More than any time since before the Great Financial Crisis, the disconnect between Washington policy makers and the actual reality in the mortgage markets is widening. The lack of real-world knowledge and comprehension by key agency heads in the Biden Administration begs the question whether Washington is a help or a hindrance as the industry grapples with rising interest rates and mounting credit loss expenses.
For example, Consumer Financial Protection Bureau head Rohit Chopra said in May that “a major disruption or failure of a large mortgage servicer really gives me a nightmare.” He made these intemperate comments during CBA Live 2023, a conference hosted by the Consumer Bankers Association.
Like his predecessor Richard Cordray, Chopra’s focus is political rather than on any real threat. But of course, progressive solutions require problems. Three large and mismanaged depositories failed in the first quarter of 2023, yet progressive partisans like Chopra, Treasury Secretary Janet Yellen, and Federal Housing Finance Agency head Sandra Thompson ignore the public record and continue to fret about nonexistent risk of contagion from mortgage servicers. Really?
The big risk posed by mortgage servicers, of course, is to shareholders and creditors, not to consumers. Witness the abortive auction for Specialized Loan Servicing by Computershare of Australia. The offering of private label servicer Select Portfolio Servicing byCredit Suisse and now UBS AG is another example of shareholder value destruction. Homepoint was basically a liquidation from the 2021 IPO.
When progressive politicians in Washington yowl about risk in the financial markets, it is usually really about risk to the personalities in question and financing their careers. There is no appreciable risk to consumers or the taxpayer from mortgage servicers, which like Black Rock and UBS are basically asset managers working for a fee. Bureaucrats like Chopra simply raise operating costs.
More than any real world problem posed by IMBs, it is the government in all of its manifestations that poses a significant risk to the world of mortgage finance and the housing sector more generally. Washington regulatory agencies seek to stifle the markets, limit liquidity and impose additional capital rules, strictures that must inevitably reduce economic growth and access to affordable housing.
The good news, of course, is that many of the proposals from the FHFA, HUD and other agencies are effectively modified or rolled back entirely (such as the debt-to-income calculation for loan-level pricing adjustments) once the industry trades and large issuers engage.
In this case, Washington listened, but only after taking an inordinate amount of time and resources from private issuers, resources that are badly needed elsewhere. Would it be too much to ask for government agencies to vet ideas thoroughly before a public proposal?
In other cases, however, as with the risk based capital rules proposed by Ginnie Mae and the capital rules already approved for the GSEs, Washington is definitely not listening. But then again, the industry did a lousy job of pushing back on the capital rules for Fannie Mae and Freddie Mac, to our great disadvantage.
Despite the withdrawal of the LLPAs, personnel at the GSEs are still pressing issuers for “mission loans,” meaning loans to underserved and generally low-quality borrowers that are sought by the Biden Administration. Some issuers approaching the GSE cash windows have been told that they will not receive attractive pricing unless the pools include mission loans.
But sadly, there are few cases where a lender could or should advise a consumer to take out a conventional loan vs. FHA/VA. And the execution from the GSEs is hardly attractive.
The changes in GSE loan pricing and other policy changes reflect the FHFA’s focus on implementing the enterprise capital requirements put into place by Thompson, even while paying lip service to progressive goals. Garrett Hartzog, Principal of FundamentalAdvisory and Consulting notes in a comment in NMN:
“The Enterprise Regulatory Capital Framework is going to dramatically transform GSE pricing in ways the industry hasn’t begun to contemplate. Understanding the ERCF means being able to mentally reconcile increasing risk-based pricing (the DTI-based fee) and decreasing the level of risk-based pricing (the credit score/LTV matrices). What’s more, people need only read Fannie Mae and Freddie Mac’s comment letters during the rulemaking process to understand that g-fees will ultimately experience a dramatic increase as a result of the ERCF.”
If FHFA raises guarantee fees for the GSEs in line with the capital rule, then Fannie Mae and Freddie Mac will no longer be competitive for larger, high-FICO loans. But poor execution at the cash window and higher g-fees are just some of the issues facing the GSEs as defaults rise and loan put backs also increase.
A number of issuers complain about an increasing tide of loan repurchase requests coming from the GSEs, Fannie Mae and Freddie Mac. One prominent industry CEO known for his ability to “see around corners” laughs at the fuss so far and told NMN: “The GSEs are just practicing for the real push back. This is just a dress rehearsal.”
Meanwhile, the FHFA has just rolled out a new program whereby all large conventional issuers must have pre-funding quality control (QC) in place for all loans going through their systems by Labor Day. For larger correspondent shops, this could mean dozens of new hires and hundreds of thousands in new annual expenses. Apparently the QC personnel at the GSEs did not know about the change.
One angry issuer tells NMN: “If your volume is mostly FHA/VA, it does not matter to the FHFA. They want QC on all loans. If my volume is mostly delegated correspondent, it does not matter. I’m buying closed loans, but it does not matter.”
Most issuers contacted by NMN say they cannot comply with the new QC edict from FHFA. The lack of appreciation for market realities within the FHFA mirrors the situation in much of official Washington, with regulators working against the best interests of consumers and the entire private mortgage and housing industry by reducing volumes and liquidity.
Ironically, even as the FHFA is becoming the focus of increased industry concerns, Ginnie Mae President Alanna McCargo is now focused on problems faced by issuers. The new partial claim regime put in place by the FHA to help finance loss mitigation for Ginnie Mae servicers evidences this concern.
The CEO of one lender that focuses on underserved communities told NMN: “Ginnie Mae understands that they need to let us run our businesses as delinquency rates rise. Until interest rates fall and volumes improve, this is a war of attrition among lenders.”
