Auswide Bank has launched a new variable home loan interest rate of 3.99 per cent – the lowest-ever home loan rate offered by the lender.
The new offer is available for purchase, construction and refinance purposes on new principal-and-interest loans of $150,000 for LVRs up to 90 per cent, and comes with a fully-featured home loan and benefits package.
“This is not a basic loan,” Auswide managing director Martin Barrett said. “Our offer has been independently assessed as offering outstanding value and was recently awarded a five-star rating by the independent CANSTAR Home Loan Star Ratings – the highest rating available.
“It includes a 100 per cent offset account and the ability to fix when you want to. Our Freedom Package offers savings on banking and credit card fees and provides home and car insurance discounts,” he said.
Charlton Nevis, Auswide's general manager for third party, said it made sense to introduce the new rate before the new financial year.
"We're into our third month of our new brand, and we really want to raise the awareness with brokers and customers about the value that we offer," he told Mortgage Business.
This is not the first time home loan rates have been this low in 2015, with Bank of Queensland, ME Bank, Newcastle Permanent Building Society, and Mortgage Ezy all announcing 3.99 per cent rates earlier this year.