Australian Home Loan Rates at Record Low

Canstar has revealed there are 138 home loan rates currently below 2%.

With low fixed rates leading the market, now could be an opportunity for mortgage holders to fix all, or a portion of, their loan.

Canstar’s editor, Effie Zahos, suggests homeowners take advantage of these rock bottom fixed rates and “lock in” their home loans.

“Interest rates will remain at rock bottom for the next three years, though fixed rates are likely to rise before variable rates do that the longer-term bond market starts to anticipate monetary tightening a few years ahead,” Ms. Zahos said.

Most lenders offer split loan packages, whereby you can fix a part of you loan, as opposed to all of it. This could be done so that after the one-year fixed rate expires, you’re not exposing the entire loan to whatever the market rates are at the time as you’re locked in.

“If the lender offers a suite of competitive fixed rates then you could consider splitting your loan across several fixed terms and even a variable rate,” Ms. Zahos suggest.

The benefit of splitting the loan is that you may be able to add extra repayments whilst still getting a low interest rate. Ms. Zahos explains.

“With your loan split into multiple fixed rate terms, the added bonus is that if your lender allows extra repayments during the fixed terms you’re effectively doubling or tripling the amount of additional repayments you can make.”

If you are considering splitting your home loan, be sure to account for any fees and charges for the multiple bank accounts.

The latest Australian Bureau of Statistics (ABS) data shows that the low interest rates and government incentives are lifting new home loan commitments to record highs.

The ABS data shoed new housing loans for December soared 8.6% on the previous month, while owner-occupier loan commitments rose 8.7% to its highest level since June 2009.

Head of finance and wealth, Amanda Seneviratne said loans for newly constructed properties had more than doubles since June 2020, thanks to building grants such as HomeBuilder.

“Federal and state government measures, such as HomeBuilder and historically low interest rates are supporting ongoing growth in housing loan commitments,” she said.

If you’re in a position to refinance your mortgage, let us help you secure these rock bottom interest rates! Fill out the contact form below, and we will be in touch with you to discuss your options.

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