03 May 2022

Can I Get a Home Loan with a 1.94% Rate?

Mortgages Rate

In 2022, the average interest rate in Australia hovers from around 2.14% to 4.45%. Therefore, obtaining a 1.94% rate is something reserved for well-qualified homebuyers. However, it’s possible to obtain the rate through Mortgage House.

Our Mortgage House Chameleon Executive home loan for owner-occupiers carries a 1.94% rate. In addition, it features a:

  • Redraw facility
  • Ability to send additional repayments
  • Variable-rate
  • Maximum loan-to-value ratio of 80%

The assumption is that the homebuyer will provide a 20% deposit. Therefore, it lowers the risk that Mortgage House incurs. As a variable rate mortgage, the rate could increase from 1.94% during its life. If interest rates increase dramatically, our loan specialists can address your options with you.

Another way to obtain a 1.94% rate is to take advantage of our promotions. Sometimes we run introductory offers to help homebuyers establish their finances in the first two to three years of homeownership. Homebuyers incur several expenses, fees, and costs during the mortgage application process. They pay fees to establish the application. Plus, they incur other costs such as moving. Then, new homeowners must furnish the house. Interior decorators encourage homeowners to budget 10% of the home’s value for furnishing it.

Home loan rates indicate the amount of risk each mortgage applicant poses. Even though you walk into the process as a higher risk, you can improve your financial position. When you can prove it to the lender, request a refinance to obtain better loan terms. 

Mortgages with 1.94% Rate Conclusion

It’s possible to obtain a 1.94% mortgage rate through Mortgage House. Contact our loan specialists to explore your options today.

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