Aussie borrowers dump big banks after RBA cut

Mozo

12 Jun 2019

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Borrowers are flocking to comparison sites to hunt out bargain home loan deals in the wake of the Reserve Bank's latest rate cut, putting the big banks under pressure to keep their mortgage customers.

Interest in cheaper home loans is soaring as smaller lenders cut rates to jaw dropping new lows. The New Daily reports that tens of thousands of Australians have taken up the Treasurer’s advice to “shop around and get the best possible deal”, with the hope of saving thousands on their home loan.

Mozo Director Kirsty Lamont said, “Australians are so fed up with the big banks' bad behaviour that for many customers, ANZ and Westpac holding back part of the rate cut was the last straw. We’re now seeing a huge shift to smaller lenders who are a lot more competitive.”

BANK BEATING HOME LOAN COMPARISONS - rates updated daily

  • Promoted

    loans.com.au

    3.28% p.a. variable

    3.30% p.a.

    $1234

    Product details Close details
    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.

    • 3.28% p.a. variable

    • 3.30% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan

  • Promoted

    UBank

    2.99% p.a.
    fixed 1 year

    4.09% p.a.

    $1234

    Product details Close details
    UHomeLoan

    1 year fixed rates are for new Owner Occupier Principal & Interest loans. Fast, easy apply & no ongoing fees. Choose between weekly, fortnightly or monthly repayments.

    • n/a

    • n/a

    • $395

    • $0.00

    • $0.00

    • yes - free up to $20,000 p.a.

    • no

    • no

    • 80.00%

    • $100,000

    • $2,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan

  • Promoted

    Bank of Queensland

    3.39% p.a.
    fixed 3 years

    4.22% p.a.

    $1234

    Product details Close details
    Discount Fixed Rate

    $1000 cashback for first home buyers. Apply by 30 June 2019. No minimum loan amount. Free additional repayments up to $5,000 per year.

    • 3.39% p.a.
      fixed 3 years

    • 4.22% p.a.

    • $450

    • $10.00 monthly

    • $320.00

    • yes - free up to $5,000 p.a

    • no

    • no

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discount Fixed Rate

  • Promoted

    ME

    3.43% p.a.
    fixed 2 years

    4.25% p.a.

    $1234

    Product details Close details
    Flexible Home Loan Member Package

    Option to split your loan into fixed and variable for 1-7 years. Offset available on the variable rate facility. Extra repayments up to $30K during fixed rate period and free redraws available (above $500) when you're ahead of your payments.

    • 3.58% p.a.
      fixed 3 years

    • 4.26% p.a.

    • $200

    • $395.00 yearly

    • $350.00

    • yes - free up to $30,000 during fixed rate period

    • no

    • no

    • 80.00%

    • $40,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Flexible Home Loan

  • Promoted

    HSBC

    3.47% p.a. variable

    3.48% p.a.

    $1234

    Product details Close details
    Discounted Home Value Loan

    Enjoy unlimited free extra repayments and no ongoing service fees when you apply by 31 July (t&cs apply). Get help with the application process with an HSBC relationship manager. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^

    • 3.47% p.a. variable

    • 3.48% p.a.

    • $150

    • $0.00

    • $300.00

    • yes - free

    • yes - free online

    • no

    • 90.00%

    • $50,000

    • $7,500,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discounted Home Value Loan

  • Promoted

    loans.com.au

    3.19% p.a.
    fixed 2 years

    3.67% p.a.

    $1234

    Product details Close details
    Fixed Rate Special Offer

    This 2 Year Fixed Rate Special Offer for purchase or refinance, with rate lock option available. No monthly or ongoing fees.

    • 3.19% p.a.
      fixed 3 years

    • 3.63% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • 80.00%

    • $50,000

    • $1,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Rate Special Offer

  • Promoted

    Bank Australia

    3.51% p.a. variable

    3.52% p.a.

    $1234

    Product details Close details
    Basic Home Loan Special

    Join one of Australia's most ethical bank with a competitive interest rate, the option to fix full loan or split between fixed and variable, you'll enjoy flexibility & to redraw on your loan.

    • 3.51% p.a. variable

    • 3.52% p.a.

    • $0

    • $0.00

    • $250.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $10,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Basic Home Loan Special

  • Promoted

    UBank

    3.59% p.a. variable

    3.59% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Enjoy a low rate & no bank fees (on variable loans) from one of Australia's leading digital banks. Easy & fast to apply, you'll get free redraw with flexible repayments. Min. 20% deposit required. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.

    • 3.59% p.a. variable

    • 3.59% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes

    • no

    • 80.00%

    • $200,000

    • $699,999

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Promoted

    Reduce Home Loans

    3.19% p.a. variable

    3.19% p.a.

    $1234

    Product details Close details
    Rate Lovers Variable Home Loan

    Triple winner in 2019 Mozo Experts Choice Awards No ongoing monthly service fee Unlimited free extra repayments

    • 3.19% p.a. variable

    • 3.19% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes

    • yes - optional $10/month

    • 80.00%

    • $50,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Rate Lovers Variable Home Loan

*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.

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