Borrowers can secure variable mortgage rate discounts of as much as 1.20% off the standard variable rate as banks continue to compete for new business in a slow-growth mortgage environment.
In some cases the only way you can get access to these terrific offers is through a licensed mortgage broker, or finance specialist like Discovery Finance Group.
Canstar researcher Mitchell Watson told Fairfax that NAB, Macquarie Bank and building society IMB had all increased the discount offered on home loan packages. Unless otherwise stated the rates below are on a home loan of $500,000 or below we have access to additional discounts for higher lending, so please contact us today for a quote.
1.20% discount – Citibank
Citibank’s standard variable rate is 6.69% with its website showing its lowest variable rate offering being 5.49% – a difference of 1.2 percentage points.
To be offered this rate borrowers must have a minimum 30% deposit – a hefty requirement – and a minimum loan amount of $150,000.
1.01% discount – Macquarie Bank
Macquarie Bank is offering a 1.01% discount off the standard variable rate for the life of the loan for loans with a loan to value ratio of 80% or less. The offer is available under its classic loan, premium loan and line of credit offerings. The offer is for new home loan lodgements only that settle by June 30. Macquarie Bank’s standard variable rate is 6.45%.
1.01% discount– Bankwest
Bankwest is offering a 1.01% discount off the standard variable rate for two years under its Double Deal Home Loan – a variable rate of 5.38%. The offer requires a 5% deposit. The offer rolls over to the regular save home loan rate after two years, which is currently 5.89%.
1.00% discount – Westpac
Westpac is advertising “up to 1% discount” in its “Castles” campaign which is running in newspapers across Australia.
The discount is available for a limited time for customers who take out a new home loan of $500,000 or more under its premier advantage package.
This discount incorporates the standard 0.7 percentage point discount under its package home loan offering plus the additional 0.3 percentage point discount for new loans of $500,000 or more.
0.90% discount – Suncorp
Suncorp is offering this discount off the standard variable rate for the life of the loan under is its home package plus offering, which includes a platinum credit card. The discount rate is only available to new customers who take out a standard variable rate home loan as part of the package, with a balance of between $250,000 and $499,999 and who contribute a minimum 20% deposit.
Suncorp has a standard variable rate of 6.49%
0.85% discount – NAB
NAB’s lowest variable rate offering is 5.53% – 85 basis points below its standard variable rate of 6.38%.
The offer is for new loans issued from February 11, 2013 and only for a limited time.
The loan must have a balance of $500,000 or more.
0.80% discount – Commonwealth Bank
The Commonwealth Bank is offering a maximum discount of 0.8% off the standard variable rate for package home loan borrowers. The offer is for new loans issued from January 9 and requires a balance of $150,000. The special office is “subject to change without notice”. The bank’s standard variable rate is 6.40%
0.80% discount – ANZ
ANZ is offering a maximum discount of 0.8% off the standard variable rate under its breakfree package offering. The offer is for new loans issued from November 13, 2012 and only for a limited time.
The maximum saving is available for borrowers who take out a loan of $500,000 or more with a loan to value ratio equal or less than 80% – this would require a minimum deposit of $100,000 on a $500,000 loan. This article was originally published on propertyobserver.com.au.
So if your bank, even if listed above is only offering you a 0.70% discount it might be time to review your home loan and finance options with your local Discovery Finance Specialist, call us today on 1300 88 73 28.