May’s 10 cheapest variable rate home loans
Variable rate home loans are growing in popularity as lenders offer competitive deals.
Variable rate home loans are becoming more popular as rates stay near record lows.
The Reserve Bank again chose to leave the official cash rate on hold at 1.50% when it met in May. As rates remain low, the proportion of borrowers choosing variable rate home loans has grown to 78.65%, Mortgage Choice data shows.
"This rise can be attributed to the fact that a number of Australia’s lenders are currently offering some competitive interest rates on their variable investment and owner-occupied home loan products," Mortgage Choice Jacqueline Dearle said.
With variable rate home loans near all-time lows, we've put together May's list of the 10 cheapest variable rate home loans available through the finder.com.au database. To ensure the home loans we chose can help 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 3 May 2018.
Check out the table below to see the cheapest deals on offer through finder.com.au. If you're paying a higher rate, it may be time to refinance for a better deal.
*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.