February’s 10 cheapest variable rate home loans
More and more borrowers are opting to take a chance on variable rate home loans.
Variable rate home loans have continued to surge in popularity as signs points to a continued period of inactivity from the Reserve Bank of Australia.
New figures from Mortgage Choice show demand for variable rate home loans rose in January, with nearly 78% of borrowers opting for a variable rate.
"We may continue to see more people choose a variable rate home loan, particularly if the Reserve Bank of Australia continues to leave the official cash rate on hold," Mortgage Choice chief executive John Flavell said.
Variable rates were most popular in Victoria, accounting for more than 85% of all loans written in January. Queensland borrowers were the least likely to choose a variable rate, with slightly less than 74% opting for a variable rate product.
As variable rates grow in popularity, we've put together February's list of the 10 cheapest variable rate home loans on offer through the finder.com.au database. To make sure the home loans presented can offer help to the average borrower, we applied the following criteria:
- All loans listed are principal and interest loans for owner-occupiers.
- All loans have a maximum loan-to-value ratio (LVR) of at least 80%.
- Each loan has a minimum loan amount no more than $150,00 and a maximum amount of more than $500,000.
- We've excluded line of credit, guarantor and construction loans.
- Rates are correct as of 5 February 2018.
Check out the table below to see some of the sharpest deals on offer through finder.com.au. It may be time to look for a better rate.
*Our cheapest variable rate home loans round-up is a monthly article that features the cheapest loans in finder.com.au's database. The rates and other information in this page are correct at the time of publication and are subject to change. There may be cheaper loans on the market than the ones listed here.