Refinancing? Keep low LVR home loans on your radar

By Katherine O'Chee and Evlin DuBose
Fact Checked
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Collage of people stacking red equity blocks in towers.

Given that $19.3 billion worth of home loans were refinanced in April, it’s clear many Australian homeowners are jumping at the opportunity to switch to ultra-low rates and save on interest.

When shopping around, it pays for refinancers to remember they have one big advantage over first home buyers that could help them snag an even better deal: their loan-to-value ratio (LVR) – or the percentage of their property owed to the bank – tends to be lower. 

That’s because refinancers would have naturally built up equity in their home over the years of paying down their mortgage, therefore owning a larger portion of their property. Not to mention, their property value may have also gone up due to a renovation or increased demand in the area.

Having a lower LVR could get you cheaper rates, which borrowers with a standard 20% deposit aren’t able to access. In fact, there’s been an interesting trend of lenders serving up their top rate discounts to customers with LVRs as low as 60%.

Take Athena’s AcceleRATES Variable Home Loan, for instance, which automatically rewards borrowers with better rates as they pay down their mortgage and enter lower LVR tiers.

Check out a few options for low LVR deals below.

70% LVR home loan deal

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Important disclosures and comparison rate warning*
loans.com.au - Variable Home Loan 70
  • Interest rates from 5.85% p.a. (5.87% p.a. comparison rate*)
  • No monthly or ongoing fees
  • 2023 Mozo Experts Choice Home Loan Award winner in the "Low Cost Home Loan" category
Find out more

Online lender loans.com.au is offering a killer deal to owner occupiers borrowing up to $1 million with at least 30% in home equity. Variable rates start from 5.85% p.a. (5.87% p.a. comparison rate*), and there are no application or ongoing fees to worry about (though there are other upfront frees like a settlement charge). Plus, you get to make as many free extra repayments as you’d like, with the option to redraw those funds should you need to. An offset account is also available with an additional 0.10% interest.

Head to our hub page for more information on loans.com.au's 2023 Mozo Experts Choice Home Loans win.

60% LVR home loan deal

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Important disclosures and comparison rate warning*
Macquarie - Basic Home Loan
  • Variable rates from 5.54% (5.56% comparison rate*)
  • No upfront or ongoing service fees
  • Macquarie won Australia's Best Bank at the 2022 Mozo Experts Choice Banking Awards
Find out more

Macquarie rewards its borrowers with a 60% LVR in more ways than one. On top of minimal fees and competitive variable rates from 5.54% (5.56% comparison rate*), you’ll also have access to features including free extra repayments and redraws and a split loan account (T&Cs apply). Plus, if you tack on a Macquarie transaction account, you could get discounts at 60 online shopping outlets through the Macquarie Marketplace (T&Cs).  

Head over to our hub page for more information on Macquarie's 2023 Mozo Experts Choice Bank Awards win. 

Looking for a home loan? Head on over to our refinance home loans comparison hub to shop around, or browse the table below.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 23 November 2024 Important disclosures and comparison rate warning*

Refinance home loan comparisons on Mozo

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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 online in minutes.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    5.74 % p.a.
    Fixed 3 years
    Comparison rate
    6.81 % p.a.
    Initial monthly repayment
    $2,915

    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.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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 online in minutes.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Elevate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    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.

Showing 6 of 430 home loans. Use the filters to see more
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* 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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

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