Top lenders target refinancers with lower rates

Couple refinancing home loan on laptop

Interest rates are rocketing upwards right now, but if you're looking to refinance and have built up some decent equity in your property, it's still possible to secure a lower home loan rate and cut your repayments back down to size.

Ubank is wooing savvy refinancers with reduced variable rates for borrowers with low LVRs, while borrowers may also be able to find cashback deals for switching on top of competitive rates.

For borrowers who have built up good equity in their property, these offers could be your opportunity to save thousands and take years off your mortgage by refinancing.

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...

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TOP NEW REFINANCE HOME LOANS FEBRUARY 2024

Unloan - Variable Home Loan
  • 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only

The details:
Unloan is a stellar digital home loan built by CommBank, offering owner-occupiers a super low 5.99% p.a. variable rate (5.90% p.a. comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $10M. Minimum 20% deposit. Awarded Best New Home Loan in the 2023 Mozo Experts Choice Awards.^

Up - Variable Home Loan
  • 6.15% p.a. variable rate (6.15% p.a. comparison rate*)
  • No application, monthly, annual, redraw, or discharge fees
  • Free offset accounts available

With a competitive variable interest rate of 6.15% p.a. (6.15% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). They’ll also cover the first $400 of your property valuation. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank.

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Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

* 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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