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Mortgage rates hit a new low

Greater Bank has set a new benchmark in the mortgage market, cutting its one-year fixed rate by 20 basis points to 1.69 per cent. Comparison site Canstar says this is the lowest mortgage rate in the market.

Other low-rate lenders in the Canstar database include UBank, which is offering 1.75 per cent on a three-year fixed principal and interest loan.

Homestar Finance is offering a variable rate of 1.79 per cent on its Star Gold Home Loan. That rate is only available on loan with loan-to-valuation ratios up to 60 per cent.

The rate on HSBC’s two-year fixed P&I owner occupier package loan is 1.99 per cent.

And Pacific Mortgage Group is offering 1.89 per cent on is variable P&I loan (on LVRs up to 60 per cent).

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