Perth homeowners are finding some cracker deals on refinance interest rates right now. Current rates typically sit between 5.5% and 6.8% depending on your loan type and deposit size. The gap between what you’re paying now and what’s available could mean thousands back in your pocket each year, and the team at Broker Advisory Services can help you compare what’s available for your exact situation.
Current Perth Refinance Rates
Refinance rates in Perth vary quite a bit based on several factors. Your loan amount matters heaps when lenders set their rates. The equity you’ve built in your property plays a big role too. Most lenders offer their best rates to borrowers with at least 20% equity in their homes, and the right Home Loans structure can also influence what you’re offered.
Here’s what typically affects the rates you’ll see:
- Your loan-to-value ratio determines which rate tier you fall into
- Fixed rate periods range from one to five years with different pricing
- Variable rates give you flexibility but shift with market conditions
- Comparison rates show the true cost including fees and charges
How Perth Rates Stack Up
Perth’s refinance market runs pretty hot compared to other capitals right now. Local lenders compete hard for refinance business in WA. Competition between banks and non-bank lenders keeps pushing rates down across the board, which is why it’s worth checking what you can access rather than sticking with an older rate.
Your current situation probably looks different to what it did when you first borrowed. Maybe your income’s grown or you’ve paid down more of the loan. These changes often qualify you for much better rates than before. Our mortgage brokers at Broker Advisory Services know exactly which lenders offer the sharpest rates for different borrower profiles, and we’ll explain the trade-offs so you’re not guessing.
Fixed vs Variable Refinance Rates
Fixed rates give you certainty with your repayments locked in for a set period. You’ll know exactly what you’re paying regardless of market movements. Variable rates typically start lower but can shift up or down over time. Some Perth homeowners split their loans between fixed and variable to get benefits from both, especially if they’re planning Buying a Home again later or upgrading once they’ve built more equity.
Right now we’re seeing fixed rates for refinancing sitting slightly higher than variable options. The gap isn’t huge though and the peace of mind might be worth it for your budget, depending on how predictable you need your repayments to be.
Finding Your Best Rate
Generic rate advertising only tells part of the story here. The rate you actually get depends on your specific financial picture and property situation. Lenders assess your income, existing debts and credit history before confirming any rate, and they may also look at your longer-term plans like renovations or funding needs connected to Business Loans.
We compare rates across dozens of lenders to find your best match. Our team handles the entire application so you don’t waste time chasing paperwork. Ready to see what rates you qualify for? Contact us today and let’s discuss your refinancing options in Perth.
