Finance

Home loan interest rates help as Aussies can save thousands of dollars a year on their repayments

Thousands of Aussie borrowers are saving big by taking advantage of the lowest interest rates the country has ever seen and getting great deals on home loans.

In fact the average three-year fixed rate home loan has halved over the past two years, down to 2.1 per cent from 4.1 per cent in 2018, according to the ANZ Bank.

At least one bank is even offering a three-year fixed rate home loan of 1.89 per cent, a mind-blowing number considering rates hit 17 per cent in 1989.

The once in a lifetime opportunity comes after the Reserve Bank of Australia slashed the cash rate down to a historic low of 0.1 per cent at the start of November, in a bid to kickstart the struggling economy.

The unprecedented move has resulted in Australia’s big banks eagerly locking in customers to historic low fixed mortgage interest rates.

And all you’ve got to do is pick up the phone and call your mortgage broker or bank to ask for a better deal.

Reserve Bank Governor Philip Lowe has urged Australians to seek out a better rate. Credit: AAP

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