Lenders hoping for lower rates in 2023 and that are dragging their feet on cost cutting will not survive in many cases. With the markets extending spreads on late vintage production, the MBS with 6% and 7% coupons, higher for longer seems to be the plan in residential mortgages in 2023. Hope is not a strategy.
The Reserve Bank of Australia (RBA) has lifted the cash rate by another 25 basis points, taking it to 4.10%.
Savings.com.au will provide regular updatesbelowof each lenders’ announcements regarding passing on this June 2023 rate hike to variable rate home loans.
All rate changes below refer to lenders’ responses to the RBA’s rate hike on 6 June 2023.
Keep updated.
Subscribe for rate change alerts.
Key notes:
P&I = Principal and Interest, IO= Interest Only, OO=Owner-occupiers Basis points explained: 1 basis point = 0.01%
Big-four home loan rate changes
ANZ
ANZ interest rate rise (pending)
June 2023 rate rise:
Applies to:
Effective date:
Announcement date:
CommBank
CommBank interest rate rise (pending)
June 2023 rate rise:
Applies to:
Effective date:
Announcement date:
NAB
NAB interest rate rise (pending)
June 2023 rate rise:
Applies to:
Effective date:
Announcement date:
Westpac
Westpac interest rate rise
June 2023 rate rise: 25 basis points
Applies to: New and existing variable rates
Effective date: 20 June
Announcement date: 6 June
Other lenders’ home loan rate changes
AMP interest rate rise (pending)
ANZ Bank interest rate rise (pending)
Athena interest rate rise (pending)
Australian Military Bank interest rate rise (pending)
Australian Unity interest rate rise (pending)
Auswide Bank interest rate rise (pending)
Bank Australia interest rate rise (pending)
Bank of Melbourne interest rate rise (pending)
Bank of Queensland (BOQ) interest rate rise (pending)
Bank of Sydney interest rate rise (pending)
Bankfirst interest rate rise (pending)
BankSA interest rate rise (pending)
BankVic interest rate rise (pending)
Bankwest interest rate rise (pending)
BCU interest rate rise (pending)
Bendigo Bank interest rate rise (pending)
Beyond Bank interest rate rise (pending)
Citi interest rate rise (pending)
Commonwealth Bank interest rate rise (pending)
Credit Union SA interest rate rise (pending)
Defence Bank interest rate rise (pending)
G&C Mutual Bank interest rate rise (pending)
Gateway Bank interest rate rise (pending)
Great Southern Bank interest rate rise (pending)
Greater Bank interest rate rise (pending)
Heritage Bank interest rate rise (pending)
Homeloans.com.au interest rate rise (pending)
Homestar Finance interest rate rise (pending)
Horizon Bank interest rate rise (pending)
HSBC interest rate rise (pending)
Hume Bank interest rate rise (pending)
IMB Bank interest rate rise (pending)
ING interest rate rise (pending)
Loans.com.au interest rate rise (pending)
Macquarie Bank interest rate rise (pending)
ME Bank interest rate rise (pending)
Mortgage House interest rate rise (pending)
MOVE Bank interest rate rise (pending)
MyState Bank interest rate rise (pending)
Newcastle Permanent interest rate rise (pending)
OneTwo Home Loans interest rate rise (pending)
P&N Bank interest rate rise (pending)
People’s Choice interest rate rise (pending)
Police Credit Union interest rate rise (pending)
QBank interest rate rise (pending)
Qudos Bank interest rate rise (pending)
RACQ Bank interest rate rise (pending)
RAMS interest rate rise (pending)
Reduce Home Loans interest rate rise (pending)
Resimac interest rate rise (pending)
St George interest rate rise (pending)
State Custodians interest rate rise (pending)
Suncorp Bank interest rate rise (pending)
Sydney Mutual Bank interest rate rise (pending)
Teachers Mutual Bank interest rate rise (pending)
The Mutual Bank interest rate rise (pending)
Tic:Toc interest rate rise (pending)
Ubank interest rate rise (pending)
UniBank interest rate rise (pending)
Unloan interest rate rise (pending)
Virgin Money interest rate rise (pending)
Well home loans interest rate rise (pending)
Wlth interest rate rise (pending)
Yard interest rate rise (pending)
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Current low rate home loans
For quick reference: As things stand, these are some of the lowest-rate home loans Savings.com.au has found on the market:
Lender
More details
4.6 STAR CUSTOMER RATINGS
Low rates for purchase and refinancing
Simple online application process
No fees, unlimited redraws, 0.10% offset
Low rates for purchase and refinancing
Simple online application process
No fees, unlimited redraws, 0.10% offset
Variable
View disclaimer.
To see how these rate movements compare with previous RBA rate changes, refer to our past rate change pages:
Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers’ products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider’s web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.
By Evlin DuBose · Thursday, 1 June 2023
· 3 min read
Fact Checked
Advertiser disclosure
Last month, the Reserve Bank defied expectations with an additional 0.25% hike to the official cash rate. Lenders soon jumped at the opportunity to lift their interest offers on variable home loans – with some outrunning even the RBA with 35 – 50 basis point jumps.
Cashback offers for refinancers have dried up while even introductory rates saw significant rises. Seems lenders are no longer concerned about being competitive: now, it’s all about recouping their costs.
As a result, the average variable interest rate for owner-occupiers making P&I repayments sits at 6.31% p.a. in the Mozo database. Oh, Alexander wept.
Yet there is some good news buoying the sinking house prices: we may be nearing the next rate hold, with many experts predicting a steady cash rate in June and July. While the August RBA meeting remains ‘live’, this could smooth the way for buyers ready to jump into an already warm winter property market.
So have the recent changes reshuffled lenders for June? Let’s break down the numbers.
Fixed rates home loans still point north, though longer terms may wind back
Fixed rate home loans remain hard sells in a tight market, with some shorter terms climbing point by point in the Mozo database. However, some lenders even made significant cuts. Four and five year terms in particular inched backwards, suggesting banks expect rates to smooth over in the long run. Given how high variable rates have soared, some of these offers may even look competitive.
