Home loan news and advice

Hundreds of thousands of Australians are set to receive a call from their banks as loan repayment deferrals begin to end in September and October for some mortgage and business customers.

From choosing your ideal suburb to furnishing your new digs, there’s plenty to get excited about when buying a home. For most people, the first thing on the to-do list should be finding a perfect home loan fit.There’s heaps of choice in this area. Even with a single lender, there could be a dozen home loan options to investigate. Plus, during times of economic uncertainty (aka the COVID-19 world) the details of these offerings can change regularly.If you’ve skimmed the options and are feeling overwhelmed, here are some of the questions you should be asking. It’s kind of like a personality quiz, but for home loans.

Many Australians are focussing on reducing household costs right now, and saving on interest repayments by switching to a better value home is a great place to start. Since Covid-19 hit our shores, the number of Aussies refinancing their mortgage has spiked as rival lenders cut rates to woo borrowers from the major banks, with some genuinely big savings now available for those who are prepared to shop around.

Aussies looking to save money on their home loan are racing to take advantage of the latest frenzy of home loan rate cuts, as major bank and non-bank lenders compete to slash rates to crazy new lows.The super sharp rates on offer have created the perfect opportunity for savvy borrowers to shop around and potentially save thousands of dollars a year on their home loan by switching. Top lenders like HSBC, ING, Suncorp, Loans.com.au and UBank have all introduced new low rates in recent weeks, some with lucrative cashback offers to tempt refinancers even further.With variable home loan rates now starting from under 2.00% and fixed rates hitting new rock bottom lows of close to 2.00%, there's never been a better time to review your current rate against the market. So if you'd like to crush your mortgage in 2020 and beyond, take a look at some of the top deals available right now and get switching!

Home loan refinancing activity is on the rise in NSW, and according to a new report from the NSW Land Registry Services, it’s the big banks that are benefiting the most.The LRS found that more customers were moving away from the major banks than were coming on board in the months leading up to COVID-19, but after the pandemic struck that trend was reversed.Since then, the big four have been the only segment to see a substantial increase in share of refinances. Meanwhile, refinances to non-ADI lenders, other domestic banks, foreign ADIs and customer owned banks have decreased.In August alone, the number of customers flocking to the big banks from other lenders accounted for 70% of refinances in NSW, an increase of 15% on the same month last year.In total, the major banks won over 5,195 refinancers over the month, outperforming other domestic banks (+1,311), customer owned banks (+458), foreign ADIs (+412), and non-ADI lenders (+346).The major banks continue to dominate the home loan space, making up 67% of mortgages recorded on titles in NSW. This represents an increase in volume of 19% from the previous year. 

When was the last time you performed a home loan health check? Mortgage rates have plummeted over the past year, so if you haven’t made the move to refinance your home loan already you could be missing out on serious savings.

With a 2.59% p.a. variable interest rate (2.55% p.a. comparison rate*) and no fees, new online Aussie lender Athena is rewriting home loan history.

Overnight, major bank NAB launched a $2,000 cashback offer for refinancers across a range of its home loan products. For customers looking to refinance before 31 January 2021, the cashback is available on the following loans: 

Easy Street, a division of Community First Union, introduced a contender for best value home loan this week. Its Standard Variable Home Loan now offers rates as low as 1.95% p.a. (1.99% p.a. comparison rate*) on loans of at least $750,000. The loan doesn’t charge any monthly or annual fees and comes with a number of features, such as an offset account, fee-free redraw facility and the ability to make free extra repayments. There is, however, an application fee of $500.John Tancevski, chief executive of Community First Credit Union said it was the lowest home loan rate they have ever offered and “is evidence that it is possible to offer an exceptionally low rate without scrimping on loan features.”