Solution finder
I'm looking to Buy or build my first home and and have just started researching
edit

Home loan interest rates

Interest rates are at record lows but may not 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.

RBA hits pause again in September

September 2019

The Reserve Bank of Australia (RBA) has stopped short of a third rate cut, leaving the official cash rate steady at 1.0% in September.

The RBA is maintaining a ‘wait and see’ approach to gauge the impact of its earlier rate cuts in June and July. However, some economists believe we could see further rate cuts ahead, and indeed, the Reserve Bank itself has acknowledged that this is a possibility.

What matters right now, is that we are seeing some exceptional home loan deals, and if your loan rate starts with a ‘4’, you’re probably paying too much.

No time for loyalty
In the home loan market, we are still seeing intense competition between lenders. This is simply not the time for loyalty as many of the best deals are exclusively reserved for new customers. This highlights the need to organise a home loan review to be sure you still have the right loan for your needs.

Values rebound
As we head into spring, traditionally the peak period on the property calendar, the nation’s two biggest markets, Sydney and Melbourne are experiencing a turnaround, with home values climbing in both capitals by 0.2% in July, the second month of rising values.

It’s definitely adding a sense of urgency to the market, especially for buyers who may have sat on the sidelines waiting for values to reach the bottom of the cycle.

In what is likely to be a very busy spring property market, buyers who are well-prepared, with finance ready to go, can have the edge.

Partnering with a home loan expert is a smart move to have a loan lined up when you find the property that suits your goals.

First home buyers – it’s time to prepare
A quick shout out to first home buyers that the First Home Loan Deposit Scheme is due to launch in January. It would allow first homeowners to buy a place of their own with as little as 5% deposit, without the expense of Lender’s Mortgage Insurance.

The Scheme is limited to 10,000 borrowers, so now is the time to start preparing so that you’re ready to be among the first 10,000 applicants on New Year’s Day.

HBB-Snap&Save-Infographic-2200x490.jpg

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.

HP-female-broker-2200x490.jpg

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.

Your local Mortgage Choice broker


Find me a...


Things can change quickly in the market.

Subscribe and stay informed with news, rates and industry insights.