Home Mortgage News Lender unveils lowest mortgage rate in Australia

Lender unveils lowest mortgage rate in Australia

Published on 27 May, 2019

The interest rate will be available to new borrowers and refinancers

While it is expected that the Reserve Bank of Australia would cut the official cash rate in a few weeks, some lenders just could not wait any longer, with one trimming what was already considered an industry-low rate even further.

While it is expected that the Reserve Bank of Australia would cut the official cash rate in a few weeks, some lenders just could not wait any longer, with one trimming what was already considered an industry-low rate even further.

Mortgage House already had the market's lowest mortgage rate at 3.44% even before it launched its newest offer at 3.29%, a report in Life Hacker said.

The new rate applies to the lender’s variable-rate home loans and will be available under Mortgage House's Home Loan Prime Early Bird Rate Cut Special.

Also Read: Three more banks join the rate-cut party

Both new borrowers and refinancers will be able to enjoy the low-rate deal. Aside from getting the lowest industry rate, refinancers who will be switching to Mortgage House will also get a cashback offer of up to $1,500.

Mortgage House's 3.29% variable rate is significantly lower than the big four bank's average rate of 4.63%. Life Hacker said a home loan customer switching from the big banks to Mortgage House would be able to save as much as $4,000 annually.

Mortgage House is just one of the lenders who have been jumping in on the rate-cut trend. Recently, ME Bank and NAB-owned UBank both repriced their owner-occupier and investor home loans by up to 30 basis points. NSW-based mutual bank Greater bank also slashed its variable rates by up to 10%.

Collections: Mortgage News

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