So with the recent reduction in the interest rate a few weeks ago, I thought I would make it a challenge of mine to try and find the cheapest VARIABLE interest rate on the market…and I believe I have. A non-bank lender by the name of State Custodians Mortgage Company is offering a variable interest rate of 4.74%. This is the lowest I have seen so far. Perfect for people looking to refinance…or people looking at making a property purchase. The name of the product is called Peak Performance Offset. The features include –

  • Offset account
  • Principal and Interest repayment option or Interest only
  • Min loan size = $100k
  • 80% loan to value
  • Debit Mastercard with access to Westpac or St George ATMs
  • Access to direct debit and BPAY facilities

I enquired about the loan for myself, and the drawbacks include –

  • Setup fee = $682
  • Annual fee = $345
  • No complimentary credit card
  • This is not a bank so you don’t get access to transfer money to third parties via BSB/Account no. This means you would need to have a linked bank account to a large bank
  • $1 ATM withdrawal fee from Westpac/St George

In my experience the bank has reduced my interest rate just by mentioning the above, so it’s possible they could do the same for you.

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