I have a variable home loan just above 50% of the property value owner-occupier in Perth. My current provider is not passing recent rate cuts enough and paying about 3.4% variable now. As Ozbargainers you may have better offers on hand. Please pass me if you know a better deal.
Best home loan interest rate after recent rate cut - October 2019
LDio on 09/10/2019 - 16:09
Comments
https://www.canstar.com.au/?gclid=CjwKCAjw5_DsBRBPEiwAIEDRW9…
Loads of better deals then 3.4% but it depends on your situation loans arent as simple as this is your interest rate - there is off set/ redraw accounts, investor/Owner occ/ low doc loans etc
Saying i have 3.4% can i do better is way to general
id advise talking to a broker
Can I get the rate through broker or I can only apply it myself?
3.17 Owner occ and 3.52 investment. The latter could be better!
What I understood before, brokers have limited offers compared to online platforms. As "unco" pointed out rate city has heaps of offers starting from 3.79%. Do I have to be vigilant if burrowing from a finance company compared to a bank then?
That all depends. The broker I use has had better offers than those advertised by the same bank, and the best deals vary all the time. I have only used a broker for our investment mortgages, as they have never managed to find me a compelling enough deal to leave my primary bank where our home loan is.
The finance companies you don't necessarily have to be vigilant, just be aware of what you are getting. E.g. A lot of the lowest rate deals around at the moment, have free redraws but no offset account. I tend to keep a decent amount in my offset account which I far prefer as I have a lot of monthly expenses to cover (I put all of my work expenses on my credit card for points, so can easily have $20k p/m), so I don't want to have to mess around redrawing from mortgages every month.
Having to keep a large balance out of your mortgage/not in an offset account can negate the benefit of the lower interest rates.
similar situation as OP
https://www.ratecity.com.au/rba-cash-rate