What is the best home loan rate in Australia?
The housing market is hot now, making it hard for homebuyers to purchase their dream homes. While this is the case, you are lucky since there are amazing home loan rates now. Currently, most Australian home loans are offering low-interest rates that are less than 3%.
The lowest home loan rate in Australia for May has been 1.79%. This number does change, however, each day. That being said, the average home loan rate in the last few months has been steady at 2.19%. Although this is true, it is important to note that there are different percentage rates depending on the type of loan.
You should also consider specials that mortgage lenders can find you. For example, there are specials where the interest rate starts off immensely low for the first year and increases into the second year. Variable interest loans are common and often offer the best and most competitive home loan rate.
Although the lowest number is currently 1.79%, there are some home lenders that offer a 2.19% interest rate. These are easier to qualify for but can increase your monthly spending and cost more in the long run.
Best Home Loan Rate Conclusion
The thing about loan rates is that they continue to change. While the average so far has been low for this month, that does not mean the pattern will continue until next month. It is a good suggestion to contact your local mortgagee specialist to look into the average interest rates now.