Northern Inland Credit Union, BCU, Hunter United, and LCU all cut home loan interest rates recently, with a couple of new advertised rates under 2%.
Lenders have continued to lower their mortgage rates, despite December's cash rate remaining unchanged at 0.10%.
Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.
Lender | Advertised rate | Comparison rate* | Monthly repayment | Rate Type | Offset | Redraw | Ongoing Fee | Upfront Fees | LVR | Lump Sum Repayment | Additional Repayments | Pre-approval | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDZERO APPLICATION FEESFEE FREE OFFSET | Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)
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| Fixed | More details | ||||||||||||
| FEATUREDUSE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER | Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
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Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)
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| Variable | More details | ||||||||||||
| FEATUREDREFINANCE IN MINUTES, NOT WEEKS | Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)
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Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)
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- Fast turnaround times, can meet 30-day settlement
- For purchase and refinance, min 20% deposit
- No ongoing or monthly fees, add offset for 0.10%
Rates correct as of January 21, 2022. View disclaimer.
Northern Inland Credit Union introduced a couple of different home loans with an advertised interest rate below 2%, adding to the list of near 40 lenders to have already done so.
For example, the new 'Dream Value' home loan is 1.89% p.a. (2.28% p.a. comparison rate*).
The loan is variable, for owner occupiers paying principal & interest (P&I) with a maximum LVR of 60%, and is offered to new borrowers as a 'special offer' only.
This is one of only a few products under 2% on a variable basi, as many are on a fixed basis instead.
BCU also cut a fair few home loans for owner occupiers and investors alike.
The owner occupier two year fixed loan paying P&I was cut by 14 basis points down to 1.98% p.a. (3.76% p.a. comparison rate*).
For investors, the lowest rate to get a cut was the two year fixed loan paying P&I, cut by 21 basis points down to 2.18% p.a. (3.92% p.a. comparison rate*).
Meanwhile, Hunter United cut a few of its 'No Regrets' home loans by 10 basis points.
For first home buyers, the variable rate is now 2.69% p.a. (2.69% p.a. comparison rate*), and borrowers can have up to 90% LVR.
Source: Tenor GIF
LCU also introduced a home loan under 2% - its 'Introductory Home Loan' is 1.99% p.a. (3.12% p.a. comparison rate*).
It's a three-year fixed rate for new owner occupiers paying P&I.
Reduce Home Loans also cut a few of its 'Home Owners Dream' loans by 25 basis points.
For example, its one-year fixed loan with a maximum LVR of 80% is now 1.94% p.a. (2.71% p.a. comparison rate*).
Photo by Rob Laughter on Unsplash
