October 2020 Rate Watch: Best mortgage rates for owner-occupiers

By Gerv Tacadena

Check out some of the best mortgage products currently in the market

The spring-selling season continues this month and it remains a must for would-be borrowers to get a mortgage that is best for their financial circumstances. With the cash rate sitting at a historic 0.25%, borrowers need to be on the lookout for competitive rate with the best loan features.

Below are 10 of the most competitive mortgage products for owner-occupiers listed on Your Mortgage’s Home Loan Comparison tool:

Mortgage Product: Smart Booster Discount Variable - 1 Year
Lender: Loans.com.au
Interest Rate: 1.99% (introductory)

Loan.com.au offers its lowest rate with its Smart Booster Home Loan. For one year, borrowers will be able to enjoy an introductory rate of 1.99%, which reverts  to 2.48%. This product has no ongoing fees and offers unlimited redraws and additional repayments.

Mortgage Product: 3-Year Fixed Owner-Occupier Loan
Lender: UBank
Interest Rate: 2.14%

With this three-year fixed rate offer by UBank, borrowers can enjoy a stable rate of 2.14%. UBank waives the $395 lock fee for this product. Furthermore, this does not charge any ongoing fees. However, a 20% minimum deposit is required to qualify for the loan.

Mortgage Product: Fixed Rate Home Loan - 2 Year (Owner-Occupier)
Lender: HSBC
Interest Rate: 2.09%

Borrowers with this loan product will be able to enjoy a rate of 2.09% for two years. This product has no ongoing monthly service and annual fees. Furthermore, it allows borrowers to make up to $10,000 additional repayments every year.

Mortgage Product: Flexi First Option Home Loan
Lender: Westpac
Interest Rate: 2.19% (2-Year Promotional Discount)

Westpac's Flexi First Option Home Loan is its basic loan offering with a low variable rate. It has no fees for loan maintenance and redraw facilities. Borrowers will also not be required to pay any set-up fees. The 2.19% interest rate is an introductory offer that lasts for two years.

Mortgage Product: Home Loan - Choice Package - 2 Year Fixed (Owner-Occupier)
Lender: NAB
Interest Rate: 2.19%

NAB's two-year fixed-rate option has the lowest rate amongst its fixed-rate offerings under the Choice Package. For a minimal annual package fee, borrowers will be able to enjoy a mortgage with no application and monthly service fees. They will also be issued with a credit card with waived annual fees.

Mortgage Product: Fixed Rates with Mortgage Plus - 3 Year - Owner Occupied
Lender: Citibank
Interest Rate: 2.19%

Mortgage Plus is Citibank's packaged home-loan offer. Borrowers taking a three-year fixed rate loan will be able to also get a Citi credit card with zero or reduced annual fees. They will also be able to have a Citibank Plus everyday account.

Mortgage Product: Mortgage Simplifier - Owner Occupied
Lender: ING
Interest Rate: 2.49%

Mortgage Simplifier is ING's low-variable rate offer. Aside from allowing borrowers to make extra repayments and redraws for free, this mortgage product also charges no transaction fees.

Mortgage Product: Basic Home Loan
Lender: ME Bank
Interest Rate: 2.58%

ME Bank's no-friils variable-rate mortgage has all the basics borrowers need. It offers a low variable rate without any additional fees. It also allows free redraws and extra repayments.

Mortgage Product: Offset Home Loan
Lender: Macquarie
Interest Rate: 2.59%

Offset Home Loan is perfect for borrowers who want to pay off their loans sooner through their savings. This owner-occupier variable loan allows borrowers to open unlimited loan accounts with differing repayment types. It can also be packaged with a credit account.

Mortgage Product: Basic Home Loan
Lender: Bank of Melbourne
Interest Rate: 2.64%

Branded as "haggle-free loan", Macquarie's Basic Home Loan offers borrowers low interest rates and a range of features that can help them. Borrowers can make extra repayments at no cost and they can access their extra repayments through a redraw facility.

Check more products at Your Mortgage Home Loan Comparison toolYou also have a chance to win $5,000 that you can use for your mortgage repayments. Click here to know more.

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