March’s 10 cheapest variable rate home loans
Variable rate demand is up as rates remain historically low.
Variable rate home loan demand has risen for the sixth consecutive month, according to new figures.
Approval data from Mortgage Choice has revealed the demand for variable rate home loans rose once again in February, after beginning its upsurge in September of last year.
“A growing proportion of Australians are opting for a variable rate home loan. In fact, we saw a total of 78.25% of borrowers opting for a variable home loan product in February, up from 77.93% in January,” Mortgage Choice chief executive John Flavell said.
Variable rate demand was highest in Victoria, where the loans accounted for nearly 90% of all loans written through Mortgage Choice in February. South Australia showed the lowest demand, with variable rates accounting for just under 76% of all home loans.
With more and more Australians choosing variable rate home loans, 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 are useful for 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 $150,000 and a maximum amount of $500,000 or more.
- We've excluded line of credit, guarantor and construction loans.
- Rates are correct as of 5 March 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.