Aussie borrowers celebrate as rates plunge lower

Kirsty Lamont

07 Jul 2019

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Aussie borrowers are revelling in a rates bonanza, as home loan interest rates continue to plunge to unheard of new levels. Lenders are now offering jaw dropping deals in the 2 per cent and low 3 per cent range, enabling borrowers to pay down their debt faster than ever before and build up record buffers.

According to Mozo Director Kirsty Lamont, smaller lenders are rolling out the red carpet in a bid to win borrowers off the major banks. The difference between the big banks' home loan rates and those on offer from challenger lenders is now so large that there are significant savings to be made by switching.

Loans.com.au, Athena and Homestar are amongst the challenger lenders to pass through Reserve Bank's latest rate cut in full, taking their rates to incredibly low levels. So if your bank isn't passing on the full cut, now is the time to consider refinancing to a take advantage of these unbelievable deals.

Top Home Loan Deals - rates updated daily

  • Promoted

    loans.com.au

    2.88% p.a. variable

    2.90% p.a.

    $1234

    Product details Close details
    Smart Home Loan

    A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.

    • 2.88% p.a. variable

    • 2.90% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan

  • Promoted

    Athena

    2.84% p.a. variable

    2.80% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Get the rate cut you deserve from one of Australia's newest direct lenders. For the third time this year the full cut has been passed on to all customers. The same low rates for new and existing customers. No fees and fee-free redraw. Min 20% deposit.

    • 2.84% p.a. variable

    • 2.80% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

  • Promoted

    Bank of Queensland

    2.99% p.a.
    fixed 3 years

    3.72% p.a.

    $1234

    Product details Close details
    Discount Fixed Rate 300k+

    Minimum loan amount of $300k. 20% deposit needed. Free additional repayments up to $5,000 per year.

    • 2.99% p.a.
      fixed 3 years

    • 3.72% p.a.

    • $450

    • $10.00 monthly

    • $320.00

    • yes - free up to $5,000 p.a

    • no

    • no

    • 80.00%

    • $300,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discount Fixed Rate 300k+

  • Promoted

    Queensland Country Credit Union

    3.49% p.a.
    fixed 3 years

    3.90% p.a.

    $1234

    Product details Close details
    RateSaver

    No Annual or Monthly Loan Maintenance Fees. Pay up to $10,000 in additional repayments each year. Borrow up to 90% LVR.

    • 3.49% p.a.
      fixed 3 years

    • 3.90% p.a.

    • $500

    • $0.00

    • $0.00

    • yes - up to $10,000 per year

    • no

    • no

    • 90.00%

    • $100,000

    • $5,000,000

    • Fixed

    • Interest Only

    • Investor

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the RateSaver

  • Promoted

    IMB Bank

    3.13% p.a. variable

    3.19% p.a.

    $1234

    Product details Close details
    Budget Home Loan

    Start with only 10% minimum deposit. Unrestricted additional repayments and free redraw facility.

    • 3.13% p.a. variable

    • 3.19% p.a.

    • $799

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • 90.00%

    • $75,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Budget Home Loan

  • Promoted

    Tic:Toc

    2.84% p.a. variable

    2.85% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Get full approval online. Award-winning platform could save you thousands with super-low rates. No application, valuation or settlement fees. Fee-free redraws and extra repayments. Optional offset account for $10 per month. Winner of a Mozo Experts Choice Award 2019 for Online Home Lender of the Year 2019.^

    • 2.84% p.a. variable

    • 2.85% p.a.

    • $0

    • $0.00

    • $325.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • 90.00%

    • $50,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

  • Promoted

    UBank

    2.84% p.a. variable

    2.84% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.

    • 2.84% p.a. variable

    • 2.84% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Promoted

    Heritage Bank

    3.07% p.a. variable

    3.09% p.a.

    $1234

    Product details Close details
    Discount Variable Home Loan

    No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.

    • 3.07% p.a. variable

    • 3.09% p.a.

    • $150

    • $0.00

    • $250.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $600 application fee waived for applications made before 30 November 2019 and funded by 31 March 2020.

    Read our Mozo Review to learn more about the Discount Variable Home Loan

  • Promoted

    loans.com.au

    3.08% p.a. variable

    3.10% p.a.

    $1234

    Product details Close details
    ZIP Home Loan

    A super-low-rate home loan that comes with a $5,000 limit Visa Debit Card that is interest free for the life of the loan. No monthly or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount. Best New Feature in Mozo Experts Choice Awards 2019.^

    • 3.08% p.a. variable

    • 3.10% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $250,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the ZIP Home Loan

  • Promoted

    Athena

    3.24% p.a. variable

    3.20% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Loyalty bonus each year for 5 years just for making your repayments on time. No monthly or annual fees. No application fees.

    • 3.24% p.a. variable

    • 3.20% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Investor

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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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