New lowest home loan rate is 2.74%
Announcement posted by Infochoice 08 Sep 2019
MEDIA RELEASE
8 September 2019
Lenders keep cutting rates in September
Loans: New lowest home loan rate is 2.74% pa (comparison rate 2.94%)*
Online lenders continue to surprise with extraordinary low home loan rates – and comparison rates.
Despite no rate cut from the RBA last Tuesday, lenders are continuing slice variable and fixed home loan rates.
The new lowest advertised home loan rate now listed by InfoChoice is Well Home Loans’ 2.74 per cent pa on a two-year fixed loan (Comparison rate 2.96%) and three-year fixed loan (comparison rate 2.94% pa).
“No wonder more and more borrowers are heading online, rather than travelling to a branch office in business hours to apply for a home loan,” said Vadim Taube CEO of leading Australian financial comparison site InfoChoice.com.au.
“The rates from the online lenders are too low to ignore.”
“But all lenders are under pressure at the moment and borrowers can get rates just by researching online and asking for a better deal,” said Mr Taube.
“Borrowers who are prepared to switch and are armed with information about the best rates in the market can get big rate cuts right now because lenders are scrambling for business.
“And you can lock those rate cuts in for up to four years on a fixed rate mortgage if you prefer certainty.
The lowest advertised home loan rates currently listed by InfoChoice.com.au are:
Variable rate:* 2.89 per cent p.a. (comparison rate 2.91 per cent p.a.**) from Reduce Home Loan’s Low Rider Variable loan.
Fixed rate:* 2.74 per cent p.a. (comparison rate 2.94 per cent p.a.) for three years from Well Home Loans Well Balanced Fixed Rate Home Loan.
Savings: New ‘Neobanks’ have great savings rates!
You don’t need to save $200 with no withdrawals in month to get a good savings rate. Some banks, including the new quick online sign-up banks like UP are offering market leading ongoing bonus interest rates of around 2.50 per cent pa.
“Some of the new savings accounts are just asking you to open and use their linked transaction account to get the maximum savings account rate,” said Vadim Taube, Chief Executive of InfoChoice.
“Savers need to be getting the bonus maximum rates to stay ahead of inflation, which is 1.6%”
The highest savings account rates currently listed by InfoChoice are:
At-call savings accounts:*** 2.50 per cent p.a. max bonus rate (base rate 0.50 per cent) from UP Saver. 5 or more card purchases per month must be made from your Everyday Account. No monthly deposits required.
| Top savings accounts - Institution
| Max Rate<1,000
|
| Bank of Queensland/Greater Bank Limited/MyState Bank/Up | 2.50 |
| UBank | 2.41 |
| ME/RAMS | 2.35 |
| ING | 2.30 |
| Rates current as at 6 September 2019 | Source: infochoice.com.au |
“Term deposit rates continue to slide,” said Vadim Taube, “Now the top TD rates are around 2.20 per cent pa,” said Vadim Taube, CEO of InfoChoice.
“The higher TD rates listed by InfoChoice are from smaller institutions right now but banks change TD rates regularly so TD investors need to be actively managing their money.”
For more information, please contact:
Jason Bryce, Media Manager on 0428 777 727 jason.bryce@infochoice.com.au
For more comments, please contact:
Vadim Taube, Chief Executive on 0403 580 794
Keep up to date with the latest RBA rates outlook at InfoChoice.
* InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.
** Comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: These comparison rates apply 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 costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan
***Excludes accounts with introductory honeymoon maximum bonus rates, notice saver accounts and accounts that are not generally available to all Australian residents
InfoChoice is a leading Australian comparison website for retail banking and personal finance products. We’ve been helping Aussies find great offers on credit cards, home loans, savings accounts, term deposits, personal loans and car loans for over 25 years. Our mission is to help consumers make an informed purchasing by bringing together the most comprehensive list of financial products on the market today.
At InfoChoice, we strive to be:
• Comprehensive. We compare more than 3500 individual products from 145 providers within Australia to offer you the best value.
• Informative. We know how important it is for you to crunch the numbers before buying. Our calculators help you understand the cost of different products over the long term and show you the potential savings.