Coronavirus silver lining for home loan rates
Mozo
04 Aug 2020
Finding upsides in the Covid crisis can be a tough ask, but a silver lining has emerged for Australian home borrowers that is cause for at least some celebration: home loan rates have dropped significantly since the pandemic hit Australia. Lenders passed through much of the RBA’s March rate relief, and have continued to cut rates in the months since as they battle it out to attract new borrowers.
Mozo’s comparison data shows that the average variable rate for a typical $400,000 owner occupier home loan has fallen almost 50 basis points from 3.86% at the start of March to 3.39% now, while the average 1-year fixed home loan rate has dropped by a whopping 69 basis points. 2 year fixed rates are down 60 basis points.
With lenders competing so hard for new customers, it’s an ideal time to be in the market for a new home loan, while for refinancers there is the chance to access significant potential savings by switching. Start by comparing the latest rates in the table below to see how low your monthly repayments could be.
LOW RATE HOME LOAN COMPARISONS
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
-
2.47% p.a.
-
$520
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
Optional - with 0.10% additional interest
-
$520
-
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 Booster Home Loan
-
-
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
-
2.34% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
$0
-
80.00%
-
$100,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
-
-
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
-
2.19% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
$0
-
60.00%
-
$100,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
-
-
2.04% p.a.
fixed 2 years2.79% p.a.
$1234
Product details Close detailsSpecial Offer Reward Me Fixed Rate Home Loan
Owner Occupier, LVR <80%, 300k+
2.04% p.a.
fixed 2 years2.79% p.a.
Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.
Special Offer Reward Me Fixed Rate Home Loan
Enjoy $3,000 cashback when you refinance with Virgin Money (T&Cs apply). Additional repayments up to $10,000 per annum. Reverts to the discounted variable rate on expiry of the fixed term.
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2.04% p.a.
fixed 2 years -
2.79% p.a.
-
$450
-
$10.00 monthly
-
$350.00
-
yes - up to $10,000 per annum
-
no
-
no
-
$450
-
80.00%
-
$300,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
$3,000 cashback for new borrowings of at least $300,000 with applications made by 22 Jan 2021 and settled by 23 April 2021.
Read our Mozo Review to learn more about the Special Offer Reward Me Fixed Rate Home Loan
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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.
-
$0
-
$0.00
-
$400.00
-
yes - free
-
yes - free
-
no
-
$0
-
80.00%
-
$150,000
-
$750,000
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Monthly
-
Read our Mozo Review to learn more about the Basic Home Loan
-
-
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.
-
$0
-
$375.00 yearly
-
$350.00
-
yes - free up to $500 per month
-
no
-
no
-
$0
-
80.00%
-
$150,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Fixed Home Loan Special Offer
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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.
-
$450
-
$10.00 monthly
-
$350.00
-
yes - free up to $5,000 p.a
-
no
-
no
-
$450
-
80.00%
-
$150,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
$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
-
-
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
-
2.20% p.a.
-
$250
-
$0.00
-
$300.00
-
yes - free
-
yes - free
-
no
-
$250
-
60.00%
-
$80,000
-
$5,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Neat Home Loan
-
-
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
-
yes - free up to $10,000 p.a
-
no
-
no
-
$0
-
95.00%
-
$100,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Fixed Rate Home Loan
-
-
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
-
2.20% p.a.
-
$785
-
$0.00
-
$300.00
-
yes - free
-
yes - free
-
Optional - $10 per month
-
$785
-
80.00%
-
$200,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Well Balanced
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^See information about the Mozo Experts Choice Home loans Awards
