Give your home loan a health check in 2021

When you took out your home loan with 1st Street, we would have ensured you had a competitive rate at the time. But a lot can change in a small amount of time. Just look at the past year we have been through.

The Reserve Bank of Australia cut the official interest rate not once, but three times in 2020. As a result, it now sits at a historic low of 0.10%. In response, lenders slashed their home loan rates, causing rates to plummet to all-time lows.

Unbelievably, some home loan fixed rates now start with a ‘1’!

So there’s a chance your home loan is no longer market-leading. What’s more, Australia’s mortgage market is extremely competitive with lenders fighting hard for your business. So, alongside the ultra-low rates, some lenders are even offering cashback deals and other incentives to sweeten the deal.

Of course, special offers shouldn’t be the main reason you refinance. That honour goes to your potential savings and remaining in a suitable loan product.

You could save tens of thousands of dollars.

Refinancing to a new loan could potentially save you tens of thousands of dollars over the life of your loan. That’s because seemingly small differences in rates quickly stack up over time.

For example, say you have $400,000 left on your mortgage. You got what was a competitive deal on a home loan three years ago and are currently paying 3.60% interest:

  • Monthly repayments = $2,024.01
  • Interest charged over the 25-year life of the loan = $207,203

Switch to a loan that’s just 50 basis points lower at 3.10% and your monthly repayments would drop by just over $100 a month. More importantly, the total interest you’d pay over the life of the loan would be over $31,000 less.

Yes, really.

What about 100 basis points lower? Pay a rate of 2.60% and your savings are even more astounding:

  • Monthly repayments = $1,814.68
  • Interest charged over the 25-year life of the loan = $144,403
  • Total saving = $62,800

Imagine what you could do with that money.

Remember, there are some extremely low rates around. And the bigger the difference you score, the more you’ll save and the lower your monthly repayments will be.

That’s why you need to give your home loan a health check in 2021.

Want to see how much you could save? Use our home loan comparison calculator.

Not all loans are created equal.

While interest rates do matter, they are not the be-all-and-end-all of home loans. The right home loan for you needs to tick all the boxes in terms of your financial needs, circumstances and goals.

That’s why you should get advice from your 1st Street mortgage broker. We will give your home loan a thorough health check and help you assess all your options.

At 1st Street, we’re not just the best local mortgage broker – we were also Australia’s number one brokerage in the country for 2020.

Speak to your 1st Street mortgage broker today to give your home loan the check-up it needs.

Our service is completely


Yes, that’s right. You pay zero, zip, nada.

1st Street’s premium service comes at no cost to you! 1st Street is paid by the lender when your loan settles, however, this will not affect your interest rate or loan fees! It is often more cost-effective for a mortgage broker to process a loan rather than the lenders processing it themselves in-house. In fact, we often find that we can save you money by negotiating on your behalf.


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