Home loan rate cuts spark refinance frenzy

By Gabriella Margerison ·
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Aussies looking to save money on their home loan are racing to take advantage of the latest frenzy of home loan rate cuts, as major bank and non-bank lenders compete to slash rates to crazy new lows.

The super sharp rates on offer have created the perfect opportunity for savvy borrowers to shop around and potentially save thousands of dollars a year on their home loan by switching. Top lenders like HSBC, ING, Suncorp, Loans.com.au and UBank have all introduced new low rates in recent weeks, some with lucrative cashback offers to tempt refinancers even further.

With variable home loan rates now starting from under 2.00% and fixed rates hitting new rock bottom lows of close to 2.00%, there's never been a better time to review your current rate against the market. So if you'd like to crush your mortgage in 2020 and beyond, take a look at some of the top deals available right now and get switching!

Top Home Loans - page last updated October 17, 2020

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  • 2.54% p.a. variable

    2.81% p.a.

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  • mozo-experts-choice-2020

    2.48% p.a. variable

    2.50% p.a.

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  • mozo-experts-choice-2020

    2.09% p.a.
    fixed 2 years

    2.98% p.a.

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  • mozo-experts-choice-2020

    2.34% p.a. variable

    2.34% p.a.

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  • Hot DealUp to $1,500 cash back on refinances (T&Cs apply)

    mozo-experts-choice-2020

    2.29% p.a. variable

    2.32% p.a.

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  • mozo-experts-choice-2020

    2.49% p.a. variable

    2.49% p.a.

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  • Hot Deal$2,000 Refinance Cash Bonus (T&Cs apply)

    2.68% p.a. variable

    2.69% p.a.

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  • 1.99% p.a.variable for 24 months and then 2.50% p.a. variable

    2.93% p.a.

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  • Hot Deal$3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)

    2.59% p.a. variable

    2.76% p.a.

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  • 2.61% p.a. variable

    2.67% p.a.

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*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, loan amount and term entered. 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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Gabriella Margerison
Gabriella Margerison
Copywriter

Gabby writes about all finance categories here at Mozo. From detailed stories about the latest products in the market to short and snappy money tips delivered straight to your inbox, she loves nothing more than finding you ways to think smarter about money! Gabby graduated from Macquarie University with a Bachelor of Communications. When she’s not sifting through the latest findings in the money world, you can find her sifting flour for her hobby cake business.