Illawarra Home Loans has sliced its first home Fixed interest rate by 10 basis points to 4.59% (5.12% comparison rate).

Your Mortgage’s home loan calculator shows the reduction will save first home owners about $16 a month for a loan of $300,000, on a loan term of 20 years, compared to the previous rate.

The rate applies for a home loan between $100,000 - $750,000.

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