Indeed, locking in your interest rate to ride out the remainder of the rate cycle could be a good way of guaranteeing your repayments for a few years. But with inflation expected to slow by mid-2024, variable rates may unwind sooner than later.
At the time of writing, these are the average fixed rates for owner occupiers with an 80% LVR and a $400,000 loan:
1-year: 5.75% p.a.
2-year: 5.83% p.a.
3-year: 5.87% p.a.
4-year: 6.21% p.a.
5-year: 6.27% p.a.
Recent home loan rate movements
Sweeping changes hit the home loan market last month. Here are some of the most eye-watering trends.
Lenders funded by Adelaide and Bendigo Bank, such as Tic:Toc, Mortgage House, Yard, and Qantas Money hit some of their variable rates with increases of 0.30% or more.
Commonwealth Bank, Westpac, and Suncorp hiked their packaged and welcome rates.
Cashback for refinancers, no more. Commbank, Westpac, NAB, Suncorp, and ING will officially step back their cashback offers this winter.
All makes the graph more impressive!
Current lowest home loan rates
While offers below 5% are few and far between, there are still some sharp ones available in the Mozo database. Here are the lowest variable and fixed mortgage rates (P&I, LVR <80%) among lenders we track.
Lowest variable rates — Mozo database (1 June 2023)^^
Lender
Loan
Variable rate
The Mutual Bank
Special Budget Home Loan
4.94% p.a. (4.95% p.a. comparison rate*)
Community First Bank
Basic Variable Home Loan Special
4.95% p.a. (5.00% p.a. comparison rate*)
Unloan
Unloan Variable
4.99% p.a. (4.90% p.a. comparison rate*)
Homeloans360
Owner Variable Home Loan
5.04% p.a. (5.04% p.a. comparison rate*)
Lowest and average fixed rates — Mozo database (1 June 2023)^^
Term
Rate leader
Fixed rate
1-year
Homestar
4.99% p.a. (5.77% p.a. comparison rate*)
2-year
Australian Mutual Bank
5.23% p.a. (5.92% p.a. comparison rate*)
3-year
The Capricornian
4.99% p.a. (6.29% p.a. comparison rate*)
4-year
HSBC
5.29% p.a. (5.83%% p.a. comparison rate*)
5-year
HSBC
5.29% p.a. (5.81%% p.a. comparison rate*)
The above are the lowest rates in our database for borrowers with an LVR < 80%. More competitive rates are available for borrowers with lower loan-to-value ratios.
If you’re considering buying property or refinancing your existing mortgage, use Mozo’s home loan comparison table to examine lenders side-by-side, or use our refinance calculator to see how much you could save.
^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. Check out our dedicated Australian home loan statistics page for more information on average mortgage rates.
Compare home loans – last updated 3 June 2023
Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
Express Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment
5.47% p.a.variable
5.62% p.a.
Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
Compare
Compare
Details Close
Express Home Loan
Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
interest rate
5.47% p.a.variable
comparison rate
5.62% p.a.
interest rate
5.47% p.a.variable
comparison rate
5.62% p.a.
Upfront fees
$384
Ongoing fees
$10.00 monthly
Discharge Fee
$350.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
90.00%
minimum borrowing amount
$5,000
maximum borrowing amount
$3,000,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment
5.49% p.a.variable
5.51% p.a.
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
Compare
Compare
Details Close
Neat Home Loan
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
interest rate
5.49% p.a.variable
comparison rate
5.51% p.a.
interest rate
5.49% p.a.variable
comparison rate
5.51% p.a.
Upfront fees
$250
Ongoing fees
$0.00
Discharge Fee
$300.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
no
Maximum loan to value ratio
60.00%
minimum borrowing amount
$80,000
maximum borrowing amount
$5,000,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
Special Real Deal Home Loan
Owner Occupier, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment
5.49% p.a.variable
5.53% p.a.
No application or service fees. Flexibility to choose your repayment schedule ( weekly, fortnightly or monthly). Refinance and get up to $3,000 cashback. $2,000 cashback on loans ≥$250K; bonus $1,000 cashback on loans ≥$500K. Limited time offers extended. T&Cs apply.
Compare
Compare
Details Close
Special Real Deal Home Loan
No application or service fees. Flexibility to choose your repayment schedule ( weekly, fortnightly or monthly). Refinance and get up to $3,000 cashback. $2,000 cashback on loans ≥$250K; bonus $1,000 cashback on loans ≥$500K. Limited time offers extended. T&Cs apply.
interest rate
5.49% p.a.variable
comparison rate
5.53% p.a.
interest rate
5.49% p.a.variable
comparison rate
5.53% p.a.
Upfront fees
$595
Ongoing fees
$0.00
Discharge Fee
$0.00
Extra repayments
yes – free
Redraw facility
yes – fees apply
Offset account
no
Maximum loan to value ratio
80.00%
minimum borrowing amount
$150,000
maximum borrowing amount
–
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
$3k cashback when you refinance your home loan, >$500k, LVR 90%, apply by 30 June & funded by 31 August 2023. Receive $2k cashback for loans> $250k. First home buyers receive $1k cashback, apply by 30 June & funded by 31 August 2023, LVR 95%,>$500k.
Offset Home Loan
Package, Owner Occupier, LVR<60%, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
5.54% p.a.variable
5.79% p.a.
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Compare
Compare
Details Close
Offset Home Loan
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
interest rate
5.54% p.a.variable
comparison rate
5.79% p.a.
interest rate
5.54% p.a.variable
comparison rate
5.79% p.a.
