p.a.

    • $0

    • 80.00%

    • $50,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Simplicity PLUS Special Offer LVR <80%

    Go to site

  • Promoted

    HSBC

    3.17% p.a.

    3.19% p.a.

    $1234

    Product details Close details
    Go to site
    Discounted Home Value Loan

    Unlimited free extra repayments and no ongoing service fees when you apply by 30 November 2019 (T&C’s 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.^

    • $0.00

    • $300.00

    • yes - free

    • yes - free online

    • no

    • 3.17% p.a.

    • 3.19% 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

    Go to site

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.

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.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.

More Aussies are choosing to borrow with a 10% deposit says APRA, but are they forgetting one important thing?

New way to borrow takes Australia by storm

Tell me more

Crazy RBA home loan rate cuts continue

Westpac may soon be offering a 35 year home loan, here’s what it could cost you

Tell me more

Home loan discount fever sparks switching frenzy

No RBA cut for September, but Aussies can still snag a hot home loan deal

Tell me more

Aussie borrowers dump big banks after RBA cuts

ME Bank slashes mortgage rates, claiming its most competitive variable rate yet

Tell me more

Australia's cheapest home loans of 2019