Banks tempt owner occupiers with competitive home loan deals

By Mozo ·

Now’s a great time to be purchasing or refinancing your own home, as we’ve seen a number of lenders drop their home loan interest rates for owner occupiers.

In fact we’ve seen 50 rate cuts in the past month alone, bringing the lowest home loan rate to just 3.94%. This low rate environment for owner occupiers, means you could be better off by a whopping $100 every month if you were signed up with the lowest rate loan, compared to the lowest rate one year ago that sat at 4.54%.

The competitive home loan deals available for owner occupiers, are a result of lenders looking to reduce their investor loan books to under 10% growth per annum, as requested by APRA.

RELATED: Top things to consider when choosing a home loan

Mozo data shows that the average owner occupier home loan rate is currently sitting at 4.69%, compared to the average investor loan rate at 4.81%.

Mozo Director Kirsty Lamont explained, “We’ve seen 12 lenders make cuts to loans targeted specifically at owner occupiers, while 11 increased rates on loans to investors.”

“Lenders are wanting to bridge the gap left by the slower growth in Investor lending and owner occupiers will be the big winners.”

Juicy interest rates aren’t the only incentive on offer to owner occupiers, as lenders are also introducing cash back offers, with six lenders currently offering deals of between $1,000 - $2,000 cash back to owner occupier refinancers.

Are you looking for a competitive home loan deal? Punch in your numbers into our home loan comparison tool to compare our entire database or check out the comparison table below to see some of the top deals in the market now:

Home loan comparisons on Mozo - last updated January 23, 2021

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.variable for 12 months and then 2.48% p.a. variable
    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.

    Compare
    Details
  • mozo-experts-choice-2020
    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.34% p.a. variable
    2.34% p.a.

    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.

    Compare
    Details
  • mozo-experts-choice-2020
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.19% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    Compare
    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 2 years
    2.56% p.a.

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    Compare
    Details
  • Fixed Home Loan Special Offer

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.94% p.a.

    Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

    Compare
    Details
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^See information about the Mozo Experts Choice Home Loans Awards

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