Upfront fees
$350
Ongoing fees
$248.00 yearly
Discharge Fee
$400.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
60.00%
minimum borrowing amount
$150,000
maximum borrowing amount
$10,000,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Monthly
Special Offers
–
Solar Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment
5.39% p.a.variable for 60 months and then 6.23% p.a.variable
5.98% p.a.
Enjoy a lower interest rate for the first 5 years if you have solar panels or plan to get them. Get up to a 30 year loan term. Unlimited additional repayments. Option offset sub-account. No ongoing fees to pay. Free unlimited redraws.
Compare
Compare
Details Close
Solar Home Loan
Enjoy a lower interest rate for the first 5 years if you have solar panels or plan to get them. Get up to a 30 year loan term. Unlimited additional repayments. Option offset sub-account. No ongoing fees to pay. Free unlimited redraws.
interest rate
5.39% p.a.variable for 60 months and then 6.23% p.a.variable
comparison rate
5.98% p.a.
interest rate
5.39% p.a.variable for 60 months and then 6.23% p.a.variable
comparison rate
5.98% p.a.
Upfront fees
$530
Ongoing fees
$0.00
Discharge Fee
$300.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
90.00%
minimum borrowing amount
$50,000
maximum borrowing amount
$1,500,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
*
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
**
Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don’t consider your personal objectives, financial situation or needs and we aren’t recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don’t cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
The value of new loans has slid backwards, dropping in April after a solid rise the previous month.
According to the latest data from the ABS, the value of new loan commitments for housing fell 2.9 per cent to $23.3 billion in April (seasonally adjusted), after a 5.3 per cent rise the previous month.
ABS head of finance statistics Mish Tan said the value of new owner-occupier loan commitments fell 3.8 per cent to $15.4 billion in April, while the value of new investor loan commitments fell 0.9 per cent to $7.9 billion.
The value of new owner-occupier home loan commitments (excluding land and alterations, additions and repairs) fell 3.9 per cent to $14.3 billion.
Meanwhile, the number of these commitments fell just 0.1 per cent.
Compared to pre-pandemic levels from February 2020, the value of new owner-occupier home loan commitments was 10.2 per cent higher in April 2023, while the number of these commitments was 5.3 per cent lower.
The average value of these loans has risen by 21.8 per cent (in original terms) over this period.
The number of new owner-occupier first home buyer loan commitments fell 0.9 per cent, after a rise of 16.5 per cent in March.
This was 16.2 per cent lower compared to a year ago.
The value of new owner-occupier housing loan refinances between lenders fell 8.6 per cent but remained high at $13.0 billion, after reaching a record high of $14.2 billion in March. Borrowers continued to switch lenders amid a high interest rate environment.
The value of total new loan commitments for fixed term personal finance rose 1.5 per cent. Lending for the purchase of road vehicles rose slightly by 0.5 per cent.
The number of properties coming to market has slowed in recent months.
According to PropTrack, nationally, new listings in April decreased 28.3 per cent compared to the previous month.
Compared to last year, new listings were down 23.5 per cent in April.
Oxford Economics Australia senior economist Maree Kilroy said the imbalance between underlying demand and supply has placed a floor under prices.
“New listings have fallen to a decade low, and price growth has returned in markets where households have a greater incidence of purchasing with cash such as the upper quartile of Sydney, Melbourne and Perth,” she said.
▲ Oxford Economics Australia senior economist Maree Kilroy says new listings have fallen to a decade low.
“Whether price growth is sustained over the remainder of 2023 is uncertain.
“The impact of rising interest rates on existing at-risk borrowers is yet to play through, with a wave of fixed-rate mortgages to soon rollover. “This still has the potential to trigger a material lift in pressured sales that can offset the current momentum in property prices in the back half of 2023.”
Canstar finance expert Steve Mickenbecker said the combination of higher interest rates and supply constraints could mean even more potential buyers miss out in today’s strained market.
“The recovery in property prices in capital cities around the country in recent months is largely driven by a shortage of supply, rather than a return to buoyant demand for property.
“Sellers are sitting back waiting for more favourable conditions and that demand is unlikely to come before interest rate cuts become a near certainty.
“Raising a deposit is still a hurdle to home ownership, made all the more difficult by higher rents and other living costs.
“But affordability of repayments has now become an even greater deterrent and it is going to be quite some time before we see any relief.”
Canstar’s analysis shows the average variable rate for existing borrowers has risen from 2.98 per cent in April 2022 to reach 6.73 per cent after the cash rate rise of May of this year.
This adds about $1133 a month to repayments on a $500,000 loan over 30 years or $2268 on a $1-million loan.
Suncorp, which has a much larger insurance business, last year signed a deal to sell its bank to ANZ for $4.9 billion. Suncorp’s ensuing rapid growth in home loans raised market questions about whether it was looking for easy gains ahead of selling to ANZ.
But Suncorp maintained its lending was “high quality and conservatively positioned”. It also noted, as previously, that it aimed to “prioritise portfolio margin”.
“While this was a seasonally low quarter in a highly competitive market, our home lending portfolio has continued to grow and we are seeing strong service levels [and] turnaround times,” a Suncorp spokesman said.
Omkar Joshi, portfolio manager at Opal Capital Management, said he thought Suncorp’s home lending slowdown was “being driven by a conscious focus on managing the margin rather than chasing growth at any cost”.
“It’s always a fine balance between managing margins and growth. I don’t think it matters too much for ANZ shareholders given how small Suncorp’s bank is in the scheme of the broader ANZ business,” he said.
Competition for loans has been intense and just last week, Macquarie and ANZ, two of the most aggressive banks in the mortgage market, said they were producing better returns deploying capital offshore as competition crimped profits in domestic housing lending.
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Commonwealth Bank of Australia from June 1 will stop offering cash backs to new mortgage customers in a decision made this week to protect its net interest margin, as the big four bank results demonstrate margins deteriorated sector-wide in the March quarter.
