Who is giving the best mortgage rates?
Every homeowner has their own needs and wants for a mortgage and interest rates. Although this is the case, it is typically important for homeowners to find a low mortgage rate to save money and time. In Australia, there are a variety of companies giving great mortgage rates.
Currently, in November 2021, the average variable mortgage interest rate is 3.93%. While this is the average, it is not the best mortgage rate in Australia.
The Lowest 3-year Fixed Mortgage Interest Rate
Mortgage rates vary depending on the type of mortgage each homeowner has as well as how long it is for. Currently, the lowest 3-year fixed mortgage interest rate is 1.59% through Greater Banks. This is compared to the medium mortgage interest rate of 2.15%. This is a low mortgage interest rate for a home that is valued at 150,000 on a 3-year fixed plan.
The Lowest Variable Mortgage Interest Rate
While looking at variable mortgage interest rates, at a house that is valued at 150,000, the best mortgage rates are between 1.94% and 2.09%, according to the Best Rate Mortgage Calculator provided by Mortgage House. These rates are significantly lower than the comparison rates of 1.98% to 2.47%. Although the percentages may only vary by decimal numbers, these numbers are still significant. On an interest rate that is only 0.25% more, there is a potential to pay thousands of dollars more in interest over the years as this number accumulates.
Market House gives one of the best mortgage interest rates in Australia, perfect for first-time homeowners and renovators alike.