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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.

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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.

Latest RBA cash rate decision

December 2018

Rates on hold – a great way to kick off 2019!

Yet again the Reserve Bank of Australia (RBA) has held the official cash rate steady at 1.5%.

It’s fantastic news for home owners – and not just because we’re heading into the peak spending period of the year.

The RBA Board doesn’t meet to make interest rate decisions in January, so we can celebrate at least two months of stable interest rates. That’s a plus for households drafting a New Year budget.

The lengthy run we have enjoyed with a stable cash rate reflects the RBA’s views that low interest rates play a key role supporting the Australian economy. The Reserve has hinted that the next rate move is likely to be up but at the same time it’s mindful of the impact of higher rates on inflation, unemployment and the other key targets.

As the holiday season draws closer, many of us will be taking a well-earned breather. But when 2019 rolls around it’s a fair bet that all eyes will be on rate movements elsewhere in the world. If interest rates climb higher overseas, we could see lenders introduce more rates rises of their own.

Contact your local Mortgage Choice broker to discover how you can take advantage of a cooler property market and interest rates that remain super low with a competitively priced home loan that is right for your needs.

 

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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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