Banks welcome in spring with home loan specials

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Lenders have embraced the change in weather with a smorgasbord of rate cuts and special deals as the spring property market officially kicks off. data shows the rates of almost 400 home loan products have been cut in last four weeks by up to 0.93 percent.

Lenders that have cut their rates include two of the big four banks: CBA and Westpac have made a range of cuts across the board on a range of fixed and variable rates.

Some of the biggest specials include 350,000 rewards points from NAB and up to $1,500 cashback from Bank of Melbourne and Hume Bank.

Don’t get suckered into a bad deal

RateCity money editor Sally Tindall said that there were now more than 550 fixed and variable home loans on the market with a rate below 4 per cent.

“The sun is coming out and so are the home loan deals as lenders look to capitalise on the real estate market’s peak season,” she said.

“Competition in the home loan market is great news for anyone looking to buy this spring, provided you do your due diligence before you sign up to a loan.

“Don’t get suckered into a home loan deal without checking it stacks up. A rock-bottom rate will trump an offer of frequent flier points almost every time.

“Our advice is put as much effort into finding a home loan as you do house hunting. Look for a lender who is genuinely going to give you a good interest rate and a package that suits your personal needs,” she said.

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