Loans.com.au announces rock bottom 3.48% fixed home loan rate
The Reserve Bank of Australia may have kept the cash rate on hold, but loans.com.au has gone ahead and announced its own cuts to its fixed rate home loan for the second time in five weeks.
In a bid to attract borrowers looking for some certainty in their repayments, it’s slashed the already-reduced 2 and 3-year fixed rates to just 3.48% p.a (3.88% and 3.85% p.a comparison rates respectively) for owner-occupiers, with an LVR of 80% or less and making principal and interest repayments.
We’re seeing a number of other lenders jump on board the rate cut trend, in hopes to keep up with the competitive nature of the industry, with ME Bank and UBank also among those cutting rates.
Mozo Product Data Manager, Peter Marshall said “fixed rates are much lower with cuts being made ahead of one or two cuts to the RBA cash rate before the end of this year.”
“While it might be tempting to grab one of the very low fixed rates around right now, if the RBA cuts the cash rate by 50bp over coming months we could be seeing variable rates that start with a '2', so it might be worth sticking with a variable rate for now until we see what happens,” he said.
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Loans.com.au’s Managing Director Marie Mortimer says the new offer is competing to become one of the best around, setting itself apart from the Big 4 with more than just low rates.
“Borrowers who want to access this great rate but who aren’t sure about fixing their whole loan, should remember that they can fix a portion of their loan and leave the remainder floating, so they get the benefits of both,” she said.
Among the range of exciting offers, loans.com.au is also currently offering a variable rate special on the Smart Home Loan for owner-occupiers, which also has a competitive rate of just 3.48% p.a (3.50% p.a comparison).
As an innovative fintech lender, loans.com.au home loans have a wide range of benefits. Check out some of the great features that come with the fixed-rate home loan:
If you’re on the hunt for a competitively low fixed rate mortgage or a flexible variable rate option, then check out our range of home loans on offer.
* 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 $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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.
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