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Home Loan Deals

Find some of the best home loan deals and specials available in Australia.

special home loans offers
SPECIALEstablishment fee waived when borrowing <$150k
Basic Home Loan (Principal and Interest)

And a $0 establishment fee if you borrow more than $150k3 when making Principal & Interest repayments

Expiry date: 24/07/2027
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SPECIALEstablishment fee waived on Basic Home Loans of $150k+
Basic Home Loan (Principal and Interest) (New Customer)

$0 if loan amount is greater than $150,000- for customers making Principal & Interest repayments only

Expiry date: 24/07/2027
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SPECIALEstablishment fee waived for variable loans until 31st October 2017
Basic Investment Loan (Principal and Interest)

No Establishement fee for variable loans until 31/10/2017

Expiry date: 31/10/2017
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SPECIALLoan Establishment fee of $600 waived until fee waiver offer withdrawn.
Advance Variable Home Loan (Principal and Interest) (New Customer)

Expiry date: 18/09/2020
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SPECIALEstablishment fee waived for Flexi First Option Home Loan
Flexi First Option Home Loan (Principal and Interest) (New Customer)

No establishment fee - saving you $600

Expiry date: 24/07/2027
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SPECIALEstablishment fee waived for Basic home loans received from 2016
Basic Home Loan (Interest Only)

Only available for new Basic Home Loan applications received from 23rd August 2016

Expiry date: 24/07/2027
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SPECIAL$1000 Cashback and no establishment fee when refinancing from another lender
Special Variable Rate Home Loan (Principal and Interest)

Expiry date: 02/08/2027
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SPECIALSpecial discounted rate for new owner occupier, principal and interest loans of $75k+. IMB transaction account must be opened with this loan.
Budget Home Loan Special (Principal and Interest) (LVR <90%)

For Owner Occupied Principal & Interest and new applications only of $75k+ and LVR < 80%.

Expiry date: 27/09/2027
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SPECIALStandard Establishment fee of $350 and Settlement fee of $250 waived
Essential Home Loan

Expiry date: 24/07/2099
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SPECIALReceive $200 EFTPOS card if QT Mutual Bank can't offer you a home loan that will reduce your monthly repayments
QT Mutual Bank

Expiry date: 01/01/2100
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SPECIALWaive up to $1500 in setup costs when you refinance to Hume
Hume Bank

Refinance a loan of $100k+ ($250k+ for introductory loans) to Hume and up to $1,500 of setup costs will be waived, including application fee, mortgage fees, settlement costs and second valuation fees.

Expiry date: 01/01/2100
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cashback home loans offers
CASHBACK$1500 Cashback on refinance of $250k+ to an Advantage Package Home Loan
Advantage Package Fixed Rate Home Loan (Principal and Interest)

For Owner Occupied Principal & Interest or Investment home loans only. Excludes refinances within Westpac Group, Portfolio loans and refinances that require foreign income for serviceability.

Expiry date: 07/10/2017
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CASHBACK$1500 Cashback on refinance of $250k+ to an Advantage Package Home Loan
Advantage Package Fixed Rate Home Loan (Principal and Interest)

For Owner Occupied Principal & Interest or Investment home loans only. Excludes refinances within Westpac Group, Portfolio loans and refinances that require foreign income for serviceability.

Expiry date: 07/10/2017
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CASHBACK$1,250 refinance rebate under the Premier Advantage Package
Premier Package Low Doc Fixed Rate Investment Property Loan (Principal and Interest)

Expiry date: 24/07/2027
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CASHBACK$1000 Cashback when you refinance with Queenslanders CU
Queenslanders Credit Union

$1000 Cashback when you refinance with Queenslanders CU

Expiry date: 01/01/2100
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CASHBACK$1,250 rebate for “new external refinance investment and owner-occupied principal and interest home loans"
Extra Home Loan - 2 Year Introductory Rate (Principal and Interest)

Offer available only through CBA brokers

Expiry date: 30/09/2027
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CASHBACK$500 Cashback for all new SCU home loans $150k+
SCU

Expiry date: 01/01/2100
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reward home loans offers
REWARDEarn 30,000 velocity points for every $100k borrowed at settlement until 31st October
Reward Me Home Loan (Principal and Interest)

Customers who apply for a Virgin Money Reward Me Home Loan paying principal and interest, with an LVR of 90% or under, between 21 August and 31 October 2017 and settle by 31 January 2018 will now earn 30,000 Velocity Points for every $100,000 borrowed at settlemen

Expiry date: 31/10/2017
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Everything you need to know about home loan deals

Taking out a mortgage is a massive financial commitment. But you can ease the pain by snaring a special home loan deal.

