My current interest rate is at 5.99% with Ubank with about $180k owing.
Was it supposed to go down?
What Is Your Homeloan Interest Rate in 2025?
MonkEE on 23/02/2025 - 09:27
Last edited 23/02/2025 - 11:54 by 1 other user
Last edited 23/02/2025 - 11:54 by 1 other user
Comments
Can we find out the ratio of negs to plus for all of a users comments?
Well, just for todays voting, as of right now, HeWhoKnobs is sitting at:
1:2.3
Every up vote has 2.2 downvotes
I hit my 10 negative vote cap last night, and no doubt this ratio will change throughout the day.
Not sure about all time though. Feature request?
Don't know why you're being downvoted…
Most are 6+%
It’s irrelevant because it’s all going to change in a few weeks. And they have a history of being completely wrong, despite their username.
I have checked my account, and the rate is still showing the same. I can't seem to find the page where you got that information from. Can you provide a link?
I have just called them, they said the applied rate will be reflected on 17 March 2025.
I don't have a home loan.
Are you on a Fixed or Variable Rate?
Ubank is passing the February 2025 cash rate cut on to borrowers.
From 27 February variable rate home loans will drop by 25 basis points.
From that date the lowest variable rate loan the Ubank offers will be 5.84%.Maybe mention owner occupied, principal and interest and variable to make sure everyone on same page.
Devil is in the details
My interest rate is 0% because we paid off the house almost immediately.
The tried and true approach of saving a huge deposit, then buying a modest property, then paying it off at high speed may not be the best approach if you want to make heaps of capital gains, but it is a good approach if you want a low-risk, low-anxiety life without having to pay hundreds of thousands in interest over decades to increase the megaprofits of banks.
Did you leave your loan open as a cheap line of credit or close it and collect paperwork?
Closed it. Just want a simple life. Don't plan to be constantly in debt.
Good debt is fine as long you can manage it.
Im against paying off just one but buy more and more.
Need to think of long game not short time happiness@McMaferMur: Unless of course you get into your 50's and 60's and get ill and realize you never had a chance to enjoy your life. Touch wood in still relatively healthy in my early 50's but have been holding loans for the last 21 years on little more than a single income, which leaves little to do much else in life. Part of me wishes id actually enjoyed my earlier life a little more than having to be so focused on paying back debt. I mean we made the choice to be aggressive with our mortgage payback to reduce interest but it's come at the cost of holidays with our kids. I hope to be debt free within 2 years or so, so fingers crossed I stay healthy and can actually enjoy life a little.
I kept mine open but fully offset so 0% interest. I churn the refinance cashback $2-$3k multiple times a year, so racking up tens of thousand dollars free money in process.
Did the same with investment properties loans as well, free money!
@RTX9090Ti: Doesn’t all the hidden establishment fees eat heavily into the 2-3k cash backs? All that effort turned out to not be worth it when I did the math. But I don’t know what system you have going.
@Smol Cat: In my case all the fees are under $1k, close to $500ish. $2k cashback is probably minimum that will entice me.
Also the 2.5% fixed interest from years back helps a lot for 5 years term.
@RTX9090Ti: You refinance your mortgage multiple times a year??? Isnt that a headache with all the paperwork required
@SuperMid: They might get used to it, I definitely wouldn't. I find every refinance a pain, the cash backs never tempted me.
@RTX9090Ti: hi @RTX9090Ti i have mine open fully offest with Bank of Melbourne. how did you churn the refinance cashback?
that's nice but if you live in a capital city a modest house in the suburbs will set you back 1.5mil+ nowadays.. by the time you save up the "huge deposit" the average house price rise would outpace your saving rate. i suppose you could always cut back on avo/toast and the coffees
I guess you don't live in Sydney..35min drive from toongabbie to the CBD during peak hour? maybe if you want to fork out $100 in tolls per week if you want to get there under an hr.
That fibro house you linked will go for 1.2-1.3 at a minimum - everyone knows auction price guides are bs. if you want to have a "big deposit" let's be generous and say 30% only leaving you with a still hefty mortgage of 1m+ that's 400k + stamp duty deposit so close to half a mil. how quickly can people save up 500k nowadays on the ''average'' 100k pa wage?@May4th: Yes, Sydney is the least affordable. Personally I wouldn't want to buy a house in Sydney unless I was quite wealthy. I think most people on median wages in Sydney buy apartments.
