September 2017’s 10 cheapest fixed rate home loans
Lock in an interest rate as low as 3.74% with one of our cheapest fixed rate home loans.
While the cash rate is low for now, most commentators agree that the next move for interest rates is likely to be up. If rates are near the bottom of their cycle, it could be a great time to fix your home loan rate.
We’ve scoured the finder.com.au database to find the best deals on fixed rate home loans. Below are the 10 cheapest 3-year fixed rate loans currently available through our site.
To make sure these were loans that could be helpful to the average owner-occupier, we applied a few criteria. Aside from being principal and interest loans for owner-occupiers with a max LVR of at least 80%, all the loans on this page fit the following criteria:
- A minimum loan amount no greater than $350,000
- A maximum loan amount of more than $500,000
- Excludes line of credit, guarantor and construction loans
- Rates are correct as at 8 September 2017
While we're calling these loans the cheapest, keep in mind that a low rate isn’t the only determining factor in whether or not a home loan is right for you. That said, if you’re looking to keep your repayments as low as possible these 10 products might fit the bill.
We've listed the loans in the table below, and you can scroll down to learn more about each of them.
Fixed rate home loans can often be light on flexibility. That’s not the case with this discounted 3-year fixed rate product from Greater Bank. If you’re buying in Queensland, NSW or the ACT, you can benefit from a low rate, a redraw facility and the option to make extra repayments.
- Interest rate: 3.74% (comparison rate 4.42%)
Suncorp Home Package Plus Fixed 3-Year
This Suncorp loan allows you to package your 3-year fixed rate with a host of other banking products, and delivers discounts and fee waivers. Not only will you get a discount off the bank’s 3-year fixed rate, you’ll be eligible for discounts or fee waivers on credit cards, insurance products, personal loans and margin loans. You’ll even get a complimentary consultation with a financial planner.
- Interest rate: 3.79% (comparison rate 4.62%)
Bank of Queensland 3-Year Fixed Discounted Rate
This low-rate fixed home loan offers the sharpest deal to borrowers who keep their LVR below 80%. You can choose between weekly, fortnightly or monthly repayments, and you can make up to $5,000 in additional repayments per year.
- Interest rate: 3.79% (comparison rate 4.44%)
Aussie Optimizer Standard Fixed Rate Home Loan
The Aussie Optimizer is a straightforward, no-frills home loan that offers a sharp 3-year fixed rate without some of the features that often attract fees. There are no ongoing or application fees. The loan also offers the option of making additional repayments up to 5% of the total value of the loan.
- Interest rate: 3.99% (comparison rate 4.15%)
Newcastle Permanent Fixed Rate Home Loan
One of the drawbacks of fixed rate home loans is that they often don’t offer the option to get ahead on your mortgage with extra repayments. This 3-year fixed rate from Newcastle Permanent is a notable exception. You can make up to $25,000 in extra repayments. On top of this, the loan is portable so if you move house, your loan can come with you.
- Interest rate: 3.89% (comparison rate 4.78%)
NAB Choice Package 3-year Fixed Rate
The NAB Choice Package offers a whole range of discounts off both the bank’s standard 3-year fixed rate and other NAB products like credit cards, insurance and savings accounts. You can make up to $20,000 in additional repayments during the fixed rate term. Also, unlike many fixed rate loans, this product comes with a redraw facility which allows you to withdraw any extra repayments you’ve made at the end of your fixed rate period.
- Interest rate: 3.94% (comparison rate 4.84%)
Commonwealth Bank Wealth Package 3-year Fixed Rate
The Commonwealth Bank Wealth Package waives your application fee and fees for some personal loans, transaction accounts and credit cards with the bank. You can also get discounts on insurance products and personal loans. What really sets the loan apart is a partial offset account, the Commonwealth Mortgage Interest Saver Account.
- Interest rate: 3.99% (comparison rate 4.93%)
St.George 3-year Fixed Rate Advantage Package
This loan allows you to combine your credit card and transaction account with a 3-year fixed rate home loan from St.George. The loan offers a partial offset account and a redraw facility, and you won’t have to pay the loan establishment fee that would normally run you $600.
- Interest rate: 3.94% (comparison rate 4.91%)
UBank UHomeLoan 3-year Fixed Rate
This basic home loan offers a competitive 3-year fixed rate along with the ability to make up to $20,000 in additional repayments. There’s no application fee, but for $395 you can lock in your rate in case rates rise before your home loan reaches settlement. UBank also offers the option to split your loan between fixed and variable rate portions.
- Interest rate: 3.99% (comparison rate 4.08%)
IMB 3-year Fixed Rate Home Loan
The IMB 3-year Fixed Rate Home Loan offers a highly competitive 3-year fixed rate, along with a redraw facility. You can also make up to 12 months of additional repayments without incurring a penalty.
- Interest rate: 3.99% (comparison rate 4.75%)
Compare September's cheapest fixed rate home loans and apply
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