Why you should consider switching your home loan for 2023

Are you getting the best deal on your home loan? If not, it might be time to switch your home loan and refinance.

Home loans don't have to be loans that you pay off passively over a few decades.

When they're at their best, they're proactive tools that allow you to improve your financial standing and benefit your wider circumstances.

The home loan market is always changing too. You should take stock of your financial products regularly and make sure you're getting the best deal.

If your loan wasn't hitting your expectations during 2022, maybe it's time to reassess and consider switching your home loan for 2023.

1. Securing better perks for yourself

A lot of conversations around switching home loans tend to focus on the interest rate – and don't worry, we'll get to that shortly.

But there should be a range of different considerations in play when you're looking at new loans.

What sort of perks are included should be a primary factor. If you're going to be paying back a loan for an extended period, you want to make sure it's giving you tangible benefits.

There are different perks available depending on the lender, such as cashback, waived fees, online subscriptions, vouchers, travel and much more.

It's always worth paying attention to new entrants to the market too. They can sometimes have interesting offers to grab new customers.

Starting February 2023, Qantas Money Home Loans will offer borrowers 100,000 Qantas Points every year for the life of their loan. Qantas Points can be redeemed for a variety of different rewards, including flights, hotels, tech and high-end household items, to name a few.

So before deciding on which is the best lender for your needs, check out which perks will suit your lifestyle best.

2. Being able to make additional repayments

One of the big traps that inexperienced borrowers can fall into is a home loan with rigid repayment terms.

You can find yourself paying huge amounts in extra (and needless) interest or early repayment fees.

The good news is if you're in a financial position to make extra repayments but your loan won't let you do so without penalty, there are other options available.

For example, Qantas Money Home Loans allow you to make additional repayments on your home loan without incurring penalties. Make repayments up to $20,000 per year on a Qantas Money Fixed Home Loan, or unlimited repayments on a Qantas Money Variable Home Loan.

Features like this let you pay off your loan more quickly and save cash on interest repayments.

It's becoming an increasingly common factor in new home loans, so do your research and find the right one for you.

But if you've been stuck with the older home loan model of restrictive repayments, it may be time to make a change.

3. Better loan features

Loans shouldn't be bare-bones. A modern home loan should include a range of features that make it easier for you to manage your money – as well as the loan itself.

Qantas Money Home Loans offer borrowers an optional offset account at a fee of $10 a month. It's available on both fixed and variable loans as well.

An offset account is linked to the balance of your home loan. It sits adjacent to the capital that has been repaid, allowing you to keep interest repayments down.

However, it still gives you easy access to your cash and functions as a day-to-day account if necessary.

Cash redraw is another popular loan feature too. This lets you redraw funds from the amount you've paid on the loan.

This can be a handy tool for accessing cash if an emergency arises or if you just need to access some capital to take advantage of another opportunity.

Qantas Money Home Loans allow you to do this for free if you're doing so online, such as to transfer money from one account to another.

Qantas Money Home Loans let you carry out redraw and other loan-related tasks in person via Bendigo Bank branches for a fee, if this is your preference.

There are numerous loan features available for home loans, so take a look around at a range to make sure you find the right one for your needs.

4. Improve your interest rate

We promised you we'd get to interest rates – and here we are.

There's no question that getting a lower interest rate is one of the main reasons people look to switch home loans or refinance.

It's a conversation that took on a new urgency in 2022 given the recent interest rate rises from the Reserve Bank of Australia (RBA).

Lots of Australians are feeling the hit to their hip pockets. If you find yourself in a tight spot, it may be time to look at whether it's worth refinancing. Particularly if you're coming off an existing fixed loan.

A large number of fixed home loans are coming to an end in 2023, and there's real potential for sticker shock when home loan holders see what their new repayments may be.

Qantas Money offers competitive fixed and variable rates for investors and owner-occupiers.

There are benefits to both fixed and variable rates. Everyone's circumstances and capacity to make repayments are different. So ideally you should look for a blend of a healthy interest rate and loan features in your home loan.

If you're unsure about whether your home loan is right for you, speak to a mortgage broker or financial professional.

