Mortgage stress is on the rise in Australia and just because the RBA has left rates at the record low of 1.50% for another month, doesn’t mean the banks are following suit.
In fact, recent Mozo research shows that 87% of all variable home loan rates have risen in the past two years.
If you’re feeling the squeeze of rising interest rates, it might be time to refinance your home loan to a better deal. Here are three hot refinance deals handpicked by the Mozo money editors:
Bankwest Equaliser Home Loan
With the Bankwest Equaliser home loan, you’ll get a 1.51% discount off the average of three big banks’ standard variable rates for the first three years, so you can switch with confidence. After the intro period ends your rate will revert to the discounted Bankwest standard variable rate. It’s available to owner occupiers borrowing up to 80% of the property value.
Bank Australia Basic Home Loan Special
If you’ve built up enough equity in your mortgage that your loan to value ratio is 70% or under, you can snag a special low rate of 3.74% by refinancing with the Bank Australia Basic Home Loan. There are no ongoing or upfront fees to budget for, and you can make use of flexible features like free extra repayments, redraw facility and the chance to take a repayment holiday.