Bank of Queensland, which had a lending spurt under former chief executive George Frazis, also last month posted largely flat home loan growth in the past six months, which it said reflected the “prioritisation of margin and economic return over volume growth in a highly competitive market”.
It might surprise you to learn that the average ATM fee in America is $4.57. Considering that the minimum withdrawal amount is $20, you effectively pay 25% more if you use an out-of-network ATM with such a high fee.
Of course, your actual fees will vary depending on where you live and what type of ATM you use. However, it’s fair to say that these fees can really add up.
5 Easy Ways to Avoid ATM Fees
You don’t have to resign yourself to paying a lifetime of expensive ATM fees. Instead, use a bit of preparation to ensure you can access your cash for free whenever you need it.
As Ben Franklin famously said, “An ounce of prevention is worth a pound of cure.” In this case, a few minutes of preparation are worth a lot of cash savings. Ready to never pay ATM fees again?
1. Look for Banks that Reimburses ATM Fees
Even if your bank does participate in an ATM network, it’s also good to find one that reimburses your ATM fees. Some banks even reimburse international ATM fees.
There are a few ways they do this: some offer an unlimited reimbursable amount, while others might cap it out between $10 and $25 each month. So, how does ATM fee reimbursement work? Typically, you’ll still have to pay the fee upfront.
Your bank then credits any applicable ATM fees to your account balance at the end of your billing cycle. So, you generally have to wait a bit of time before seeing that money. Still, it’s much better than never seeing it at all! Interested in finding a financial institution that offers ATM fee reimbursements?
Banks and Credit Unions That Reimburse Out-of-Network ATM Fees
Alliant Credit Union – reimburses up to $20 per month
Ally Bank – reimburses up to $10 per statement cycle for ATM fees charged at other ATMs nationwide
Axos Bank – unlimited ATM fee reimbursements domestically
BankFive – up to $15 reimbursed each cycle
Charles Schwab Bank – unlimited ATM reimbursements worldwide
First Republic Bank – reimburses third-party fees worldwide
Incredible Bank – automatically reimburses ATM fees
Radius Bank – unlimited ATM fee reimbursements domestically
SoFi Money – ATM fees reimbursed worldwide
Upgrade – up to five ATM reimbursements each month
Top Banks and Credit Unions That Don’t Charge ATM Fees Within Their Network
Aspiration – over 55,000 fee-free ATMs
Capital One 360 – over 70,000 Capital One or Allpoint ATMs at zero cost
Chase – over 16,000 fee-free ATMs
Chime – over 60,000 fee-free1 ATMs
Citibank – over 65,000 ATMs fee-free to customers
Current – over 40,000 fee-free ATMs
Fifth Third Bank – over 50,000 fee-free ATMs
PeoplesChoice Credit Union – over 85,000 fee-free ATMs
PenFed Credit Union – over 85,000 fee-free ATMs
Wells Fargo – free access to over 13,000 ATMs
As you can see, there are plenty of financial institutions offering fee-free options that allow you to avoid ATM fees. Many of these bank accounts also come with no monthly fees. You can narrow down the list by reviewing other account features. You should also take into account how much foreign travel you do.
2. Plan in Advance
If your day entails going to Target or shopping online, it’s safe to assume you won’t need cash. But if you’re headed out to a less mainstream operation, check ahead to see if the business accepts debit or credit cards.
It’s as simple as a quick Google search on your phone to check out their payment options. If there’s no website available, see what people have to say on Yelp or Facebook. Message or call the business to check their policy in advance. While many small businesses use their smartphone or tablet to process electronic payments, you shouldn’t assume they all do.
This is especially true if you’re visiting a small operation. A farmer’s market or pick-your-own-strawberry field very well may only accept cash. Food truck rallies, small outdoor concerts, and cheap (but tasty) local dives may operate on a cash-only basis.
These are exactly the types of businesses that need loyal customers like you to support them. But when working with limited funds or limited Wi-Fi, accepting cards may not be an option for these businesses.
Do them and yourself a favor by checking acceptable forms of payment ahead of time, especially when it comes to local businesses. It might be easier to go to a big box store. However, it won’t be half as much fun or have as large of an impact on your community as supporting the little guys. Just prepare in advance, so you can avoid taking a U-turn to hit up an ATM once you’re there.
3. Keep Backup in Your Wallet
It’s perfectly reasonable to attempt to minimize what you carry around in your wallet. After all, you’re probably also saddled down with a bulky smartphone and keychain.
Amidst your driver’s license, debit cards, credit cards, health insurance card, and whatever else that lives in your wallet, you should also carry some backup cash. But, of course, you probably don’t want to walk around carrying a thick wad of money in your wallet.
The chances are low that you’d ever get robbed, but it’s certainly not impossible, especially if you live in a large city. Still, keeping a $20 bill in your pocket can save you a huge headache at some point down the road.
That amount should most likely cover a cab ride, lunch, or other last-minute cash expense you might encounter. And if you do happen to lose your wallet for some reason, you’re not missing a massive chunk of change.
Carry a Blank Check
Another great way to avoid last-minute trips to the ATM is to carry a blank check in your wallet. This gives you a little more leeway than a $20 bill because you can write out the check for however much you want.
If you happen to lose your wallet, or it gets stolen, you’re not out any cash. Of course, you might want to stop payment on the check number, but even that may not be necessary since you didn’t sign it.
Not everyone still accepts checks because of the chance of someone writing a bad one. But in many instances, it can save you time, money, and the aggravation of having to go out in search of an ATM. Adding a simple blank check and $20 can go a long way in ensuring that you’re prepared for any situation that requires a certain amount of cash.
