Photo by Josh Spires (dronenr) on Unsplash
Easy Street and Community First join three others in the sub-2% rate war, however both lenders differ slightly in what's on offer.
- Easy Street: Variable home loan, maximum LVR of 80%, minimum 750k loan, 1.95% p.a. (1.99% p.a. comparison rate*)
- Community First: two-year intro 'Accelerator Package' rate, minimum 100k loan, 1.99% p.a. (3.25% p.a. comparison rate*)
Easy Street's loan requires a maximum LVR of 80%, meaning borrowers will need a 20%-or-greater deposit, and the minimum loan size is $750,000.
With Community First there is a bit of flexibility - the variable loan has a maximum LVR of 80%, while the two-year fixed rate has a maximum LVR of 95%.
The variable rate is an intro rate for two years, and both lenders' rates are for owner-occupiers.
Both lenders are offering their sub-2% home loans as 'special offers' that are only applicable for those who apply and get approved by 31 October 2020.
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 | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 6.02% p.a. | $2,995 | Principal & Interest | Fixed | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.93% p.a. | 5.93% p.a. | $2,975 | Principal & Interest | Variable | $0 | $395 | 70% | Disclosure |
An Easy Street spokesperson told Savings.com.au that the low comparison rate allows larger borrowers to "cut through a lot of the noise".
"We have higher than anticipated liquidity, [and] the opportunity to provide consumers with a great low rate home loan," they said.
"We know that larger mortgage holders stand to make large savings when switching to a lower rate and we just wanted to let the market know that we can do bigger loans."