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Home loan interest rates

Interest rates are at record lows but they won’t stay this low forever. Now might be an ideal time to shop around and lock in a low rate. Staying up to date with current interest rates and the latest RBA decision can help you decide whether your home loan is still right for you.


Home loan interest rates will play a big role in your regular home loan repayments. Lenders know this – so there is plenty of competition to provide the best home loan rates. However, mortgage interest rates are decided by a range of factors, and they will vary from lender to lender. This makes it important to stay up to date with current interest rates and compare different types of home loans to see which home loan interest rates offer the best value without scrimping on loan features.

 

Our top five interest rates available


Lender
Interest
Rate
Comparison
Rate

Credit criteria, conditions, fees and charges apply. Subject to suitability. The comparison rates in this table are based on a loan amount of $150,000 and a term of 25 years. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

Lender
Interest
Rate
Comparison
Rate

Credit criteria, conditions, fees and charges apply. Subject to suitability. The comparison rates in this table are based on a loan amount of $150,000 and a term of 25 years. Warning: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

Latest RBA cash rate decision

July 2018

Good news! The Reserve Bank of Australia (RBA) keeps the official cash rate at a record low of 1.5%.

Yes, the RBA’s rate decisions are beginning to sound like Groundhog Day. But the good news is that homeowners – and home buyers – are enjoying a sustained period of the lowest home loan interest rates in decades.

If you’ve been keeping track of rate movements, you’ll know the official cash rate has now been on hold since August 2016.

Why? There are a number of factors, but robust Australian and global economies would support the decision to leave the cash rate on hold.

In fact, jobs growth is strong, business conditions and confidence are at record high levels, and despite sluggish wage growth, consumers are feeling optimistic.

In addition, some of the heat has come out of the biggest property markets, Sydney and Melbourne, which would make the RBA comfortable keeping rates on hold.

What does it mean for you?

If you’re looking to buy your first home, or invest in property, now could be a good time to speak with your Mortgage Choice broker to understand your borrowing power. A cooler market and record low rates are a compelling combination.

Be sure to speak to your broker about the type of loan that’s right for you – the RBA has said that the next rate move will be up.

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Snap & Save

Does your home loan interest rate start with a 3? If you answered no, you might be paying too much. Snap a picture of your recent loan statement and we’ll help you determine if you’re still in the right product.

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What does a mortgage broker do?

A mortgage broker can take the time and hassle out of shopping around for the right home loan, and guide you through the home buying process with expert advice.

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