Learn more about Qantas Money Home Loans

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Name	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
Qantas Money Fixed Home Loan Principal & Interest 2Y Fixed10% min. depositOwner-occupier Qantas Money Fixed Home Loan Principal & Interest 2Y Fixed10% min. depositOwner-occupier Go to site Details Fees Pros & cons Product Name Qantas Money Fixed Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 5.59% Comp. Rate p.a. 6.05% Minimum Loan Amount $300,000 Maximum Loan Amount $3,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $345 Lender's Legal Fee Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $345.40 Discharge Fee $325 Pros Borrowers can get 100,000 Qantas Frequent Flyer points each year Available for both owner-occupiers and investors Free online redraw No ongoing fees Cons Application fee of $495 Exit fee of $325 A $10 a month fee if you want to add an offset account A limit of $20,000 of extra repayments each year Fixed rate lock fee of $150	Interest Rate 5.59%	Comparison Rate 6.05%	Fees Application: $345 Ongoing: $0 p.a.	Monthly Payment $862	Go to site Compare	Points offer Earn 100,000 Qantas Points every year for the life of your loan. Plus, for a limited time, receive a $1,000 Qantas Hotels & Holidays voucher for new loans $500,000 or more. Submit before 3 Dec 2024. Eligibility criteria, T&Cs apply.
Qantas Money Variable Home Loan Principal & Interest10% min. depositOwner-occupier Qantas Money Variable Home Loan Principal & Interest10% min. depositOwner-occupier Go to site Details Fees Pros & cons Product Name Qantas Money Variable Home Loan Interest Rate Type variable Repayment Type Principal & Interest Interest Rate p.a. 6.08% Comp. Rate p.a. 6.14% Minimum Loan Amount $300,000 Maximum Loan Amount $3,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $345 Lender's Legal Fee Valuation Fee $0 Ongoing Fees $0 monthly ($0 p.a.) Settlement Fee $345.40 Discharge Fee $325 Pros Borrowers can get 100,000 Qantas Frequent Flyer points each year Available for both owner-occupiers and investors Free online redraw No ongoing fees Unlimited extra repayments available Cons Application fee of $495 Exit fee of $325 A $10 a month fee if you want to add an offset account	Interest Rate 6.08%	Comparison Rate 6.14%	Fees Application: $345 Ongoing: $0 per month	Monthly Payment $908	Go to site Compare	Points offer Earn 100,000 Qantas Points every year for the life of your loan. Plus, for a limited time, receive a $1,000 Qantas Hotels & Holidays voucher for new loans $500,000 or more. Submit before 3 Dec 2024. Eligibility criteria, T&Cs apply.
Qantas Money Fixed Home Loan Principal & Interest 2Y Fixed10% min. depositInvestment Qantas Money Fixed Home Loan Principal & Interest 2Y Fixed10% min. depositInvestment Go to site Details Fees Pros & cons Product Name Qantas Money Fixed Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 6.14% Comp. Rate p.a. 6.37% Minimum Loan Amount $300,000 Maximum Loan Amount $3,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $345 Lender's Legal Fee Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $345.40 Discharge Fee $325 Pros Borrowers can get 100,000 Qantas Frequent Flyer points each year Available for both owner-occupiers and investors Free online redraw No ongoing fees Cons Application fee of $495 Exit fee of $325 A $10 a month fee if you want to add an offset account A limit of $20,000 of extra repayments each year Fixed rate lock fee of $150	Interest Rate 6.14%	Comparison Rate 6.37%	Fees Application: $345 Ongoing: $0 p.a.	Monthly Payment $914	Go to site Compare	Points offer Earn 100,000 Qantas Points every year for the life of your loan. Plus, for a limited time, receive a $1,000 Qantas Hotels & Holidays voucher for new loans $500,000 or more. Submit before 3 Dec 2024. Eligibility criteria, T&Cs apply.
Qantas Money Variable Home Loan Principal & Interest10% min. depositInvestment Qantas Money Variable Home Loan Principal & Interest10% min. depositInvestment Go to site Details Fees Pros & cons Product Name Qantas Money Variable Home Loan Interest Rate Type variable Repayment Type Principal & Interest Interest Rate p.a. 6.34% Comp. Rate p.a. 6.41% Minimum Loan Amount $300,000 Maximum Loan Amount $3,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $345 Lender's Legal Fee Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $345.40 Discharge Fee $325 Pros Borrowers can get 100,000 Qantas Frequent Flyer points each year Available for both owner-occupiers and investors Free online redraw No ongoing fees Unlimited extra repayments available Cons Application fee of $495 Exit fee of $325 A $10 a month fee if you want to add an offset account	Interest Rate 6.34%	Comparison Rate 6.41%	Fees Application: $345 Ongoing: $0 p.a.	Monthly Payment $934	Go to site Compare	Points offer Earn 100,000 Qantas Points every year for the life of your loan. Plus, for a limited time, receive a $1,000 Qantas Hotels & Holidays voucher for new loans $500,000 or more. Submit before 3 Dec 2024. Eligibility criteria, T&Cs apply.
Qantas Money Fixed Home Loan Principal & Interest 1Y Fixed10% min. depositOwner-occupier Qantas Money Fixed Home Loan Principal & Interest 1Y Fixed10% min. depositOwner-occupier Go to site Details Fees Pros & cons Product Name Qantas Money Fixed Home Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 5.89% Comp. Rate p.a. 6.13% Minimum Loan Amount $300,000 Maximum Loan Amount $3,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $345 Lender's Legal Fee Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $345.40 Discharge Fee $325 Pros Borrowers can get 100,000 Qantas Frequent Flyer points each year Available for both owner-occupiers and investors Free online redraw No ongoing fees Cons Application fee of $495 Exit fee of $325 A $10 a month fee if you want to add an offset account A limit of $20,000 of extra repayments each year Fixed rate lock fee of $150	Interest Rate 5.89%	Comparison Rate 6.13%	Fees Application: $345 Ongoing: $0 p.a.	Monthly Payment $890	Go to site Compare	Points offer Earn 100,000 Qantas Points every year for the life of your loan. Plus, for a limited time, receive a $1,000 Qantas Hotels & Holidays voucher for new loans $500,000 or more. Submit before 3 Dec 2024. Eligibility criteria, T&Cs apply.

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• Extra info about Qantas Money Home Loans

  Credit is provided by Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL/ Australian Credit Licence 237879. This product is only available for Qantas Frequent Flyer members. All lending interest rates are subject to change. Fees and charges may be applicable and can be found on the Rates and Fees page online. The comparison rate displayed is calculated for a Qantas Money Home Loan of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

  * Qantas Frequent Flyer members will earn 100,000 Qantas Points upon settlement of their Qantas Money Home Loan. Qantas Frequent Flyer members will also earn an annual bonus of 100,000 Qantas Points which accrues three months after the settlement anniversary of their Qantas Money Home Loan up to 30 years, provided the loan is in compliance with the Qantas Money Home Loans Points Eligibility Policy, not in arrears or default and the loan is not the subject of hardship relief or assistance. In the instance of joint applicants, the Qantas Points by default will be awarded to the primary applicant annually unless you opt to either split the points between the secondary or primary applicant or award the points in full to the secondary applicant. Qantas Points will be credited to the member's Qantas Frequent Flyer account within 8 weeks.