Five-year fixed loan rates fall under 3%
MEDIA RELEASE 10 October 2019
There are now 16 five-year fixed rate home loan products with advertised rates under 3 per cent pa listed on the InfoChoice database. There are 12 four-year fixed rate home loan products with advertised rates under 3 per cent pa.
For example, the UBank UHomeLoan has a five-year fixed rate of 2.94 per cent pa (comparison rate 3.34 per cent pa). On a $300,000 loan this loan charges about $1413 per month
Lowest variable rate home loans now listed by InfoChoice.com.au 13 October 2019
|Lender||Variable rate pa |
|Comparison rate pa||Monthly repayments|
|Reduce Low Rider||2.69%||2.71%||$1375|
|Athena Refinance Only||2.84%||2.80%||$1398|
Amazing FIVE YEAR FIXED rates – under 3%:
Variable rate pa
Comparison rate pa
|St George / Bank of Melbourne||2.94%||3.72%||$1413|
Vadim Taube, CEO of leading Australian financial comparison site InfoChoice.com.au, said borrowers can lock in record low monthly repayments for the next five years.
“With these amazing low rates it is possible to lock in loan repayments on a $300,000 home loan of around $360 per week for the next five years,” said Vadim Taube, CEO of InfoChoice.com.au
“Plenty of people will be looking at the low monthly repayments now being charged on fixed and variable rate loans and deciding that buying might be cheaper than renting.
“Fixed rates are clearly now being set with the future in mind,” said Vadim Taube.
“Banks are expecting the RBA to keep rates low for years. The RBA is already expected to cut rates as soon as Melbourne Cup Day.”
“Variable rate home loans can change rates up or down but a fixed rate will stay the same until the end of the term,” said Vadim Taube.
Go straight to the latest rates information from individual banks and other institutions here.
For more information on Savings account rates, data and commentary, please contact:
Jason Bryce, Media Manager on 0428 777 727 email@example.com
For more comments, please contact: Vadim Taube, Chief Executive on 0403 580 794
Keep up to date with the latest RBA rates outlook at InfoChoice.
* InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.
Comparison rate is based on a secured loan of $150,000 over the term of 25 years. WARNING: These comparison rates apply only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan
InfoChoice is a leading Australian comparison website for retail banking and personal finance products. We’ve been helping Aussies find great offers on credit cards, home loans, savings accounts, term deposits, personal loans and car loans for over 25 years. Our mission is to help consumers make an informed purchasing by bringing together the most comprehensive list of financial products on the market today.
At InfoChoice, we strive to be:
• Comprehensive. We compare more than 3500 individual products from 145 providers within Australia to offer you the best value.
• Informative. We know how important it is for you to crunch the numbers before buying. Our calculators help you understand the cost of different products over the long term and show you the potential savings.