4. Use Your Debit Card to Get Cash Back
A simple but often forgotten way to avoid paying ATM fees is to get cashback on a store purchase. You’ll need a debit card rather than a credit card for this tactic, but otherwise, it’s pretty straightforward.
Make a low-cost purchase at a gas station, drugstore, or other convenient retailer and request money back from your bank account during the payment process. However, there are a few conditions that come with this strategy.
First, it’s not technically free since you do have to pay money to get your cash. But you do actually get something for that money, unlike an ATM fee.
In addition, note whether the establishment has a minimum for either a debit purchase or getting cashback. Ideally, you can get away with buying a cheap drink or snack for one or two dollars. At some places, however, you have to spend $5 or more to use your debit card.
Cash Back Limits
Another factor to consider when getting money through cashback is that there may be a maximum amount you’re able to receive. For instance, CVS only allows for $35 as cashback.
If you need more than that, you may have to visit a few different stores. That can quickly add up if you’re making small purchases at each one. While these limits can be annoying, there is an upside to using cashback for money rather than an expensive ATM.
That’s the flexibility you have in the types of bills and coins you receive. While ATMs usually only dispense cash in $20 bills, you can request any combination of money with cashback. It’s also convenient if you only need a small amount and don’t want to (or can’t) withdraw in $20 increments. Before you hit an ATM, see if a retail store can meet your needs with cashback.
5. Check Your Bank’s ATM Network
If you find it necessary to track down an ATM, look for one in your bank’s network. This allows you to avoid ATM fees from two different parties. How?
Unfortunately, when you use an ATM that’s out of your bank’s network, you’re typically charged twice: once by the company operating the ATM and once by your bank. It’s a double whammy that really hurts your bottom line. So first, look to see if your actual bank has a branch location with an ATM near you.
This is the simplest way to ensure you won’t incur any extra charges. If there are none nearby, check the back of your debit card to see if any other ATM networks are listed. You can also download your bank’s app to use an ATM locator. It’s a quick and easy way to find a no-fee ATM — plus, it’s usually free.
The Largest ATM Networks
Some of the most common ATM networks include Allpoint, MoneyPass, and Co-op Solutions. Allpoint, for example, has 55,000 ATMs in the U.S. and ATMs in Canada, Puerto Rico, the U.K., Australia, and Mexico.
So, you can enjoy fee-free cash in some popular international destinations as long as your bank or credit union participates. MoneyPass is only found in the U.S. and Puerto Rico. It’s in many convenient locations, including Walmart.
Co-op is a similar service that focuses on credit union members. It has more than 30,000 ATMs and 5,000 shared branches throughout the nation. Participating credit union members can easily access fee-free money just about wherever they are.
Ask your bank or credit union where you have your checking account if they participate in any of these ATM networks. If they don’t, and you frequently use ATMs, it might be time to open a new bank account.
Final Thoughts
ATM fees can be especially high when traveling abroad. So, having a bank account like the Charles Schwab Investor Checking or SoFi Money can result in a lot of savings. Not to mention, some of them act as savings accounts and have similar interest rates, so you can actually earn money too.
ATM fee reimbursement isn’t the only feature you should consider when choosing a checking account. However, it could be the most important if you frequent ATMs often.
1. Out-of-network ATM withdrawal fees may apply with Chime except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.
By Evlin DuBose · Wednesday, 24 May 2023
· 8 min read
Fact Checked
Advertiser disclosure
Look, we’ve all had a moment wondering something bonkers, bizarre, random – you name it. And nothing can be more confusing than the wide world of property and home loans.
So let’s look at some of the silliest and awkwardly-phrased mortgage questions asked on Google, seriously answered by an expert writer.
How home loan works
Want buy house. Not enough money. What do? Ask bank nicely. Bank let you borrow money. If it think you good for it. Then you buy house. Or unit. Pay bank back. It take long time. You give bank extra money, too. This called interest. That how home loan works.
Other stuff too. Less important.
Is home loan same as mortgage
Sort of? Mostly? Yes. Ish. A home loan is the financial product banks and lenders offer. Your mortgage is a home loan that you are currently paying off.
However, finance writers will often use terms like “home loan borrowers” and “mortgage borrowers” interchangeably, since when you’re making repayments, a home loan and mortgage are functionally similar.
So yes, a home loan is basically the same as a mortgage. (Unless you’re pedantic and write about them for a living).
Is home loan interest tax deductible in Australia
Yes! If you’re a property investor in Australia, you can claim the interest from your home loan on your taxes. In fact, landlords get a whole bunch of tax perks. Lucky them!
(Just make sure you talk to a tax expert before filing).
How is home loan interest calculated
Good question! Home loan interest is calculated and compounded daily. Your monthly mortgage repayment therefore incorporates interest from the last 30 – 31 days.
This is actually why making more frequent home loan repayments can sometimes save you interest in the long run. By shortening the number of days included in your repayment (fourteen instead of thirty) while keeping your principal in consistent chunks, you can pay off your mortgage faster with less interest over time.
However, this hack will depend on how your lender calculates a fortnightly vs. monthly payment size. If your fortnightly repayments pay less than half of the principal amount you would in a monthly repayment, it actually slows down how fast you pay off your mortgage. (Math involved, but that’s how the sausage sizzles).
Does home loan include GST
GST, or the “Goods and Services Tax”, is a government charge applied to most transactions in Australia. From lattes to Uber, most things you buy will have GST built into the final price. Financial services and bank products, however, do not include GST – therefore, neither will your home loan.
But: this doesn’t mean buying a home is tax-free. When you first purchase a property, you may have to pay stamp duty or an annual land tax. Later when you sell your home, you may also have to pay capital gains tax.
Always seek help from a tax professional and financial advisor.
Home loan spouse has bad credit
Ruh-roh. Spouse buy too many things on Amazon. Maybe get screwed with BNPL. Whoops. Work on credit score together. (But don’t control their money – that financial abuse).
