RBA rate pause presents opportunity to refinance home loans

A collage with house, coin stacks, calculator, and refinance form with curved arrow around it, representing refinancing

The Reserve Bank of Australia’s (RBA) decision to hold the cash rate at 3.60% in April presents Australian homeowners with the chance to refinance their home loan and find a cheaper rate. 

After an onslaught of ten consecutive cash rate rises, in the name of taming inflation, Australian borrowers finally have a moment to breathe, as banks have no rate rises to pass on to customers this month. 

RELATED: April RBA hike: which banks have increased home loan rates? 

Whether you’ve stuck with your current home loan since you purchased your property, or have compared refinancing rates and switched before, now could be a good time to take a look at where you could save.

Lenders typically make refinance rates more competitive, meaning you could save thousands of dollars a year in mortgage repayments, depending on how much equity you have in your home. 

There are numerous refinance home loan rates in the Mozo database right now that start with a 5, beating the average variable home loan rate of 6.09% p.a. 

RELATED: Refinance your home loan in 6 easy steps 

Before you refinance your home loan, here's a few tips 

But before you jump on the first rate you see, it’s worth doing a comparison and using a home loan refinancing calculator to work out how much you might save by switching lenders.

When it comes to refinancing your home loan, it should be noted that there can be refinancing costs associated with closing your current loan. So, you’ll need to factor those into your decision. 

Luckily, you may be able to balance out any of these fees from your current home loan by seeking out cashback offers from new lenders as an incentive to switch. 

Have a look at the featured refinance rates and deals below to see if you can score some extra cash in your back pocket, or read Mozo’s home loan guides for more tips on saving money on your mortgage.

Home loan comparisons on Mozo - last updated 24 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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    Details
  • Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.54% p.a.
    fixed 2 years
    7.10% p.a.

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

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    Details
  • Elevate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.20% p.a.

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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    Details
  • Flex Home Loan

    Owner Occupier, Principal & Interest, LVR 60-70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.24% p.a. variable
    6.48% p.a.

    Compare
    Details