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Save up to $377 a month by switching your home loan | Dollar Saver tip #81

Rebecca Pike
Posted:
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Save: Up to $377

Tip overview

Rates have more than doubled in the last few years.

If you had the average home loan rate of 2.9% back in early 2022 it could be as high as 7.15% now.

What happened? Your lender likely kept raising your rate along with the cash rate, while giving new customers enticing, lower offers.

Did you know?

Right now, you could switch to a rate of 6.01% (or possibly lower). Let's say you had a $500,000 home loan1. Compared to 7.15%, this lower rate would save you $377 a month.

All you have to do is compare and switch.

1. We've assumed a 30-year loan term. The average rate of 2.90% in April 2022 is from the RBA.

Compare refinancing rates

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