Finance, Forex and Investments

What are the interest rates now for a home loan?

Hey, Im looking at buying my first house now.. Whats the interest rates for a home loan these days after that 1% interest rate cut from the rba the other day which the banks said they would pass on.. if they do.

Public Comments

1. My sister is re-financing her home for 5%. I would think it would be the same for buying.
2. It depends entirely on what a particular lender wants to give you, usually based on one or more of your credit scores. Check out the site below, on the right you can see current averages. The basic 30 yr fixed is listed as 5.42%, but you might be able to make it at slightly under 5% if you have good credit and shop around. Good luck!
3. Hi Anubis, With the reserve bank lowering rates on Tuesday a number of the lenders have already passed the rate cut on. You should be looking at a variable rate of around 4.69% and upwards, with that in mind in the coming days the banks will be playing around with their rates to ensure they are competitive. So depending on what type of features you require in your loan you should be able to get a loan with a mid to high 4% to a low 5%. I would advise going to speak with a professional mortgage broker so they can show you all your options and explain them further. I would be more than happy to help you with that. James Grady Mortgage Planner/broker http://www.theNEXThomeloan.com 1300 660 107