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12 Days of Holiday Offers: Get as many as 50 free offset accounts with Up

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If you're looking to refinance before the end of 2023, why not check out the loan features that Up has to offer?

Sponsored by Up. Upgrade your home loan features! Apply to refinance or for a new home loan with Up today, and you can score up to 50 free offset accounts.

The 12 days of Holiday Offers are here at Finder! Today, for day 6, we're taking a look at home loans. We've got a great offer from Up โ€“ as well as some tips on things to consider when you're planning to refinance your home loan.

Don't miss out on our 12 Days of Holiday Offers! Explore all of them today

4 things to consider when you're planning to refinance your home loan

Thinking about refinancing before the end of 2023? There are a few points to think about first.

๐Ÿ‘‹ Hey there! Up has sponsored this article, so we'll be using its products as an example throughout. However, you should always do your own research and choose a mortgage that's right for your particular needs. You should also always read the product disclosure statement (PDS) and target market determination (TMD) before signing up for any home loan product.

1. Look closely at the extra features included

One reason to consider refinancing is to add extra features to your loan. Unlimited repayments, redraw facilities and lines of credit are just a few examples.

A popular loan feature is an offset account. The balance in your offset account is linked to your mortgage, enabling you to cut down on the interest you pay.

However, some lenders enable you to have multiple offset accounts. This can be useful for saving towards a range of different goals, without needing to cut into your home loan balance. It also means you can keep all of your funds in the same place, without needing to overcomplicate funds across multiple financial institutions.

As an example, Up allows you to have up to 50 offset accounts, with no fees required.

2. Decide between a fixed or variable interest rate

You'll need to decide whether to opt for a fixed or variable interest rate. Fixed rates remain set for a specific period of time, usually 1โ€“5 years. Conversely, variable rates fluctuate with the wider cash rate.

Both fixed and variable rates have their advantages. It's more about what's right for your particular circumstances.

As one example of a fixed rate, Up is currently offering fixed interest rates at 6.15%.

3. Your future borrowing plans

Refinancing can be a good way to save money in the long term and set yourself up for better financial success. However, it's also important to remember that it can affect your credit rating and impact your future borrowing capacity.

It won't be forever, of course โ€“ paying back a refinanced loan will gradually restore your credit rating over time. But before refinancing, make sure that you weigh up future plans versus saving in the present.

4. Make sure you're saving money overall

The primary purpose of refinancing is to save cash. So it's important to take a close look at whether you will actually be saving money if you chose to refinance.

Factors like loan application fees, exit fees, loan maintenance fees, account fees, interest rates and more all need to be considered. Make sure you calculate these expenses in detail before proceeding โ€“ possibly with a financial professional.

After all, you don't want to go through the work of refinancing only to find out you're paying the same โ€“ or even more โ€“ than you were before.

Learn more about refinancing and home loans with Up today

Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Up Home Loan logo
Principal & Interest 4Y Fixed10% min. depositOwner-occupierOffset account
Up Home Loan logo
Principal & Interest 4Y Fixed10% min. depositOwner-occupierOffset account
Product NameUp Home Loan Fixed Rate
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.5.80%
Comp. Rate p.a.5.90%
Minimum Loan Amount$50,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan Facility
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.80%
Comparison Rate
5.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Up Home Loan logo
Principal & Interest 2Y Fixed10% min. depositOwner-occupierOffset account
Up Home Loan logo
Principal & Interest 2Y Fixed10% min. depositOwner-occupierOffset account
Product NameUp Home Loan Fixed Rate
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.5.85%
Comp. Rate p.a.5.93%
Minimum Loan Amount$50,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan Facility
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.85%
Comparison Rate
5.93%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Up Home Loan logo
Principal & Interest 1Y Fixed10% min. depositOwner-occupierOffset account
Up Home Loan logo
Principal & Interest 1Y Fixed10% min. depositOwner-occupierOffset account
Product NameUp Home Loan Fixed Rate
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.6%
Comp. Rate p.a.5.96%
Minimum Loan Amount$50,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan Facility
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6%
Comparison Rate
5.96%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Up Home Loan logo
Principal & Interest 5Y Fixed10% min. depositOwner-occupierOffset account
Up Home Loan logo
Principal & Interest 5Y Fixed10% min. depositOwner-occupierOffset account
Product NameUp Home Loan Fixed Rate
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.5.80%
Comp. Rate p.a.5.89%
Minimum Loan Amount$50,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan Facility
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.80%
Comparison Rate
5.89%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
Up Home Loan logo
Principal & Interest 3Y Fixed10% min. depositOwner-occupierOffset account
Up Home Loan logo
Principal & Interest 3Y Fixed10% min. depositOwner-occupierOffset account
Product NameUp Home Loan Fixed Rate
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.5.80%
Comp. Rate p.a.5.91%
Minimum Loan Amount$50,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan Facility
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.80%
Comparison Rate
5.91%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
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Don't miss out on our 12 Days of Holiday Offers! Explore all of them today Image: @Obradovic via Canva.com
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