Banks cut fixed rates to record breaking lows
02 Jul 2020

There’s great news for Australian borrowers and refinancers this month with a continuing downward trend in home loan interest rates driven by lenders cutting fixed home loans to all new record-breaking lows.
Following the RBA’s two pandemic cuts in March, we’ve seen lenders racing to out-compete each other with jaw-dropping new fixed rates, offering borrowers looking to refinance or buy an owner occupier property the security of a fixed rate from as little as 2.09% for 2 years.
Fixing your home loan is a great way to ensure your regular repayments are predictable, giving you stability and security when it comes to your finances. Shop around and compare some of the top new rates on the market below.
Top Fixed Rate Home Loans
HSBC Fixed Rate Home Loan

2.09% fixed rate for 2 years (2.98% comparison rate*)
No upfront application or ongoing service fees
Mozo Experts Choice Fixed Home Loan 2020
The details:
HSBC means business with this market leading new fixed home loan deal that gives borrowers the chance to lock in at close to 2.00% for 2 years. This stellar new rate is sure to tempt plenty of borrowers eager to save on monthly repayments and protect against future rate rises. There are no upfront or ongoing fees and you can also make free extra repayments of up to $10,000 each year. Available to borrowers with at least 20% deposit.
People's Choice Credit Union Fixed Rate Home Loan

2.29% fixed rate for 2 years (3.82% comparison rate*)
Free extra repayments up to $10K each year
One of Australia's largest credit unions
The details:
Want the security of locking in a super-low interest rate? The Fixed Rate Home Loan from People’s Choice Credit Union is offering up some competitive fixed rates for borrowers wanting repayment security, with a 2 year fixed offer under 2.30%. In addition, you’ll be able to save even more on your loan by making use of the extra repayments feature (free up to $10,000 per year). What better way to get peace of mind over your mortgage repayments while still having the flexibility to pay extra when you can afford it?
Suncorp Fixed Home Loan Special Offer

2.29% fixed rate for 2 years (3.32% comparison rate*)
Free extra repayments up to $500 each month
Annual package fee waived in the first year
The details:
Suncorp’s Home Package Plus home loan is rewarding its borrowers with a super competitive sub 2.30% interest rate guaranteeing peace of mind over your mortgage repayments for 2 years. On top of that, you’ll score a $2,000 cash bonus when you take out a loan of $250,000 or more (T&Cs apply). Complete with no loan establishment fee and up to $500/month extra repayments, this home loan is definitely one to check out.
Bank of Queensland Discount Fixed Rate

2.29% discounted fixed rate for 2 years (3.52% comparison rate*)
Make up to $5,000 in extra repayments annually
$2,500 cashback for refinancers
The details:
If you want the security of a great value rate for a set length of time, the BOQ Discounted Fixed Rate home loan is one to watch. On top of locking in a low sub 2.30% rate, you have the freedom to make up to $5,000 in extra repayments throughout the year. Plus, you can enjoy a generous $2,500 cashback when you refinance your home loan to BOQ. Minimum loan size $250,000, 70% LVR or less. Apply before 15 August.
Mortgage House Switch and Save Special - Fixed Rate Home Loan

2.19% fixed rate for 3 years (2.65% comparison rate*)
Free extra repayments and redraw facility
No ongoing fees
The details:
Mortgage House has just dropped this killer 3 year fixed rate special, offering long term protection against sudden rate rises and peace of mind over your home loan repayments. In addition to an ultra low fixed rate, you'll also benefit from flexible home loan features like free additional repayments and a redraw facility. Plus, there are no ongoing package fees, meaning you pay less and can actually pay off more of your home loan. Available to borrowers with a 20% deposit for loans of $150,000 or more.
^See information about the Mozo Experts Choice Home loans Awards
Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.
^ Savings calculated for an owner occupier P&I borrower with a $500,000 loan amount and an 80% LVR.
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