Best interest rates fall around 5.60% p.a. right now for savings and home loans

Two people high five representing savings accounts and home loans best interest rates meeting in the middle

Saving and spending are two key parts of money management. Right now, we’re in a high-interest-rate environment, meaning home loans, savings accounts, and term deposits are all much loftier than they used to be. 

But in the Mozo database, an interesting trend has emerged. (Sorry). As of 9 October 2023, the lowest home loan interest rates and highest savings account interest rates – i.e. the best rates – hover between 5.50% and 5.60% p.a.

Lowest home loan variable interest rates (9 October 2023)

Lender
Loan
Interest Rate
Pacific Mortgage Group
Standard Variable Home Loan
5.59% p.a. (5.59% p.a. comparison rate*)
Teachers Mutual Bank
Your Way Basic Variable Home Loan
5.64% p.a. (5.70% p.a. comparison rate*)
Reduce Home Loan
Basic Home Loan
5.69% p.a. (5.73% p.a. comparison rate*)
Community First Bank
Basic Variable Home Loan
5.69% p.a. (5.74% p.a. comparison rate*)

Lowest home loan fixed interest rates (9 October 2023)

Loan term
Lender
Loan
Interest Rate
1-year
Macquarie Credit Union
Fixed Rate Home Loan
5.48% p.a. (7.89% p.a. comparison rate*)
2-year
South West Slopes Credit Union
Optimum Fixed Rate Home Loan
5.49% p.a. (6.18% p.a. comparison rate*)
3-year
Australian Mutual Bank
Fixed Rate Home Loan
5.48% p.a. (6.10% p.a. comparison rate*)

Highest savings account interest rates (9 October 2023)

Bank
Account
Maximum Interest Rate^^
ME
HomeME Savings Account
5.65% p.a.
BOQ
Future Saver Account – 14 to 35 years
5.50% p.a.
Teachers Mutual Bank
Target Saver
5.50% p.a.
ING
Savings Maximiser
5.50% p.a.
MOVE Bank
Growth Saver
5.50% p.a.

^^Bonus rates must have terms & conditions met to unlock.

But before you start connecting the dots and hailing the Illuminati, let’s keep things in perspective. On average, home loan rates still tend to be much higher than savings rates.

  • Average home loan rate (OO, P&I, LVR<80%): 6.62% p.a.
  • Average introductory savings rate: 4.94% p.a.

And the current syncing of best rates? Coincidence, unfortunately.

Rates may start to diverge soon, as well. Fixed interest rates, such as fixed home loans and term deposits, have started to creep down as the Reserve Bank rate hold continues. Savings rates will probably drop further and harder once the RBA makes cuts, so this coincidence probably won’t last long. But we can still appreciate it while it’s here. (Without hailing the Illuminati). 

Compare low rate home loans in the table below. All averages current as of 9 October 2023. 

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 11 February 2025 Important disclosures and comparison rate warning*
What are your home loan needs?

Your loan-to-value ratio (LVR): 50%

Loan amount and LVR will affect interest rates.

  • Promoted

    Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Promoted

    Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.55 % p.a.
    Fixed 2 years
    Comparison rate
    6.05 % p.a.
    Initial monthly repayment
    $2,855
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Fast approval times. Min 30% deposit required. Borrow up to $10,000,000.

  • Promoted

    Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Promoted

    OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Promoted

    Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.55 % p.a.
    Fixed 2 years
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,855
    Go to site

    Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Fast approval times. Min 30% deposit required. Borrow up to $10,000,000.

  • Promoted

    Basic Variable Home Loan

    • Owner Occupier
    • LVR <60%
    Interest rate
    6.13 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,040
    Go to site

    Competitive interest rate. No ongoing monthly loan maintenance fees. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

  • Promoted

    Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $2,915
    Go to site

    Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.

  • Promoted

    Fixed Rate Home Loan

    • Owner Occupier
    • LVR<80%
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.21 % p.a.
    Initial monthly repayment
    $2,915
    Go to site

    Get repayment security with fixed rates from one to five years. Free extra repayments of up to $25,000 during the fixed rate period. Fix a portion of your loan and leave the rest variable. Choose to repay weekly, fortnightly, or monthly.

  • Promoted

    Intro Discounted Standard Variable Rate

    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.20 % p.a.
    Variable for 12 months and then 6.60% p.a.
    Comparison rate
    6.56 % p.a.
    Initial monthly repayment
    $3,191
    Go to site

    Enjoy a discount of 0.40% p.a. applied for the first 12 months of the loan. No application, account or establishment fees to pay to help pay. Make additional repayments without being penalised. Other fees may apply. 20% deposit required.

  • Promoted

    Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

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* 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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