How refinancing your home loan in 2021 could save you thousands How refinancing your home loan in 2021 could save you thousands Last updated Wednesday, 24 March 2021 If you’re set on looking at your finances with a fresh focus in 2021, honing in on your biggest savings opportunity could be the place to start. For many Australians that’s their home loan. A mortgage in the hundreds of thousands of dollars is likely to be the largest debt most people ever have, which means even a small interest rate reduction could provide significant savings - particularly over the long term. The thing is, plenty of mortgage holders are paying more than they need to on their home loan.