Essentials Refinance Special review

Refinancers can score a competitive rate with this basic, low-cost home loan.

The Essentials Refinance Special offers a low rate and minimal fees to borrowers looking to refinance. It offers some basic features along with its competitive rate.

What do I need to know about this loan?

This loan is available for owner occupiers who are refinancing their home loan. The Essentials Refinance Special is a principal and interest loan.

What are the features and benefits of the Homebuyer Special (Essentials PI) loan?

  • Owner occupier refinancers. This loan is only for owner occupiers who are refinancing their home loan.
  • Loan-to-value ratio. The Homebuyer Special (Essentials PI) has a maximum LVR of 80%. This means you’ll need at least 20% of equity in your home in order to qualify for the loan.
  • Free redraw. The Essentials Refinance Special allows you to access any additional repayments you’ve made via a free redraw facility.
  • Flexible repayments. You can make monthly, fortnightly or weekly repayments. You can also make unlimited additional repayments.

What fees and charges come with this loan?

  • Settlement fee: $300. This fee covers the cost of setting up your home loan.
  • Discharge fee: $300. This fee is charged when you close your home loan account, either by repaying or refinancing your loan.
  • Switching fee: $260. This fee is charged for switching from another product.

How do I apply for this loan?

If you're interested in the Homebuyer Special (Essentials PI) you can click the link below to be taken to the site. There, you'll be walked through the entire online application process.

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2 Responses

  1. Default Gravatar
    ChadNovember 23, 2017

    I am more than 2.5 years into my home loan. It was arranged by a mortgage broker. Can I change home loans to another provider at any time or is there a minimum time I must remain with my existing home loan provider and/or mortgage broker?

    • Default Gravatar
      MariaNovember 25, 2017

      Hi Chad,

      Thank you for your inquiry.

      It would be best to read the details of your home loan with your present provider to confirm if there’s a lock-in period and what would be the penalties and fees should you decide to switch.

      We have some tips that may help you on Switching Home Loans and Lenders as well as a Refinancing Home Loan Guide you can refer to for more information.

      Also, you might find this Mortgage Switching Costs Calculator useful.

      I hope this helps.


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