Auswide Bank RBA Rate Tracker Home Loan

3.99% p.a.

4.01% p.a.

$0.00

Auswide Bank RBA Rate Tracker Home Loan Review

Review published: 4 November 2016

What's hot:

  • Low 3.99% variable rate (4.01% comparison rate)

  • Promises to pass on any RBA rate cuts in full

  • Rate cut effective within two working days

What's not:

  • No offset facility available

Mozo snapshot:

Sick of your lender failing to pass on the Reserve Bank of Australia’s interest rate cuts? Tipping that the RBA will make rate cuts in the near future? Well, have we got the home loan for you.

The newly launched RBA Rate Tracker Home Loan by Auswide Bank promises to pass on any percentage rate changes implemented by the Reserve Bank in full. This means if the RBA slashes rates by 25 basis points, your Rate Tracker Home Loan interest rate will be cut by this exact amount, the same goes for any potential rate rises. And when you consider its current rate is just 3.99% (4.01%) you really are starting off on the right foot.

Key features:

Not only does the RBA Rate Tracker Home Loan promise to reward you in full with any Reserve Bank rate reductions, but you’ll also get that discount within 2 working days. When you consider that some banks take weeks to pass on RBA rate cuts, this really is a great value offering and could end up saving you some significant coin. But of course, keep in mind if there are any rate increases down the track, you’ll be hit with a speedy rate hike on your loan.

That’s enough about how Auswide Bank tracks RBA movements - onto the nitty gritty stuff. The RBA Rate Tracker Home Loan is available to owner occupiers, who are only looking to borrow up to 80% of the property’s value (loan must be over $150,000). When you sign up with this loan you’ll be charged a competitive 3.99% variable interest rate (4.01% comparison rate). While there is a $300 application fee, all other upfront costs like legal, valuation and settlement fees are waived. You’ll also be charged $0 ongoing fees over the life of the loan.

When it comes to features, there's plenty on offer - your choice of repayments either weekly, fortnightly or monthly, an extra repayments and redraw facility, not to mention the option of a repayment holiday if you’re ahead on your repayments. But one thing you do miss out on with the RBA Rate Tracker Home Loan is an offset account.

Who it's good for:

If you are looking for a low cost home loan that gives you the certainty that your lender will pass on RBA rate changes in full and within a short timeframe, then the RBA Rate Tracker Home Loan is the ideal choice.

Any catches?

To be eligible for the RBA Rate Tracker Home Loan, you’ll need to open a transaction account with Auswide Bank.

The Mozo community has not yet rated Auswide Bank for this home loan.

Rates

  • 3.99% p.a.

  • n/a

  • 0 Months

  • none

  • 4.01% p.a.

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

  • n/a

Fees

  • $300.00

  • $0.00

  • $0.00

  • $0.00

  • none

  • $0.00

  • $350.00

Other financial bits

  • $150,000

  • $3,500,000

  • none

  • 80.00%

Features

  • Owner Occupier

  • Principal & Interest, Interest Only

  • Weekly, Fortnightly, Monthly

  • yes - free

  • yes

  • yes

  • $0.00

  • no

  • no

  • Transaction account must be held by the customer with Auswide Bank.

  • Variable rate tracks the movements of the RBA cash rate and will move by the same percentage.

About Auswide Bank

No matter where you live in Australia, Auswide Bank is committed to delivering great products backed by exceptional service. Operating for nearly 50 years and formerly known as Wide Bay Australia, they offer competitive pricing and fully featured home and personal loans, credit cards, term deposits and savings accounts including access to an Australian-wide ATM network.

*The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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