Lenders target refinancers with ultra low rates

Interest rates are on the rise this month, but if you're looking to refinance and have built up some decent value in your property, there's still a way to secure a killer variable rate in return for a generous deposit or equity on your property.

Rival lenders led by the likes of Macquarie, Bank of Queensland, 86 400 and loans.com.au are all targeting savvy refinancers with super competitive variable rates. Meanwhile cutting-edge new digital lenders Nano and One Two have launched variable home loans under 2.00% for refinancers.

For borrowers with low LVRs, these 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 rates.

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

Macquarie - Offset Home Loan
  • New variable rates from 2.39% (2.67% comparison rate*) - minimum 40% deposit
  • 100% offset account, redraw facility and extra repayments
  • Free extra repayments and redraw
The details:

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 offers competitive 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.

Where do I get it? Head over to Macquarie to find out more >>

loans.com.au - Smart Booster Home Loan
  • New 2.10% discounted variable rate for 2 years
  • Rolls over to low ongoing 2.50% (2.46% comparison rate*)
  • Optional offset account for 0.10%

The details:

Popular online lender loans.com.au is a perennial award winner, and its new Smart Booster Home Loan delivers outstanding value. This low rate, low fee variable home loan is packed with useful features like unlimited extra repayments, free redraws and an optional offset account to boost your savings. With all this value on offer and no pesky ongoing fees to boot, this loan is a must-see. Minimum 20% deposit required.

Where do I get it? Head over to loans.com.au to find out more >>

86 400 - Neat Home Loan
  • Variable rates from just 1.89% (1.90% comparison rate*) - min 40% deposit
  • No Lenders Mortgage Insurance for borrowers with 15% deposit / equity
  • Fast and paperless online application process
Find out more

The details:
Australia's first Smart Bank 86 400 has ticked a lot of boxes with a low rate, low fee digital home loan for borrowers looking to keep their costs to a minimum. The Neat Home Loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its most competitive rates, while also being light on fees. There's a $250 settlement fee but no application fees or ongoing fees. Features include free extra repayments and redraw, and repayments can be made weekly, fortnightly or monthly.

Where do I get it? Head over to 86 400 to find out more >>

Nano - Variable Home Loan
  • 1.99% variable and comparison rate* (refinancers only)
  • Free offset account + zero upfront or ongoing fees
  • Mozo Experts Choice Best New Home Loan of 2022^
Find out more
The details:

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 an 80% LVR plus unlimited additional repayments, free redraw, free 100% offset account, and a simple online application that makes it easy to apply.

Where do I get it? Head over to Nano to find out more >>

OneTwo - Variable Rate Home Loan
  • 1.89% variable rate (1.79% p.a. comparison rate*)
  • Zero fees + score discounts as you pay off your loan
  • $2,000 refinance cashback for loans over $250K (t&cs apply)
Find out more

The details:
Australia’s newest lender, OneTwo Home Loans, has launched an innovative variable home loan that combines a low rate and zero fees with features that reward you for paying down your loan. Each time you pay off 5% of your original loan, OneTwo will drop your rate by 0.03% (discount capped at 0.15%). On top of this, OneTwo will match any extra repayments made in the first 6 months (up to $2,500).  Available to refinancers in metro NSW and Victoria. 80% LVR.

Where do I get it? Head over to OneTwo to find out more >>

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loans

home with heart

Looking for more options? Head over to our refinance home loan comparison table to find the right deal for you!

* 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.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.