In most Australian states and territories, the red hot property market continues and this means that if you've got an investment property in your sights, you'll want to keep mortgage costs as low as possible.
One of the greatest benefits of the digital banking revolution for Australian consumers and small banking providers alike is that the boundaries that once existed are no longer.
The Reserve Bank of Australia (RBA) maintains that its number one enemy is inflation. If inflation stays high, so will home loan interest rates. For households experiencing mortgage stress, a cut to the cash rate may see their variable rates reduced – potentially providing some financial relief.
When it comes time to compare home loans, many of us will first turn to household names such as CommBank or Westpac. But, you shouldn’t be afraid to look beyond the Big Four when it comes to your mortgage – some big savings can be had if you do.
In a sign that major banks are rethinking the chances of another rate cut, Macquarie Bank has increased its fixed rate home loans by as much as 0.20% p.a.
As someone who tracks home loans for a living, I know the sheer amount of options can feel overwhelming, especially if you’re a first home buyer.
If you’re looking for a home loan that offers a low rate while still having the familiarity of a Big Four bank, Ubank and Unloan are two options to consider. These two online-only providers have similar big bank heritage, with Ubank falling under NAB’s umbrella, while Unloan is owned by the Commonwealth Bank.
Changes to the official cash rate influence all types of interest rates – from home loans and savings accounts to personal loans and term deposits. At Mozo, we track these shifts closely to help you understand how they affect your money.
The Commonwealth Bank dominates the mortgage market in Australia, and if you’re considering the major provider for your home loan, it’s worth looking at its online-only Digi Home Loan as it’s where you’ll find CommBank’s lowest variable interest rates.
Home loan interest rates have been on a slow and steady decline since the beginning of the year, and the average variable in our database is sitting just below 6% p.a. – but is this the rate banks are actually assessing you on when you apply for a mortgage?