Crazy home loan rate cuts spark switching frenzy
Mozo
03 Apr 2020
Aussies looking to save money on their home loan are racing to take advantage of this year's frenzy of home loan rate cuts, as smaller and non-bank lenders slash rates to crazy new lows.
The super sharp rates on offer from online and challenger lenders have created a perfect storm for the banks, as borrowers ditch and switch in search of bigger savings from smaller lenders who are now offering variable interest rates that are more than 1.00% below the average big 4 bank rate.
With variable home loan rates now starting from under 2.60%, savvy borrowers could save tens of thousands on their home loan by refinancing. So if you'd like to crush your mortgage in 2020 and beyond, take a look at some of the top deals on the market right now and get switching!
TOP HOME LOANS MAY 2020 - rates updated daily
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Promoted
loans.com.au
2.63% p.a. variable
2.65% p.a.
$1234
Product details Close detailsloans.com.au Smart Home Loan 80
Owner Occupier, Principal & Interest
2.63% p.a. variable
2.65% 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.^ 20% deposit required. Limited time only.
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.^ 20% deposit required. Limited time only.
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2.63% p.a. variable
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2.65% p.a.
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$520
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$0.00
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$0.00
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yes - free
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yes - free
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no
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$520
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80.00%
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$50,000
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$1,000,000
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Variable
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Principal & Interest
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Owner Occupier
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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 2.59% p.a. variable
2.59% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.59% p.a. variable
2.59% 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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2.59% p.a. variable
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2.59% p.a.
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$0
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$0.00
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$0.00
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yes - free
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yes - free
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no
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$0
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80.00%
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$200,000
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-
-
Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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Promoted
Hot Deal $2000 cashback offer for eligible refinancers when you switch
Commonwealth Bank2.29% p.a.
fixed 2 years3.99% p.a.
$1234
Product details Close detailsCommonwealth BankFixed Rate Home Loan Wealth Package
Owner Occupier, Principal & Interest
2.29% p.a.
fixed 2 years3.99% p.a.
Enjoy the security of a 2 year fixed rate. No establishment or ongoing fees. Be rewarded with a $2000 bonus for refinancers when you switch before August 3, 2020 (T&Cs apply). $150,000 loan minimum.
Fixed Rate Home Loan Wealth Package
Enjoy the security of a 2 year fixed rate. No establishment or ongoing fees. Be rewarded with a $2000 bonus for refinancers when you switch before August 3, 2020 (T&Cs apply). $150,000 loan minimum.
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2.29% p.a.
fixed 2 years -
3.99% p.a.
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$200
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$395.00 yearly
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$350.00
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yes - free up to $10,000 p.a.
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no
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no
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$200
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95.00%
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$150,000
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-
-
Fixed
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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$2,000 cashback for refinancers with applications before 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000.
Read our Mozo Review to learn more about the Fixed Rate Home Loan
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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.
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$0
-
$0.00
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$300.00
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yes - free up to $10,000 p.a.
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no
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no
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$0
-
80.00%
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$50,000
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$7,500,000
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Fixed
-
Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Fixed Rate Home Loan
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Promoted
ME2.39% p.a.
fixed 1 year3.45% p.a.
$1234
Product details Close detailsMEFlexible Home Loan Member Package
Fixed, Owner Occupier, LVR less than 80%, Principal & Interest
2.39% p.a.
fixed 1 year3.45% p.a.
Option to split your loan into fixed and variable for 1-7 years. Offset available on the variable rate facility. Extra repayments up to $30K during fixed rate period and free redraws available (above $500) when you're ahead of your payments.
Flexible Home Loan Member Package
Option to split your loan into fixed and variable for 1-7 years. Offset available on the variable rate facility. Extra repayments up to $30K during fixed rate period and free redraws available (above $500) when you're ahead of your payments.
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2.39% p.a.
fixed 1 year -
3.45% p.a.
