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. Advertiser disclosure.
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1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
$1234
Product details Close detailsSmart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
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.
Smart Booster Home Loan
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.
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1.99% p.a.variable for 12 months and then 2.48% p.a. variable
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2.47% 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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Optional - with 0.10% additional interest
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$520
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80.00%
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$50,000
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$1,000,000
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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 Smart Booster Home Loan
Details Close
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2.34% p.a. variable
2.34% p.a.
$1234
Product details Close detailsUHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
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.
UHomeLoan - Discount Offer
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.
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2.34% p.a. variable
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2.34% 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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$0
-
80.00%
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$100,000
-
-
-
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 UHomeLoan - Discount Offer
Details Close
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2.19% p.a. variable
2.19% p.a.
$1234
Product details Close detailsCelebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
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.^
Celebrate Variable Home Loan
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.^
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2.19% p.a. variable
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2.19% 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
-
$0
-
60.00%
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$100,000
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$2,000,000
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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 Celebrate Variable Home Loan
Details Close
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2.09% p.a.
fixed 2 years2.56% p.a.
$1234
Product details Close detailsBasic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
2.09% p.a.
fixed 2 years2.56% 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.
Basic Home Loan
Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.
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2.09% p.a.
fixed 2 years -
2.56% p.a.
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$0
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$0.00
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$400.00
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yes - free
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yes - free
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no
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$0
-
80.00%
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$150,000
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$750,000
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Fixed
-
Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Basic Home Loan
Details Close
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1.89% p.a.
fixed 2 years2.94% p.a.
$1234
Product details Close detailsFixed Home Loan Special Offer Home Package Plus
Owner Occupier, Principal & Interest, <80% LVR
1.89% p.a.
fixed 2 years2.94% 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.
Fixed Home Loan Special Offer Home Package Plus
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.
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1.89% p.a.
fixed 2 years -
2.94% p.a.
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$0
-
$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
-
no
-
$0
-
80.00%
-
$150,000
-
-
-
Fixed
-
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 Fixed Home Loan Special Offer
Details Close
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Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)
1.99% p.a.
fixed 4 years2.90% p.a.
$1234
Product details Close detailsDiscount Fixed Rate
Owner Occupier, Principal & Interest, <80% LVR
1.99% p.a.
fixed 4 years2.90% p.a.
Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).
Discount Fixed Rate
Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).
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1.99% p.a.
fixed 4 years -
2.90% p.a.
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$450
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$10.00 monthly
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$350.00
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yes - free up to $5,000 p.a
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no
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no
-
$450
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80.00%
-
$150,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
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Weekly, Fortnightly, Monthly
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$3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 February 2021, settle by 28 May 2021.
Read our Mozo Review to learn more about the Discount Fixed Rate
Details Close
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1.99% p.a.
fixed 3 years3.64% p.a.
$1234
Product details Close detailsFixed Rate Home Loan Package
Owner Occupier, Principal & Interest, Home Loan Package
1.99% p.a.
fixed 3 years3.64% p.a.
A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
Fixed Rate Home Loan Package
A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
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1.99% p.a.
fixed 3 years -
3.64% p.a.
-
$0
-
$395.00 yearly
-
$350.00
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yes - free up to $10,000 p.a
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no
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no
-
$0
-
95.00%
-
$100,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Fixed Rate Home Loan
Details Close
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2.19% p.a. variable
2.20% p.a.
$1234
Product details Close detailsNeat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
2.19% p.a. variable
2.20% p.a.
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
Neat Home Loan
Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.
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2.19% p.a. variable
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2.20% p.a.
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$250
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$0.00
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$300.00
-
yes - free
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yes - free
-
no
-
$250
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60.00%
-
$80,000
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$5,000,000
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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 Neat Home Loan
Details Close
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2.17% p.a. variable
2.20% p.a.
$1234
Product details Close detailsWell Balanced
Owner Occupier, Principal & Interest, LVR <80%
2.17% p.a. variable
2.20% p.a.
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.
Well Balanced
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.
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2.17% p.a. variable
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2.20% p.a.
-
$785
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$0.00
-
$300.00
-
yes - free
-
yes - free
-
Optional - $10 per month
-
$785
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80.00%
-
$200,000
-
$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 Well Balanced
Details Close
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1.75% p.a.
fixed 3 years2.22% p.a.
$1234
Product details Close detailsUHomeLoan
Owner Occupier, Principal & Interest
1.75% p.a.
fixed 3 years2.22% p.a.
$0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
UHomeLoan
$0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
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1.75% p.a.
fixed 3 years -
2.22% p.a.
-
$395
-
$0.00
-
$0.00
-
yes - free up to $20,000 p.a.
-
no
-
no
-
$395
-
80.00%
-
$100,000
-
$2,000,000
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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$395 Establishment fee waived for fixed rate loans that settle by 31 March 2020. Receive 1.75% Receive 1.75% 3 year fixed rate when you apply by 26 February 2021 and settle within 90 days.
Read our Mozo Review to learn more about the UHomeLoan
Details Close
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^See information about the Mozo Experts Choice Home loans Awards
