Hot off the press: Big-name lenders HSBC, Macquarie, loans.com.au and Athena have just dropped brand new refinance deals - each of which offers killer variable rates in return for a generous deposit or equity on your property.
So if you've built up some decent value in your property, these new offers could be your opportunity to save thousands and take years off your mortgage by refinancing. Home buyers lucky enough to have saved up enough cash to pay for a larger home deposit up front can also take advantage of these stellar new rates.
For borrowers with 30% deposit or equity, HSBC has cut the variable rate on its popular Home Value Loan to an ultra-low 2.19% (2.20% comparison rate*) and loans.com.au has just released a new 2-year discounted variable rate of 1.85% that rolls over to a low ongoing 2.25%. Meanwhile Macquarie, Athena and Yard have slashed variable rates for borrowers with 40% deposit or equity in a battle to win over savvy refinancers.
So, if you’ve been holding out for the right refinance loan, then today could be your lucky day! Now, let’s take a closer look at what these new loans have on offer to see how they stack up...
5 new home loan rates refinancers need to know about
HSBC 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 - Apply by 31 July
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.
Macquarie is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. 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.
This attention grabbing home loan from popular online lender loans.com.au 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.
The Athena Variable Home Loan is one of the best value home loans to hit the market for borrowers with at least 40% deposit or equity. This mortgage features a killer variable rate that stays great from start to finish and zero upfront or ongoing fees. On top of that, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to home buyers and refinancers buying an established property in a capital or major regional city.
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 the variable home loan from competitive new online lender Yard. This home loan ticks all the boxes, with an ultra low rate for borrowers with a 70% LVR plus unlimited additional repayments, free redraw, a 100% offset account for an extra $10 a month, and a simple online application that makes it easy to apply.
*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.