Phew! That was a close one, it looks like the RBA has put rates on hold for at least another month. According to Mozo Data Manager, Peter Marshall, the reason for this is likely due to the upcoming federal election, meaning that a June or July rate drop is more likely.
“They’ll wait to see if the official unemployment rate holds steady at around 5% and they prefer not to move on rates before the mid-May federal election,” he said.
So, if you were waiting for new record low rates before jumping into the home loan market, you’re probably thinking to yourself, “now what?” Just because the RBA didn’t cut the rates this time around, doesn’t mean you should settle for a home loan you’re not happy with.
Nowadays, there are tonnes of home loan offers around, decked out with low rates, fire features and crazy benefits like bonus points and cash back offers. Here are some value-packed home loans you won’t want to miss out on!
Tic:Toc Variable Home Loan
Quick & convenient 100% online mortgage approval process
Super low variable interest rates from 3.47% p.a. (3.48% p.a. comparison rate*)
2019 Mozo Experts Choice Online Home Lender of the Year
Well, the RBA didn’t drop its rates, but Tic:Toc sure did! Our 2019 Mozo Experts Choice Online Home Lender of the Year, Tic:Toc, just dropped its already low Tic:Toc Variable Home Loan rates, right down to an even lower 3.47% p.a. base variable interest rate (3.48% p.a. comparison rate*). But the value doesn’t stop there!
This value-packed loan also comes with fantastic features, like an optional offset account, flexible repayment options, free extra loan repayments and redraw facility, plus, a super convenient 100% online mortgage approval process.
Athena Liberate Variable Home Loan
Automatic Rate-Match so you’ll always have the same low rate as new borrowers
Low variable rates from 3.59% p.a. (3.55% p.a. comparison rate*)
The hot new Athena Variable Home loan offers competitive variable interest rates, starting at 3.59% p.a. (3.55% p.a. comparison rate*), plus no application or ongoing fees. This value-packed refinance mortgage is filled to the brim with fab features, like free extra repayments, so you can pay off your loan as quickly as you'd like, a redraw facility, and a super innovative rate match feature, so no matter how long you’ve had an Athena mortgage, you'll always have the same rate as new borrowers.
$250 valuation and $265 legal fees waived for refinancers borrowing between $200,000 and $750,000 (must apply and be approved by 31 May)
The Homestar Star Essentials Variable Home Loan hits the ground running with super low variable interest rates starting at 3.49% p.a. (3.49% p.a. comparison rate*) and a $700 cash back offer for refinancers with an 80% LVR, borrowing between $200,000 and $750,000. And it gets even better because if you fit the criteria and are approved by 31 May, the $250 valuation and $265 fees will be waived.
Plus, plenty of great features too, like free extra repayments, so you can pay off your loan as fast as you like, and a free redraw facility, giving you the freedom to dip into any extra repayments should you ever need to.
Virgin Money Reward Me Variable Rate Home Loan
20,000 Velocity Points for every $100,000 you borrow
Competitive variable rates from 3.78% p.a. (3.92% p.a. comparison rate*)
100% offset account
The Virgin Money Reward Me Variable Rate Home Loan kicks things off with competitive variable interest rates, starting at 3.78% p.a. (3.92% p.a. comparison rate*), plus awesome features, like free extra repayments and a redraw facility, which is great if you want to pay off your loan ahead of schedule.
Plus, this home loan also offers a super handy 100% offset account for you to store your savings in and reduce the size of your loan repayments at the same time. And for rewards lovers, scoop up 20,000 Velocity Points for every $100,000 you borrow, plus 1,000 more points each month and 30,000 points every three years as long as your loan balance is higher than $50,000.
Macquarie Basic Home Loan
10,000 Qantas Points per every $100,000 you borrow
Competitive fixed rates from 3.69% p.a. (3.79% p.a. comparison rate*) for 3 years
The Macquarie Basic Variable Home Loan offers competitive fixed interest rates, from 3.69% p.a. (3.79% p.a. comparison rate*) for 3 years, plus loads of great features such as fee-free extra repayments and a free redraw facility, which is super handy if you need to dip into extra repayments as you won't get penalised for it.
This loan also comes with an optional split account feature, and for an extra 0.05%, you can earn 10,000 Qantas Points per every $100,000 you borrow, 1,000 Points per month on balances over $150,000 and 25,000 Points on your 3rd and 5th anniversary. Not to mention, you'll have the ability to create up to six loan accounts with different rates and repayment types.
*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 the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.