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.

Compare home loans - last updated 9 December 2023

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, Refinance Only, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.74% p.a. variable
    5.65% p.a.

    For refinancers only. 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 in as little as 10 minutes.

    Go to site
    Details
  • Home Variable Rate

    Owner Occupier, Principal & Interest, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.15% p.a.

    Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.

    Go to site
    Details
  • Mozo Expert Choice Badge
    Variable Rate Home Loan Special Offer

    Package, Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.51% p.a.

    Package benefits across Home Loans, Visa Credit Card, Personal Loans and Term Deposits. No package fee for the first year. No application, settlement or redraw fees to pay. Quick and easy application. Free CoreLogic RP Data property reports. *Terms, conditions and lending criteria apply.

    Go to site
    Details
  • Mortgage Simplifier

    LVR<80%, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.43% p.a.

    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. Winner of Australia’s Best Essential Bank in the Mozo Experts Choice Awards.

    Details
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Investment, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    6.04% p.a. variable
    5.95% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Go to site
    Details

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

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.