Banks tempt owner occupiers with competitive home loan deals

By Mozo · · 2 min read
Fact Checked
Advertiser disclosure

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 19 April 2024

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

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    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 online in minutes.

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    Details
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

    Compare
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    Details
  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.37% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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    Details
  • Discounted Home Value Loan

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

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

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    Details
  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    Compare
    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

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