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

    2.63% p.a. variable

    2.65% p.a.

    $1234

    Product details Close details
    Smart Home Loan 80

    A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ 20% deposit required. Limited time only.

    • 2.63% p.a. variable

    • 2.65% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

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  • Promoted

    UBank

    2.59% p.a. variable

    2.59% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    • 2.59% p.a. variable

    • 2.59% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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  • Promoted

    Commonwealth Bank

    2.29% p.a.
    fixed 2 years

    3.99% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan Wealth Package

    Enjoy the security of a 2 year fixed rate. No establishment or ongoing fees. $2,000 cashback for refinancers who apply before 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000. Eligibility criteria applies.

    • 2.29% p.a.
      fixed 2 years

    • 3.99% p.a.

    • $200

    • $395.00 yearly

    • $350.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • $200

    • 95.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $2,000 cashback for refinancers who apply before 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000. Eligibility criteria applies.

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

  • Promoted

    Homestar

    2.39% p.a. variable

    2.39% p.a.

    $1234

    Product details Close details
    Star Essentials Home Loan

    Low Cost Home Loan 2020 winner.^ Packed with essentials like free redraw and extra repayments. No ongoing fees. Borrow $150K+. No construction loans. Fee waiver special offer - ends 31st July 2020.

    • 2.39% p.a. variable

    • 2.39% p.a.

    • $0

    • $0.00

    • $535.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $150,000

    • $850,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Upfront fees waived up to $250 for valuation and up to $265 for legal documentation for applications received by 30 June 2020 and settled by 30 September 2020.

    Read our Mozo Review to learn more about the Star Essentials Home Loan

  • Promoted

    Suncorp

    2.29% p.a.
    fixed 2 years

    3.32% p.a.

    $1234

    Product details Close details
    Fixed Home Loan Special Offer Home Package Plus

    No monthly account keeping fees & No loan establishment fee. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.

    • 2.29% p.a.
      fixed 2 years

    • 3.32% p.a.

    • $0

    • $375.00 yearly

    • $350.00

    • yes - free up to $500 per month

    • no

    • no

    • $0

    • 90.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Refinance from another lender to receive a $2,000 cash bonus for loans of at least $250,000 or $3,000 bonus for loans over $750,000. Available for loans with an LVR <90% and applications made by 10 July 2020 and settled by 10 November 2020.

    Read our Mozo Review to learn more about the Fixed Home Loan Special Offer

  • Promoted

    People's Choice Credit Union

    2.69% p.a. variable

    2.69% p.a.

    $1234

    Product details Close details
    Basic Variable Home Loan

    A People’s Choice Basic Variable home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate and no upfront or ongoing fees. It also allows you to have the freedom to make extra repayments to pay off your loan sooner.

    • 2.69% p.a. variable

    • 2.69% p.a.

    • $0

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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  • Promoted

    Mortgage House

    2.19% p.a.
    fixed 3 years

    2.65% p.a.

    $1234

    Product details Close details
    Switch and Save Special - Fixed Rate Home Loan

    Lock in this super-low rate for 3 years so you can budget accordingly and avoid the stress of a sudden rate rise. Avoid unnecessary costs with no monthly fees or ongoing package fees.

    • 2.19% p.a.
      fixed 3 years

    • 2.65% p.a.

    • $1,440

    • $0.00

    • $500.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • $1,440

    • 80.00%

    • $150,000

    • $5,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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  • Promoted

    Newcastle Permanent

    2.18% p.a.
    fixed 2 years

    3.72% p.a.

    $1234

    Product details Close details
    Special Fixed Rate Home Loan Premium Plus Package

    Available for new home buyers, refinancers and investors with a Loan to Value Ratio (LVR) of up to 95%. Divide your loan between fixed and variable rates at no additional cost.

    • 2.18% p.a.
      fixed 2 years

    • 3.72% p.a.

    • $0

    • $395.00 yearly

    • $0.00

    • yes - free up to $25,000 p.a.

    • yes - free

    • no

    • $0

    • 80.00%

    • $5,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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  • Promoted

    HSBC

    2.09% p.a.
    fixed 2 years

    2.98% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan

    Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^

    • 2.09% p.a.
      fixed 2 years

    • 2.98% p.a.

    • $0

    • $0.00

    • $300.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • $0

    • 80.00%

    • $50,000

    • $7,500,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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  • Promoted

    Hot Deal $2,500 cashback when you refinance your home loan to BOQ (T&Cs apply)

    Bank of Queensland

    2.29% p.a.
    fixed 2 years

    3.52% p.a.

    $1234

    Product details Close details
    Discount Fixed Rate

    Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $2,500 cashback when you refinance your home loan to BOQ (min. $250k lending, max 70% LVR, T&Cs apply).

    • 2.29% p.a.
      fixed 2 years

    • 3.52% p.a.

    • $450

    • $10.00 monthly

    • $350.00

    • yes - free up to $5,000 p.a

    • no

    • no

    • $450

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $2,500 cashback when you refinance your home loan to BOQ, min $250,000, 70% LVR or less. Apply before 15 August 2020.

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

*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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