We’ve found the 10 cheapest variable rate home loans for September (rates below 4%)
Looking for a loan? Start by checking out these cheap variable rate home loans.
With the official cash rate at a historic low, home loan rates are at rock bottom prices as well. If you're looking for your first home loan, now is a good time and this is a good place to start. And if you already have a mortgage, have you done a home loan health check lately? You could be getting a much better deal.
We rounded up September’s cheapest variable rate owner-occupier home loans available through finder.com.au. Here are our top 10:
Reduce Home Loans Rate Buster 100% Offset
The Reduce Home Loans Rate Buster 100% Offset offers owner-occupiers a low-rate home loan that’s still packed with features. It includes a 100% offset account so you can minimise the interest you pay and be debt-free faster. You’ll get a Visa debit card to access your offset account. The loan also has a free redraw facility and carries no ongoing fees.
loans.com.au Essentials Home Loan
If you’re buying a house to live in, the loans.com.au Essentials Home Loan offers you a low variable rate and no application or ongoing fees. While it doesn’t have an offset account, it does come with a fee-free redraw facility. Better still, there’s no minimum redraw amount.
Newcastle Permanent Premium Plus Package
A package home loan offers you rate and fee discounts in exchange for a single annual fee, and this package loan from Newcastle Permanent delivers discounts on insurance products and application fee waivers for car and personal loans. In addition to this, the low-rate loan comes with a 100% offset account and a redraw facility.
Mortgage House Advantage Home Loan 80 No Offset
This Mortgage House home loan is a no-frills product that has a low variable rate along with some flexible features. You’ll have the flexibility of choosing between a weekly, fortnightly or monthly payment schedule, and if you move house your home loan can come with you. The loan also has a free redraw facility.
HSBC Value Home Loan
If you’re looking to refinance, the HSBC Value Home Loan makes the process smooth and painless with the bank’s “Fast and Easy Refinance Process” that can see your loan settled on the same day or next business day after you send your documents. The loan has a redraw facility, and offers flexible repayments and the option to split your loan into fixed and variable portions.
Tic:Toc Live-in Variable Rate Home Loan
Tic:Toc is a new home loan provider that’s taking the entire home loan process online. You can apply and get approved in as little as 22 minutes. There are no application fees, ongoing fees or settlement fees. The Live-in Variable Rate loan has free redraws, and for $10 a month you can add an offset account.
Auswide Home Loan Plus with Freedom Package
This package home loan gives you a discounted variable rate, fee discounts and waivers for your home loan and transaction accounts and even offers savings on insurance products and a bonus rate on term deposits. It comes with a redraw facility and a 100% offset account.
ClickLoans Online Variable Home Loan
With the ClickLoans Online Variable Home Loan you can not only manage your home loan application online, but you can continue to manage your home loan online after approval. You’ll also get a 100% offset account, a free redraw facility and the option to split between variable and fixed rate portions.
State Custodians Low Rate Home Loan with Offset
It’s rare to find a low-rate, low-fee home loan that also offers a 100% offset account, and that’s what sets this State Custodians loan apart. It comes with a host of other features such as portability, free redraw and flexible repayment options. You can borrow up to 95% LVR, but for the lowest rate, which you’ll see in the table below, you’ll want to keep your LVR to 80% of less.
Bankwest Equaliser Home Loan
If you keep your LVR at 80% or below, this Bankwest home loan will reward you with a rock-bottom rate. The loan offers a discount off the average of the standard variable rates of Westpac, ANZ and NAB for the first three years. Bankwest is also currently waiving the application fee, so it’s a great time to choose this home loan.*The home loans in the table above were taken from finder.com.au's database on 7 September. There may be cheaper loans on the market than the ones listed here. Rates and information are correct at time of publication.
To make sure these were variable rate loans that could be helpful to the average owner-occupier, we applied several criteria. All loans are 3-year fixed rate principal and interest loans for owner-occupiers with a max LVR of at least 80%. Also, 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 of 7 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, but if you’re looking to keep your repayments as low as possible these 10 products might fit the bill.