Refinance deals of 2019: home loans that could help you to save big on your repayments

Kylie Moss

08 Jan 2019

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Are you looking to save some extra money in 2019? Home loan refinancing is one of the clever tactics that money savvy borrowers utilise to their advantage to save money on their monthly repayments or get mortgage free sooner.

Is home loan refinancing right for you? Refinancing is especially suited to homeowners that have built up at least 20% equity in their home and are not on a fixed rate loan. Fixed rate loans often have break costs if you terminate early that can negate any savings you’ll make by switching.  

If switching is something you’re considering or eligible for, it’s time to pull out your current mortgage statement, check your interest rate, review the fees and features of your loan and compare it to the following refinancing deals on Mozo.

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UBank UHomeLoan - Discount Offer
  • 3.59% variable interest rate (3.59% comparison rate*)

  • No annual or application fees

  • Free extra repayments and redraw facility

You can do just about everything online these days - including finding a killer low rate home loan! Super low interest rates, no annual, ongoing or application fee (variable rate loans) and 100% online support to guide you through the process from start to finish. UBank is also backed by NAB. Suited to borrowers looking to refinance loans between $200,000 and $700,000.

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loans.com.au Essentials Variable 90
  • 3.64% variable rate (3.66% comparison rate*)

  • No ongoing fees, fee free redraw and extra repayment facilities

  • 2018 Mozo Experts Choice Award Winner - Low Cost Home Loan

The Essentials Variable 80 home loan has consistently been among the Mozo Experts Choice Awards winners list year on year. It’s a great value home loan with low rates, no ongoing fees and money-saving features like unlimited additional repayments. The 100% online application and approvals will suit refinancers who like to do their banking digitally. The minimum loan for refinancing is $50,000, but you can refinance loans up to $2 million. Maximum LVR is 80%.

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HSBC Discounted Home Value Loan
  • 3.59% variable rate (3.61% comparison rate*)

  • No ongoing fees

  • Discounted rate for the life of the loan

A low rate home loan that also has the type of flexible features that anyone who is refinancing would want access to. Things like the flexibility of choosing between weekly, fortnightly and monthly repayments, the option to make extra repayments anytime for free and a redraw facility if you find you want access to that cash later down the track, and a dedicated relationship manager to walk you through the switching and application process. Refinance loans as little as $50,000 up to several millions.

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ME Basic Home Loan
  • 3.89% variable rate (3.91% comparison rate*)

  • No ongoing fees

  • Free extra repayments and redraw facility

If your refinancing goal is to find a basic home loan with a competitive rate and no ongoing fees, this could be your new home loan. You can take advantage of the free extra repayments anytime and also use the free redraw if you ever need. The option is yours to select how frequently you want to make repayments whether its monthly or weekly. Plus, the added bonus is that you don’t even need to make a trip to the bank, a ME mobile banker will come to you, when it’s convenient to you to help you sort out the requirements for switching loans.

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Well Home Loans Well Balanced
  • 3.49% variable rate (3.53% comparison rate*)

  • No valuation fee

  • Offset account available ($10 p/month)

One of Australia’s new online lenders, the Well Balanced loan is packed full of features that help you to minimise your home loan repayments and switching costs as there is no valuation fee. The loan has a super low variable rate, free extra repayments and an optional offset account feature. Apply anytime, the whole process is 100% online and once you’ve got your home loan you simply manage your repayments digitally. Must have an LVR of up to 80%.

*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.

Didn’t find quite what you were after? Check out some other stellar options to refinance your home loan.

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