Variable Rate Home Loan - Where's The Cheapest?

mr_asstight on 07/09/2018 - 22:02

With the rate hike in home loan rates announced by the Big 4 banks is anyone else looking to move to smaller lenders? If so, anyone find highly competitive variable rate loans?

Financial Home Loan Loan Refinance

Comments

  • miwahni on 08/09/2018 - 01:41
    +1

    https://www.canstar.com.au/

  • nuwanwanasinghe on 10/09/2018 - 15:13

    Hi there!

    I found Mortgage mart is bit more competitive, they got 3.59% for a average home loan amount ($600,000.00). Secondly I see Westpac also competitive than other lenders.

  • Sofie519 on 10/09/2018 - 15:59

    Big 4 didnt really move their rates for 6 months during the RC enquiry. Now they are chasing their lost profits, so it was to be expected.

    Since most fellow bargainers would be wanting to know also . Just so many variables, if you at least disclose this info, would be able to direct you.

    Loan amount:
    Est Property value:
    PPOR/INV:
    P&I or IO:
    Offset account? Y/N

  • dexx on 10/09/2018 - 16:55
    +1

    I'm looking at moving banks. My PPOI is worth $700k and has a $100K P&I variable loan. Its used as security for my interest only investment loan of $400K for a property worth $420k. I'd be looking at a variable loan for both, with the investment loan continuing to be interest only. The owner occupier loan would have a redraw facility and offset account.
    Break fees would apply for my current investment loan so i'd be looking for some cash to make the move viable.

    • nuwanwanasinghe on 10/09/2018 - 17:17

      Hi Dexx,

      This sounds like a straight forward move with most of the big four offering cashback incentives to move and NAB didn't increase there rates. You could also use the smaller lenders although cashback offers are less frequent.

      Is your intention to have the properties securing both loans (different accounts) or having them separated?

      You mentioned break fees for your current investment. Is this from a fixed loan or something else, as working out that exact cost can tell you if the cashback can cover those fees.

      Let us know if you need any help.

  • Baysew on 12/09/2018 - 10:50

    ..by the Big 4 banks

    Better make that the Big 3.

    NAB keeps mortgage rates on hold to 'rebuild the trust' of customers

    • Sofie519 on 12/09/2018 - 11:24

      That's because they did something else … it's early days, we will see how NABs most recent policy change would effect them.

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