Mortgage interest rates in Australia constantly. Due to multiple RBA decisions to lower the cash rate, interest rates in Australia are at an all-time low. The average interest rate for a home loan in Australia currently is right around 2.93%, with some lenders offering as low as 1.85%. To make sure you are being offered the best rate, you should use an online comparison tool to compare your interest rate to those provided by other lenders.
Benefits of a lower interest rate
There are many benefits to lower interest rates. The most obvious one is that lower interest rates can save you thousands of dollars over your loan term. In addition, lower monthly interest rates can lower your monthly repayment amount, freeing up money for you to spend on other things.
How to make sure you are getting the lowest interest rate
As you may have discovered, banks typically reserve their lowest and best interest rates for their new clients. Meaning, even if you have a variable rate loan, you may not have the best rate if youve been borrowing for a few years. You can use an online rate comparison tool to compare your current rate with others available. Then, you can negotiate with your lender to see if they are willing to match a competitor’s rate. If they are unwilling to match the lowest rate, you can refinance your home loan with a new lender and receive a better interest rate.
With interest rates in Australia being at their lowest, it is a wise idea to make sure you have the lowest rate possible to save you money. Mortgage House can help. Our team of expert brokers can help you negotiate a lower rate with your current lender or help you refinance.