Also. Could apply for home loan as just you? Think about joint tenancy vs. tenancy in common. Talk to financial planner.
Remember: team work make dream work.
Do home loans look at TransUnion or Equifax
TransUnion and Equifax are credit score reporting bodies, along with Experian and Illion. Whenever you apply for a home loan, lenders will run a credit check to assess your risk as a borrower. If your credit score isn’t good, they may reject your application.
Equifax, Experian, and Illion are the main credit bureaus in Australia, so your lender may check with one, two, or all of them when assessing your borrowing power.
Before applying for a home loan, send for a free credit report from one or more of these agencies so that you can see your score for yourself. Not happy with your results? Give your application a boost by improving your credit score.
Can mortgage be paid with credit card
NO! Technically, yes – but don’t do this! BAD IDEA. A credit card may buy things in the short term (and have more money on it than your debit card), but you’ll still have to pay it back with interest – and the interest rates on credit cards are much, much steeper than those on home loans.
By using a credit card to make mortgage repayments, you’re doubling down on the interest you’re paying overall. This could also potentially hurt your credit score and ability to refinance, because if you miss either a mortgage payment or a credit card payment, it goes down on your credit report.
If you’re really struggling with your mortgage repayments, talk to your lender. You may be able to negotiate a lower interest rate and work out a repayment plan that works best for your situation.
Recent law changes also mean that it’s far, far better for your credit score to declare financial hardship than skip payments altogether. You actually get rewarded for asking for help. Huzzah!
Just whatever you do: don’t put your home loan on credit.
Can I pay an auction deposit with a credit card
NOOOO! If you’re paying a housing deposit at auction, do not put it on your credit card. Not only will vendors not accept this as a valid form of payment, but putting a deposit on your credit card defeats the whole purpose of a deposit.
A deposit is a down payment: your home loan will cover the remaining cost of the property. Your deposit is therefore the only part of your home loan you don’t pay interest on (besides money in your offset account). By using your credit card, you create interest on the only interest-free part of your loan – and at a much steeper rate than mortgage interest.
Bad idea. BAD. No. Don’t put your home loan on credit.
Is mortgage a liability or an asset
A financial liability is something that drains your finances, such as debt, while an asset is something that improves or holds your wealth. A mortgage is therefore a liability, because it is a kind of debt.
However, the property you own, i.e. your equity, is an asset, since it can provide a source of wealth and security. Your equity can be unlocked to do many things for you, like refinance your mortgage or finance another property.
Does mortgage cover stamp duty
Stamp duty is a government charge for transferring property from one owner to another. For those who have to pay it, stamp duty can cost tens of thousands of dollars.
Your mortgage, however, won’t cover stamp duty, so when budgeting to buy a home, you’ll need to factor it in as an extra cost, on top of any conveyancing, agent, settlement, and valuation fees.
Does mortgage mean death grip
Fun fact: sort of! The word “mortgage” comes from the Old French mort + gage, meaning “death” and “pledge”. In mediaeval times, land that was mortgaged was fully pledged to the lender until the borrower fully paid it off or was dead.
So, same as today – basically.
Whose property am I on
Depends, but the safest answer is, “Whoever owns it.” Not sure who owns it? Follow this handy flowchart.
Have interest rates gone up
Yes – due to high inflation, the Reserve Bank of Australia has tightened its monetary policy and made 3.75% worth of increases to the official cash rate since May 2022, which in turn drives up the interest rates on home loans, term deposits, and savings accounts.
Do interest rates rise in a recession
No, interest rates do not rise during a recession. In fact, the opposite is true. Whenever the economy enters a recession, the central bank will cut interest rates to encourage people to spend money.
As a result, home loan interest rates will fall, making financing a property cheaper, while savings accounts and term deposits won’t be as attractive, so people will be less inclined to park their money.
Interest rates rise whenever there is high inflation, and high inflation is not the same thing as a recession. High inflation (usually) means demand is out of control and consumers are driving up prices, thus raising the cost of living.
To discourage spending, the central bank will raise interest rates, therefore making savings accounts a better place to stash cash while mortgage repayments become more expensive.
Who owns the Reserve Bank of Australia
Australia.
Can you bank with the Reserve Bank of Australia
No. The Reserve Bank of Australia, also known as the RBA, is a central bank in charge of monitoring the Australian economy and setting Australia’s monetary policy. Unless you are the Australian government, the RBA cannot manage your finances.
If you are in the market for a new bank, however, you can compare bank accounts using our hub page.
Will housing prices drop
While the housing market may experience temporary dips and falls, studies show that long-term, property prices will always rise. This is primarily due to inflation, but increased competition doesn’t help, either.
Hurray…
How buy first home
Try government help. Move away from big city. Maybe buy unit instead? Cry. But no give up.
In all seriousness, first home buying can be a daunting task, but there are still plenty of ways to break into the housing market – even with the odds stacked against you.
You’ll need to navigate the hurdle of rising interest rates, outrageous prices, and the cost of living, but with careful planning and research, these can all be managed.
For more information on how to get started, head over to our first home buyer hub.
LVR what? LMI who? Learn home loan terms with our handy glossary.
Compare low-interest rate offers in the table below.
Compare low interest rate home loans – last updated 27 May 2023
Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
Featured Product
Unloan Variable
Owner Occupier, Refinance Only, LVR <80%
interest rate
comparison rate
Initial monthly repayment
4.99% p.a.variable
4.90% p.a.
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
Compare
Compare
Details Close
Unloan Variable
For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.
interest rate
4.99% p.a.variable
comparison rate
4.90% p.a.
interest rate
4.99% p.a.variable
comparison rate
4.90% p.a.
