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Best Home Loan Discounts

Marty McDonald - Wednesday, August 03, 2011

At present there are incredible never been seen before home loans discounts on offer from a wide range of lenders. Competition between lenders is really heating up. Here’s what home loan discounts and rates we can source for you at present (most of these offers are not published by the lenders).


The rates quoted below are not the actual advertised rates in fact mots lenders do not advertise these home loan discounts at all. Comparison rates can not therefore be quoted. We believe that we could negotiate these home loan discounts / rates on your behalf provided you meet the normal credit criteria, terms and conditions of the credit provider(s) chosen. These rates and discounts could change at any time but we believe them to be correct at the time of writing.

 

 

Variable rate home loan discounts  

 

                                               

 Loan Amount  

Loan to value ratio (LVR) *

 % Rate   

 Discount off the standard rate

< $250,000

Less than 80%

7.25%

0.55%

More than 80%

7.25%

0.55%

$250,000 - $500,000

Less than 80%

6.80%

1.00%

More than 80%

7.00%

0.80%

$500,000 - $1,000,000

Less than 80%

6.80%

1.00%

More than 80%

6.90%

0.90%

$1,000,000 - $1,500,000

Less than 75%

6.75%

1.05%

More than 75%

6.90%

0.90%

$1,500,000 - $2,000,000

Less than 75%

6.70%

1.10%

More than 75%

na **

na **

> $2,000,000

Less than 70%

6.65%

1.15%

More than 70%

na **

na **

  • These loans are usually taken as part of a package which has an annual fee of between $300 and $400 which entitles the package holder to benefits such as offset accounts and discounts on other bank fees and of course the interest rate discount itself.

  • For illustration purposes we have taken a rough average of the major banks standard variable rates (7.80%). Discounts and rates above are based on this headline rate.
  • Discounts are for the life of the loan.
  • * Loan to value ratio or LVR for short refers to the loan amount expressed as a percentage of the value of the property that secures it. For example a $300,000 loan secured by a home worth $600,000 would have a 50% LVR.
  • ** Unlikely to be approved.

Best basic loan rates available

Don't want the bells and whistles or any fees? The best basic variable rates start from around 7.00% pa (the equivalent of a 0.80% pa discount). Usually these rates are not negotiable as they already have a discount built into them.

Best fixed rate available (including any discounts)

1 year fixed rate - 6.30% pa
2 year fixed rate - 6.30% pa
3 year fixed rate - 6.30% pa
4 year fixed rate - 6.70% pa
5 year fixed rate - 6.70% pa
7 year fixed rate - 7.59% pa
10 year fixed rate - 7.59% pa

In conclusion

If you want to shop around for a better deal there has never been a time. We have more bargaining power than ever before to get you a better home loan discount. Simply call or email us to discuss how we can get you a better deal.

If the information on this blog is out of date (lrates last revised 13/10/2011) please refer to our current mortgage rates page for updated home loan discounts and rates.


Thanks!



Marty McDonald
Principal
Mortgage Experts

About the Author: Marty McDonald is principal of mortgage broker “Mortgage Experts”. Marty specialises in assisting active property investors with loan structuring advice and implementation as well as helping credit worthy borrowers with slightly outside the box income and employment situations. Find Marty on and LinkedIn.

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