Every Monday, Model Mortgages(my company) offers the best deal on mortgage rates for that week. The deal can get sold out, so hurry and apply as fast as you can. If you miss out as they have so many lenders its likely they might have another deal of possible interest to you.
One of our lenders have announced a limited time campaign which we have access to. This rather compelling offer applies to home owners who will repay their loan on a principal and interest basis and who borrow up to 80% of the value of their home.
The variable rate is an incredibly low 3.99% ongoing and that includes a 100% offset account. There is a low annual fee of $199 – waived in the first year – and when accessing funds from the lender offset account you can use any ATM in Australia free of charge. Additionally they even provide a rebate of 2% of the transaction cost for those transactions processed using Paywave (ie, transactions up to $100 at outlets offering Paywave merchant facilities)
Putting some context to this, on a loan of 750,000 the lender rate of 3.99% saves $4,050 per annum in interest vs one of the major banks’ discounted rates of 4.53% currently