Australia’s mortgage market is firing up for the Spring property season. Rival lenders are fighting hard for borrowers, releasing a wave of new home loans with jaw-dropping rates below 2 per cent.
BOQ has become the first major bank to offer a variable rate below 2%, with its new Economy Variable home loan rate of 1.98% p.a. (2.15% p.a. comparison rate*) for borrowers who meet LVR and debt to income ratio criteria.
Online lenders loans.com.au and Athena are winning over borrowers with their super sharp variable rates starting with a ‘1’, while new digital lender Nano is making waves with its 1.99% variable and comparison rate* for refinancers.
According to the Mozo database, a dozen other lenders now offer variable rates under 2 per cent, while on the fixed rate front UBank has just released an ultra-competitive 3 year deal in the ‘1’s.
“It seems the home loan rates war is simply unstoppable”, said Mozo Money Expert Kirsty Lamont.
“Given the potential savings of tens of thousands of dollars over the life of your loan and the opportunity to cut years off your mortgage, it really is a no brainer to shop around and see what’s on offer from rival lenders.”