April home loans snapshot: Here’s where fixed and variable rates now stand

By Tom Watson · · 4 min read
Fact Checked
Advertiser disclosure

It’s been over two months since the Reserve Bank’s first interest rate cut in March, but the fallout is still being recorded with home loan rates continuing their downward trajectory throughout April. 

According to the recently released Mozo Banking Roundup for April 2020, fixed rate cuts once again dominated rate changes in the home loan market as there were 315 cuts recorded in the Mozo database during the month. 

While many of the lowest fixed rates for owner occupiers remained unchanged, there were still a number of notable movements in April. 

ANZ made cuts of between 19 and 59 basis points to its fixed home loan range. Its fixed rate Breakfree Package now sits at 2.19% (4.00% comparison rate*) for 2 years and 2.29% for 3 years (3.89% comparison rate*) - the lowest comparable rates on offer among the Big Four. 

Elsewhere, Kogan Money (60-174 basis points) and Virgin Money (20-160 basis points) both made significant cuts to their respective offers, while Suncorp reduced select fixed rate home loans by up to 35 basis points.

As a result of the recent changes, here’s how the average rates (based on a $400k, owner occupier loan with an 80% LVR) across fixed home loans tracked in the Mozo database sit as of May 5: 

  • 1-year: 2.71%
  • 2-year: 2.65%
  • 3-year: 2.72%
  • 4-year: 3.05%
  • 5-year: 3.08%

And here are the current fixed home loan market leaders in the Mozo database:

TermFixed rateLender and comparison rate*
1-year fixed2.09%Reduce Home Loans (2.72% comparison rate*) & Well Home Loans (2.47% comparison rate*)
2-year fixed2.09%ING (3.77% comparison rate*), Reduce Home Loans (2.68% comparison rate*) & Well Home Loans (2.44% comparison rate*)
3-year fixed2.09%Reduce Home Loans (2.64% comparison rate*) & Well Home Loans (2.41% comparison rate*)
4-year fixed2.40%HSBC (3.13% comparison rate*)
5-year fixed2.54%ING (3.50% comparison rate*)

Variable rate cuts continue

While quieter, there was also some action in the world of variable rate home loans during April. 

Chief among the changes were those made to the Commonwealth Bank Extra Home Loan. While the rate for borrowers with an LVR below 80% was cut to 2.79% (2.81% comparison rate*), CommBank increased the rate for LVRs above 80% to 3.13% (3.15% comparison rate*). 

UBank (25 basis points), Bank of Queensland (17 basis points), Teachers Mutual Bank (25 basis points) and new online lender Yard (25 basis points) were among the other lenders to make variable rate cuts during April. 

These latest reductions mean that the average variable rate in the Mozo database (based on a $400,000, owner occupier loan with an 80% LVR) is now at 3.44%, while some of the lowest variable offers in our database are as follows.

Variable rateComparison rate*
Reduce Home Loans - Rate Slasher2.39%2.39%*
Homestar - Star Essentials2.44%2.47%*
Well Home Loans - Well Balanced2.47%2.50%*
Freedomlend - Variable2.49%2.49%*
Pacific Mortgage Group - Standard Variable2.49%2.49%*

RELATED: April savings account snapshot: Further cuts leave BOQ sitting pretty at 2.00%

Interested in seeing how your own mortgage rate stacks up? Check out some of the hot deals in the table below, or head on over to Mozo’s dedicated home loan comparison table to compare fixed and variable rates from a range of lenders.

Last updated 12 May 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
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees
  • Promoted

    Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes
  • Promoted

    Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • 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
    5.96 % 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

  • Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.69 % p.a.
    Variable
    Comparison rate
    5.70 % p.a.
    Initial monthly repayment
    $2,899
    Go to site
    • Offset and non-offset options for flexible payments
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.00 % p.a.
    Initial monthly repayment
    $2,899
    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
    5.74 % p.a.
    Variable
    Comparison rate
    5.65 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • Built by CommBank
    • The first home loan with an increasing discount (conditions apply)
    • No application or banking fees

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • Redraw available
    Interest rate
    5.74 % p.a.
    Variable
    Comparison rate
    5.79 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • No monthly or annual fees
    • Make extra repayments, access to redraw and pay out early without penalty
    • Choose weekly, fortnightly or monthly repayments

  • Fixed Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.81 % p.a.
    Initial monthly repayment
    $2,915
    Go to site
    • $0 application fee to pay
    • Additional repayments up to $20,000/year
    • Apply in as little as 15 minutes

  • Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.78 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,927
    Go to site
    • $0 application fee to pay
    • Unlimited additional repayments
    • Apply in as little as 15 minutes

  • Budget Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.79 % p.a.
    Variable
    Comparison rate
    5.82 % p.a.
    Initial monthly repayment
    $2,931
    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
    5.79 % p.a.
    Variable
    Comparison rate
    5.83 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Flex Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $2,931
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility

  • Neat Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    5.86 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • Free extra repayments
    • Easy redraw facility
    • No annual fee to pay

  • Flex Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.84 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $2,947
    Go to site
    • Multiple offset accounts available
    • Free extra repayments
    • Easy redraw facility

  • Home Loan with Offset

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.89 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • Offset and non-offset options for flexible payments
    • No application and monthly account keeping fees
    • Get up to $4,000 cashback (T&Cs apply)

  • Basic Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Redraw available
    Interest rate
    5.88 % p.a.
    Variable
    Comparison rate
    5.91 % p.a.
    Initial monthly repayment
    $2,959
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options

  • Offset Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.12 % p.a.
    Initial monthly repayment
    $3,027
    Go to site
    • No ongoing monthly loan maintenance fees
    • Weekly, fortnightly, or monthly repayment options
Showing 15 results from 414 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.

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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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