Commbank, Westpac, ANZ, NAB. Those are just four banks and it’s far from a comprehensive list. We know it can be overwhelming with so many banks out there all vying for your business – how do you choose the right bank for yourself? It’s such a big decision and there’s a lot of noise out there.
In this blog post, we’ll put the banks up against each other to help you decide which is the right bank for your all-important home loan.
Bank of Queensland
BOQ are currently offering a 1.89% two-year fixed rate. They are also offering $3,000 cashback if you refinance an existing loan and offer the chance to pay off your mortgage faster, with up to $5,000 per year in extra repayments attracting no penalties or fees. The catch is you will need an 80% LVR or better to take advantage of this offer.
Image credit: Vu Anh on Unsplash
Matching the above offer from Bank of Queensland, Suncorp are offering a 1.89% fixed rate for the first two years of the loan. You’ll need no more than an 80% LVR and Suncorp will allow borrowers to make up to $6,000 per year in extra repayments with no penalty or fee for doing so.
Looks like we’re starting to see some consistency here. Westpac is currently offering a fixed interest rate of 1.89% over a two-year period. Part of their offer includes $3,000 cashback if you refinance your existing loan. Westpac offers up to $30,00 in extra repayments but conditions apply. Keep in mind, Westpac charges a $395 annual fee on this home loan offer.
It’s important to note that these figures (correct as of June 3, 2021) are subject to change and subject to individual financial circumstances. All figures are for owner-occupier loans and we cannot guarantee the same conditions will be offered for investors.
As always, if you’re after more advice on which bank to go with for your home loan, reach out to us any time and we’ll be happy to tailor advice for your individual circumstances.
Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstances and requirements.