Home loan rates go bok bok berserk

Kirsty Lamont

02 Jul 2019

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Home loan rates are hitting jaw dropping new lows as Australia's challenger lenders waste no time in passing through the Reserve Bank's second rate cut in as many months.

Homestar is leading the field, becoming the first lender in the Mozo comparison database to drop its variable home loan rate below 3.00%, while new online lender Athena has also passed on the full 25 basis point cut.

With so much competition driving amazing deals for borrowers one thing is for sure, if you're not out there comparing your current loan against the new crop of ultra low rate loans on the market now, you could be missing out on some serious savings.

Top Home Loan Deals - rates updated daily

  • Promoted

    loans.com.au

    3.03% p.a. variable

    3.05% p.a.

    $1234

    Product details Close details
    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.

    • 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

  • Promoted

    UBank

    3.34% p.a. variable

    3.34% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Enjoy a low rate & no bank fees (on variable loans) from one of Australia's leading digital banks. Easy & fast to apply, you'll get free redraw with flexible repayments. Min. 20% deposit required. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.

    • 3.34% p.a. variable

    • 3.34% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes

    • no

    • 80.00%

    • $200,000

    • $699,999

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    Athena

    3.09% p.a. variable

    3.05% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    With 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

  • Promoted

    Bank of Queensland

    2.99% p.a.
    fixed 3 years

    4.19% p.a.

    $1234

    Product details Close details
    3 Year Discount Fixed Rate

    Apply by 31 August 2019. Minimum loan amount of $300k and LVR max of 80%. Free additional repayments up to $5,000 per year. $1,000 cashback for first home buyers

    • 2.99% p.a.
      fixed 3 years

    • 4.19% 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 3 Year Discount Fixed Rate

  • Promoted

    Newcastle Permanent

    3.49% p.a. variable

    3.49% p.a.

    $1234

    Product details Close details
    Special Real Deal Home Loan

    Special Real Deal owner occupied home loan with principal and interest repayments and an LVR of less than 90%

    • 3.49% p.a. variable

    • 3.49% 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

  • Promoted

    HSBC

    3.47% p.a. variable

    3.48% p.a.

    $1234

    Product details Close details
    Discounted Home Value Loan

    As of 22nd July HSBC will be reducing this rate to 3.27% p.a.* (3.28% p.a. comparison rate^) so enquire now and be one of the first to make the most of this great rate. Enjoy unlimited free extra repayments and no ongoing service fees when you apply by 31 July (t&cs 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.^

    • 3.47% p.a. variable

    • 3.48% 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

  • Promoted

    Heritage Bank

    3.57% p.a. variable

    3.62% p.a.

    $1234

    Product details Close details
    Discount Variable Home Loan

    Enjoy no monthly administration fees, and the ability to make extra repayments with Heritage Bank's Discounted Variable Rate Home Loan. Featuring a great low rate, experience the difference this established bank has to offer.

    • 3.57% p.a. variable

    • 3.62% p.a.

    • $750

    • $0.00

    • $250.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    Well Home Loans

    3.02% p.a. variableApply now to get this rate from 29 Jul

    3.03% p.a.Apply now to get this rate from 29 Jul

    $1234

    Product details Close details
    Well Balanced

    A low rate home loan for variable owner occupied loans, up to 90% LVR and no fees. Winner of a Mozo Experts Choice Award 2019 for the Best New Home Loan.^

    • 3.02% p.a. variableApply now to get this rate from 29 Jul

    • 3.03% p.a.Apply now to get this rate from 29 Jul

    • $150

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • 90.00%

    • $10,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Well Balanced

  • Promoted

    Bank of Queensland

    3.54% p.a.variable for 24 months and then 4.01% p.a. variable

    4.06% p.a.

    $1234

    Product details Close details
    2 Year Intro Rate Variable Home Loan

    Choose weekly, fortnightly or monthly repayments to align with your pay cycle or budget needs. Make additional repayments anytime to reduce the interest on your loan and pay your loan off sooner. Available for construction loans.

    • 3.54% p.a.variable for 24 months and then 4.01% p.a. variable

    • 4.06% p.a.

    • $150

    • $10.00 monthly

    • $320.00

    • yes - free

    • yes

    • yes

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the 2 Year Intro Rate Variable 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 $150,000 over 25 years.

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