Record Aussie refinance surge as rates slashed

As home loan rates keep falling and Covid-19 keeps wreaking havoc across the nation, new data reveals that Aussie homeowners are rushing to cut costs by refinancing at record levels.

According to Nine News, refinancing hit a record high in May with close to $15 billion worth of home loans refinanced.* Savvy borrowers are taking advantage of some of the lowest home loan rates in history to lock in savings against a backdrop of financial uncertainty. 

Mozo money expert Kirsty Lamont said, “As home loan rates fall even lower and Covid rages on, it’s a strong bet the refinancing trend continues. The mortgage is the biggest household expense for millions of Aussies, so if you’re looking for ways to save it’s one of the best places to start.”

“Lenders continue to slash home loan rates to new lows and the average variable rate has now reached a new low of 3.18%, so it really is an ideal time to review your current home loan against the top rates on the market and see how much you could save by switching.”


HSBC - Discounted Home Value Loan
  • New 2.19% variable rate (2.20% comparison rate*) for borrowers with 70% LVR
  • Enjoy free extra repayments, online redraw and no ongoing fees
  • $3,288 cashback for refinancers - For a limited time
Find out more
The details:

HBSC is the first major bank in the Mozo comparison database to introduce a variable home loan rate this low for borrowers with 30% deposit or equity. The loan comes with all of the features you'd expect from a bank, including free extra repayments, a free online redraw facility, an optional split account and a dedicated relationship manager to guide you through the application process. And if you're refinancing $250,000 or more to HSBC, you can enjoy a generous $3,288 cashback for a limited time.

Macquarie - Basic Home Loan
  • Rates now starting from 2.29% variable and comparison rate* (minimum 40% deposit)
  • No application or account management fees
  • Free extra repayments and redraw
The details:

Macquarie is now Australia’s 5th largest home lender, and with offerings like this it’s not hard to see why. The Macquarie Basic Home Loan now has even lower variable rates, plus zero upfront or ongoing fees and a range of flexible features such as free extra repayments, a free redraw facility and a split account option. To start the simple application process, simply request a call on the Macquarie website. Available for loans of up to $5 million. - Smart Booster Home Loan
  • 1.85% discounted variable rate for 2 years
  • Rolls over to low ongoing 2.25% (2.21% comparison rate*)
  • Optional offset account plus free redraws and extra repayments
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The details:

This attention grabbing home loan from popular online lender 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.

Suncorp - Fixed Home Loan Special Offer
  • 1.89% fixed rate for 2 years (2.85% comparison rate*)
  • No monthly account keeping fees and no loan establishment fee
  • New $3,000 cashback offer for refinancers
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The details:

Super low fixed rate for 2 years? Tick. No upfront or ongoing fees? Double tick. Ability to make free extra repayments during the fixed term? Yep - up to $500 a month without penalty. This 2 year fixed home loan special offer from Suncorp really does tick all the boxes, and as the cherry on the cake there's a new $3,000 cashback offer for refinancers. Available on loans of $750,000 or more, with an 80% LVR.

Nano - Variable Home Loan
  • 1.99% variable and comparison rate* (refinancers only)
  • Zero upfront or ongoing service fees
  • Free 100% offset sub account
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 a 75% LVR plus unlimited additional repayments, free redraw, free 100% offset account, and a simple online application that makes it easy to apply.

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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. 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.

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