For many, summer is all about working on your tan while sipping on a cocktail. But if you’re one of the dedicated Aussies spending your weekends at auctions hoping to buy your first home, then you’ve probably got finding the right home loan on your to do list. So if you’re just about ready to buy the property of your dreams, we’ve got 5 hot home loan deals to get you on your way.
If there’s two things that make a great home loan, it’s a low rate and minimal fees, and the loans.com.au Essentials Variable 80 delivers. Land your dream home and save thousands along the way by borrowing up to $2 million at a low rate of 3.64% (3.66% comparison rate*) and pay no monthly or annual fees. And with unlimited, free extra repayments and redraw facility on offer, you’ll have the flexibility to pay off your loan as you see fit. The only thing you’ll need to keep in mind is that there is no offset account, plus a $520 upfront fee.
Keeping your mortgage simple has never been easier (and cheaper), thanks to the UBank UHomeLoan - Discount Offer. This no frills loan features a super low 3.59% variable rate (3.59% comparison rate*) and no upfront or ongoing fees, which can help ensure every dollar is put toward paying off your mortgage. And if you’d like to make additional repayments and withdraw them along the way, there's no fuss, as unlimited, free extra repayments and a redraw facility is available. Just remember that the UBank UHomeLoan does not have an offset account attached.
2018 Mozo Expert Choice winner for Home Lender of the Year and Customer-Owned Banking
Extra repayments and redraw available
With two 2018 Mozo Experts Choice Awards for Best Customer-Owned Banking and Home Lender of the Year under its belt, you’ll want to give the the Newcastle Permanent Discount Variable Home Loan Premium Plus Package a look. Aside from a 3.89% variable rate (4.29% comparison rate*), this loan allows you to borrow up to 90% of the property’s value, however you will have to pay lenders mortgage insurance (LMI) on anything above 80%. Pay no upfront, application or annual fees over the life of your loan and reduce your interest bill with the offset account feature. You’ll also have the option to make as many extra repayments as you’d like and redraw them at no extra cost.
But if you prefer to keep your finances with the big banks, then you should check out the NAB Base Variable Rate Home Loan. This loan is a great option for borrowers with a low deposit, as you’ll be able to borrow up to 95% of the property’s value on a variable 3.87% interest rate (3.91% comparison rate*). While this loan does come with a hefty $600 upfront fee, there are no ongoing fees. You’ll also have the flexibility to make additional repayments or make your repayments on either a weekly, fortnightly or monthly basis.
Buying a home can be a stressful time for many and if you’re thinking you might need a little help, why not try the HSBC Discounted Home Value Loan. Not only does this loan keep costs low with its 3.59% variable rate (3.61% comparison rate*) and no ongoing fees, there’s a relationship manager who will guide you through the application process, keeping stress low too. Unlimited, free extra repayments and online redraws are also available with this loan.
*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 cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.