What Are the Lowest Mortgage Rates Today?

Currently, the lowest mortgage rate in Australia belongs to Australian Mutual Banks First Home Basic Buyer Loan with the low home loan rate of 3.04% p.a. However, just because a home loan has low rates does not mean it is the right loan for your individual financial status and home buying goals. The easiest way to find the lowest mortgage rates available to you today is by comparing the various loans and lenders you qualify for before deciding to apply. Too many mortgage applications can damage your credit score and indicate financial instability to lenders, lowering your chance of gaining approval and raising rates and repayments if approved. 

A mortgage interest rate is a percentage of how much interest a lender will charge on each mortgage repayment. Ensuring you have a good credit score and financial history can boost your potential of finding a mortgage with the lowest interest rate. Keep in mind that debt and low credit scores can significantly damage your potential of becoming approved for a mortgage with low-interest rates. Cancelling unused credit cards, paying off high-interest-rate debt, and lowering any high credit card limits can boost your credit score while also potentially increasing your personal borrowing capacity. 

Mortgage House lending specialists can assist potential borrowers through the entirety of a home buying process, helping to compare loans and rates, creating financial goals, walking through the application process, and planning mortgage repayments that work with your current financial status. Reach out to us today for more information, and take a look at our Mortgage Borrowing Calculator to easily check your personal borrowing capacity and calculate loan repayments.