Refinancing means taking out a new home loan to pay out and replace your existing loan. Borrowers do this usually to replace a more expensive loan with a cheaper loan and thereby save money. The best home loan for refinancers is the one that best suits your particular and personal financial situation. You need to do your research to make sure that, if refinancing does involve any fees, that the long–term benefits of this move outweigh any initial costs. Most home loans in Australia now have very reasonable exit fees. Your first port of call should be a trusted comparison site so that you can look over the products that the market has on offer and drill down into their finer details. If you’re still undecided, then a chat with a financial adviser or mortgage broker is in order so that you stay on the right track. How much can I save by refinancing? A lot. Refinancing can save you hundreds of dollars per month in reduced repayments and thousands of dollars over the life of the loan. A small reduction in interest rate can translate to big reductions in the dollars required to repay a mortgage. Use a refinancing calculator to work it all out. Refinancing a typical $300,000 25-year home loan from a 4 per cent pa rate to a new loan charging 3.0 per cent pa could save you almost $50,000. According to the InfoChoice Refinancing Calculator. Monthly repayments could fall about $161 from $1,583 to $1,422. Top home loan refinancing deals in January 2020. Athena is an online lender specialising in home loans for refinancers only. The Athena Home Loan Variable Refinance is a P&I deal for refinancers only and you could get an interest rate as low as 3.05 per cent (comparison) as long as you have an LVR of 80 per cent or lower. Athena also offers a refinancing deal for investors with a comparison rate of 3.45 per cent (you’ll still need an LVR of 80 per cent or lower). The Suncorp Back to Basics Owner Occupied (P&I) home loan for owner occupiers has a maximum LVR of 90 per cent. Right now, in January 2020, the Suncorp Back to Basics loan has a variable rate of 3.03 per cent pa (comparison rate 3.04 per cent pa). there are no establishment fees and no ongoing fees plus discounts and rewards with the Suncorp benefits scheme. The Newcastle Permanent Building Society Premium Plus Package Home Loan offers a discount to new customers or refinancers which could mean an interest rate of 3.19 per cent (comparison rate 3.59 per cent pa). There’s an annual fee of $395, but you can apply with an LVR of 90 per cent or lower. The UBank UHomeLoan has very attractive rate starting at 2.84 per cent pa (comparison rate 2.84 per cent pa) with no application fees, no monthly fees and no annual fees. This loan is suitable for owner – occupiers with an existing LVR of 80 per cent or lower. The minimum loan amount is $100,000 and you may get a further discount for loans of over $200,000. Compare these home loans with 1800 other home loans from Australian banks, credit unions and other lenders. The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible. The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.