Home loan comparison

Lender

Variable
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loans.com.au – Variable Home Loan (LVR < 90%)

    Variable
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    HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%)

      Fixed
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      Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year

        Variable
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        Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%)

          Variable
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          Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest)

            Fixed
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            IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%)

              Variable
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              Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%)

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 25, 2024. View disclaimer.

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                Purchase: Refinance Home Loan Calculator

                For help deciding if refinancing your mortgage is worthwhile, Savings.com.au’s home loan refinance calculator could be a good place to start.

                o find out how much you could potentially save, enter the following info:

                • Current interest rate
                • Current loan balance
                • Remaining term (how many years you have left on the loan)
                • Current repayment frequency (weekly, fortnightly or monthly)
                • Any fees you have (ongoing, termination fees) or will have to pay on the new loan

                Then, enter your new loan’s interest rate, as well as any potential introductory rate, and compare the results between the different loans so you can get an idea of whether it’s worth refinancing or not.

                What is refinancing and why should I do it?

                As refinancing really only refers to moving your loan to another lender. The alternative would be negotiating your existing loan with your current lender. An internal refinance with your same lender would only be used for changes to the title (ie, adding a borrower).

                There are many reasons why you might decide to refinance your mortgage, for example:

                • To get lower interest rates
                • To access additional loan features such as an offset sub-account or redraw facility
                • To gain equity
                • To consolidate debts

                What to do I do before I refinance?

                Before you refinance your home loan, you need to think about what you want to achieve. Do you want lower interest rates, access to additional loan features, to access equity, or consolidate debt? Once you’ve narrowed down what you want, it will be easier to find a new lender or loan product that will suit your current needs.

                You should also calculate the costs of refinancing to see if it makes financial sense to make the switch. Depending on your lender, you may incur exit or discharge fees for refinancing, and you may be charged upfront, application or valuation fees with your new lender. If it costs more to refinance than you’ll save by refinancing, then it may not be worth making the switch.

                It’s also a good idea to compare home loans to see if your new loan is better than your current loan to see if your new loan has more benefits OR suits you better than your current loan

                Before you commit to changing lenders, chat to your current lender first. They don’t want to lose you as a customer, so they might be able to offer you a lower rate or additional features.

                Should I use a broker or go direct to the lender?

                When you refinance, you can either go directly to the lender or bank yourself, or you can choose to use a mortgage broker. If you choose to refinance yourself, you will need to do all the research to find your new lender, whereas a broker will do all the hard work for you, and might even be able to secure you a better deal on your new home loan. With this being said, a broker will likely charge you a fee for their work, whereas doing your own research is free. Choosing whether to use a broker or find a new loan yourself is completely up to you, and depends on your preferences and time restrictions.

                When should I refinance?

                There are no rules on when you should refinance, however there are suggestions you can follow depending on what type of home loan you currently have. If you have a variable home loan, many people consider refinancing every three or four years, if your current loan no longer meets your needs. In this time, your loan balance will reduce and your property value will (likely) increase, which appeals to lenders and puts you in a good position to get a better rate.

                If you have a fixed rate home loan, you can still refinance during the fixed rate period. It’s suggested you wait until the end of the fixed term before you refinance to avoid extra break costs or exit fees, however, if your new loan product will save you significant money, it may be worth paying the fixed rate break costs and switching during the fixed period.

                How do I refinance?

                After you’ve done your research and have found a new loan product, it’s time to apply. Applying when refinancing is similar to applying for the initial loan - you’ll need to fill out paperwork, provide supporting documents and identification, and will be examined by the lender. Your new lender will arrange for your property to be valued, even if you had a valuation when you first purchased the property. This is because your property value will have likely changed from the time you applied for the initial loan. Once the lender has assessed your application, you may be approved.

                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. Rates correct as of 9 July 2024.

                ^The addition of offset sub-account means your comparison rate will change.

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