![]() Our comparison tables show important info, like interest rates and fees, to help you compare loans, side by side. Naturally, we think we know the best place to do that. For buyers entering the market, or those looking to refinance, that means researching the lowest rate on the market, from a range of credible lenders. One of the best ways to save some serious money is to get the best deal you possibly can on your home loan. Saving you money is the reason we get out of bed in the morning, here at Mozo. Lowest variable home loan rates in May 2023Īt the time of writing, these are some of the cheapest variable interest rate offers from lenders in the Mozo database. While the August RBA meeting remains ‘live’, this could smooth the way for buyers ready to jump into an already warm winter property market. ![]() Yet there is some good news buoying the sinking house prices: we may be nearing the next rate hold, with many experts predicting a steady cash rate in June and July. ![]() As a result, the average variable interest rate for owner-occupiers making P&I repayments sits at 6.31% p.a. Seems lenders are no longer concerned about being competitive: now, it’s all about recouping their costs. Lenders soon jumped at the opportunity to lift their interest offers on variable home loans – with some outrunning even the RBA with 35 - 50 basis point jumps.Ĭashback offers for refinancers have dried up, while even introductory rates saw significant rises. Last month, the Reserve Bank defied expectations with an additional 0.25% hike to the official cash rate. Updated by: Evlin DuBose, home loans writer, 1 June 2023 If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo. While we pride ourselves on covering a wide range of products, we don't cover every product in the market. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. Mozo provides general product information. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. ![]() Different amounts and terms will result in different comparison rates. *WARNING: This comparison rate applies only to the example or examples given. ^See information about the Mozo Experts Choice Home loans Awards ![]()
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