Leading online lender loans.com.au has slashed its fixed interest rates by 0.20% across the board, bringing some of its fixed rates below 3 per cent for the first time.
loans.com.au Managing Director Marie Mortimer said the new rates would help homeowners lock in historically low interest rates and enjoy savings for years to come.
“Fixed-rate loans offer a number of advantages over a variable rate loan because they make budgeting easier and protect you from any future interest rate rises,” Ms Mortimer said.
“No-one can predict where variable rates will go from here but with rates this low, the potential benefits from further variable rate cuts are tiny and locking in these extraordinarily-low fixed rates is an increasingly attractive option.”
In the wake of the cuts, loans.com.au’s 2-year fixed rate special has an interest rate of just 2.99% (3.29% comparison rate) and its 3-year fixed rate special is also on 2.99% (3.27% comparison rate).
Ms Mortimer said that borrowers who were considering switching to a fixed rate should take the opportunity to reassess their loan provider and potentially refinance.
“Home loans tend to be set-and-forget so, on those rare occasions when you take the time to focus on your home loan, make a point of checking out the other options in the market too,” Ms Mortimer said.
“Many people are keen to leave the big banks and are surprised to discover how easy it is to refinance and the great deals that are out there with online lenders.”
“Most of our customers tell us that they delayed refinancing because they thought it would be a big hassle but it turned out to be much simpler than they expected and well worth the time invested.”
Founded in 2011, loans.com.au has grown to become Australia’s largest online lender in the fintech space, with thousands of happy customers across Australia.
loans.com.au is backed by the financial strength of our parent company Firstmac, which is a leading non-bank lender. Firstmac has been operating successfully for 40 years and it has $12 billion in mortgages under management.