The lender says it can offer such cheap rates by “cutting out the middleman”.
Non-bank lender eMoney offering 5.2% three-year fixed rate: the lowest mortgage rate offerings
While borrowers wait to hear how much of the 25 basis points the major banks will pass on following yesterday’s cash rate cut – ANZ borrowers must wait until Friday 12 October – Property Observer has compiled a list of the lowest fixed and variable rate offerings currently in the market.
Non-bank lender eMoney is offering a three-year fixed home loan at 5.2% – the lowest advertised rate on offer.
eMoney operates as an online lender, based in Homebush, Sydney. Customers can also call to arrange their mortgages. The lender says it can offer such cheap rates by “cutting out the middleman”.
ME Bank, which offers a three-year fixed home loan at 5.39%, says fixed rates continue to be in high demand and now account for 45% by value of all new applications, up from 14% earlier in the year.
Even when the major banks do make their announcements, rate changes are unlikely to take effect immediately.
Bank of Queensland yesterday trimmed 20 basis points from its standard variable-rate home loan to 6.71% per annum, but only effective from Friday, October 19, 2012.
Lowest variable rate offerings:
Lowest one-year fixed-rate offerings
Lowest three-year fixed-rate offerings
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