Following last Tuesday's RBA rate cut, home loan interest rates have been dropping like dancers in a limbo contest, but as one of the perennial members of the low rate home loan club, it wouldn't be much of a rate cut party without loans.com.au.
The online lender has announced its response to the 0.25% drop in the official cash rate though, with loans.com.au taking 0.15% off a number of variable rate home loan offers for both owner occupiers and investors.
The changes, which come into effect on October 17, will have an impact on a number of loans.com.au home loan offers including:
• Essentials Variable loan - reduced by 0.15% with rates now as low as 3.04% (3.06% comparison rate*).
• Smart Home Loan - reduced by 0.15% with rates now as low as 2.88% (2.90% comparison rate*).
• ZIP Home Loan - reduced by 0.15% with rates now as low as 3.08% (3.10% comparison rate*).
• Offset Variable loan - reduced by 0.15% with rates now as low as 3.12% (3.14% comparison rate*).
Since the Reserve Bank board made its first interest rate cut of 2019 back in June, loans.com.au had passed on 0.60% out of the possible 0.75% in RBA cuts to its variable rate customers.
And in comparison to other loans the online lender still remains one of the most competitive, with many of the loans.com.au mortgage interest rates remaining well below the current average variable rate in the Mozo database of 3.71% (for owner occupiers making principal and interest repayments).
So, are you ready to get acquainted with some of the hot home loan offers from loans.com.au? Here are a few to get you started.