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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.

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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.

Time to celebrate! Reserve Bank cuts cash rate!

July 2019

What a remarkable two months! After keeping the official cash rate on hold for close to three years, the Reserve Bank of Australia (RBA) has announced two back-to-back rate cuts, with the July rate cut bringing the cash rate down to 1.0%.

It’s brilliant news for home owners, who can enjoy genuine savings on their home loan repayments.

The RBA’s decision to lower the cash rate comes as a surprise to many given the 0.25% in June. Clearly, the Reserve believes the economy needs more of a pick-me-up than it first realised, and by cutting rates for the second month in a row, it is aiming to support the economy through increased household spending.

The July rate cut is a plus for home owners – and home buyers – though it pays to keep a close eye on how your lender responds to the latest rate cut. With plenty of red hot deals available, there’s no shortage of choice to secure a value-packed home loan.

In the property market we are seeing early signs of a recovery, and this new round of rate cuts is sure to boost buyer demand further.

Now that negative gearing is no longer under threat, home buyers and investors are heading back to the property market, with reports of increasing auction clearance rates and growing numbers of people attending open homes around the country.

More good news, Australia’s bank regulator – APRA, is suggesting that lenders should relax their lending criteria. This could mean more home buyers will be eligible for a home loan, and that current buyers may enjoy increased borrowing power to upgrade their buying budget.

With interest rates now sitting at new historic lows, it’s time to start putting your property plans in place and take advantage of a market that’s offering excellent value.  

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