Home Loan and Savings Update 2 March 2020
Announcement posted by Infochoice 02 Mar 2020
Monday 2 March 2020
· Interest rates update – all the lenders under 3% pa
· RBA meeting tomorrow – rates could be cut to 0.5%
There are now more than 30 variable rate owner occupier (P&I) home loans with rates under three per cent (listed on InfoChoice’s database of 1800 home loans from 99 banks and other institutions).
The lowest home loan rates are under 2.5% pa (fixed), before any possible 2020 rate cuts from the RBA.
Lowest variable rate:
The lowest variable rate (OO, P&I) is from reduce Home Loans’ Rate Slasher home loan at 2.69 per cent per annum (comparison rate 2.70 per cent per annum).
Reduce Home Loans interest rates and fees information at InfoChoice.
Lowest fixed rate:
The lowest fixed rate home loan rate on InfoChoice is from Bank Australia’s Clean Energy Home Loan for LVRs under 70% with a current 3-year rate of 2.44% pa (comparison rate 3.43% pa).
Go directly to Bank Australia home loan interest rate and fees information at InfoChoice.
Lowest rate for investors:
UBank’s UHomeLoan Fixed Rate has a fixed rate of 2.84% pa (comparison rate 3.59% pa) for three years.
Go directly to UBank’s home loan interest rate and fees information at InfoChoice.
“Borrowers can lock in sub-2.5% pa home loan rates until 2023,” said vadim Taube, Chief Executive of InfoChice.com.au, one of Australia’s leading financial comparison sites since 1993.
“But most borrowers are still choosing variable rates and it’s easy to see why.
“The RBA is expected to ease rates further, lenders are competing hard for business and variable rates are already amazingly low,” said Vadim Taube.
“Savers need to compare their rate and their account rules to make sure they are staying ahead of inflation,” said Vadim Taube.
“The big banks are currently not offering any savings account rates that meet the inflation rate of 1.8%.
Tables, PR images and disclaimers follow below:
Home loans under 3 per cent pa (variable, OO, P&I), InfoChoice, 2 March 2020:
| Institution Title
| Product Title
| % Rate - Variable
| % Rate - Comparison
|
| Reduce Home Loans | Rate Slasher | 2.69 | 2.7 |
| Reduce Home Loans | Low Rider Variable | 2.69 | 2.71 |
| HomeStar | Star Essentials Owner Occupied | 2.74 | 2.77 |
| Reduce Home Loans | Rate Lovers | 2.77 | 2.79 |
| Reduce Home Loans | Rate Buster | 2.77 | 2.78 |
| loans.com.au | Smart Home Loan | 2.78 | 2.8 |
| Freedom Lend | Owner Occupied Variable P&I 80% | 2.79 | 2.79 |
| G&C Mutual Bank | First Home Premium Package | 2.79 | 2.81 |
| HomeStar | Owner Occupied Loan (P&I) | 2.79 | 2.82 |
| Mortgage House | The Essentials Low Rate Home Loan | 2.79 | 2.96 |
| TicToc | Variable Home Loan P&I OO | 2.79 | 2.8 |
| Athena Home Loans | Owner Occupier Principal & Interest | 2.84 | 2.8 |
| UBank | Discount Offer | 2.84 | 2.84 |
| loans.com.au | Smart Home Loan | 2.88 | 2.9 |
| Credit Union SA | Package LVR 80% or less - Special offer | 2.89 | 3.31 |
| Well Home Loans | Well Balanced - LVR up to 90% | 2.92 | 2.96 |
| Move Bank | First Home Loan - Special Intro Rate | 2.94 | 3.52 |
| Bank of Sydney | BOSBasic Home Loan - Owner Occupier | 2.96 | 3.01 |
| The Mutual Bank | First Home Buyer Package Home Loan OO | 2.98 | 3.4 |
| Aussie | Aussie Select Standard Variable (LVR <=70%) | 2.99 | 3.2 |
| Australian Unity | Kick Starter Home Loan | 2.99 | 3.02 |
| HomeStar | Owner Occupied Loan (I/O) | 2.99 | 3.02 |
| ING | Mortgage Simplifier $1m+ where LVR <=80% | 2.99 | 3.02 |
| Morgan Brooks | Special Variable Rate | 2.99 | 3.03 |
| Mortgage Port | First Home Loan Deposit Scheme | 2.99 | 3.05 |
| UBank | Discount Offer (<$200,000) | 2.99 | 2.99 |
| Virgin Money | Reward Me - 10,000 points for every $100k borrowed | 2.99 | 3.16 |
| Arab Bank | Essentials Home Loan 100% Offset - Special Offer | 3 | 3.17 |
At-call savings rates of 2% pa or higher, InfoChoice, 2 March 2020:
|
|
| Base Rate
| Max Rate -
| Intro period
|
| Institution Title
| Product Title
| <$1,000
| <$1000
| (months)
|
| Bank of Queensland | Fast Track Starter Account (for 14-24 years old) | 0.35 | 3.15 |
|
| Macquarie Bank | Macquarie Savings Account | 0.35 | 2.65 | 4 |
| Heritage Bank | Online Saver | 1.1 | 2.5 | 4 |
| Rabobank | Rabobank Online High Interest Savings | 1.05 | 2.5 | 4 |
| AMP | AMP Saver Account | 1.4 | 2.36 | 4 |
| Greater Bank Limited | Life Saver | 2.35 | 2.35 |
|
| HSBC | HSBC Serious Saver | 0.45 | 2.35 | 4 |
| Citi | Citi Online Saver | 0.85 | 2.3 | 4 |
| Up | Up Saver Account | 0.5 | 2.25 |
|
| Xinja Bank | Xinja Stash Account | 2.25 | 2.25 |
|
| Illawarra Credit Union | Wildlife Saver | 0.05 | 2.2 |
|
| Bank of Queensland | Fast Track Saver Account | 0.35 | 2.15 |
|
| UBank | USaver Ultra | 1.04 | 2.1 |
|
| ME | ME Online Savings Account | 0.35 | 2.05 |
|
| Bankwest | TeleNet Saver (4 month intro rate) | 0.25 | 2 | 4 |
| Community First Credit Union | Matrimoney | 2 | 2 |
|
| CUA | eSaver Reward | 0.05 | 2 |
|
| IMB | IMB Reward Saver Account | 0 | 2 | 4 |
| Move Bank | Bonus Saver | 0.8 | 2 |
|
| MyState Bank | Bonus Saver | 0.3 | 2 |
|
Compare 1800 home loans at InfoChoice now.
Direct to Commonwealth Bank home loan interest rates and fees information at InfoChoice.
Direct to Westpac Bank home loan interest rates and fees information at InfoChoice.
Direct to ANZ Bank home loan interest rates and fees information at InfoChoice.
Direct to NAB home loan interest rates and fees information at InfoChoice.
Go straight to the latest rates information from individual banks and other institutions here.
Take the InfoChoice Rate Dare now! You could walk away with a lower home loan rate or $1,000!!
For full terms and conditions for this offer click here. For InfoChoice’s privacy policy click here.
For more information on the Rate Dare offer, home loan rates, data and commentary, 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
Home Loan 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
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.