2021 may have barely begun, but it’s already been a busy year on the property front. Values have increased across the country and the appetite for new loans from both owner occupiers and investors shows no sign of easing up just yet.
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Finding the right home loan could mean the difference between tens of thousands of dollars in interest saved over the life of a loan, but Aussie borrowers can be forgiven for finding it hard to pick the best option given the mountain of different lenders and rates available.Thankfully, with over 50 years of financial services experience between them, the Mozo experts have a serious knack for identifying great value loans. And they used it to compare 436 loans from 86 lenders in the annual Mozo Experts Choice Awards, to identify the best value options for Aussie borrowers.So whether you’re refinancing, investing or looking to buy a new home, read on for some of the best, low rate home loans on the market to help you start saving today.
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Hot off the press: Big-name lenders UBank, Suncorp, Athena and Loans.com.au have just dropped brand new refinance deals - each of which offers killer variable and fixed rates in return for a generous deposit or equity on your property.So if you've built up some decent value in your property, these new offers could be your opportunity to save thousands and take years off your mortgage by refinancing. Home buyers lucky enough to have saved up enough cash to pay for a larger home deposit up front can also take advantage of these stellar new rates.UBank's fixed home loan sits competitively at a crazy-low 1.75% fixed rate for 3 years (2.22% comparison rate*), while Suncorp has dropped its 2 year fixed rate to just 1.89% (2.94% comparison rate*) and Loans.com.au is still making headlines with an introductory 1.99% discounted variable 1 year home loan rate, that rolls over to a low ongoing 2.48%. Meanwhile, online lender Athena has introduced a variable rate home loan worth celebrating with a jaw dropping 2.19% variable and comparison rate*.So, if you’ve been holding out for the right refinance loan, then today could be your lucky day! Now, let’s take a closer look at what these new loans have on offer along with some of the other lowest refinance rates on the market right now...5 new home loan rates refinancers need to know about
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As property values once again chart an upward trajectory, home equity will be increasing for many Australians. But are mortgage holders missing a trick by failing to refinance to the lower rates available for borrowers with greater equity?
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National Australia Bank made a number of changes to its fixed rate suite today, cutting rates for both owner occupiers and investors by between 5 and 55 basis points.The major bank reserved the largest cut for the 5-year term on the Tailored Home Loan (Choice Package). As of today, owner occupiers looking to fix long-term can now access rates as low as 2.24% p.a. (3.66% p.a. comparison rate*).Today’s reductions also saw headline rates for 3-year terms dip below the 2% mark, bringing them in line with NAB’s 4-year option, which has offered 1.98% p.a. (3.69% p.a. comparison rate*) since November last year.NAB executive of home ownership, Andy Kerr said the new rates are among the lowest offered by the bank.“Both our 3- and 4-year fixed rates for owner-occupiers paying principal & interest are now below 2 per cent, a level that would have seemed unbelievable just a few years ago. These changes will also offer our lowest ever rate to property investors,” he said.
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There’s been plenty of talk about how hot the property market is in 2021. Listings are up, auction numbers are spiking and home loan deals are being seized upon. Presumably many buyers have seen some daylight amid Covid-19 related news and fronted up to open homes with open wallets.
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It may be a new year, and the three Reserve Bank interest rate cuts of 2020 may be slowly disappearing in the rearview mirror, but the home loan rate cut trend hasn’t let up in 2021.
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Commonwealth Bank has announced it will soon be launching a new loan to help Australians adopt renewable technology and make their homes more sustainable.The CommBank Green Loan comes with a low 0.99% p.a. secured fixed comparison rate, and will be available to CommBank home loan and investment home loan customers looking to install eligible small-scale renewable technologies in their home. Customers will be able to borrow up to $20,000 to purchase items such as solar panels, battery packs and electric vehicle chargers. According to CBA, there will be no establishment or monthly services fees, and no penalties for early repayment.CommBank group executive Angus Sullivan said customers who switch to solar energy could see savings of more than $500 per year, which is enough to offset the loan repayments over the long run.”We have a responsibility to meet the current needs of our customers and the community while operating sustainably for future generations, and our new CommBank Green Loan will make financing more accessible,” he said.CommBank also noted that eligible technologies must be installed by an accredited technician who can ensure all industry best practice standards and relevant Australian Standards are met.“Over 2.7 million Australians have installed solar panels on their homes, and it’s a great way to reduce your power bills and reduce your household’s carbon footprint,” said Clean Energy Council’s chief executive, Kane Thornton.“By choosing a Clean Energy Council Approved Solar Retailer, you will be working with someone who has signed on to the Solar Retailer Code of Conduct and uses designers and installers who are accredited by the Clean Energy Council.”A pilot program will commence this month with national rollout of the CommBank Green Loan planned for May 2021. In the meantime, customers can register their interest at the Commbank website.
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There have been considerable shifts in the rental market in the wake of COVID-19.
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Banks can profit off home loan customers by postponing how quickly they pass on a Reserve Bank cash rate cut. Typically these are larger and more established banks, including the big four, and the latest Mozo research shows that delays by these lenders has seen them pocket $1.2 billion in additional home loan interest since 2011. From time to time, they’ve also responded with partial rate cuts or withheld rate relief from variable customers - if we add those instances into our calculations too, then their extra interest earnings since 2011 soar to $29.9 billion.In fact, our research found that following the official rate cut in November 2020, only 18 out of 95 lenders passed on the rate relief in full, while 15 passed on part of the cut. It’s worth crunching some quick numbers on this: at the current average variable home loan rate of 3.29%, the monthly repayment for owner occupiers paying principal and interest is $1,750. If all 95 lenders had passed on the 15 basis point cut in November in full, the new average variable rate would have been 3.19%.
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