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Home Loan Deals

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

Special home loans offers
SPECIAL0.40%p.a. discount off the Basic Variable Home Loan
Basic Variable Home Loan ($250k-$500k)

Discounted home loan rate is 0.40%pa below the Basic Variable Home Loan for the first 2 years of the loan. After this, the loan will switch to The Mac Basic Variable Home Loan standard rate. Loan must be for a minimum of $150,000 and application must be received by 31 January 2017.

Expiry date: 31/01/2018
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SPECIALNo application fee for new customers. Offer only available to new customers from 15th of January to 31st of March 2018.
Standard Variable Home Loan

Expiry date: 31/03/2018
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SPECIALLow rate and $0 application fee
Accelerator Package Home Loan (Principal and Interest) Special

or applications made and unconditionally approved by 31/03/18, funded by 31/05/18. $0 application fee offer applies to application, legal and valuation fee with only one valuation fee waived.

Expiry date: 31/03/2018
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SPECIALLow rate and $0 application fee
Accelerator Home Loan Package (Principal and Interest) Special

or applications made and unconditionally approved by 31/03/18, funded by 31/05/18. $0 application fee offer applies to application, legal and valuation fee with only one valuation fee waived.

Expiry date: 31/03/2018
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SPECIALSpecial rate offer on the Choices Package Investment Loan
Mortgage Breaker Investor Special – Choices Package (QLD only) ($150k+)

Apply by 31st March 2018 to receive a lower rate on an investment loan at 4.19% p.a. variable rate (4.57% comparison rate)

Expiry date: 01/04/2018
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SPECIALApply for a 3 month break in repayments for environmental upgrades to your home
Premium Home Loan

Expiry date: Until Further Notice
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SPECIALWaive up to $1500 in setup costs when you refinance to Hume
Standard Variable Investment Loan (Refinance)

Refinance a loan of $100k+ ($250k+ for introductory loans) to Hume and up to $1,500 of setup costs will be waived.

Expiry date: Until Further Notice
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SPECIALA special offer 12 month introductory rate
A Breath of Fresh Air Loan

A special offer 12 month introductory rate on the Platinum home loan.

Expiry date: Until Further Notice
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SPECIALSpecial discounted rate for a limited time
Discount Offer for Investor Variable P&I Rate

Expiry date: Until Further Notice
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SPECIALNo monthly fees
Advantage Home Loan Special (LVR < 95%)

No monthly fees

Expiry date: Until Further Notice
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SPECIALSpecial Offer for new loans for a limited time only
Premier Package Fixed Options Home Loan (Interest Only) (New Customer)

Minimum loan size $150k. Excludes internal refinances and switches.

Expiry date: Until Further Notice
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SPECIALAnnual fee of $395 waived for loans with an LVR less than 70%
Platinum Variable Home Loan (Amounts < $5m)

Expiry date: Until Further Notice
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Cashback home loans offers
CASHBACKReceive a BankVic $5,000 grant
First Home Buyer Loan

First Home Buyer Package (FHBP): FHBP $5,000 BankVic Grant: Offered to the first 100 eligible members. You will need to settle your BankVic First Home Buyer package loan by 31 March 2018. Must be a paid-up member for at least 3 months prior to application date or employed by Victoria Police or in the health, emergency or public services sector. BankVic to be satisfied that the member meets first home buyer conditions through evidence of approval for the Victorian Government’s First Home Owner Grant or as a recipient of the Victorian State Revenue Office Stamp Duty First Home Buyer concessions or other means. Minimum loan amount of $300,000 required. FHBP $5,000 BankVic Grant to be deposited into a member’s BankVic loan account within 10 business days of loan commencement

Expiry date: 31/03/2018
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CASHBACKRefinance with Police Bank and Receive a $1000 Bonus
Premium Home Loan

Minimum loan amount is $50,000. This offer is available until 31/03/2018 for loans that are applied for and approved by that date. Members’ current home loan with competitor financial institution must be fully discharged and refinanced with Police Bank. $1000 will be credited to your S1 account on settlement.

Expiry date: 31/03/2018
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CASHBACK$1000 switch bonus for SCCU eligible new home loans.
Platinum Professional Package Home Loan

Valid for new home loan applications received from 1 September 2017 to 31 January 2018 and settled by 31 March 2018 for refinance purposes. Minimum loan amount $200,000. A Southern Cross Credit Union transaction account with salary credit must be opened to be eligible.

Expiry date: Until Further Notice
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CASHBACK$1000 Cash Back Offer
& Home Loan

for a limited time only get $1000 deposited into your P&N transaction account when we fund a new & Home Loan or Simple Home Loan over $250,000.

Expiry date: Until Further Notice
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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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