February is heating up, and so are these home loan deals!

By Polly Fleeting · · 2 min read
Fact Checked
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Is it getting hot in here? Maybe it’s time to strip… down your home loan interest rate. 

Over the past month, Aussie mortgage lenders have made a bunch of cuts to variable home loan rates, leaving potential borrowers spoilt for choice. 

One of the cuts came from major bank ANZ which dropped its Simplicity PLUS Special Offer by 12 basis points to 3.12% (3.16% comparison rate*). 

But the action didn’t stop there. Here are some of the other lenders that cut variable rates last month: 

Variable Rate home loan cuts

“With a potential RBA cut around the corner, interest rates have been trending downwards across a bunch of banking products, including home loans,” Mozo Banking Expert, Peter Marshall said. 

“This is great news for borrowers who are looking to snag a low rate on their home loan, because there are now plenty of competitive options for them on the market.” 

RELATED ARTICLE: These are the top 10 banks with the highest customer satisfaction for home loans, says Roy Morgan

Currently, the average variable interest rate in the Mozo database, for an owner occupier paying principal and interest, is 3.73%. The lowest, however, is the 2.69% (2.71% comparison rate*) being offered by Reduce Home Loans with its Low Rider home loan. 

But Reduce Home Loans isn’t the only mortgage lender offering a hot deal under 3.00%. 

According to Mozo’s database there are 24 home loan providers that are currently offering a variable rate lower than 3.00% - some of which are solely online or smaller lenders, challenging big banks with competitive mortgage products. 

So if you can handle the heat and are on the hunt for a sizzling home loan, check out the table below for some killer mortgage options or head over to our home loan comparison tool.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 14 September 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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 online in minutes.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.99 % p.a.
    Fixed 2 years
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).

  • 3 Year Special Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    This home loan is available for purchase or refinance, complete with 1, 2 or 3 year fixed rate options. Minimum 10% deposit required.

image of houses

Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

* 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.

^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.

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