More lenders go under 3%

MEDIA RELEASE Sunday 3 November 2019

  • More fixed and variable home loan rates fall under 3%
  • There are options for savers who want to beat inflation

More lenders have trimmed variable and fixed home loan rates to under three per cent.

“There are now 18 variable home loan rates for owner-occupiers starting with a 2,” said Vadim Taube, CEO of leading Australian financial comparison site InfoChoice.com.au,

“If your loan is charging you three and a half or four per cent per annum, you are not getting anywhere near the lowest rate deal now available.

“Borrowers can now lock in sub-3 per cent home loan rates until 2024 with more long fixed-rate deals now coming down into the 2 per cent zone in the last week,” said Vadim Taube.

Low fixed-rate home loan rates now listed on InfoChoice 3/11/19

Ten low-rate variable (P&I,OO) home loans now listed on InfoChoice 3/11/19

“Currently, savers can’t get an ongoing rate significantly above inflation from the big four banks, in either at-call accounts or term deposits.”

“Savers really need to be looking at some of the easy-to-open, online accounts to get the most competitive rates in the market,” said Vadim Taube, CEO of leading Australian financial comparison site InfoChoice.com.au.

“Judo Bank has market leading rates in the term deposit market and Greater Bank, ME, UBank, Bank Australia and BoQ are among the leaders in the at-call ongoing incentive saver market.

At-call incentive saver account market, excluding intro rates, now listed on InfoChoice.

Go straight to 1800 home loan rates from 145 institutions listed on InfoChoice here.

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 jason.bryce@infochoice.com.au

For more comments, please contact: Vadim Taube, Chief Executive on 0403 580 794

* 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.

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