Hot off the press: Big-name lenders HSBC, Macquarie, Athena and Nano have dropped brand new refinance deals - each of which offers killer variable rates in return for a generous deposit or equity on your property.
So if you've built up some decent value in your property, these new offers could be your opportunity to save thousands and take years off your mortgage by refinancing. Home buyers lucky enough to have saved up enough cash to pay for a larger home deposit up front can also take advantage of these stellar new rates.
For borrowers with 30% deposit or equity, HSBC has cut the variable rate on its popular Home Value Loan to an ultra-low 1.97% (1.98% comparison rate*) and new digital lender Nano has a 1.99% variable and comparison rate* for refinancers. Meanwhile Macquarie, Athena and Well Home Loans have slashed variable rates for borrowers with 40% deposit or equity in the battle for savvy refinancers.
So, if you’ve been holding out for the right refinance loan, then today could be your lucky day! Now, let’s take a closer look at what these new loans have on offer to see how they stack up...
5 new home loan rates refinancers need to know about
HSBC Discounted Home Value Loan
New 1.97% variable rate (1.98% comparison rate*) for borrowers with 70% LVR
Enjoy free extra repayments, online redraw and no ongoing fees
$3,288 cashback for refinancers - limited time only
HBSC is the first major bank in the Mozo comparison database to introduce a variable home loan rate this low for borrowers with 30% deposit or equity. The loan comes with all of the features you'd expect from a bank, including free extra repayments, a free online redraw facility, an optional split account and a dedicated relationship manager to guide you through the application process. And if you're refinancing $250,000 or more to HSBC, you can enjoy a generous $3,288 cashback.
Macquarie is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. The Macquarie Offset Home Loan now has even lower variable rates, plus 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraws, a split loan option and even repayment holidays for those times in life when you need to hit pause. There's a $248 annual package fee but no upfront fees to worry about.
Looking for a home loan that could save you thousands without having to sacrifice flexible features like an offset account and redraw facility? Look no further than this refinance home loan from competitive new digital lender Nano. This home loan ticks all the boxes, with an ultra low rate for refinancers with a 75% LVR plus unlimited additional repayments, free redraw, free 100% offset account, and a simple online application that makes it easy to apply.
The Athena Variable Home Loan is one of the best value home loans to hit the market for borrowers with at least 40% deposit or equity. This mortgage features a killer variable rate that stays great from start to finish and zero upfront or ongoing fees. On top of that, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to home buyers and refinancers buying an established property in a capital or major regional city.
This jaw-dropping new variable rate from online lender Well Home Loans is one of the lowest available for borrowers with 40% deposit or equity, making it a great choice for both equity release or refinancers looking to save money on their home loan. Flexible features include an offset account option, free extra repayments and free online redraw. There's an upfront fee of $750 but no valuation or ongoing fees.
*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.