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$200
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$395.00 yearly
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$350.00
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yes - free up to $30,000 during fixed rate period
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no
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no
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$200
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80.00%
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$40,000
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-
-
Fixed
-
Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Flexible Home Loan
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Promoted
People's Choice Credit Union2.29% p.a.
fixed 2 years3.82% p.a.
$1234
Product details Close detailsPeople's Choice Credit UnionFixed Rate Home Loan Package
Owner Occupier, Principal & Interest, Home Loan Package
2.29% p.a.
fixed 2 years3.82% p.a.
A People’s Choice 2 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 2 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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2.29% p.a.
fixed 2 years -
3.82% p.a.
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$0
-
$395.00 yearly
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$350.00
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yes - free up to $10,000 p.a
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no
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no
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$0
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95.00%
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$100,000
-
-
-
Fixed
-
Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Fixed Rate Home Loan
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Promoted
Homestar 2.39% p.a. variable
2.39% p.a.
$1234
Product details Close detailsHomestar Star Essentials Home Loan
Owner Occupier, Principal & Interest
2.39% p.a. variable
2.39% p.a.
Low Cost Home Loan 2020 winner.^ Packed with essentials like free redraw and extra repayments. No ongoing fees. Borrow $150K+. No construction loans. End of Financial Year Special - No Upfront Fees.
Star Essentials Home Loan
Low Cost Home Loan 2020 winner.^ Packed with essentials like free redraw and extra repayments. No ongoing fees. Borrow $150K+. No construction loans. End of Financial Year Special - No Upfront Fees.
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2.39% p.a. variable
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2.39% p.a.
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$0
-
$0.00
-
$535.00
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yes - free
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yes - free
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no
-
$0
-
80.00%
-
$150,000
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$850,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Upfront fees waived up to $250 for valuation and up to $265 for legal documentation for applications received by 30 June 2020 and settled by 30 September 2020.
Read our Mozo Review to learn more about the Star Essentials Home Loan
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Promoted
Athena 2.59% p.a. variable
2.55% p.a.
$1234
Product details Close detailsAthena Variable Home Loan
<70% LVR, Owner Occupier, Principal & Interest
2.59% p.a. variable
2.55% p.a.
Fast online application with no fees. Free extra repayments and redraw facility. Min 30% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
Variable Home Loan
Fast online application with no fees. Free extra repayments and redraw facility. Min 30% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^
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2.59% p.a. variable
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2.55% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free
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yes - free
-
no
-
$0
-
70.00%
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$100,000
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$2,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Variable Home Loan
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Promoted
State Custodians2.65% p.a. variable
2.67% p.a.
$1234
Product details Close detailsState CustodiansLow Rate Home Loan with Offset
LVR<80%, Owner Occupier, Principal & Interest
2.65% p.a. variable
2.67% p.a.
Great features, great rate. Enjoy $0 application fee, free redraws and extra repayments plus a free 100% offset account to help you save even more.
Low Rate Home Loan with Offset
Great features, great rate. Enjoy $0 application fee, free redraws and extra repayments plus a free 100% offset account to help you save even more.
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2.65% p.a. variable
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2.67% p.a.
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$0
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$0.00
-
$300.00
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yes - free
-
yes - free
-
yes
-
$0
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80.00%
-
$100,000
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$2,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Low Rate Home Loan with Offset
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Promoted
Suncorp2.29% p.a.
fixed 2 years3.32% p.a.
$1234
Product details Close detailsSuncorpFixed Home Loan Special Offer Home Package Plus
Owner Occupier, Principal & Interest
2.29% p.a.
fixed 2 years3.32% 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 -
3.32% p.a.
-
$0
-
$375.00 yearly
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$350.00
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yes - free up to $500 per month
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no
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no
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$0
-
90.00%
-
$150,000
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-
-
Fixed
-
Principal & Interest
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Owner Occupier
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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 10 July 2020 and settled by 10 November 2020.
Read our Mozo Review to learn more about the Fixed Home Loan Special Offer
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