Upfront fees
$0
Ongoing fees
$0.00
Discharge Fee
$0.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
no
Maximum loan to value ratio
80.00%
minimum borrowing amount
$10,000
maximum borrowing amount
$3,000,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
Express Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
5.47% p.a.variable
5.62% p.a.
Get fast approval online in as little as one hour with the Bendigo Bank Express Home Loan. Available for new home loans only. Optional offset account to save even more. Flexible repayment options. 10% deposit required.
Compare
Compare
Details Close
Express Home Loan
Get fast approval online in as little as one hour with the Bendigo Bank Express Home Loan. Available for new home loans only. Optional offset account to save even more. Flexible repayment options. 10% deposit required.
interest rate
5.47% p.a.variable
comparison rate
5.62% p.a.
interest rate
5.47% p.a.variable
comparison rate
5.62% p.a.
Upfront fees
$384
Ongoing fees
$10.00 monthly
Discharge Fee
$350.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
90.00%
minimum borrowing amount
$5,000
maximum borrowing amount
$3,000,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
Own Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment
5.54% p.a.variable
5.79% p.a.
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Compare
Compare
Details Close
Own Home Loan
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
interest rate
5.54% p.a.variable
comparison rate
5.79% p.a.
interest rate
5.54% p.a.variable
comparison rate
5.79% p.a.
Upfront fees
$250
Ongoing fees
$250.00 yearly
Discharge Fee
$300.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
60.00%
minimum borrowing amount
–
maximum borrowing amount
–
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
Offset Home Loan
Package, Owner Occupier, LVR<60%, Principal & Interest
interest rate
comparison rate
Initial monthly repayment
5.54% p.a.variable
5.79% p.a.
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Compare
Compare
Details Close
Offset Home Loan
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
interest rate
5.54% p.a.variable
comparison rate
5.79% p.a.
interest rate
5.54% p.a.variable
comparison rate
5.79% p.a.
Upfront fees
$350
Ongoing fees
$248.00 yearly
Discharge Fee
$400.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
60.00%
minimum borrowing amount
$150,000
maximum borrowing amount
$10,000,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Monthly
Special Offers
–
Solar Home Loan
Owner Occupier, Principal & Interest, LVR <90%
interest rate
comparison rate
Initial monthly repayment
5.39% p.a.variable for 60 months and then 6.23% p.a.variable
5.98% p.a.
Enjoy a lower interest rate for the first 5 years if you have solar panels or plan to get them. Get up to a 30 year loan term. Unlimited additional repayments. Option offset sub-account. No ongoing fees to pay. Free unlimited redraws.
Compare
Compare
Details Close
Solar Home Loan
Enjoy a lower interest rate for the first 5 years if you have solar panels or plan to get them. Get up to a 30 year loan term. Unlimited additional repayments. Option offset sub-account. No ongoing fees to pay. Free unlimited redraws.
interest rate
5.39% p.a.variable for 60 months and then 6.23% p.a.variable
comparison rate
5.98% p.a.
interest rate
5.39% p.a.variable for 60 months and then 6.23% p.a.variable
comparison rate
5.98% p.a.
Upfront fees
$530
Ongoing fees
$0.00
Discharge Fee
$300.00
Extra repayments
yes – free
Redraw facility
yes – free
Offset account
yes
Maximum loan to value ratio
90.00%
minimum borrowing amount
$50,000
maximum borrowing amount
$1,500,000
type of mortgage
Variable
Repayment types
Principal & Interest
Availability
Owner Occupier
Repayment options
Weekly, Fortnightly, Monthly
Special Offers
–
*
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
**
Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
Mozo provides general product information. We don’t consider your personal objectives, financial situation or needs and we aren’t recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don’t cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
As I begin to unearth from mountains of moving boxes, the only way to stay sane right now is to keep the vision of the final product in mind: turning our newly renovated house into our home. While I loved our San Francisco loft life, it was really more of a holding pattern. Buying this crazy old house was about creating a family home, a place for our son to grow up – a place that becomes a hub for family dinners, drinks with friends and holiday gatherings. No pressure!
But I’m excited to cultivate a considered home. This time it’s about the journey. It’s about creating an environment that reflects who we are now and creates a calming, welcoming environment that nourishes mind, body and soul. And that all starts with taking a measured approach to designing each space. To kick off that process, I’m continually banking inspirational home tours for ideas and this Australian stunner is one of my current favorites.
I think this table vignette might be one of the most pinned of all time. But I totally get why.
Designed by Whiting Architects – this home is the perfect example of decorating with intention. The space features all white walls, but they’re anything but stark. They instead highlight the well placed artwork, wall decor and furniture pieces that are works of art in themselves. It’s getting me very excited to make strategic use of our all-white walls. It’s like curating a gallery.
Despite this home’s muted color palette, the space doesn’t feel cold. Rather, the warm wood tones dotted throughout – the floors, bathroom vanities and side tables and kitchen table – add a homey feel. The pops of black in each space feel modern and cool. And I love the strategic use of my color du jour – dusty pink! I’m into the idea of taking a single color and sprinkling it through your home in unexpected places (and I’m now obsessing about what my color might be…).I’m also obsessed with the oversized tile in the bathroom, obviously! The Muuto knobs are another fun touch. I can’t wait to repurpose mine.
The house also feels decorated without being crowded. The secret to achieving this look is to layer without cluttering. Objects are considered, grouped together in tonal patterns and given space to breathe. Slubby linen bedding and cozy textiles add an additional layer of texture and a homey feel throughout the house. I love the dark moodiness of the bedroom. It’s inspiring me to find a dark bed coverlet and rug for our master to really anchor the space.
Once I get a few more boxes unpacked I’m going to be going moodboard crazy. I think this house is going to be a moodboard all on its own.
What do you think? Does this space inspire decorating ideas for you?