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STILL WANT TO SWITCH AND SAVE?

You can still refinance & save

Top Popular Loans

Popular Home Loans

Advertised Rate

1.99

% p.a

Variable

Comparison Rate*

2.02

% p.a

Company
Repayment

$1,107

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.30

/ 5
Go to site
More details
Advertised Rate

1.99

% p.a

Intro 12 months

Comparison Rate*

2.47

% p.a

Company
Repayment

$1,182

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

3.56

/ 5
Go to site

Winner of Best Refinance Home Loan, Best Variable, RateCity Gold Awards 2021

More details
Advertised Rate

1.88

% p.a

Fixed - 2 years

Comparison Rate*

2.86

% p.a

Company
Repayment

$1,091

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.23

/ 5
Go to site
More details
Advertised Rate

1.75

% p.a

Fixed - 1 year

Comparison Rate*

2.31

% p.a

Company
Repayment

$1,072

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

3.69

/ 5
Go to site
More details
Advertised Rate

2.94

% p.a

Variable

Comparison Rate*

3.34

% p.a

Company
Repayment

$1,255

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.57

/ 5
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 2 years

Comparison Rate*

3.88

% p.a

Company
Repayment

$1,107

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.11

/ 5
Go to site
More details
Advertised Rate

2.19

% p.a

Variable

Comparison Rate*

2.20

% p.a

Company
Repayment

$1,138

monthly

Features
Redraw facility
Offset Account
Borrow up to 60%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.01

/ 5
Go to site
More details
Advertised Rate

1.99

% p.a

Fixed - 3 years

Comparison Rate*

2.69

% p.a

Company
Repayment

$1,107

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.09

/ 5
Go to site
More details
Advertised Rate

1.89

% p.a

Fixed - 2 years

Comparison Rate*

2.72

% p.a

Company
Repayment

$1,092

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

3.94

/ 5
Go to site
More details
Advertised Rate

2.19

% p.a

Variable

Comparison Rate*

2.20

% p.a

Company
Repayment

$1,138

monthly

Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.60

/ 5
Go to site
More details
Advertised Rate

2.59

% p.a

Variable

Comparison Rate*

2.63

% p.a

Company
Repayment

$1,199

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

3.37

/ 5
Go to site

Winner of Best Home Loans Over 1m, Best Variable, RateCity Gold Awards 2021

More details
Advertised Rate

1.79

% p.a

Fixed - 2 years

Comparison Rate*

3.35

% p.a

Company
Repayment

$1,078

monthly

Features
Redraw facility
Offset Account
Borrow up to 90%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

2.76

/ 5
Go to site
More details
Advertised Rate

2.09

% p.a

Fixed - 3 years

Comparison Rate*

3.58

% p.a

Company
Repayment

$1,122

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

3.45

/ 5
Go to site
More details
Advertised Rate

3.67

% p.a

Variable

Comparison Rate*

4.08

% p.a

Company
Repayment

$1,376

monthly

Features
Redraw facility
Offset Account
Borrow up to 95%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.76

/ 5
Go to site
More details
Advertised Rate

4.24

% p.a

Variable

Comparison Rate*

4.26

% p.a

Company
Repayment

$1,060

monthly

Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.67

/ 5
Go to site
More details
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FAQs

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

SUCCESS STORIES

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Ana and Marian

Owner occupiers Truganina, VIC

"When we first moved to Australia, we joined ANZ, so naturally we got a mortgage with them too. But we weren’t happy with their rising rates so I did some research and swapped to Reduce. They were very kind and helpful, and now we’re saving almost $400 a month!"

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Steve and Emily

Owner occupiers Roweville, VIC

"We had been on a Westpac mortgage for 10 years when they sent us letters saying they were raising rates. We spoke to ING and they quickly got the ball rolling. I’m self-employed and even for me it was a straightforward process. Now we’re saving over $2,500 a year."

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Nick

Owner Occupier & Investor Southport, QLD

"I’d been with CBA since I was a kid. One day I found a lower rate with Reduce Home Loans on a comparison site and made the switch. Reduce made it easy and straightforward, and now I’m saving almost $5,000 each year on my home and investment property."

WHAT IS THE SWITCH AND SAVE SALE?

While Australian borrowers have a variety of financial comparison websites to choose from, such as Mozo, Infochoice, and Finder, Australia’s biggest home loan sale was hosted by RateCity in May 2017.

One of the first events of its kind in Australia, the RateCity Switch & Save home loan sale saw many Australians refinance from their current mortgage provider to a new lender and potentially save thousands on their home loan.

The second RateCity Switch & Save Sale is coming soon in 2018 – to make sure you don’t miss out on exclusive home loan savings, sign up for RateCity emails. Not only will you be one of the first to know when the 2018 home loan sale is announced, but you’ll also receive regular news and updates on other special financial offers.

Before you refinance, you’ll want to have the following information handy:

• Amount owing on your existing mortgage
• Current interest rate
• Approximate value of your property
• Proof of your current income
• Details of any other loans or investments
• Personal details (proof of identity, address, residency etc.)

Some lenders may require different paperwork. The more information you can provide, the more accurately a lender should be able to assess your application to refinance.

If you’d rather wait until Australia’s biggest home loan sale kicks off again, then sign up for our email alerts to be the first to know when it kicks off.