Refinancing demand expected to surge, says Nano

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As low interest rate deals continue to disappear, demand for refinancing is expected to grow as many banks begin to repay the $188 billion borrowed through the Reserve Bank’s Term Fund Facility (TFF) and pass the fees on to their customers.

The TFF was announced in March 2020 to offer three-year funding to authorised deposit-taking institutions like banks, mutual banks, credit unions and neobanks with ADI licences. The purpose of this funding was to help subsidise mortgage rates during the pandemic. But now that’s close to over.

Now with the new cash rate hike, founder and chief executive of neobank Nano, Andrew Walker says, “If market expectations of rising rates are correct, these will be significantly higher, leading to a sharp lift in repayments. We expect those customers will be hungry for better, fairer rates.”

Recent Australian Bureau of Statistics data found that Australians are refinancing at about $14 billion a month, up 18.7% from last year.  

The neobank said that many of its new refinancing applicants are homeowners that are switching from a traditional bank because they are unhappy with their home loan rates. 

The disappearance of most 2% fixed interest rates and the recent cash rate increase has many homeowners looking for lower mortgage rates to aid in keeping their repayments manageable.

If you are looking to refinance your home loan, check out our home loan rate change calculator to see how your repayments may change. Alternatively, you can check out some rates on offer below.

Loan details

Rate change

Repayment change if rates go up

Home loan comparisons on Mozo - last updated 11 August 2022

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  • Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    3.60% p.a.variable for 24 months and then 4.00% p.a. variable
    3.96% p.a.

    Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Details
  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Details
  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

    Details
  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

    Details
  • PAYG Investor Loan

    Investment, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.64% p.a. variable
    3.68% p.a.

    Low variable rate. Ideal for investors buying or refinancing. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

    Details
  • Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    3.74% p.a.variable for 12 months and then 4.23% p.a. variable
    4.22% p.a.

    Already includes July RBA rate increase. No monthly or ongoing fees. loans.com.au has some of the fastest settlement times on the market. They can meet 30-day settlement timeline so you can start saving thousands, as soon as possible! Mozo award-winning online lender, friendly and local Australian based team.

    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    3.27% p.a. variable
    3.28% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.

    Details
  • Mozo Expert Choice Badge
    No Frills Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.99% p.a. variable
    2.99% p.a.

    The Qudos Bank No Frills Home Loan features a competitively low rate for borrowers who don’t need all the bells and whistles. There are $0 bank fees. Weekly, fortnightly or monthly repayment options. Unlimited extra repayments at no cost. Instant redraw available with online banking. Split your loan with fixed rate loan options.

    Details
  • Back to Basics Special

    LVR<70%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.22% p.a. variable
    3.23% p.a.

    Receive up to $4,000 cash when you take out an eligible Suncorp Bank home loan. Apply by 30 November 2022, settle by 28 February 2023. No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. T&Cs apply.

    Details
  • Mozo Expert Choice Badge
    Variable Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    3.34% p.a. variable
    3.38% p.a.

    Purchase and Refinance. Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, optional 100% offset account. Enjoy a simple online application.

    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.32% p.a. variable
    3.33% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 August 2022 and settle by 31 October 2022.

    Details
  • Green Home Loan

    Investor, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.89% p.a. variable
    4.31% p.a.

    Great low rate on investment loans when you package with your owner-occupied loan. Get a 7.0 star NatHERS rating or higher for up to 1.79% discount on your variable rate home loan. For homes less than 12 months old.

    Details
  • Evaporate Variable Home Loan

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

    interest rate
    comparison rate
    Initial monthly repayment
    3.84% p.a. variable
    3.81% p.a.

    Fast online application. Zero application fees. Zero ongoing fees. Free extra repayments and redraw facility. Minimum 30% deposit. Ideal for buyers or refinancers.

    Details
  • Variable Home Loan 70

    interest rate
    comparison rate
    Initial monthly repayment
    3.10% p.a. variable
    3.12% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

    Details
  • Offset Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.19% p.a. variable
    3.45% p.a.

    Ability to open up to 10 offset accounts per loan account. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). Apply online in as little as 15 minutes.

    Details

* 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, loan amount and term entered. 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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