PHOTO: High unemployment, low-interest rates and the rental market unpredictable – Is now the time to enter the Australian housing market?

Chasing a low interest rate should be on the radar for homeowners and buyers as rates drop even lower to rock bottom figures.

The property market just got another boost with the lowest home loan rate in the market dropping to 1.69 per cent.

Lender Greater Bank announced the new market-leading rate of 1.69 per cent on Tuesday following a cut of 0.2 per cent to its one-year fixed rate for owner occupiers paying principal and interest.

With fixed rates continuing to lead the market with low rates, now could be an opportunity for mortgage holders to fix all or at least part of their loan.

Canstar’s editor-at-large and money expert Effie Zahos says chasing a low rate should be on every homeowners’ radar.

“Interest rates will remain at rock bottom for the next three years, though fixed rates are likely to rise before variable rates do as the longer term bond market starts to anticipate monetary tightening a few years ahead,” Ms Zahos said.