Photo by Tarutoa on Unsplash
Non-bank lender Well Home Loans is shaking up the mortgage market, cutting its fixed home loan rates to the lowest rate yet – at 2.74%.
The online lender has cut rates on its Well Balanced mortgage for owner-occupiers.
The two-year fixed rate has been slashed to 2.74% p.a. (comparison rate 2.96% p.a.) while the three-year fixed rate has also been reduced to 2.74% p.a. (comparison rate 2.94% p.a.).
Those could be the lowest fixed home loan rates in the country, beating Greater Bank’s fixed rate of 2.79% p.a. (at the time of writing).
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Variable | More details | ||||||||||||
| FEATUREDUNLIMITED REDRAWSSPECIAL 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 | ||||||||||||
| FEATURED100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)
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| Variable | More details | ||||||||||||
| ZERO 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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| Variable | More details | ||||||||||||
| FEATUREDAN EASY DIGITAL APPLICATION | Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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Neat Variable Home Loan (Principal and Interest) (LVR < 60%)
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| Variable | More details | ||||||||||||
| NO APPLICATION FEES | Yard Home Loan (Principal and Interest) (Special) (LVR < 80%)
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Yard Home Loan (Principal and Interest) (Special) (LVR < 80%)
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| Variable | More details | ||||||||||||
| NO UPFRONT OR ONGOING FEES | Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)
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Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)
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| Variable | More details | ||||||||||||
| NO UPFRONT OR ONGOING FEES | Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)
| ||||||||||||
Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)
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| Variable | More details | ||||||||||||
| UNLIMITED EXTRA REPAYMENTS | |||||||||||||
Basic Home Loan (Principal and Interest) (LVR < 60%) | |||||||||||||
| Variable | More details | ||||||||||||
| EASY DIGITAL APPLICATION | |||||||||||||
Neat Variable Home Loan (Principal and Interest) (LVR 70%-80%) | |||||||||||||
| Variable | More details | ||||||||||||
| $0 APPLICATION FEE | |||||||||||||
Budget Home Loan (Principal and Interest) (LVR < 80%) | |||||||||||||
| Variable | More details | ||||||||||||
| 100% FULL OFFSET ACCOUNT | |||||||||||||
Offset Package Home Loan (Principal and Interest) (LVR < 60%) | |||||||||||||
| Variable | More details | ||||||||||||
| FEATUREDLIMITED TIME OFFER | Smart Booster Home Loan Discounted Variable - 1yr
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Smart Booster Home Loan Discounted Variable - 1yr
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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%
Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 25, 2022. View disclaimer.
Despite the Reserve Bank opting to keep the cash rate steady at its most recent meeting, that hasn’t stopped lenders from cutting their home loan rates.
With more RBA rate cuts expected to come, these are likely not the last cuts to home loan interest rates we can expect to see.
ME Bank home loan rate cuts
ME Bank has hopped on board the bandwagon, trimming rates on its fixed and variable home loans for investors and owner-occupiers, effective from today.
The discounts are only available for new customers and the $395 package fee still applies.
The bank’s Flexible Home Loan with Member Package will now have a variable rate of 3.29% p.a. (comparison rate 3.73% p.a.) which the lender has said is its “most competitive advertised variable rate ever”.
That rate is only on offer for owner-occupiers paying principal and interest with an LVR of 80% or lower and a loan amount of $700k or more.
Owner-occupiers borrowing $400k making principal and interest repayments with an LVR between 80% and 90% can enjoy a variable rate of 3.57% p.a. (comparison rate 4.00% p.a.).
Fixed-rate borrowers haven’t been left out either. New customers can score three-year fixed rates from 3.48% p.a. across its investment loans (comparison rates differ).
Investors making principal and interest repayments with an LVR of 90% or below can enjoy a fixed rate of 3.48% p.a. (comparison rate 4.25% p.a.).
If you’re an investor making interest-only repayments with an LVR of 80% or under, a fixed rate of 3.69% p.a. will now apply to your loan (comparison rate 4.18% p.a.).
Heritage Bank home loan rate cuts
Heritage Bank has joined in on the action, cutting rates on its fixed home loans for owner-occupiers by up to 0.30%, effective from today for new customers only.
The bank’s Home Advantage loan will now have a fixed rate of up to 3.49% p.a. (comparison rates differ).
The two-year fixed rate has been cut to 3.09% p.a. (comparison rate 3.72% p.a.) while the three-year fixed rate has been cut to a competitive 2.99% p.a. (comparison rate 3.67% p.a.). The five-year fixed rate has been trimmed to 3.49% p.a. (comparison rate 3.81% p.a.).
Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.
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