Ah yes, 3 random examples of houses that will no doubt sell for $100K over the asking price (if not more), making all but one of them likely to actually go for under 1 million dollars. Great logic that completely disproves the insane housing/cost-of-living crisis that Australia is facing right now.
If only everyone could pay their houses off in cash, upfront, at 1990s prices or whenever it is that you bought into the market… just use your heads people and quit being so pessimistic about our property Ponzi scheme.
Be more like FortSnorter, he already got his so f**k you all and he'll see in you hell (from property owner heaven).
@Miami Mall Alien: No I agree with you, there is a crisis, and houses are way overvalued. It is a ponzi scheme that benefits the wealthiest. The houses in these links are actually way bigger than my own crappy house, and my approach may not work for many people, especially if they live in Sydney, I was just responding to the claim that you need $1.5 million to buy a house. You can do a “sold” search on realestate .com.au to see what prices houses are selling for to show that this isn’t true. Literally hundreds of houses have sold for less than $1.1 million in all 3 cities in the past few months. Many well under $1 million too. Still overpriced though.
Bundoora 40mins to the city? What a joke
Congrats on paying off the house.
Can I ask what was your strategy?My girlfriend and I have decent jobs, although not extremely high paying. We're both on pretty much median full-time salaries. But we rarely spend money, because we're both very frugal. We saved up for over a decade. And we spent about 2 years looking for a house. Instead of looking for our dream home and buying impulsively, we found an old, very small house that nobody wanted to buy, but it was in a really good area. We got the house for $120k less than the asking price because there were no other serious buyers, and it needed quite a bit of renovation (mostly cosmetic). We're slowly renovating it.
Wow nice work and good sacrifice.
I know some people who have done similar, basically the past 20 years they have just been living in older properties and renovating on weekends.
Lots of effort as it basically becomes a second job, but it pays off very well, probably more than a regular job.
The savings on CGT etc from living in the house whilst renovating is significant, though obviously has some impact on lifestyle at the same time.@tomlikesbeetroot: Yeah, by being open-minded about the quality/size of the house, we probably spent around $500k-600k less than a typical couple our age with our level of savings would have spent on a house. And we will spend less than $100k renovating it.
For important renovations like plumbing we obviously get a professional to do it. But we can do basic tiling, painting, and landscaping. It's a good way to learn some basic skills. The landscaping is actually one of the most expensive things to get done professionally. They say landscaping costs 5-10% of your home's value, which could mean anywhere from $40k-$150k depending on the size and value of your property and how nice you want it. But if you're patient and willing to get dirty every weekend, and prepared to drive around picking up supplies frequently, you can do it yourself slowly over months/years. It's very satisfying to see the end result.
I wish I had that foresight
That’sa very sensible and old school hard work approach unfortunately many younger generations will not tolerate. In guessing your plan is to finish renos, use this house has equity or as rental to then go buy the next house closer to your dream house and repeat?
I haven't heard one complaint about people paying off thier mortgage. Congratulations
When did you purchase and how much was your house? Most people are renting on their way to buying a house, saving a huge deposit isn't exactly something most can do considering rent is just as expensive as a mortgage.
They did save together over a decade. Sounds like it was aggressively.
6.04% variable PPOR with ING
They gave you lower than their advertised rate?
I got a decent rate via a broker while cash rate was 0.1. I called up maybe a few weeks after the last rate increase and asked what they can do for me and they gave me 6.04.
Always worth asking
True that, i'll give them a call after the cut comes through.
I'm not with ING, but the deals available via brokers are often different to what banks offer directly.
Both my own house and investment property are at rates lower than what the bank advertises directly to consumers, and its just the standard rate that my broker gets from the bank.
6.05% variable PPOR with Bank of Melbourne
5.99 with ubank soon, in march after 0.25 cut
INVESTMENT not pporThat’s a great rate for an investment home loan… does it have an offset facility?
Ubank is untrustworthy. They are ripping off their customers for an entire month.
