Australias Lowest Rates

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Homestar Finance is offering the lowest two-year fixed rate in the home loan market. Homestar Finance has cut its two-year fixed owner-occupier rate by 14 basis points to 1.74%.

The rate cut move knocks Westpac from the top spot after it offered the lowest rate. The increased rate competition was dubbed a "raging rate war" by the Mortgage Professional Australia website.

“This loan is the lowest two-year fixed rate on the market and also the lowest overall home loan rate available nationally,” RateCity research director Sally Tindall told The Australian. “It also has one of the most competitive revert rates at 2.24%.”

Some 450 fixed mortgage rates have been cut over the last two months. Homestar is also equal lowest with Reduce Home Loans for the lowest variable rate at 1.79%.

Greater Bank has the lowest fixed rate in the market, with its one-year fixed rate sitting at 1.69%, with the rate only available to customers in New South Wales, Queensland and the Australian Capital Territory.

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Homestar is equal lowest with Reduce Home Loans for the lowest variable rate at 1.79%.

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New low as Homestar Finance cuts its two-year fixed owner-occupier rate to 1.74%

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Experts and economists are united in their view that the RBA will hold the cash rate this month, with only one prediction for any movements at all in 2021, according to the latest survey from Finder.com.au.

Tony Makin of Griffith University, believes the rate will increase this year due to the economic effects of the COVID-19 vaccination rollout.

“Global economic activity will pick up as countries are vaccinated. Given the expansion in money supplies, other things equal this will put upward pressure on inflation. Otherwise, macroeconomics textbooks need to be rewritten. 

“At the same time, record-breaking levels of public debt worldwide will continue to exert upward pressure on bond yields," Makin said.

Shane Oliver from AMP Capital said that while the economy has recovered faster than expected, the RBA is still a long way away from meeting its inflation and employment goals. 

“A rate hike is still a long way away. 

“That said, the faster than expected recovery will likely see the first hike occur earlier than the RBA's expectation of ‘no increase before 2024’. It could come late next year or early 2023," Oliver said.

Positive sentiment around both housing affordability (3%) and cost of living (3%) reached the lowest level ever recorded since the Finder survey began in 2018.

Employment continued to be the highest indicator measured with 55% expressing positive sentiment, down from its record-high of 73% last month.

Positive sentiment around employment plummeted to 0% in April when the lockdowns first began, but the nation’s stronger-than-expected economic recovery has resulted in a rosier outlook for the job market. 
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Experts and economists are united in their view that the RBA will hold the cash rate this month, with only one prediction for any movements at all in 2021

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Experts and economists forecast a cash rate lockdown until 2022

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Variable home loan rates continue to drop with Freedom Lend today, the new leader in the mortgage rate wars, according to RateCity.com.au data.
The online lender is now offering a new record-low variable rate of 2.17 per cent, for new customers with a deposit of 30 per cent of more.
Home loan rates have continued to drop despite no official change to the cash rate.
Analysis of the RateCity.com.au data base shows his month alone, 15 lenders have cut more than 50 variable home loan rates for new customers.
<img src="https://www.urban.com.au/images/2020/6/25/Lowest%20rates.JPG" alt="">
RateCity.com.au research director Sally Tindall said, “The fight is on between the non-bank lenders to have the lowest variable rate in Australia.”
“Over the last couple of months, smaller providers have had to chip away at their rates in order stay ahead of the big banks."
“Just three months ago, the lowest variable rate was 2.44 per cent. Since then it has dropped 27 basis points."
“With the number of new home loans on the decline, lenders desperately need new business so they’re looking to refinancers to make up the difference."
“The recent increase in refinancing activity suggests rock bottom rates are prompting people to switch to take advantage of the relentless market competition,” she said.
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Australias Lowest Rates

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