The best time to refinance your home loan? Right now.

It's never a bad time to look at refinancing your home loan. However, the best time is when interest rates are at all-time lows. Learn about refinancing.

There’s never a bad time to look at refinancing your mortgage. The best time, though, is when interest rates are at all-time record lows, as they are at the moment.

With the Reserve Bank holding the official cash rate at 0.1% for the last few months, first things first is to check if you're on a good rate or not by checking your loanScore.

Check your loanScore now.

Paul Sealey, UNO expert broker explains that whether she’s speaking to a customer, friend or family member, the conversation is always around why now might be the best time to take another look at their mortgage.

“We should be taking advantage of the fact that now you might be able to have cheaper repayments and have extra cashflow,” he says. “And all those extra funds can allow you to make extra payments off your loan so you can own your home quicker.”

How much can I save by refinancing? Use UNO's calculator to estimate your savings.

Refinance calculator

Even leaving aside interest rates, Sealey said there are many reasons borrowers choose to refinance. “It depends on whether a person wants to consolidate their debt, whether they want to renovate, or whether they want to make another purchase – maybe buy an investment property. I guess the main reason would have to be reducing their payments, and the way they would do that is by refinancing to a cheaper interest rate.”

He cites the example of UNO customers from Queensland who successfully refinanced their home loan. “If we took the money that couple saved from the repayments they were making and put it back into the home loan, they were actually going to shave 11 years off their mortgage,” Moore says. “It’s a massive amount of money you can put back into your mortgage to help pay that home loan off quicker.”

Another factor that leads people to refinance is the chance to move to a more flexible loan. This may certainly be the case for those who borrowed many years ago, and might not have been aware or able to take up options such as an offset facility.

“It’s about people becoming more aware of the functionality of a home loan,” Sealey says. “It might be an offset facility, redraw facility or having a loan where you can fix 50 per cent of your home loan and leave the other 50 per cent variable. People are becoming a lot more conscious of what a home loan product is and what features they can have.”

He says those looking to refinance need to be aware of costs that may be incurred by leaving their current lender. “There could be exit fees and if they’re in a fixed rate, there could be break costs which they might not be aware of,” he says. “Sometimes there might not be any fees but in most cases you will see a fee or two - but with the cash back offers available, often this can be reduced.”

The best plan is to look at your options and weigh up the best deal for your current circumstances, Sealey says. Sometimes the best way to avoid costly exit fees is to find a better deal with your current lender.

“A lot of people have comfort in where they are and they’re possibly not aware that their lenders might have different products that are more suitable for their current needs,” he says. “We’re more than happy to recommend or even explore whether their current lender has a better, more suitable product.”


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Kathryn Cretney
November 14, 2024
Paul helped us from day one before we even arrived in Australia so we knew exactly what we needed to prepare. He’s got a tonne of knowledge and was really lovely and supportive to deal with. Helpful and easy going. Would highly recommend - now in our first Aussie home and Paul made the process all very easy!
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Sean O'Neill
November 14, 2024
We received excellent service and a tailored solution to our home loan requirements from Uno. Paul kept us informed at all milestone stages and throughout the process he demonstrated a ‘can do’ attitude that ultimately allowed us to get over the line and meet our deadline. We’re most grateful and very impressed. Highly recommend
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Crush Huston
November 8, 2024
Paul is an amazing broker. Communicative, responsive and knows his stuff! Highly recommend
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Amanda Pearce
November 7, 2024
After just four months in Australia, our New Zealand home sold, prompting us to stop renting and invest locally. We found Paul through a Kiwi Facebook group, and his exceptional service exceeded our expectations. From initial contact, Paul provided clear explanations, friendly communication, and prompt responses to our queries, making our mortgage process remarkably smooth. We highly recommend him.
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Dom Saric
November 3, 2024
Mike Parsons went above and beyond to ensure that our refinancing journey was painless and successful. He was communicative, accessible (even working while on holidays!), and his knowledge of the systems at play meant that he picked up on things that other brokers missed. Would 100% recommend Mike, and will definitely be back next time we need a broker.
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Ashleigh Breaden
October 31, 2024
Mike Parsons handled our refinance of our home loan with ease and a depth of knowledge that ensured we got the best deal possible for our situation. We didn't have an easy one to solve for with my husband being self employed and we were consolidating finances as well for a car loan. But Mike handled it all for us and once we had provided him with all the documents we literally didn't have to do a thing after that, it was so easy and so quick we are super happy with the experience! Top notch! Highly recommend!!
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Kyle Richards
October 10, 2024
Absolute legend, helped me through the first home buyers scheme, explained everything in a way that made sense, was very knowledgeable and a joy to work with.
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Chloe S
October 8, 2024
Mike Parsons made it possible for us and the in laws to get 2 pretty complicated home loans. He helped us through everything and we'd be happy to use Mike and the team again for anything we needed. Thanks again!
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Sam Rezai
October 2, 2024
I have gone through 6 different mortgage brokers prior to meeting Andrew Wyers. He is the most patient mortgage broker I’ve encountered and also the most knowledgable about the bank’s lending process and products available. It took me 1 year to find a house I was happy with and Andrew was always there to assist with any issues or questions I had; he always return my phone call, even on the weekends or when his away on holidays. The loan process was smooth and I had no complications. The process with Andrew was again nice and easy, he took the time to find and put together the right package that was suited to my situation. I have recommended Andrew to my family & friends and everyone have been grateful and completely satisfied with his service.
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S Wilko
September 23, 2024
I had not dealt with Scott or UNO before finding them on the internet. Even as an Australian citizen living and working overseas, I knew obtaining a loan would be difficult. However, Scott went above and beyond what I expected from a mortgage broker. I genuinely don’t think you could find another company that works as hard as they did to get my home loan approved. I cannot recommend them highly enough. Everyone I dealt with at UNO were extremely professional and helpful. If you are looking for a broker, you would be mad not to give them a go. Thanks to Scott Wilkinson, Dalby Bajwa, Jena Lasquite and Andrew Pacini. Shaun.
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Shan Liao
September 3, 2024
I had an outstanding experience with Tian Liu. He was incredibly professional and attentive, going above and beyond to meet my needs. His expertise and dedication made the entire process smooth and stress-free. Tian's deep knowledge of the market and commitment to finding the best solutions for his clients truly sets him apart. He was always available to answer my questions and provided invaluable guidance throughout. I highly recommend Tian Liu to anyone in need of a reliable and skilled broker!"
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Nathanael Chin
September 3, 2024
Tian Liu provided exceptional service throughout the entire process. His professionalism and keen attention to detail were evident from the start. Tian consistently kept us informed and offered insightful advice that made us feel confident in our decisions. He truly cares about his clients and works tirelessly to ensure the best possible outcome. We couldn't be happier with his assistance and highly recommend Tian to anyone looking for a trustworthy and knowledgeable broker.
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