Lenders launch ultra low rates for refinancers


26 Mar 2021

Refinance rates article image content

Hot off the press: Big-name lenders UBank, Bank of Queensland, Athena and Loans.com.au have just dropped brand new refinance deals - each of which offers killer variable and fixed 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.

UBank's fixed home loan sits competitively at a crazy-low 1.75% fixed rate for 3 years (2.22% comparison rate*), while Bank of Queensland has dropped its 2 year fixed rate to just 1.89% (3.85% comparison rate*) and Loans.com.au is making headlines with a discounted 1.99% variable 1 year home loan rate, that rolls over to a low ongoing 2.48%. Meanwhile, online lender Athena has introduced a variable rate home loan worth celebrating with a jaw dropping 2.19% variable and comparison rate*.

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 along with some of the other lowest refinance rates on the market right now...

5 new home loan rates refinancers need to know about

UBank UHomeLoan
  • 1.75% fixed rate for 3 years (2.22% comparison rate*) - Limited time only!

  • Free extra repayments up to $20,000 p.a.

  • Mozo Experts Choice Best Fixed Home Loan 2021

The details:

UBank is the online bank created by NAB to shake things up in the borrowing and savings world, and boy have they succeeded! Bringing to the table super competitive interest rates, zero upfront or ongoing fees and speedy online processes, it’s little wonder UBank has become such a success story. This ultra low 3 year fixed rate home loan is available for loans of $200,000 or more with a minimum deposit of 20%.

Bank of Queensland Discount Fixed Rate
Bank of Queensland
  • 1.89% fixed rate for 2 years (3.05% comparison rate*)

  • Free extra repayments up to $5,000 each year

  • $3,000 cashback for refinancers (T&Cs apply)

The details:

BOQ is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. The BOQ Discounted Fixed Home Loan lets you secure a super low rate for two years while still having the flexibility to pay down your mortgage faster with free extra repayments of up to $5,000 a year. On top of that, you can enjoy a generous $3,000 cashback when you refinance to BOQ. Minimum loan size $250,000, 80% LVR or less.

loans.com.au Smart Booster Home Loan
  • 1.99% intro variable rate for 1 year

  • Rolls over to low ongoing 2.48% (2.47% comparison rate*)

  • Optional offset account plus free redraws and extra repayments

The details:

This attention grabbing home loan from popular online lender loans.com.au is designed to help you boost your savings, build your equity and own your own home sooner. With flexibility at its core, it features unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. Plus, there are no ongoing monthly or annual fees. Available to borrowers with a 20% deposit for loans of up to $1 million.

Athena Celebrate Variable Home Loan
  • New 2.19% variable rate (2.19% comparison rate*)

  • Mozo Experts Choice Home Loan Innovation Winner 2021

  • Minimum 60% LVR

The details:

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.

86 400 Neat Home Loan
86 400
  • 2.19% variable rate (2.20% p.a. comparison rate*)

  • Free extra repayments and redraw

  • Minimum 40% deposit

The details:

86 400 is Australia's first Smart Bank, and its newly launched Neat Home Loan ticks all of the right boxes. This great value home loan features one of the lowest variable rates in town plus super low fees for borrowers looking to keep their costs to a minimum. Borrowers have the ability to make free extra repayments and make use of a free redraw facility, and the simple online application process makes refinancing a breeze. Ideal for refinancers with 40% deposit or equity.

*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.

^See information about the Mozo Experts Choice Home loans Awards

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

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