We’re pleased to let you know that we’ll be reducing our UHomeLoan standard variable home loan rates by 0.25% p.a. effective from 17 March, 2025.
5.73% unloan
Likewise, was 5.98% before Friday. (PPOR)
SAME
Do you need a CBA account to pay the loan or can it be any account? Thinking of moving my loan to them soon
No it’s a separate entity
Have they cut already?
YES 21ST
Is this the comparison rate?
who knows just dyor on the unloan website
There is no offset with unloan though.
redraw same same
6.45% ANZ for an IP.
But irrelevant as it's fully offset. I just wanted the $2000 refinance free money.
ING 6.09% PPOR with offset account
1.99% until September
Well done.
Thanks, the RBA hates this simple trick…
The banks hate it more
5.87 variable St George with all transaction accounts offsetting
Is this before or after the latest RBA 0.25% cut? This is a great rate is before.
What are your loan stats - size, LVR?
No idea.
2.14 with TMB till October
5.69 variable with Australian mutual bank (owner-occupied)
Is it with offset? Or are you doing Additional repayments and Redrawing, seems hassle to me.
no offset, not doing additional repayments or redrawing. Just biding my time until something better turns up.
Is this the comparison rate?
5.99 ING (before rate cut) with offset and an extra 0.15% rebate from the broker per month.
please share your broker details
Nick Burgess from money.com.au… when I was refinancing 2 months ago I went to the website to get a comparison table as part of my research but they had one of those fill in your details before giving you the data things, I did it anyway, got a call the next day they had a really good deal.
Thanks
After the rate drop, we'll be at 5.75% for PPOR, and 5.08% for IP. Both P&I and with CBA.
Good timing as we are coming off four years fixed at 1.99% in April.
I'm assuming IP is investment property? If so how on earth did you get such a low rate for investment?
Doesn't make sense.
Must mean 6.08…
@Hazzard, apologies, I meant 6.08%.
Is it through broker? Thats really good .25 less than what I am getting.
@royaltyfree, through CBA directly.
6.09% for OO with Westpac, will drop to 5.84% after the latest RBA cut is actioned. This is for a small (low $300k's) and LVR <50%. Probably could get a better rate if the loan size was bigger (>$500k).
Will probably look to refinance in the next 3-6 months depending on how aggressive WBC want to keep my business, and what rates/cashback offers are available.
@ol mate - 6.04% variable with St George (owned by Westpac) but thinking I should shop around given some of the other rates mentioned here.
I'm with Westpac too. Currently getting 5.68, including offset. I get a discount because I have been a customer for 5 years, so I'm not sure if they have offered this to you. I didnt start getting this supposed discount until a few months ago after I threatened to leave. It's amazing what you find out when you ask.
Interesting. Might give them a call in the next few days and see what they can do. I've only been with WBC for ~1.5yrs though, so don't hold me breath.
When I moved to WBC from ANZ last, ANZ called and offered to beat WBC's rates and cashback, alas after a discharge form had been sent and WBC had contacted them to book settlement.
ANZ are scum. No loss.
@ol mate - Can you update if WBC give you a better rate? Even though I'm with St George, I hope they share the same policy.
Ours will be 6.09 with great southern bank after drop for investment.
Am seeing a large variation on people's listed home loan rates. Is this because most home loans are based on LVR now so pretty much all people will have a different loan based on their personal situation?
Based on, loan size, LVR and how competitive the lender is at that time/lazy the customer is.
am i the only idiot with a variable 6.19% interest rate?
will go down at the end of the month, but I feel like i'm getting shafted when everyone else is already below 6.Owner occupied with offset, huge amount remaining (>$1m), 60% < LVR <70%.
My previous broker told me 6.19% was a good rate when we came off fixed of 1.98% in December. I didn't accept this and went somewhere else. It wasn't a bad rate at the time but it wasn't a great rate. My LVR 55-65%.
Could you please share the details, what rates are you getting? which bank?
I answered you above.
If you check their website
We’re pleased to let you know that we’ll be reducing our Neat and Flex variable home loan rates by 0.25% p.a. effective from 27 February 2025.
I assume the same drop date would apply to existing loans, though your current rate is less than their advertised current rates.