December’s 10 cheapest fixed rate home loans
Interest rates are at historic lows. If you want to fix your home loan make sure you lock in a rock-bottom rate.
Once again, the Reserve Bank has held the interest rate at the historic low of 1.50%. While there's no indication rates will rise soon, for borrowers looking to maximise the certainty of their repayments, getting a competitive fixed rate loan is always an option.
We've rounded up the 10 cheapest fixed rate loans available on finder in December. Rather than focusing purely on rate, we've selected loans based on the following criteria in order to create a list of loans that will be useful for the largest number of borrowers. The loans on this page all have the following:
- A minimum loan amount no greater than $250,000.
- A maximum loan amount of $500,000 or higher
- A three-year fixed interest rate
These criteria ensure that the loans we've chosen are ones that the average Australian borrower will find useful. The information for these products is correct as of 7 December 2017.
Our cheapest fixed rate loans are listed here, but we've written more information about them below the list.
Here's a brief review of each product:
December's cheapest fixed mortgage rates
SCU My Life Fixed Rate Home Loan Package - Three-Year Fixed Rate
The lowest three-year fixed rate loan on finder right now, this package loan from SCU has a max insured LVR of 95%, meaning you'll only need a 5% deposit if you're willing to pay lender's mortgage insurance.
- Interest rate: 3.69% (comparison rate 4.00%)
Greater Bank Ultimate Home Loan - Discounted Three-Year Fixed LVR ≤90% ($150K+ Owner Occupier)
This discounted three-year loan is only available for properties purchased in NSW, ACT or QLD and offers discounts on other products in addition to a low rate.
- Interest rate: 3.74% (comparison rate 4.42%)
IMB Platinum Package Fixed Home Loan - Three-Year Fixed (LVR < 90% Owner Occupier)
Another package loan, IMB's product has no application fee and offers discounts on a range of other IMB products.
- Interest rate: 3.79% (comparison rate 4.77%)
Teachers Mutual Bank Fixed Option Home Loan - Three Years (Owner Occupier)
A high maximum insured LVR (95%) and an offset account set this low-rate fixed loan apart from the crowd.
- Interest rate: 3.79% (comparison rate 4.99%)
Gateway Credit Union Premium Package Home Loan - Three-Year Fixed (Owner Occupier P&I)
This three-year fixed rate loan from GCU sticks with a low rate and only requires a 5% deposit (plus LMI costs).
- Interest rate: 3.83% (comparison rate 4.68%)
Australian Unity Health, Wealth and Happiness Fixed Rate Home Loan - Three-Year Fixed Rate Special (Owner Occupier, P&I)
This is a fixed rate product with a low interest rate and low fees.
- Interest rate: 3.84% (comparison rate 3.99%)
Bank of Queensland Fixed Rate Home Loan - Three-Year Fixed Rate Discount Rate $150k+ <80% LVR (Owner Occupier, P&I)
Bank of Queensland's fixed rate loan has an offset account, letting you pay less interest so you can bring down your loan principal faster.
- Interest rate: 3.87% (comparison rate 4.47%)
Macquarie Bank Basic Fixed Home Loan - Three-Year Fixed Rate (LVR≤ 80% up to $750,000 Owner Occupier, P&I)
This home loan has very low fees in addition to a competitive three-year rate.
- Interest rate: 3.88% (comparison rate 3.81%)
RACQ Bank Choices Package Fixed Loan - Three Years $150k+ (Owner Occupier)
This package loan comes with a transaction account and access to a Platinum Mastercard.
- Interest rate: 3.89% (comparison rate 4.78%)
NAB Choice Package Home Loan - Three-Year Fixed (Owner Occupier P&I)
This loan from one of the Big Four banks can earn you reward points for a limited time.
- Interest rate: 3.94% (comparison rate 4.84%)