Easy Street takes home loan rates below 2%

Easy Street, a division of Community First Union, introduced a contender for best value home loan this week. Its Standard Variable Home Loan now offers rates as low as 1.95% p.a. (1.99% p.a. comparison rate*) on loans of at least $750,000. 

The loan doesn’t charge any monthly or annual fees and comes with a number of features, such as an offset account, fee-free redraw facility and the ability to make free extra repayments. There is, however, an application fee of $500.

John Tancevski, chief executive of Community First Credit Union said it was the lowest home loan rate they have ever offered and “is evidence that it is possible to offer an exceptionally low rate without scrimping on loan features.”

Are there other rates below 2%? 

Among providers we track, the offering from Easy Street is the only variable rate home loan that’s crossed the 2% mark. However, a number of lenders have rolled out introductory rates in the same ballpark. 

This includes offerings from loans.com.au like the Smart Booster (1.99% p.a. variable rate for 12 months) and Community First Credit Union’s Accelerator Home Loan (1.99% p.a. variable rate for 24 months).

Most recently, Reduce Home Loans launched its Rate Crusher home loan, which comes with a fixed rate of 1.90% p.a. (2.39% p.a. comparison rate*). This applies for one year before reverting to 2.39% p.a.

The loan is available to owner occupiers making principal and interest repayments. Importantly, it is limited to loans with an LVR of up to 80%, meaning you’ll need to have a deposit of at least 20% of a property’s value saved up to be eligible.

Customers will be able to borrow between $50,000 and $850,000 and extra repayments of up to $20,000 can be made each year without incurring penalty. While there aren’t any application or establishment fees, there will be a valuation fee of around $250 and legal fees of around $297.

The Rate Crusher joins only a handful of fixed rates in our database below 2%, such as the Homestar Star Classic, which offers rates as low as 1.98% (2.41% comparison rate*). However, this is available for a limited time only.

For information about all the latest moves in the market, read our September home loan snapshot. And if you’re after a loan and are not sure where to start, make our home loan comparison page your first stop.

Home loan comparisons on Mozo - last updated 12 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Variable Home Loan 70

    interest rate
    comparison rate
    Initial monthly repayment
    3.10% p.a. variable
    3.12% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

    Details
  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Details
  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

    Details
  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

    Details

* 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.

** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.