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The finance and mortgage market in Australia today can be characterized as tight, but buyers can still find some great deals on home mortgages if they shop around. For instance, until the end of June National Australia Bank's online operation UBank is offering rates as low as 6.59% with no fees.

That is a full 1% cheaper than the NAB standard variable loan rate of 7.67%. However, this offer is only available on refinance loans, so it won't be helpful to first time home buyers. Commonwealth Bank is offering a new 'No Fee' mortgage with a rate of 7.24% as well, which is about a .5% discount to the CBA's standard variable rate of 7.81% with no fees. ING Direct has also trimmed the rate on its Orange Advantage offset home loan, taking the rate down to as low as 6.99% for those with a mortgage between $300,000 and $500,000.