Knowing your repayment amount is vital to ensure you can afford the loan. Our comparison tables show important info, like interest rates and fees, to help you compare loans, side by side. Naturally, we think we know the best place to do that. For buyers entering the market, or those looking to refinance, that means researching the lowest rate on the market, from a range of credible lenders.
One of the best ways to save some serious money is to get the best deal you possibly can on your home loan. Saving you money is the reason we get out of bed in the morning, here at Mozo. last month)īig 4 variable rate: 4.68% p.a. The average rates for 4-year terms (6.17% p.a.) and 5-year terms (6.29% p.a.) have more than doubled in the last 12 months, leaving them higher than they were in 2015 when the cash rate sat at 2.50%.Īt the time of writing, the average rates for a $400,000 loan (OO, P&I, LVR >80%) among lenders we track are: Right now, there aren’t many fixed rates that we would consider competitive. Last month, the majority of the market responded to the RBA’s 50 basis point cash rate increase by lifting variable rates in kind, and we’re likely to see the same play out again this month.įixed rates have been rising for some time now as lenders were anticipating a cash rate increase well in advance of the RBA’s May decision. Variable rates tend to move in line with the cash rate, so any decision by the RBA will likely be felt by anyone who hasn’t fixed their loan. Interest rates are expected to continue rising throughout 2022 and into next year, with Westpac economists betting the cash rate will peak at 3.35% by February 2023. The Reserve Bank of Australia’s war on inflation has seen it tightening monetary policy at a rapid pace, and all signs are pointing to another large hike in August. Updated by: Niko Iliakis, home loans writer, 1 August 2022 If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. Mozo provides general product information. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Different amounts and terms will result in different comparison rates. *WARNING: This comparison rate applies only to the example or examples given.
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