Hello OzBargainers,
Qudos Bank has one of the lowest variable rate loans at the moment:
- Owner Occupied (Principal & Interest): 4.99% (CR 4.99%) at 70% LVR, 5.09% (CR 5.09%) at 80% LVR
- Investment (Principal & Interest): 5.49% (CR 5.49%) at 70% LVR, 5.59% (CR 5.59%) at 80% LVR
- Investment (Interest Only): 5.79% (CR 5.67%) at 70% LVR, 5.89% (CR 5.71%) at 80% LVR
- No Frills Home Loan, no offset account, free online redraw
- Variable rates above are already after the March rate increase
- No cashback from Qudos Bank
- No fees from Qudos Bank, you only pay third party charges (typically $350 discharge fee and $250-$400 land title office charges)
We believe they're great if you want a simple loan with a low variable rate, with a large loan balance where interest rate becomes more important than cashback, or if you just want a low interest rate and would like ongoing yearly savings.
They're particularly attractive for Owner Occupied loan, likely to be 0.25% lower owner occupied variable rate than many other banks.
- On a $1m loan balance, a 0.25% lower interest rate should result in roughly $2500 yearly savings, roughly $5000 savings over 2 years (more than the $4k cashback offered by some other banks).
- On a $500k loan balance, the interest savings will likely outweigh other banks' cashback offers after 4 years.
Although Qudos Bank has no cashback offer, we currently have a broker cashback offer, $1000 for $500k loan balance or $1500 for $750k loan balance 😀
We look forward to helping you save money, or buy a property!
Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704
Better off going with a bank that gives a cashback. For example St George offer $4k cashback on 5.24% basic loan. Assuming you have a $500k loan it would still take you over 3 years to break even with this bank even with the rate being 0.25% cheaper.