Big banks cut rates as rival lenders steal borrowers
Mozo
11 Apr 2019
CommBank, Westpac and NAB are cutting their fixed home loan rates in a bid to stem the rising tide of borrowers switching to rival lenders. However, borrowers are being warned not to jump headfirst into fixing, as the big banks are still a long way from being the most competitive in the market.
In fact, the banks are responding to increased competition from rival lenders who have introduced new ultra low rate variable and fixed home loans in recent weeks that are proving extremely popular with savvy borrowers in search of better value.
Mozo Director Kirsty Lamont said, "Now is a great time for borrowers to be in the market for a home loan or refinancing to a better deal, but if you really want to lock in a big saving, looking beyond the big four banks is still your best bet."
With variable rates plunging below 3.50%, it's little wonder borrowers are snapping these deals up. So if you'd like to crush your mortgage in 2019, take a look at some of the top rates currently on the market and see how much you could save.
Top Home Loans April 2019 - rates updated daily
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Promoted
loans.com.au2.88% p.a. variable
2.90% p.a.
$1234
Product details Close detailsloans.com.auSmart Home Loan
Owner Occupier, Principal & Interest
2.88% p.a. variable
2.90% p.a.
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.
Smart Home Loan
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.
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2.88% p.a. variable
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2.90% p.a.
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$520
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$0.00
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$0.00
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yes - free
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yes - free
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no
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80.00%
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$50,000
-
$1,000,000
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Variable
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Principal & Interest
-
Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Home Loan
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Promoted
UBank
2.84% p.a. variable
2.84% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.84% p.a. variable
2.84% p.a.
Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.
UHomeLoan - Discount Offer
Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.
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2.84% p.a. variable
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2.84% p.a.
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$0
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$0.00
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$0.00
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yes - free
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yes - free
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no
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80.00%
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$200,000
-
-
-
Variable
-
Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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Promoted
ANZ3.24% p.a. variable
3.28% p.a.
$1234
Product details Close detailsANZSimplicity PLUS Special Offer LVR <80%
Owner Occupier, Principal & Interest
3.24% p.a. variable
3.28% p.a.
Low rate. No ongoing fees. Can make extra repayments & redraw. Min. 20% deposit. Apply by 31/01/20 and settle by 30/04/20 for $2,500 cashback on eligible refinanced loans of $250K+ (incl. any new lending). Offer terms, fees, charges and elig. criteria apply.
Simplicity PLUS Special Offer LVR <80%
Low rate. No ongoing fees. Can make extra repayments & redraw. Min. 20% deposit. Apply by 31/01/20 and settle by 30/04/20 for $2,500 cashback on eligible refinanced loans of $250K+ (incl. any new lending). Offer terms, fees, charges and elig. criteria apply.
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3.24% p.a. variable
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3.28% p.a.
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$0
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$0.00
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$160.00
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yes - free
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yes
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no
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80.00%
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$50,000
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-
-
Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Refinance by 31 January 2020 to receive up to $3,500 cash back depending on the loan amount with an ANZ linked transaction account.
Read our Mozo Review to learn more about the Simplicity PLUS Special Offer LVR <80%
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Promoted
Suncorp2.89% p.a.
fixed 3 years3.70% p.a.
$1234
Product details Close detailsSuncorpFixed Home Loan Special Offer Home Package Plus
Owner Occupier, Principal & Interest
2.89% p.a.
fixed 3 years3.70% p.a.
Receive a $2,000 cash bonus when you take out a Home Package Plus home loan of $250,000 or more (T&Cs apply). No monthly account keeping fee & No loan establishment fee.
Fixed Home Loan Special Offer Home Package Plus
Receive a $2,000 cash bonus when you take out a Home Package Plus home loan of $250,000 or more (T&Cs apply). No monthly account keeping fee & No loan establishment fee.
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2.89% p.a.
fixed 3 years -
3.70% p.a.
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$0
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$375.00 yearly
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$350.00
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yes - free up to $500 per month
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no
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no
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90.00%
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$150,000
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-
-
Fixed
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Receive $2,000 when you refinance an existing loan of $250,000 or more with an LVR of <90%. Apply by 13 December 2019 and settle by 5 March 2020.
Read our Mozo Review to learn more about the Fixed Home Loan Special Offer
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Promoted
Newcastle Permanent 3.19% p.a. variable
3.23% p.a.
$1234
Product details Close detailsNewcastle Permanent Special Real Deal Home Loan
Owner Occupier, Principal & Interest
3.19% p.a. variable
3.23% p.a.
Free extra repayments. No application or service fees. Only 10% deposit needed. Winner of a Mozo Experts Choice Award 2019 for the First Home Buyer Loan and Investor Home Loan categories.^
Special Real Deal Home Loan
Free extra repayments. No application or service fees. Only 10% deposit needed. Winner of a Mozo Experts Choice Award 2019 for the First Home Buyer Loan and Investor Home Loan categories.^
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3.19% p.a. variable
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3.23% p.a.
