Homeloans has cut its Ultra Plus variable rates to 4.89% (comparison rate 5.22%).

The new rate applies for loans with an LVR less than or equal to 75%.

Your Mortgage’s home loan calculator shows the reduction will save customers about $15 a month for a loan of $350,000, on a loan term of 20 years, compared to the previous rate.

Ultra Plus loans with an LVR greater than 75% have a reduced interest rate of 4.99% (comparison rate 5.32%).

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