There is never a bad time to refinance your home loan, especially when there are so many great, low-rate options on the market that could save you thousands of dollars in interest, simply by switching your mortgage to a more competitive offer.
But there are also a bunch of home loan features to keep on the lookout for when shopping around for your next home loan.
So to help out, we delved deep into our home loan comparison tables and picked out a handful of low-rate, feature-filled options worth considering when refinancing your home loan.
Newcastle Permanent Discounted Variable Home Loan
Variable rates from 3.64% (4.03% comparison rate*)
No upfront application fee
2018 Mozo Experts Choice Award - Home Lender of the Year
If you want a low rate on your freshly refinanced home loan but don’t want to skimp on high-end features like an offset account and fee-free additional repayments, this home loan could do the trick. The Discounted Variable Home Loan Premium Plus Package won Mozo Experts Choice Awards in the Best Packaged Home Loan and Split Home Loan categories and Newcastle Permanent took out the prestigious 2018 Home Lender of the Year award. Best of all, with no upfront application fee, you can apply for free today.
UBank UHomeLoan - Discount Offer
Bonus $1000 cashback into a USaver account when you refinance
UBank’s UHomeLoan will deliver an instant savings boost thanks to the bonus $1000 cashback offer available especially for refinancers but you’re also nabbing some of the best rates around town. Right now, UBank has applied discounts to its UHomeLoan rates, so depending on the loan amount you could nab a variable rate starting from 3.62%. Plus, you’ll also have maximum flexibility with a redraw facility and fee-free additional repayments for when your finances are booming.
If you’re looking to refinance and have had a bad customer service experience in the past, you want your next lender to treat you right, which is exactly what HSBC aim to do with their Personal Relationship Manager. But HSBC don’t just deliver the personal touch with the Discounted Home Value Loan, you’re also nabbing a competitive 3.59% variable interest rate and you won’t be bothered with any application or ongoing service fees throughout the life of your mortgage.
loans.com.au Essentials Variable 90
Variable rate of 3.52% (3.54% comparison rate)
Split loan facility
Mozo Experts Choice Awards Winner 2018 - Best Low Cost Home Loan and Best Investor Home Loan categories
Winning a Mozo Experts Choice Award is no mean feat, so with two to its name you can be sure that Loans.com.au’s Essentials Variable 80 is oozing with value. The 3.52% variable interest rate is one of the most competitive going around for Aussies looking to refinance and with a split loan facility available, you’ll be given the freedom to find an attractive fixed rate for part of your loan, if you wish. But be quick, this low-rate offer ends on April 16th.
Click Loans The Online Home Loan
Variable rate of 3.64% (3.64% comparison rate)
Easy, online application
Free redraw facility
If you don’t mind managing your finances online, The Online Home Loan could be just what the doctor ordered for your refinanced mortgage. Click Loans offer a 3.64% headline variable rate for owner occupiers with an LVR of 70% and on loan amounts between $150,000 and $2,000,000. But to make things a little more personal, you could have a tailor-made upfront rate within 30 seconds just by answering 8 simple questions on the ClickLoans website.
Bank Australia Basic Home Loan Special
Variable rate of 3.65% (3.66% comparison rate)
No ongoing fees
Loan repayment pause for eco-upgrades to your home or maternity leave
Refinancing with Bank Australia’s Basic Home Loan Special means you’ll be able to ditch the ongoing service fees you might be paying on your current mortgage and also reap the financial rewards that come with a low 3.65% variable rate. You’ll also have a few little luxuries, like the ability to pause your loan repayments to make any eco-friendly upgrades to your home or if you’re taking maternity leave. Oh, and did we mention that Bank Australia took out the title of Australia’s Best Bank in our 2017 Mozo Experts Choice Awards.
*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.