Is 6.30% competitive for a 5% Deposit Scheme loan at ~93% LVR?
First home buyers in NSW here. We’ve received pre-approval through a broker with St.George and wanted to sanity-check the rate before we go any further.
Details:
- Loan: around $560k
- Purchase price: up to ~$600k
- LVR: ~93%
- Australian Government 5% Deposit Scheme
- Owner occupier, P&I
- Variable rate
- 30-year term
- Full offset
- Rate offered: 6.30%
- Annual package fee: $395
Our broker compared St.George with CBA, BankSA, Westpac and Australian Military Bank, with the alternatives coming in around 6.49-6.59%.
Does 6.30% sound competitive for someone using the 5% Deposit Scheme at this LVR, or are brokers/lenders currently offering materially better rates?
Particularly interested in hearing from brokers or recent first-home buyers at 90-95% LVR, since I realise the sub-6% rates people quote at low LVRs aren't really comparable.
We already have pre-approval, so we're mainly deciding whether it's worth getting a second broker to look at it rather than lodging another application.