The end of the financial year is fast approaching and lots of Aussies are ready to bag a bargain at the EOFY sales, whether it’s an upgraded laptop, a new set of wheels or that new dishwasher you’ve been coveting for months.
But the savings aren’t just limited to whitegoods and electronics this end of financial year - there’s also some killer home loan deals in the market at the moment that could see Aussies save a tonne on their mortgages. Lenders are discounting rates, waiving fees and even offering cash back and other rewards to entice borrowers.
To help you cash in on the savings, the Mozo Editors have rounded up 5 of the best home loan specials available right now.
NAB Base Variable Rate Home Loan Special Offer
3.69% variable rate special offer (3.73% comparison rate*)
No annual fee (application fee applies)
Borrow with a 5% deposit
If you prefer to stick with a big bank, then our pick is the NAB Base Variable Rate Home Loan Special Offer. With a competitive low rate and no ongoing fees to strain your budget, this is a great option for borrowers after a loan of up to $2 million. In terms of features, you’ll have the ability to make free extra repayments and use a redraw facility. This discounted offer is only available to new borrowers and for a limited time, so get in quick!
Looking for a no fuss mortgage option offering up superb value? Look no further than the Essentials Variable home loan from popular Aussie online lender loans.com.au. With a super low rate, no upfront or ongoing fees and the option to choose weekly, fortnightly or monthly repayments, this loan is easy on the hip pocket. You can also opt to split your loan between fixed and variable rates to find the perfect balance between certainty and flexibility.
UBank UHomeLoan - Discount Offer
3.59% variable rate (3.59% comparison rate*)
No upfront or ongoing fees
$1,000 cashback on loans over $200k (Apply by 6 August)
Super low rate? Check. No application or annual fees? Check. Handy features like free extra repayments and a redraw facility? Double check. The UBank UHomeloan Discount offer comes with all this great value included. You can also choose a split rate option and your repayment schedule. But there’s more - refinance or take out a new loan of at least $200,000 and you can score a bonus $1,000 cashback.
The Premier Standard Variable Loan is a brand new offer from HSBC and bursting with value. Not only can you score a discounted interest rate if you apply before 31 July, but the loan also comes with a full offset account, plus other handy features like unlimited free extra repayments and online redraws. You can borrow with as little as a 10% deposit and choose to make repayments monthly, fortnightly or weekly to suit your budget.
Bank Australia Basic Home Loan Special
3.65% variable rate (3.66% comparison rate*)
No upfront or ongoing fees
Free extra repayments and redraw
The Bank Australia Basic Home Loan Special is a top value pick for borrowers after a competitive interest rate and some no-frills features. There aren’t any ongoing or upfront fees to blow your budget and you can choose to make repayments monthly, fortnightly or weekly to fit your budget. The features on offer include the chance to make free extra repayments, use a redraw facility and take a repayment holiday of you need to.
*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.