I am out in the market looking for refinancing both of my owner occupied and investment home loans.
There has been a thread which had a spreadsheet but seems like its not being updated from last year.
Looking for suggestions on
Banks that offer the lowest interest rates.
Also keen to know about current cashback offers in market.
The interest rates seem much dearer and the discount for the owner occupied seems to be for a honeymoon period of 2 yrs and then reverted back to the actual rates.
You'll be ready to switch again in two years.
Hi, broker here. Overall rate will depend on the specifics of the loans, loan serviceability, LVR, employment type, docs available etc,. Here's what's up in the market, assuming owner occupied loan and IP loan is $500k.
OO standard variable with offset (P&I) 80% LVR - from 5.89% (may get slightly lower for Bank of China)
IP standard variable 80% LVR (P&I) - from 6.04%
IP fixed 2 yr 80% LVR - From 5.65%
Not many good cash back offers out there tbh.
ME bank is offering $3k for loans above $700k with maximum lvl of 80%
IMB cash back rule is as below -
Refinanced loans settled within 90 days, purchase loans settled within 180 days.
$4,000 for loans ≥ $750K. $3,000 for loans $500k<$749,999.
$2,000 for loans $250k<$499,999.
Disclaimer - this is general advice.
I was on that thread just yesterday asking for an update. I did some digging after and this looks pretty good: https://themaccu.com.au/home-loans/variable-rate-loans/disco…