It’s the start of the spring selling season this month and home buyers need to ensure that the loans they are getting are competitive. The Reserve Bank of Australia has maintained its historic cash-rate of 0.25. This means some of Australia’s most attractive variable home loan rates are below 3.3%. It is important that home buyers compare the market in order to find the best deals.
The mortgage products listed below are just some of the best owner-occupier offerings available at Your Mortgage’s Home Loan Comparison tool this month:
Lender: Loans.com.au
Home Loan Products Smart Booster Home Loan
Rate of interest 1.99% (introductory rate)
Loans.com.au has the lowest variable rate offer of all lenders in Your Mortgage database. Smart Booster Home Loans offer an introductory rate of 1.99%. It increases to 2.48% after one year. This applies to both new and refinance loans.
You can draw unlimited amounts and make unlimited repayments. This product charges no ongoing fees — borrowers only have to pay the standard settlement and valuation fees.
Lender: UBank
Home Loan ProductsOwner Occupier – Discounted Rate
Rate of interest 2.49%
UBank offers home loans at a rate of 2.499%. This rate is UBank’s lowest variable rate.
This mortgage product can be redrawn in any way you like, and there is no application fee or ongoing fees. The 20% deposit is required by borrowers.
Lender: ME Bank
Home Loan ProductsBasic Home Loan
Rate of interest 2.58%
ME Bank’s 2.58% variable rate is under its no-frills mortgage option. Owner-occupiers can get this rate if they have at least 20% deposit and a loan balance of less than $150,000. Despite this product being “basic”, it still allows features such as free redraws and early repayment.
Lender: ING Bank
Home Loan ProductMortgage Simplifier
Rate of interest 2.59%
Mortgage Simplifier is ING’s version of a basic home loan. To qualify for the 2.59% interest rate, borrowers must have a maximum loan-to value ratio of 80% to $500,000, and a loan amount between $500,000 and $1m. Mortgage Simplifier does not charge monthly fees and provides additional repayments at no additional cost.
Lender: Macquarie
Home Loan ProductsReverse Mortgage
Interest rate: 2.59%
Macquarie’s Offset Home Loan is perfect for borrowers who are also diligent savers. This package also includes a credit card and a transaction. This allows you to save more interest by having up to 10 offset accounts per loan.
The bank provides a digital tool to allow borrowers to track their cash flows through its mobile app.
Lender: AMP Bank
Home Loan Products: Home Loan Package Professional Package
Rate of interest 2.59%
AMP Bank’s Professional Package Home Loan is available to home buyers planning to borrow at least $100,000. Variable rate of 2.59% available to those who have a minimum deposit of 20%
The mortgage product comes with a loan offset account that is 100% and a redraw possibility. Borrowers have the choice to split their loans.
Lender: St. George Bank
Home Loan ProductsBasic Home Loan
Rate of interest 2.64%
This Basic Home Loan by St. George Bank is a “haggle-free loan” that offers borrowers straightforward features, including a flexible repayment and redraw facility. St. George Bank charges no monthly service fees for this product. If you borrow more than $150,000, there will be no setup fee.
Refinancers may apply online for $3,000 cashback
Lender: Bank of Melbourne
Home Loan ProductBasic Home Loan
Rate of interest 2.64%
Similar to St. George’s offering, Bank of Melbourne’s Basic Home Loan is a no-frills option for borrowers wanting to have access to a low variable rate. Borrowers can pay off their loans quicker and without fees with this product. The standard features of a loan include a redraw option, flexible payments, and flexible payment options.
Lender: Adelaide Bank
Home Loan Products SmartFit
Rate of interest 2.73%
Adelaide Bank offers Variable SmartFit Mortgage products to investors, first-homebuyers, and refinancers. Only owner-occupiers with a loan to value ratio less than 90% can get the variable rate of 2.7%. This means that the down payment should be at least 10% of the property’s value.
SmartFit also offers a 100% offset account, which allows borrowers lower interest rates. A redraw option is available. Redraws are available for free via Adelaide Bank’s mobile and web applications.
Lender: Suncorp Bank
Home Loans Product:Special Deal: Better Together
Rate of interest 2.78%
Suncorp’s Better Together Special Offer combines three financial products — a variable home loan, a transaction account, and a home insurance. Borrowers with a loan-to value ratio of less than 90% can apply for this mortgage product. They may be eligible for an interest rate as low at 2.78%
