#best home loans
Australia’s Best Home Loans
The global economic downturn has created the lowest interest rates in nearly 50 years. But which home loan reigned supreme in the 17th Annual Your Mortgage Magazine s Mortgage of the Year Awards?
Welcome to the 2009 Your Mortgage Magazine Mortgage of the Year Awards. It seems we say this every year, but in the last 12 months a veritable revolution has taken place in the Australian home loan market.
When we last took a survey for the Mortgage of the Year Awards, bank standard variable rates were around 9.46% their highest level since early 2000.
But then rates started dropping, thanks to the worsening global economy. Since September 2008, the Reserve Bank of Australia slashed the official cash rate by 4%. This brought the standard variable rate down to 5.82% as some banks chose not to pass on the full rate cut.
The non-banks realised that they were in danger of losing their hard-earned market share to the banks, unless they rolled up their sleeves and started to compete aggressively on the thing that matters most to customers the price.
So between some assertive marketing from all the lenders and some encouragement for a sluggish economy from the Reserve Bank of Australia, rates have now been forced down to their lowest level in nearly five decades.
Competition still king
Like the previous Mortgage of the Year Awards, the results are strikingly close.
This is great news for borrowers, as this competitiveness will no doubt continue in the future.
While interest rates appear to have stalled for the moment, some experts are predicting the cycle has bottomed out and interest rates could rise as quickly as they dropped.
In the meantime, property prices continue to plateau and fall in some areas around the country. Again, this is good news for buyers!
All told, borrowers are in an enviable position to begin on the path to home ownership. They enjoy great home loan products and low interest rates.
Buying a home is never easy, but we hope these Awards will make choosing the best loan for you an easier and more enjoyable experience.
Over the following pages we are proud to present to you Australia s top mortgage products to help you finance your dream home or investment property. We looked at every aspect of the loans in order to impartially judge the best loans for new homebuyers, second homebuyers and first-time investors. About 1,000 mortgage products in our database have been carefully vetted using a wide-range of criteria to ensure you are getting the best value home loan.