But if you’ve been watching the home loan market in recent months you’ll know that whilst “official” interest rates have remained on hold for the past six months or so, the rates being offered by a variety of lenders have been on the move, both up and down, ever since then.
For example, if you are in the market for a variable home loan at the moment, HSBC has just cut their variable home loan rate to 4.75% as well as waiving up-front fees and ongoing fees.
Or if dealing with a lender that operates without a branch network isn’t a problem for you, loans.com.au currently have variable rate loans as low as 4.49%. If you prefer to lock in a fixed rate home loan while rates are so low, a quick internet search reveals that 1-year fixed rate loans are currently starting as low as 3.99%.
You’ll also find that 2-year loans are currently available from 4.64% and 3-year loans from 4.79%. The important thing to remember is that these rates are constantly being adjusted in the face of competition between home lenders and the changing view of the longer term economic outlook.
So our recommendation is to always consult with a professional Mortgage Broker before you make any final decision on where to source your home loan. An Independent Broker can help you in more ways than simply finding the best interest rate deal, including making sure that you’re not paying for particular aspects of a loan that you don’t want or need.