February RBA interest rate decision: A guide to the lowest rate home loan offerings as of February 4

February RBA interest rate decision: A guide to the lowest rate home loan offerings as of February 4
Larry SchlesingerDecember 7, 2020

Tomorrow the Reserve Bank’s monetary policy committee meets for the first time in 2013 to decide whether to adjust the cash rate. 

The majority of economists expect the cash rate to remain on hold – 24 out of 28 economists polled by Bloomberg last week said so on the back of house prices rising in January and unemployment still low.

The cash rate stands at 3%, with the lowest advertised variable rate on offer being 4.99% from lender Easy Street, owned and operated by Sydney-based Community First Credit Union.

For borrowers intent on refinancing with a major bank brand, UBank, the online offering of NAB, has a refinancing variable rate of 5.12%.

Non-bank lender homeloanHQ, with loans underwritten by a major bank, is offering three-year fixed fixed-rate home loan at 4.99%.

These are the lowest advertised mortgage rates based on listings by ratecity.com.auMozo.com.au,  infochoice.com.au and homeloanfinder.com.au as of February 4:

Where the headline rate is the same, the lender with the lowest comparison rate gets preference.

Lowest variable rate offerings:

Provider

Loan name

Rate

Comparison rate*

Easy Street

Honeymoon Home Loan Special

4.99%

5.77%

Loans.com.au

Blackboard Special

5.09%

5.11%

UBank

UHomeLoan - refinance variable loan with a special upfront discount of 0.25%p.a.

5.12%

5.12%

Lowest one-year fixed-rate offerings

Provider

Loan name

Rate

Comparison rate*

ME Bank

Member Package SMHL Standard Home Loan

4.99%

5.62%

Resi

Flexi Fix Plus 75

4.99%

5.90%

Newcastle Permanent

Residential Fixed One year

4.99%

5.95%

Lowest three-year fixed-rate offerings

Provider

Loan name

Rate

Comparison rate*

homeloanHQ

Rate Lock Home Loan

4.99%

5.53%

eMoney

Pro Pack 75 – 3 Year Fixed Rate Home Loan

5.00%

5.67%

Resi

Flexi Fix Plus 75

5.12%

5.81%

*A comparison rate includes both the interest rate and the fees and charges relating to a loan, combined into a single percentage figure.

For information on refinancing, watch our free webinar The Do's and Don’ts of Refinancing Your Existing Home Loan ... and How to Avoid Unnecessary Hurdles.

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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