The cheapest rates ahead of the next likely RBA rate cut on Melbourne Cup day
Australians with home loans will most likely have to wait until Melbourne Cup day for the next interest rate cut.
Scott Haslem, the UBS Australia chief economist, recently told APP that the Reserve Bank of Australia was unlikely to move until after the September quarter inflation figures were released on October 23.
He suggests the RBA was unlikely to adjust rates at their September and October meetings, making "November the next live meeting."
The 2.5% cash rate is a new record low for borrowers.
Property Observer gleans the market's lowest variable rate is the Smart Finance Horizons Loan home loan at 4.44% variable (4.77% comparison) and the lowest one year fixed rate is 4.39% from Newcastle Permanent.
The lowest three year fixed rate is 4.69% (5.01% comparison) from HomeLoanHQ.
These are the lowest advertised variable and fixed mortgage rates based on listings on mortgage comparison websites ratecity.com.au, Mozo.com.au, infochoice.com.au and finder.com.au as of August 27:
Where the headline rate is the same, the lender with the lowest comparison rate gets preference.
Lowest variable rate offerings:
Provider | Loan name | Rate | Comparison rate* |
Smart Finance | Horizon Loan (Refinance Only) | 4.44% | 4.77% |
Loans.com.au | Blackboard special (Purchases only) | 4.49% | 4.51% |
UBank | UHomeLoan | 4.62% | 4.62% |
Lowest one-year fixed-rate offerings:
Provider | Loan name | Rate | Comparison rate* |
Newcastle Permanent | One year fixed rate | 4.39% | 5.38% |
UBank | UHomeLoan 1 year fixed rate | 4.48% | 4.86% |
IMB | Fixed Home Loan ($250k - $500k) | 4.59% | 5.52% |
Lowest three-year fixed-rate offerings:
Provider | Loan name | Rate | Comparison rate* |
HomeloanHQ | 3 Year Fixed Rate Special | 4.69% | 5.01% |
AMP | Fixed Rate Loan (over $250k) (Professional Package) | 4.69% | 5.56% |
UBank | UHomeLoan 3 year fixed rate | 4.73% | 4.79% |
Picture courtesy of SilverStack/ flickr.
