For many Australian home-owners, refinancing a home loan is the easiest way to save big money. How do we decide which is the best current refinancing plan? Despite credit crunch the lenders are still keen to secure your business, especially if you’ve got a proven credit history refinancing involves Fees you have to pay, fee you may pay and fees. Fee you have to pay is the mortgage registration fee, and legal fees usually around 300Aus $.

You may have to pay pre closure or exit fee for closing your previous mortgage early. Loan application fee which less than 40% of the lenders charge. Stamp duty for NSW and SA only, not all other states, and mortgage insurance fee. You need not pay stamp duty on purchase price and mortgage duty.

Interest is the main reason for refinancing. Even 0.1% can make a big difference.
Best Current refinancing plan in Australia as of 26 June 2009 are as follows. These plans were cited on a website and results may vary. They can be used as general guideline which reflect current trend.

These plans were tabulated taking into account the following criteria. They offer the lowest variable rate currently and this does not include any introductory rates. They are no ongoing fee and the refinance is available on loans from AUS $50K to 700K.

Let us take a look at some of the plans and decide which of these the best current refinancing plans are.

Homestar, whose plan product name is Securimax Variable, offers a comparison rate of 4.85% and variable rate of 4.82 %. Their application fee is $600 and you can redraw anytime by paying a 20$ fee. Their exit fee in year one is 600$ and 400$ in year 2 and 200$ in year 3 onwards.

Heritage Building Society ,  whose plan is called basic variable, offers 4.86% comparison rate, 4.82% variable rate, $600 application fee, with options to redraw by paying 20$ , and their exit fee is 1000$ during the first 3 years , and 200$ after three years.

With Quick Directs equity saver both the comparison and variable rates are 4.89%, and there is no application fee and redraw fee is nil, but the exit fee is 2% of the amount borrowed in the first five years.

The BMC platinum package offers 4.79% as comparison rate and 5% as variable rate, The application fee is 660$ and you have a free redraw , and the exit fee is 2% of the amount borrowed in the first five years,

There are experts in the field of refinancing and you can always discuss with them as to which are the best current refinancing plans.