Many people don’t realise that banks, credit unions, building societies and non-bank lenders frequently offer short-term home loan deals.

Why? It’s because the mortgage market is so competitive, with more than one hundred lenders offering several thousand products. Given how crowded the market is, lenders often feel like the only way they can get people’s attention is to entice them with home loan deals.

To put it another way, some lenders are so hungry to sign on new customers that they will literally buy your business.

All lenders play the game

Some people might assume that only smaller lenders would resort to offering home loan deals.

However, that’s not the case. Even the big four banks – ANZ, Commonwealth Bank, NAB and Westpac – which dominate the mortgage market, feel like they need to play the specials game.

That highlights just how competitive Australia’s home loan industry has become.

There are always home loan deals available, if you know where to look.

Different types of home loan deals

Not all home loan deals are created equal. Of course, some are more generous than others. But they can also be structured very differently.

Here are the five main types of home loan deal:

  1. Rate cuts

Lenders might try to entice you by offering you a reduced home loan rate. This might be a temporary reduction that is withdrawn after, say, one or two years, or a permanent reduction that applies for the life of the loan.

  1. Fee reductions

Lenders might also promise to reduce or eliminate certain fees if you sign up for a mortgage. This might save you up to $1,000.

  1. Cashback offers

Some lenders hand out rebates, which can be worth more than $1,000. Borrowers can use this money to help pay for any establishment fees, valuation fees, settlement fees, legal fees and lenders’ mortgage insurance charges.

  1. Rewards points

Other lenders hand out credit card rewards points, which can also be worth more than $1,000.

  1. Gifts

The other popular type of home loan deal is sign-on gifts. These can include EFTPOS cards, iPads, shopping vouchers and even holidays.

Conditions always apply

There are two important points to remember when it comes to home loan deals. First, you don’t get something for nothing, so you might have to ‘pay’ for a lower rate with higher fees, or you might have to ‘pay’ for a free gift with less flexible repayment terms.

Second, conditions always apply for home loan deals. The most common condition is that you have to be a new customer (as opposed to an existing customer moving from one of the lender’s products to another). Other conditions might include:

  1. Your loan needs to be of a certain value – e.g. more than $300,000 or less than $750,000
  2. Your loan needs to be of a certain type – e.g. investment
  3. Your loan needs to have a certain structure – e.g. principal and interest
  4. Your loan needs to have a certain loan-to-value ratio (LVR) – e.g. no higher than 80 per cent or between 50 and 70 per cent
  5. Your loan needs to be bundled with other products – e.g. a credit card or savings account

A regular offer can beat a special deal

Anyone who’s planning to take out a mortgage or who is thinking about refinancing should be on the lookout for home loan deals.

However, it would be a mistake to assume that one lender’s special deal must always be better than another lender’s regular offer.

There are a lot of credible lower-profile lenders out there that regularly outperform higher-profile lenders in terms of price and service – even when those rivals have special deals.

So once you’ve explored RateCity’s home loan deals page, you should also visit RateCity’s home loan comparison page. This is a place where you can check out almost 4,000 loans, comparing them in terms of interest rate, fees, features and minimum deposit. You can also take advantage of RateCity’s Real Time Ratings™ tool, which offers a personalised home loan ranking calculated just for you.

Once you’ve done that, you might discover a regular offer that is superior to any of the short-term home loan deals.

Don’t be afraid to ask for a better deal

Borrowers and refinancers shouldn’t just be on the lookout for existing home loan deals – they should also try to manufacture their own.

Many Australians don’t realise that lenders will often hand out spontaneous home loan deals – provided you ask.

Why? It’s because the mortgage market is so competitive. If lenders think you might take your business elsewhere, there’s a chance they’ll sweeten an existing deal by offering you any combination of rate cuts, fee reductions, cashback offers, rewards points and gifts.

Don’t let these lenders pressure you into accepting spontaneous home loan deals on the spot. You should ask for the deal in writing and say you’d like time to discuss it with your family. Alarm bells should ring if the lender insists that this is a now-or-never offer. That could be a sign that the lender expects that you’re going to shop around – and find a superior offer. The lender should have no problem with giving you time if it’s confident about the quality of its offer.

Another point worth mentioning is that you shouldn’t feel embarrassed about asking a lender to give you a better deal. Lenders get asked this question all the time; it might feel strange to you but it’s standard for them. The worst that can happen is that the lender says no.

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