4 good home loan discounts to consider switching for this month

By Cameron Thomson · · 2 min read
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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.   

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 24 November 2024 Important disclosures and comparison rate warning*

Refinance home loan comparisons on Mozo

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    5.74 % p.a.
    Fixed 3 years
    Comparison rate
    6.81 % p.a.
    Initial monthly repayment
    $2,915

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Elevate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

Showing 6 of 430 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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