Home loan approvals rise above expectations
The demand as well as approvals for home loans have been rising despite contrary expectations with record-low interest rates supporting the housing market. According to data from the Australian Bureau of Statistics, approvals rose 1% over the month of April, with 53,951 home loans approved over the course of the month, up from 53,442 in March.
According to news.com.au, a strong lift in lending for the construction of dwellings, up 4.3% in April, was particularly pleasing, said CommSec chief economist Craig James.
"If we are going to get home prices down to more sustainable levels then you need more supply on the market, and clearly there's people wanting to build new homes to live in, rather than investment," he said.
Rising demand for new homes could take some of the heat out of the Sydney and Melbourne property markets, Mr James said.
Earlier this year, the Reserve Bank of Australia slashed the cash rate to 2.25% in February. Another cash cut followed after the RBA’s board meeting in May when rate came further down to 2%.
Home loan comparisons on Mozo - page last updated October 17, 2020
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- Macquarie
2.54% p.a. variable
2.81% p.a.
MacquarieOffset Home Loan
Owner Occupier, LVR<70%, Principal & Interest
2.54% p.a. variable
2.81% p.a.
Handy offset account to help pay your home loan off sooner. Up to 10 offset accounts per loan account available. Fee free access at ATMs. Waived credit card annual fee. $0 international purchase fees.
Go to siteCompare - loans.com.au
2.48% p.a. variable
2.50% p.a.
loans.com.auSmart Home Loan 80
Owner Occupier, Principal & Interest
2.48% p.a. variable
2.50% p.a.
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
Go to siteCompare - HSBC
2.09% p.a.
fixed 2 years2.98% p.a.
HSBCFixed Rate Home Loan
Owner Occupier, Principal & Interest, LVR <80%
2.09% p.a.
fixed 2 years2.98% p.a.
Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^
Go to siteCompare - Athena
2.34% p.a. variable
2.34% p.a.
AthenaCelebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
2.34% p.a. variable
2.34% p.a.
Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
Go to siteCompare Hot DealUp to $1,500 cash back on refinances (T&Cs apply)
Homestar2.29% p.a. variable
2.32% p.a.
CompareDetailsHomestarStar Essentials Home Loan
Owner Occupier, Principal & Interest
2.29% p.a. variable
2.32% p.a.
Low Cost Home Loan 2020 winner.^ A home loan packed with all the essentials and offering up to $1500 cashback and no ongoing fees. No Construction loans.
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