Home loan discount fever sparks switching frenzy

Mozo

28 Nov 2019

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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 have been more generous in passing through the RBA's latest official interest rate cut. 

With variable home loan rates now starting well below 3.00%, savvy borrowers could save tens of thousands on their home loan by refinancing. So if you'd like to crush your mortgage in 2019 and beyond, take a look at some of the top deals on the market right now and get switching!

TOP HOME LOANS DECEMBER 2019 - rates updated daily

  • Promoted

    loans.com.au

    2.78% p.a. variable

    2.80% p.a.

    $1234

    Product details Close details
    Smart Home Loan 75

    The Smart Home Loan with no ongoing fees and unlimited free redraws with no minimum redraw amount. Competitive low rate. 25% deposit required.

    • 2.78% p.a. variable

    • 2.80% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 75.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan 75

  • Promoted

    UBank

    2.84% p.a. variable

    2.84% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.

    • 2.84% p.a. variable

    • 2.84% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Promoted

    Athena

    2.84% p.a. variable

    2.80% p.a.

    $1234

    Product details Close details
    Variable Home Loan - Refinance

    No application fees, no monthly fees & no annual fees. Stay-great rates for the entirety of the loan, so you pay it off faster.

    • 2.84% p.a. variable

    • 2.80% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

  • Promoted

    Bank of Queensland

    2.79% p.a.
    fixed 3 years

    3.67% p.a.

    $1234

    Product details Close details
    Discount Fixed Rate 300k+

    Minimum loan amount of $300k. 20% deposit needed. Free additional repayments up to $5,000 per year.

    • 2.79% p.a.
      fixed 3 years

    • 3.67% p.a.

    • $450

    • $10.00 monthly

    • $320.00

    • yes - free up to $5,000 p.a

    • no

    • no

    • 80.00%

    • $300,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discount Fixed Rate 300k+

  • Promoted

    Hot Deal Homestar will donate $250 to the bushfire appeal for every complete loan application received in Feb.

    Homestar

    2.69% p.a. variable

    2.72% p.a.

    $1234

    Product details Close details
    Star Gold Home Loan

    An exceptional low rate for owner occupiers with 40% of more equity in their home. No ongoing fees. Unlimited additional repayments with free online redraws. loan size $150k to $750k, no construction loans. Metro Areas Only.

    • 2.69% p.a. variable

    • 2.72% p.a.

    • $512

    • $0.00

    • $535.00

    • yes - free

    • yes - free

    • no

    • 60.00%

    • $150,000

    • $750,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Star Gold Home Loan

  • Promoted

    loans.com.au

    2.88% p.a. variable

    2.90% p.a.

    $1234

    Product details Close details
    Smart Home Loan 80

    A low-rate home loan that could save you thousands. No ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only. 20% deposit required.

    • 2.88% p.a. variable

    • 2.90% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan 80

  • Promoted

    IMB Bank

    3.03% p.a. variable

    3.09% p.a.

    $1234

    Product details Close details
    Budget Home Loan

    With interest rates as low as 3.03% (3.09% comparison rate*) for owner-occupiers with at least a 20% deposit, and no upfront fees, getting this loan starts you off on the right foot. Free extra repayments and redraw.

    • 3.03% p.a. variable

    • 3.09% p.a.

    • $773

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $75,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Budget Home Loan

  • Promoted

    Hot Deal Homestar will donate $250 to the bushfire appeal for every complete loan application received in Feb.

    Homestar

    2.74% p.a. variable

    2.77% p.a.

    $1234

    Product details Close details
    Star Essentials Home Loan

    One of the lowest home loan rates in town packed with essential features. No ongoing fees. Unlimited additional repayments with free online redraws. Min. loan size $150k, no construction loans.

    • 2.74% p.a. variable

    • 2.77% p.a.

    • $512

    • $0.00

    • $535.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $150,000

    • $850,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Star Essentials Home Loan

  • Promoted

    Newcastle Permanent

    3.19% p.a. variable

    3.23% p.a.

    $1234

    Product details Close details
    Special Real Deal Home Loan

    No ongoing fees. Ability to split your loan between fixed and variable. First home buyers receive $2,500 cash back on loans $250K and above. Cash back will be deposited to the borrower’s NPBS Everyday Account after settlement.

    • 3.19% p.a. variable

    • 3.23% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - fees apply

    • yes - partial only

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • First Home Buyers can receive $2,500 for applications for loan amounts of $250,000 or more received before 30 April 2020 and settled by 30 June 2020 with a Newcastle Permanent Everyday Account.

    Read our Mozo Review to learn more about the Special Real Deal Home Loan

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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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