Loans.com.au cuts fixed rates, now offers 2 and 3 year options below 3.00%

Niko Iliakis

04 Nov 2019

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Following this year's three RBA rate cuts, we’ve seen plenty of lenders scrambling to reduce home loan rates, and loans.com.au is the latest to jump on the bandwagon. Today, the online lender made cuts of 0.20% across its range of fixed rate home loans, effective immediately. 

The cuts see headline rates for the 2 and 3 year Fixed Home Loan options (Owner Occupier, P&I) drop to just under the 3.00% mark. Right now, owner occupiers looking to lock in a 3 year term will be looking at rates in the range of 2.99% p.a. (3.27% p.a. comparison rate*).

Loans.com.au Managing Director, Marie Mortimer said that with interest rates at historic lows, fixed rate options could be a good bet for homebuyers who are looking for an extra layer of certainty in their loan.

“Fixed-rate loans offer a number of advantages over a variable rate loan because they make budgeting easier and protect you from any future interest rate rises,” she said.

“No-one can predict where variable rates will go from here but with rates this low, the potential benefits from further variable rate cuts are tiny and locking in these extraordinarily-low fixed rates is an increasingly attractive option.”

New Loans.com.au owner occupier fixed rates

• Fixed - Owner Occupier P&I 1 year: 3.44% p.a. (3.35% p.a. comparison rate*)

• Fixed - Owner Occupier P&I 2 year: 2.99% p.a. (3.29% p.a. comparison rate*)

• Fixed - Owner Occupier P&I 3 year: 2.99% p.a. (3.27% p.a. comparison rate*)

• Fixed - Owner Occupier IO 1 year: 3.59% p.a. (3.36% p.a. comparison rate*)

• Fixed - Owner Occupier IO 2 year: 3.34% p.a. (3.34% p.a. comparison rate*)

• Fixed - Owner Occupier IO 3 year: 3.34% p.a. (3.35% p.a. comparison rate*)

The cuts have also sharpened rates for investors, who will now be able to enjoy fixed rates as low as 3.39% p.a. (3.65% p.a. comparison rate*) for two year terms and 3.39% p.a. (3.63% p.a. comparison rate*) for three year terms.

Promoted

loans.com.au Fixed Home Loan 90
  • Rates as low as 2.99% p.a. (3.27% p.a. comparison rate*)

  • Weekly, fortnightly or monthly repayments

  • No application or ongoing fees

Quick look: Loans.com.au Fixed Home Loan

There’s a lot to like about the loans.com.au Fixed Home Loan, starting with rates that go as low as 2.99% p.a. (3.27% p.a. comparison rate*). Complementing those rates are a bevy of useful features, such as the ability to pay off your loan weekly, fortnightly or monthly, plus make free extra repayments up to $10,000 a year. Fees are kept to a minimum, and once your fixed term ends, the interest rate will revert to a low offset variable rate. Just keep in mind that the maximum loan amount is $1,000,000, so if you’ve got eyes on a property that exceeds a million dollars, you might have to look elsewhere.

*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.

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