Homeloans.com.au has announced a slight decrease in its rate for its Homeloans MoniPower product.

Borrowers can now take advantage of the lower interest rate from 4.94% to 4.84%. The comparison rate now sits at 4.88% from 4.98%.

The lender’s website states that Homeloans MoniPower has no ongoing monthly or annual fees and that the $199 application fee is waived on all new loans.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan