Over $50 billion home and investment loans were refinanced between January and March^, and that number is growing as Australians take advantage of the savings on offer.

Many homeowners put their mortgage on autopilot, but in today’s highly competitive mortgage market this set-and-forget method could mean your home loan is costing you more than it should.

Refinancing your home loan could be one of the easiest ways to save money, so it makes sense to look around regularly and see what offers are available.

As well as securing a lower interest rate, refinancing has other benefits. These include:

  • Cash bonuses for refinancing
  • New flexible features not available with your current loan
  • Access to discounts on complementary products such as credit cards, transaction banking and insurance


Use the comparison rate

There are many things to consider with a home loan, but the first point will most likely be the interest rate. When comparing rates, it’s important to look at the comparison rate, not just the advertised rate.

A comparison rate helps you understand the true cost of a loan, taking into consideration the interest rate, as well as fees and charges over the life of the loan.


Consider the costs

Refinancing your home loan is a straight-forward process, but there are generally some costs you should be aware of:

  • Break fees: If you’ve got a fixed rate home loan, there will probably be a fee associated with breaking your contract early
  • Valuation fees: Choosing to refinance likely means you will need to have your property professionally valued again, which generally costs $300-$800 depending on the location
  • Establishment and ongoing fees: Be sure to check any establishment and ongoing fees on your new loan

Although there are upfront costs involved, the long-term savings gained from refinancing often outweigh the switching costs, so it pays to do the numbers!

Features to look out for

While rate plays a big role in the decision to refinance, finding a loan with the features that suit you and your lifestyle also presents a great opportunity. Here are some features to look out for:

  • Offset facilities: An offset facility is a savings account linked to your home loan that allows you to use your savings to reduce the interest you pay on your home loan
  • Extra repayments: Does your home loan allow you to make additional repayments? If so, are there any prepayment fees associated with paying off the loan early?
  • Redraw options: If you’re in advance on your home loan, can you access the funds with a redraw facility?
  • Bonus benefits: If your home loan is part of a package offering, do you get any added benefits such as discounts on banking and insurance?


In today’s low interest rate market refinancing presents a wealth of potential savings. So why not take your home loan off autopilot and explore what’s on offer today!


Get the Complete Package

Access our lowest rates, 100% offset account, and extra benefits such as insurance discounts and no annual fee on our Low Rate Credit Card!*

Discover the Complete Package today: movebank.com.au/completehomepackage


* Insurance discount is only available over the phone or in branch. Discount is calculated on the premium and excludes GST and other levies. Insurance is issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. Any advice is general and does not take into account your personal circumstance. Consider the Product Disclosure Statement, available on the relevant insurance product page or by calling 1300 362 216, to see if the product is right for you. All credit card applications are subject to MOVE Banks standard credit assessment and eligibility criteria.

^ Statistics from MOZO: https://mozo.com.au/home-loans/articles/home-loan-refinancing-levels-ramping-up-abs