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Big banks shaking up variable rates for mortgage holders

Big banks are slashing variable rates to encourage homeowners to restructure their home loans.

Two of Australia’s big banks, ANZ and Westpac, have recently announced plans for a variable rate shake-up that could benefit some mortgage holders and penalise others. Interest rates for principal and interest loans will see a reprieve, while interest-only loans are set to increase.

With two of the biggest banks leading the way, it’s anticipated that other banks could follow. Switching home loans now could be to your advantage, regardless of your loan type. Although the banks’ intentions are to encourage people to shift from interest-only loans to paying principal plus interest, that may not be the best option for you.

Here’s How You Do It:

Step 1: Select your type of property below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

Comparing home loans on a regular basis is a money-saving move that many Aussies miss out on. Visit HomeLoansAustralia.com for a free mortgage snapshot, followed by personalised advice from a home loans expert over the phone. It only takes a few minutes to find out if you’re getting a good price on your home loan.  

ANZ claims that more than 80 percent of its owner-occupier borrowers will benefit from the upcoming changes to interest rates.* The bank will cut its standard variable rate for owner-occupiers by 0.05 percentage points, bringing it to 5.20 percent. Westpac’s new rate for owner-occupiers will go down to 5.24 percent.

These rates, while lower than they were, still may not represent great value for your loan. Even if you think you’ve got a low interest rate at the moment, it pays to shop around. The housing market fluctuates over time, and you may be surprised to find that you’re missing out on a better deal.  

HomeLoansAustralia.com compares rates from over 27 lenders, giving you a broader picture of how much you can save. Often the big banks don’t offer the best deals, charging more because of their recognisable brand names.

Changing rates represent an opportunity to save by switching to a better deal. In today’s market, switching is easier than ever because it can all be done over the phone and online. Your Home Loans Australia mortgage consultant will guide you through the process to simplify it as much as possible.

Don’t wait for your lender to make changes to your mortgage. Take control of your finances by seeking out a better deal through HomeLoansAustralia.com and you could save time and money over the life of your loan.

Get Started Now:

Step 1: Select your state below.
Step 2: After answering a few questions, you will have the opportunity to compare quotes in your area and could be eligible for significant savings.

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