4 good home loan discounts to consider switching for this month

By Cameron Thomson · · 2 min read
Fact Checked
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Word on the street is that the RBA may be planning one more rate hike. However, borrowers who are already feeling stretched can improve their situation by refinancing their home loan to a lower rate.

Which home loan providers cut rates?

Lenders have been tinkering with rates since the last time the cash rate was hiked, with some raising and others lowering home loan products. Last week, some providers cut their interest rates on selected home loans. Here are four of the most recent cuts:

  • Bank of Queensland cut rates for its Economy Home Loan (LVR 70%). 
  • Heritage Bank lowered its Discount Variable Home Loan 10 basis points down to 5.79% (5.81% comparison rate) for LVRs below 80%. 
  • ME bank cut rates for their Basic Home Loan by 16 basis points to 5.82% (5.84% comp rate*).
  • Newcastle Permanent cut rates for their Special Real Deal Home Loan.

What are the lowest variable rate home loans?

Most of the lowest rate home loans are just below 6% at the moment. As of 6 November 2023, Mozo’s database lists an average owner-occupier home loan at 6.62% p.a. with the current best rate at 5.59% p.a. (comparison rate 5.59% p.a.).   

  • Pacific Mortgage Group’s Standard Variable Home Loan (LVR 60-80%) currently has the lowest variable rate home loan at 5.59% p.a. (comparison rate 5.59% p.a.).
  • Community First Bank’s Basic Variable Home Loan has a variable rate of 5.69% p.a. (comparison rate 5.74% p.a.).
  • Reduce Home Loans' Basic Home Loan comes with a rate of 5.69% p.a. (comparison rate 5.74% p.a.).
  • The Mutual Bank Special Budget Home Loan has a 5.69% p.a. rate (comparison rate 5.70% p.a.) for borrowers with an LVR <80%.
  • Tic:Toc Variable Home Loan has a rate of 5.69% p.a. (comparison rate 5.70% p.a.).

There are hundreds of home loan providers available, each offering different features. While a low rate loan may be useful, keep in mind that there are other ways of reducing your interest expenses such as extra repayments and offset accounts.

Looking to compare more home loans? Check out our home loans hub page or take a look at some of the providers below.   

Last updated 9 July 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
    • Built by CommBank
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.
  • Promoted

    Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.76 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.29 % p.a.
    Fixed 2 years
    Comparison rate
    5.72 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Up to 12 months repayments in advance without penalties
    • Split loan available

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.40 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • OMG Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.49 % p.a.
    Variable
    Comparison rate
    5.52 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Pre-approval valid for 3 months

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.76 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • Free extra repayments of up to $25,000 during the fixed rate period.
    • Split loan available
    • Weekly, fortnightly, or monthly repayment options

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    5.77 % p.a.
    Initial monthly repayment
    $2,836
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.53 % p.a.
    Fixed 2 years
    Comparison rate
    5.86 % p.a.
    Initial monthly repayment
    $2,848
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility

  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.57 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • Get up to $4,000 cashback (T&Cs apply)
    • Split loan available

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.58 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Everyday Home Loan

    • Owner occupier
    • Principal & Interest
    • Interest only
    • 20% min deposit
    • Redraw available
    Interest rate
    5.54 % p.a.
    Variable
    Comparison rate
    5.59 % p.a.
    Initial monthly repayment
    $2,852
    Go to site
    • Access unlimited free redraw on extra repayments
    • No monthly account keeping fees
    • Option to split your loan (fee applies)

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.63 % p.a.
    Variable
    Comparison rate
    5.66 % p.a.
    Initial monthly repayment
    $2,880
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options

  • Neat Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.66 % p.a.
    Initial monthly repayment
    $2,883
    Go to site
    • Free extra repayments
    • Easy redraw facility
    • No annual fee to pay

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.67 % p.a.
    Initial monthly repayment
    $2,883
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months

  • Flex Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.89 % p.a.
    Initial monthly repayment
    $2,883
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • Interest only
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.79 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • 100% offset account
    • Access unlimited free redraw on extra repayments
    • No monthly account keeping fees

  • Offset Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    5.87 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
Showing 15 results from 407 home loans. Use the filters to see more

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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