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
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Promoted
ING2.59% p.a. variable
2.62% p.a.
$1234
Product details Close detailsINGMortgage Simplifier
LVR<80%, Owner Occupier, Principal & Interest
2.59% p.a. variable
2.62% p.a.
Enjoy no ongoing monthly or annual account-keeping fees. Unlimited additional repayments. Redraw facility available. If you choose to round up your Orange Everyday, every card purchase will help to directly reduce your outstanding home loan balance.
Mortgage Simplifier
Enjoy no ongoing monthly or annual account-keeping fees. Unlimited additional repayments. Redraw facility available. If you choose to round up your Orange Everyday, every card purchase will help to directly reduce your outstanding home loan balance.
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2.59% p.a. variable
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2.62% p.a.
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$299
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$0.00
-
$250.00
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yes - free
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yes
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no
-
$299
-
80.00%
-
$150,000
-
$999,999
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Variable
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Principal & Interest
-
Owner Occupier
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Fortnightly, Monthly
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Read our Mozo Review to learn more about the Mortgage Simplifier
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Promoted
Macquarie2.19% p.a.
fixed 2 years2.65% p.a.
$1234
Product details Close detailsMacquarieBasic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
2.19% p.a.
fixed 2 years2.65% 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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2.19% p.a.
fixed 2 years -
2.65% p.a.
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$0
-
$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
-
$0
-
70.00%
-
$150,000
-
$750,000
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Monthly
-
Read our Mozo Review to learn more about the Basic Home Loan
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Promoted
loans.com.au
2.48% p.a. variable
2.50% p.a.
$1234
Product details Close detailsloans.com.au Smart Home Loan 80
Owner Occupier, Principal & Interest
2.48% p.a. variable
2.50% p.a.
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
Smart Home Loan 80
A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.
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2.48% p.a. variable
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2.50% p.a.
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$520
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$0.00
-
$0.00
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yes - free
-
yes - free
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no
-
$520
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80.00%
-
$50,000
-
$1,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Home Loan 80
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Promoted
UBank 2.49% p.a. variable
2.49% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.49% p.a. variable
2.49% 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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2.49% p.a. variable
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2.49% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
$0
-
80.00%
-
$100,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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Promoted
Athena 2.39% p.a. variableApply now to get this rate from 30 Sep
2.39% p.a.Apply now to get this rate from 30 Sep
$1234
Product details Close detailsAthena Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
2.39% p.a. variableApply now to get this rate from 30 Sep
2.39% p.a.Apply now to get this rate from 30 Sep
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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2.39% p.a. variableApply now to get this rate from 30 Sep
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2.39% p.a.Apply now to get this rate from 30 Sep
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$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
$0
-
60.00%
-
$100,000
-
$2,000,000
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Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Celebrate Variable Home Loan
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Promoted
Hot Deal $2,000 Refinance Cash Bonus (T&Cs apply)
Suncorp2.29% p.a.
fixed 2 years3.28% p.a.
$1234
Product details Close detailsSuncorpFixed Home Loan Special Offer Home Package Plus
Owner Occupier, Principal & Interest
2.29% p.a.
fixed 2 years3.28% p.a.
No monthly account keeping fees & No loan establishment fee. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
Fixed Home Loan Special Offer Home Package Plus
No monthly account keeping fees & No loan establishment fee. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.
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2.29% p.a.
fixed 2 years -
3.28% p.a.
-
$0
-
$375.00 yearly
-
$350.00
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yes - free up to $500 per month
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no
-
no
-
$0
-
90.00%
-
$150,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Refinance from another lender to receive a $2,000 cash bonus for loans of at least $250,000 or $3,000 bonus for loans over $750,000. Available for loans with an LVR <90% and applications made by 30 September 2020 and settled by 29 December 2020.
Read our Mozo Review to learn more about the Fixed Home Loan Special Offer
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Promoted
HSBC 2.09% p.a.
fixed 2 years2.98% p.a.
$1234
Product details Close detailsHSBC Fixed Rate Home Loan
Owner Occupier, Principal & Interest, LVR <80%
2.09% p.a.
fixed 2 years2.98% p.a.
Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^
Fixed Rate Home Loan
Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^
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2.09% p.a.
fixed 2 years -
2.98% p.a.
-
$0
-
$0.00
-
$300.00
-
yes - free up to $10,000 p.a.
-
no
-
no
-
$0
-
80.00%
-
$50,000
-
$7,500,000
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Fixed Rate Home Loan
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Promoted
homeloans.com.au2.54% p.a. variable
2.55% p.a.
$1234
Product details Close detailshomeloans.com.auLow Rate Home Loan
Owner Occupier, Principal & Interest, 60-80% LVR
2.54% p.a. variable
2.55% p.a.
Get smart, flexible and cost-effective rates from homeloans.com.au. Complimentary 100% offset account and free online redraw. Unlimited additional repayments. Zero application or annual fees. Fast online application process.
Low Rate Home Loan
Get smart, flexible and cost-effective rates from homeloans.com.au. Complimentary 100% offset account and free online redraw. Unlimited additional repayments. Zero application or annual fees. Fast online application process.
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2.54% p.a. variable
-
2.55% p.a.
-
$0
-
$0.00
-
$300.00
-
yes - free
-
yes - free
-
yes
-
$0
-
80.00%
-
$100,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Low Rate Home Loan
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Promoted
AMP Bank2.59% p.a. variable
3.00% p.a.
$1234
Product details Close detailsAMP BankProfessional Package Variable Rate Home Loan Professional Package
Owner Occupier, Principal & Interest, LVR <80%
2.59% p.a. variable
3.00% p.a.
Enjoy a variable rate with the AMP Bank Professional Package Home Loan. 100% offset accounts available with full transaction access. Handy redraw facility available upon request. Minimum 20% deposit required. Other rates available for interest only option. Pre-qualify today.
Professional Package Variable Rate Home Loan Professional Package
Enjoy a variable rate with the AMP Bank Professional Package Home Loan. 100% offset accounts available with full transaction access. Handy redraw facility available upon request. Minimum 20% deposit required. Other rates available for interest only option. Pre-qualify today.
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2.59% p.a. variable
-
3.00% p.a.
-
$295
-
$349.00 yearly
-
$350.00
-
yes - free
-
yes
-
yes
-
$295
-
80.00%
-
$100,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Professional Package Variable Rate Home Loan
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Promoted
Newcastle Permanent2.18% p.a.
fixed 2 years3.72% p.a.
$1234
Product details Close detailsNewcastle PermanentSpecial Fixed Rate Home Loan Premium Plus Package
Owner Occupier, Principal & Interest
2.18% p.a.
fixed 2 years3.72% p.a.
No ongoing fees. Ability to split your loan between fixed and variable. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer, T&Cs apply.
Special Fixed Rate Home Loan Premium Plus Package
No ongoing fees. Ability to split your loan between fixed and variable. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer, T&Cs apply.
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2.18% p.a.
fixed 2 years -
3.72% p.a.
-
$0
-
$395.00 yearly
-
$0.00
-
yes - free up to $25,000 p.a.
-
yes - free
-
no
-
$0
-
80.00%
-
$5,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
$2,000 cashback when you refinance your home loan from another financial institution when you apply by 30 November 2020, min $250k, LVR <80%
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
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