Lenders launch ultra low rates for refinancers

By Gabriella Margerison · Wednesday, 24 February 2021 · 1 min read

Fact Checked

Hot off the press: Big-name lenders UBank, Suncorp, 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 Suncorp has dropped its 2 year fixed rate to just 1.89% (2.94% comparison rate*) and Loans.com.au is still making headlines with an introductory 1.99% discounted 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

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Important disclosures and comparison rate warning*

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Comparison rate warning

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.

How Initial Monthly Repayments figures are estimated

Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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.

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 Home Lender Bank of the Year 2020

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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%.

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

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The details:

This attention grabbing new home loan from popular online lender loans.com.au is designed to help you boost your savings, build your equity and to help you 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.

Suncorp Fixed Home Loan Special Offer

1.89% fixed rate for 2 years (2.94% comparison rate*)
Free extra repayments up to $500/month during fixed term
Money Magazine Bank of the Year 2020, 2019, and 2018

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The details:

Would you like the security of a lender with a familiar name that won’t make you compromise on rates? Well Suncorp’s Fixed Home Loan Special Offer could be just what you’ve been searching for, as it comes with a rock bottom 2-year fixed rate that is one of the lowest in our database. While there is a $375 annual fee to consider, Suncorp will actually waive it for borrowers in the first year, plus the loan also allows extra repayments during the fixed term (free up to $500 per month).

86 400 Neat Home Loan

2.19% variable rate (2.20% p.a. comparison rate*)
Free extra repayments and redraw
Cashback deal for refinancers

86 400’s newly launched Neat Home Loan ticks all of the right boxes, featuring a competitively low rate, low fee option for borrowers looking to keep their costs to a minimum and the ability to make extra repayments. Add in a free redraw facility and limited time cashback deal for refinancers and this could certainly be a home loan worth checking out. Ideal for refinancers with 40% deposit or equity.

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^* 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. You can change the loan amount and term in the input boxes at the top of this table. 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

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