Australia

Finder Awards 2020 Best Refinance Home Loan (OO)

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Best Refinance Home Loan (OO)

Freedom Lend Variable Home Loan - LVR

With a low rate, 100% offset account and no fees this loan is a strong option for refinancers looking to switch to a more affordable loan with all the useful features and flexibility.

Finalists:

Methodology: Best Refinance Home Loan (OO)

Here's how our expert analysts assessed the Best Refinance Home Loan (OO) category to pick the 2020 winner.

Selection and scoring

Products were selected from the broader market that met these criteria:

Minimum loan amount $200,000 or below, maximum loan amount $500k or higher
70%+ max insured loan-to-value ratio available
Variable
P&I
Min 80% loan-to-value ratio available
Interest rate between 2% and 5%

Scores were awarded out of 10 for each product metric, based on how each metric compares to the other products in a given category.

Scores for each metric were then weighted:

Interest rate: 80%
Total fees: 10% including application fees, service fees, settlement fees, valuation fees, legal fees, exit fees
Offset account: 10%

Tiebreakers were ranked by the lowest interest rate.

Availability criteria

Product must be available at the time of award announcement.
Products were analysed and compared to the market on the following dates:

1/9/19 (Q1)
1/12/19 (Q2)
29/2/20 (Q3)
32/5/20 (Q4)

Products must have been in the market for at least two of the four quarters, including the most recent quarter.
Quarters were weighted as follows unless otherwise stated (with Q4 being the most recent quarter):

Q4: 50% of final score
Q3: 25% of final score
Q2: 12.5% of final score
Q1: 12.5% of final score

For products only available in three quarters, the weighting is as follows: