Essential workers have access to the lowest variable home loan rate this month at 5.80%

A young female nurse sitting at a desk with a laptop, smiling at her colleague.

Essential workers have access to the lowest variable home loan rate in the Mozo database this month from G&C Mutual Bank, with an interest rate of 5.80% p.a. (5.83% p.a. comparison rate*).

G&C Mutual says it classifies someone as an essential worker if they are a frontline ambulance officer, paramedic, firefighter, police officer, corrective services officer, nurse, aged care or disability worker, teacher, early childhood educator, defence or military personnel.

The interest rate of 5.80% p.a. is only available on a G&C Mutual Essential Worker Home Loan for owner occupiers paying principal and interest (P&I) with a maximum loan-to-value-ratio (LVR) of 80% †.

The home loan also comes with an offset account, a home loan redraw facility and the ability to make unlimited extra repayments on your mortgage.

It’s also worth noting that G&C Mutual’s Essential Worker Home Loan is a whole percentage point lower than the average variable home loan rate of 6.80% p.a. in the Mozo database.

What’s the lowest variable home loan rate for everyone else?

Those of us who aren’t essential workers don’t have access to variable home loan rates that are as low as 5.80% p.a., but there are some other options that are not too far off.

For example, the most competitive variable rate currently in Mozo’s database that is available to anyone is 5.89% p.a. (5.89% p.a. comparison rate*) – you’ll find this at both Homeloans360 and Pacific Mortgage Group.

Rounding out your options at 5.89% p.a. is The Mutual Bank’s Special Budget Home Loan, which comes with a slightly higher comparison rate of 5.90% p.a.

Of course, there are typically conditions on all home loans and so you should check these before making a final decision.

Be sure to compare home loans right here at Mozo and weigh up all the benefits and drawbacks of what’s available.

† G&C Mutual also offers a maximum LVR of 95% with lenders mortgage insurance (subject to approval).


* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.

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