News - 15 Mar, 2018

Our Cheapest Variable Rate Home Loans For March 2018 – Under 4.00% p.a.

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It seriously pays to compare the market when it comes to home loans. If you’re paying anything over 4%, then it’s definitely time to look at your options. Regardless of whether you’re an owner-occupier or an investor, there are home loans out there that will start with a 3, not a 4. These loans will also offer you all the bells and whistles that you get elsewhere; you just have to know what you want when you do your research.

Which Variable Rate Home Loan Represents the Best Value For You?

Just remember that cheap doesn’t always mean the best, you’ve also got to consider your personal and financial circumstances, as well as needs. Here’s the deal: if you don’t use a redraw facility, then don’t add this on as an extra home loan feature. Instead, look at home loans that suit your purpose. This could save you more long-term.

What’s the bottom line? Well, features typically cost you more in interest. So, if you are looking to save more by paying less, then go for a no-frills home loan that gives you a rock-bottom rate enabling you to pay more off your loan faster. This way you will decrease your loan principal faster and be a homeowner before you know it.

Finding the Right Variable Rate Home Loan For You

Take your time and write down all the factors that you’d like in your home loan. If you want a cheapest variable home loan rate that starts with a 3, then jot this down. If you want a rate that includes an offset account, then write this down. Once you’ve made a list, then start researching the market. Review as many home loans as you can and jot down any loans that stand out as being good value. Then gather information about these products so that you can compare these to each other later.

Now: if you’re confused and don’t know how to compare the market, then talk to a mortgage broker. A broker can help you make sense of loan products, and they can help you decide what represents value. But here’s the kicker: a broker’s knowledge comes for free. Why? Well, they receive a lender’s commission when they sign you up a loan product.

 

Here’s how you find the right deal for you

Step 1: Select your property objective below.

Step 2: Complete a few more questions so we can generate your borrowing power and lowest interest rate.

Step 3: Receive your free home loan report comparing 25+ lenders.

Are you looking to purchase a property or refinance?

So, what are some of the most affordable home loans out there now? We’ve done our research and uncovered four of the most competitive home loans on the market.

Some of the Cheapest Variable Rate Home Loans We’ve Found For Under 4%

Variable rate home loans come with the greatest range of features, and they also give you more flexibility when it comes to making repayments. As a result, these types of loans are some of the most popular on the market. Let’s look at some of the cheapest variable rate home loans on offer now.

All loans below use the following criteria:

  • Rates – as of 15th March 2018
  • Loan amount – $400,000
  • Property value – $500,000
  • Loan term – 30-years
  • Repayment type – principal and interest
  • Loan purpose – owner occupied
  • Repayment frequency – monthly
  • Interest rate type – variable
  • Based on – full documentation and exclude construction and line of credit loans.

Back to Basics – Suncorp Bank

With a lending range of between $150,000 to $5,000,000, the Back to Basics loan is a variable rate home loan with excellent flexibility. With zero fees and a loan-to-value ratio of 90%, this home loan is ideal for borrowers looking to get into the market sooner with a smaller deposit. However, this loan does not have an offset feature for those looking to reduce their interest even further. This loan includes the following features:

Suncorp
Features
Interest Rate 3.68%
Comparison Rate 3.69%
Offset Account No
Offset Cost $0
Redraw Facility Yes
Redraw Cost $0
LVR 90%
Annual Fee $0
Monthly Fee $0
Application Fee $0
Monthly Repayment $1,836

 

Complete Variable Home Loan – Bankwest

Bankwest has a variable home loan on offer with a low rate. Including an offset and redraw, this loan has a minimum lending rate of $200,000 and a maximum of up to $2,000,000. With an LVR of 80%, borrowers will need a 20% deposit as security, otherwise they may incur Lender’s Mortgage Insurance (LMI). The features of this loan include:

Bankwest
Features
Interest Rate 3.70%
Comparison Rate 4.13%
Offset Account Yes
Offset Cost $0
Redraw Facility Yes
Redraw Cost $0
LVR 80%
Annual Fee $395
Monthly Fee $0
Application Fee $0
Monthly Repayment $1,841

 

Flexible Home Loan – ME Bank

With a super competitive interest rate, the Flexible Home Loan by ME has an LVR of 80%, and an annual fee of $395.00. With a minimum loan amount of $400,000 up to a maximum of $2,500,000, this home loan suits those looking to buy varying styles of homes or even larger properties. Perfect for borrowers who are looking to borrow less by having a larger deposit, this home loan includes an offset account and redraw facility. So, you don’t reduce your cash flow, leaving you with more to spend on your new home. This super flexible loan includes the following features:

ME Bank
Features
Interest Rate 3.70%
Comparison Rate 4.11%
Offset Account Yes
Offset Cost $0
Redraw Facility Yes
Redraw Cost $0
LVR 80%
Annual Fee $395
Monthly Fee $0
Application Fee $0
Monthly Repayment $1,841

 

Optima Offset – Homeloans.com.au

The Optima Offset home loan offered by Homeloans.com.au has a lending range of 20,000 to $1,000,000 making it ideal for borrowers who have smaller budgets. With all the bells and whistles – offset and redraw – included, this loan also has reduced fees making it even more attractive. As such, this products’ features include:

Homeloans
Features
Interest Rate 3.78%
Comparison Rate 3.81%
Offset Account Yes
Offset Cost $0
Redraw Facility Yes
Redraw Cost $0
LVR 80%
Annual Fee $198
Monthly Fee $0
Application Fee $0
Monthly Repayment $1,859

 

Do you want a home loan for under 4%? If you said yes, then contact eChoice. Our brokers have access to 100’s of home loan products, so we’ll find you a competitive mortgage product to suit your individual needs.

Compare your interest rate today.

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Things you should know:

This information does not constitute as financial advice. Terms and conditions, fees and charges and normal lending criteria apply. Information & interest rate is current as at 15th March 2018 & is subject to change. The comparison rate is based on a loan amount of $150,000 over a loan term of 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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