The festive season is fast approaching, and lenders are certainly getting into the Christmas spirit, with 30 lenders lowering rates on variable rate home loans since the beginning of October, Mozo data shows.
“First home buyers and refinancers making principal and interest repayments are on the Nice list this year, with a tonne of ultra competitive rates on offer for these borrowers,” said Mozo Director Kirsty Lamont.
Among the lenders reducing rates, the average rate cut was 15 basis points, while one generous lender cut by more than 5 times that amount. There are now a massive 70 lenders in Mozo’s database offering up variable rates under 4.00% on principal and interest home loans.
“These rate cuts have come at a really great time for those looking to get into the property market, with cooling prices and stamp duty exemptions in some major markets making conditions much more welcoming for first time buyers,” said Lamont.
“And for owner-occupiers who already have a mortgage, this presents a perfect opportunity to re-evaluate the deal you’re getting and jump on a better rate.”