Qudos Bank joins the under 6% club of home loans
Qudos Bank has cut rates on its No Frills Home Loan (Owner Occupier, Principal & Interest), bringing it under 6% p.a.
Qudos joins the ‘under 6% club’ in effect, with its headline rate now at 5.99% p.a., as per Mozo data.
Keep in mind that loan-to-value-ratio (LVR) typically impacts which rate you are offered. For example, to secure the lower 5.99% p.a. rate from Qudos you must meet an LVR of 70%, meaning a 30% initial deposit (or equity) is required.
Are there other home loans with an interest rate lower than 6%?
Currently in the Mozo database there are about a dozen owner-occupier (P&I) home loans below 6%, including Community First’s Basic Variable Home Loan at 5.94% p.a. (comparison rate 5.96%) and Homestar’s Star Classic Home Loan at 5.99% (same comparison rate).
There are several others and these are worth reviewing on our home loans comparison page, including Unloan's Variable Home Loan at 5.99% p.a. (5.90% comparison rate) on an 80% LVR.
It should be noted however that headline rates do not typically factor in fees and therefore are lower. For a complete picture, review the loan’s comparison rate as this takes into account any fees.
In the case of Qudos, its newly revised home loan rate equates to 6.09% comparison rate.
If you’re ready to compare home loans be sure to check out some of the leading loans below or visit our home loans comparison hub page.