RBA rate hike spurs borrowers to ditch and switch
The RBA has dealt many blows for mortgage holders, with rate hikes adding an extra $1,092 to a $600,000^ home loan each year.
And with economists now also saying that more hikes are likely in 2023, if you’ve been sitting on the sidelines until now, it’s time to review your home loan rate to see how it compares.
According to the Mozo database the average owner occupier rate now sits at 6.60%, and 6.96% for investment loans.
But with plenty of potential savings options on offer for borrowers, now is not the time to be complacent. We’ve rounded up some of the latest home loan deals.
Refinance Home Loans
Unloan Owner Occupier
- 5.99% p.a. variable rate (5.90% p.a. comparison rate*)
- Loyalty discount each year up to 30 years
- No upfront or ongoing fees by Unloan
Unloan offers owner-occupiers a variable rate priced at 5.99% p.a. (5.90% p.a. comparison rate*), along with an increasing loyalty discount that shaves an extra 1 basis point off your interest every year for up to 30 years. Features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $10M. Minimum 20% deposit. Awarded Best New Home Loan in the 2023 Mozo Experts Choice Awards.^
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* 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 $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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.
^See information about the Mozo Experts Choice Home Loan Awards
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