30 Ways To Pay Off
Homeowner’s Code
Real Estate SecretsBank of Queensland (BoQ) has made a significant move in the mortgage market by slashing up to 15 basis points off variable rates for both owner-occupier and investor home loans. This decision comes in the wake of the Reserve Bank of Australia’s first cash rate cut in four years in February, prompting various lenders to reassess their rates.
BoQ’s latest offer includes a variable rate below 6% for investor home loans, starting at 5.99% p.a. This rate is among the lowest in the market, especially for those making principal and interest repayments with loan-to-value ratios (LVRs) of 80% or less. The bank’s Clear Path loans, which feature a mortgage offset account, unlimited redraws, and no application fees, are part of this new offer.
In a similar move, G&C Mutual/Unity has slashed rates by 45 basis points on their Advantage home loans for both owner-occupiers and investors, catering to borrowers with LVRs of up to 95%. The Advantage home loans come with no establishment or monthly fees and offer unlimited redraw facilities.
Australian Military Bank has also joined the trend by reducing rates by up to 44 basis points on a range of its home loan products. The bank’s RateSaver variable home loan now offers a competitive rate of 5.89% p.a. for LVRs of 60% or less. Moreover, Military Bank’s Value Home Loans, which include offset accounts, have seen rate cuts as well.
Additionally, Summerland Bank in northern New South Wales has introduced a special offer on one-year fixed-rate home loans for owner-occupiers, with rates as low as 5.74% p.a. The bank has also reduced rates on its Eco Home Loan for eco-friendly properties.
Looking ahead, the market is anticipating the outcome of the upcoming RBA board meeting, which may shed light on future cash rate adjustments. While the possibility of an April rate cut seems unlikely, economists suggest that a rate cut in May is increasingly probable following recent inflation data.
In conclusion, the recent rate cuts by various banks, including BoQ, G&C Mutual/Unity, Australian Military Bank, and Summerland Bank, reflect the evolving landscape of the home loan market. Borrowers stand to benefit from these competitive rates, offering potential savings and enhanced financial flexibility in the current economic climate.
Side Hustle
Turbocharge Wealth