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$0
-
$0.00
-
$0.00
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yes - free
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yes - fees apply
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yes - partial only
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90.00%
-
$150,000
-
-
-
Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Special Real Deal Home Loan
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Promoted
Reduce Home Loans 2.77% p.a. variable
2.78% p.a.
$1234
Product details Close detailsReduce Home Loans Rate Buster High Lend Variable Home Loan
Owner Occupier, Principal & Interest
2.77% p.a. variable
2.78% p.a.
Low variable rate. Extra repayments may be made at any time without penalty. 100% offset account available at $10/month. Loan Splits available.
Rate Buster High Lend Variable Home Loan
Low variable rate. Extra repayments may be made at any time without penalty. 100% offset account available at $10/month. Loan Splits available.
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2.77% p.a. variable
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2.78% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free
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yes
-
yes - optional $10/month
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80.00%
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$200,000
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$3,500,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Rate Buster High Lend Variable Home Loan
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Promoted
Bank of Queensland2.99% p.a.
fixed 3 years3.72% p.a.
$1234
Product details Close detailsBank of QueenslandDiscount Fixed Rate 300k+
Owner Occupier, Principal & Interest
2.99% p.a.
fixed 3 years3.72% p.a.
Minimum loan amount of $300k. 20% deposit needed. Free additional repayments up to $5,000 per year.
Discount Fixed Rate 300k+
Minimum loan amount of $300k. 20% deposit needed. Free additional repayments up to $5,000 per year.
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2.99% p.a.
fixed 3 years -
3.72% p.a.
-
$450
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$10.00 monthly
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$320.00
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yes - free up to $5,000 p.a
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no
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no
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80.00%
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$300,000
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-
-
Fixed
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Discount Fixed Rate 300k+
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Promoted
Queensland Country Credit Union3.49% p.a.
fixed 3 years3.90% p.a.
$1234
Product details Close detailsQueensland Country Credit UnionRateSaver
Investor, Interest Only, Fixed
3.49% p.a.
fixed 3 years3.90% p.a.
No Annual or Monthly Loan Maintenance Fees. Pay up to $10,000 in additional repayments each year. Borrow up to 90% LVR.
RateSaver
No Annual or Monthly Loan Maintenance Fees. Pay up to $10,000 in additional repayments each year. Borrow up to 90% LVR.
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3.49% p.a.
fixed 3 years -
3.90% p.a.
-
$500
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$0.00
-
$0.00
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yes - up to $10,000 per year
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no
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no
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90.00%
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$100,000
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$5,000,000
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Fixed
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Interest Only
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Investor
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the RateSaver
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Promoted
CUA3.20% p.a. variable
3.25% p.a.
$1234
Product details Close detailsCUAAchieve Variable Home Loan
Owner Occupier, Principal & Interest
3.20% p.a. variable
3.25% p.a.
No Loan Establishment Fee, annual or monthly account keeping fees. Enjoy the flexibility of being able to make unlimited extra repayments without penalty. Borrow up to 90% of the property value.
Achieve Variable Home Loan
No Loan Establishment Fee, annual or monthly account keeping fees. Enjoy the flexibility of being able to make unlimited extra repayments without penalty. Borrow up to 90% of the property value.
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3.20% p.a. variable
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3.25% p.a.
-
$835
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$0.00
-
$500.00
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yes - free
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yes - free
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yes - partial up to $15,000 maximum
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90.00%
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$100,000
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$249,999
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Achieve Variable Home Loan
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Promoted
Tic:Toc 2.84% p.a. variable
2.85% p.a.
$1234
Product details Close detailsTic:Toc Variable Home Loan
Owner Occupier, Principal & Interest
2.84% p.a. variable
2.85% p.a.
Get full approval online. Award-winning platform could save you thousands with super-low rates. No application, valuation or settlement fees. Fee-free redraws and extra repayments. Optional offset account for $10 per month. Winner of a Mozo Experts Choice Award 2019 for Online Home Lender of the Year 2019.^
Variable Home Loan
Get full approval online. Award-winning platform could save you thousands with super-low rates. No application, valuation or settlement fees. Fee-free redraws and extra repayments. Optional offset account for $10 per month. Winner of a Mozo Experts Choice Award 2019 for Online Home Lender of the Year 2019.^
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2.84% p.a. variable
-
2.85% p.a.
-
$0
-
$0.00
-
$325.00
-
yes - free
-
yes - free
-
Optional - $10 per month
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90.00%
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$50,000
-
$2,000,000
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Variable
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Principal & Interest
-
Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Variable Home Loan
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