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October rate review

Australia’s property market is continuing to bubble along, and it comes as no surprise that the cash rate has remained unchanged for the month of October.

It has been suggested by numerous experts, however, that the cash rate is at its lowest level in this cycle, meaning home loans may currently be as low as we’ll see for some time.

Twenty-six of the 31 respondents (84 percent) in the October Reserve Bank Survey expect the cash rate won’t be going any lower than current levels, while 60 percent of respondents anticipate a rate rise in 2016. So if you’re considering a new abode, now might be the time to do it.

The three lowest variable rate home loans:

Mortgage House Advantage

Interest rate: 3.95%

This is the lowest variable rate available on, and there are also some key cushioning features in there as well. With additional benefits such as 100% offset account options, redraws and split facilities, this loan can open quite a few doors for your new home. But keep in mind, you will only have access to these features if you have a 20% deposit saved, and you’re okay with bracing for a $395 legal, $250 settlement and $300 application fee. Essentials

Interest rate: 3.98%

Again, the Essentials loan is only available if you have a 20% deposit on your property, but once you do, you will have access to a loan that allows split options and redraws. The lack of 100% Offset options and being able to only borrow 80% of the property value are two considerable restrictions, so make your choice wisely.

Newcastle Permanent Building Society Premium Plus Package

Interest rate: 3.99%

If you’re borrowing over $250,000 and want this loan for owner-occupier purposes, this low rate loan will also give you access to up to 95% insured LVR as well as a 100% offset account, redraw and split options. Keep in mind that there is a $375 annual package fee, which may outweigh some of these other benefits unless actively mapping out their use.

The three lowest 3-year fixed rates:

Bank of Queensland

Interest rate: 3.99%

Aside from having one of the lowest rates of’s 3-year fixed loans, this product also has some awesome handy features such as a 100% offset account, maximum insured LVR of 95% and additional repayment facility. These features can add some nice padding to your mortgage, however the $300 application fee, $10 monthly fee and $150 settlement fee will need to be factored against that padding before you make your decision.

Newcastle Permanent Building Society

Interest rate: 3.99%

This loan also boasts one of the lowest available rates on If you’re comfortable with not having a 100% offset account, needing a 20% deposit and not being able to redraw any additional repayments, this loan could make for a hefty contender among your 3-year fixed options. It’s also a considerable bonus that there are no application, legal, settlement or ongoing fees tied to this loan.

Australian Unity Health, Wealth and Happiness

Interest rate: 4.15%

This loan does well when it comes to balancing out features and fees, and finding a suitable middle ground. With split options, extra repayment/redraw facilities and no establishment or ongoing fees, this product is a fighter of a fixed loan. However, the $600 settlement fee might be the one suckerpunch that lands below your budget-belt.

Story by Michelle Hutchison. Original can be viewed here.

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