Home loan discount fever sparks switching frenzy

Mozo

09 Sep 2019

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Aussies looking to save money on their home loan are racing to take advantage of the ongoing frenzy of home loan rate cuts, as lenders big and small continue to cut 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. And major banks like ANZ, Suncorp and Bank of Queensland are now fighting back with discounted rates and special offers.

With lenders battling it out to offer the biggest savings, savvy borrowers could save tens of thousands on their home loan by refinancing. So if you'd like to crush your mortgage in 2019, take a look at some of the top deals on the market right now and get switching!

TOP HOME LOANS SEPTEMBER 2019 - rates updated daily

  • Promoted

    loans.com.au

    3.03% p.a. variable

    3.05% p.a.

    $1234

    Product details Close details
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    Smart Home Loan

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

    • 3.03% p.a. variable

    • 3.05% 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

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  • Promoted

    UBank

    3.09% p.a. variable

    3.09% p.a.

    $1234

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    UHomeLoan - Discount Offer

    One of Australia's leading digital banks. Easy & fast to apply. Free redraw with flexible repayments. Min. 20% deposit required. Low rate and no bank fees (on variable loans). Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^

    • 3.09% p.a. variable

    • 3.09% 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

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  • Promoted

    Athena

    3.09% p.a. variable

    3.05% p.a.

    $1234

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    Variable Home Loan

    Low rates, no fees, and automatic rate match. New-comer Athena wants you to love them and leave them. Refinance only. Minimum 20% deposit.

    • 3.09% p.a. variable

    • 3.05% 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

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

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  • Featured Product

    ME

    3.34% p.a. variable

    3.78% p.a.

    $1234

    Product details Close details
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    Flexible Home Loan Member Package

    A flexible Home Loan with Member Package for Owner Occupiers including a low rate, redraw and offset. Annual fee $395.

    • 3.34% p.a. variable

    • 3.78% p.a.

    • $200

    • $395.00 yearly

    • $350.00

    • yes - free

    • yes - free

    • yes

    • 80.00%

    • $400,000

    • $699,999

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

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  • Featured Product

    Newcastle Permanent

    3.32% p.a. variable

    3.36% p.a.

    $1234

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    Special Real Deal Home Loan

    Free extra repayments. No application or service fees. Only 10% deposit needed. Winner of a Mozo Experts Choice Award 2019 for the First Home Buyer Loan and Investor Home Loan categories.^

    • 3.32% p.a. variable

    • 3.36% 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

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

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  • Promoted

    Suncorp

    3.18% p.a. variable

    3.19% p.a.

    $1234

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    Back to Basics Special

    No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Only 10% deposit required. $1500 cashback offer for refinancers of eligible loans more than $250,000 with LVR less than 80%.

    • 3.18% p.a. variable

    • 3.19% p.a.

    • $0

    • $0.00

    • $350.00

    • Yes - free

    • first redraw per month free

    • no

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Back to Basics Special

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  • Promoted

    Homestar

    2.99% p.a. variable

    3.02% p.a.

    $1234

    Product details Close details
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    Star Essentials Home Loan

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

    • 2.99% p.a. variable

    • 3.02% p.a.

    • $596

    • $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

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  • Promoted

    Bank of Queensland

    2.99% p.a.
    fixed 3 years

    3.79% p.a.

    $1234

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    Discount Fixed Rate 300k+

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

    • 2.99% p.a.
      fixed 3 years

    • 3.79% 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

    IMB Bank

    3.31% p.a. variable

    3.37% p.a.

    $1234

    Product details Close details
    Budget Home Loan

    Start with only 10% minimum deposit. Unrestricted additional repayments and free redraw facility.

    • 3.31% p.a. variable

    • 3.37% p.a.

    • $799

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • 90.00%

    • $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

    HSBC

    3.17% p.a. variable

    3.19% p.a.

    $1234

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    Discounted Home Value Loan

    Unlimited free extra repayments and no ongoing service fees when you apply by 30 November 2019 (T&C’s apply). Get help with the application process with an HSBC relationship manager. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^

    • 3.17% p.a. variable

    • 3.19% p.a.

    • $150

    • $0.00

    • $300.00

    • yes - free

    • yes - free online

    • no

    • 90.00%

    • $50,000

    • $7,500,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discounted Home Value Loan

    Go to site

*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.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.

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