Home loan rates review - Spring 2017
Kirsty Timsans
31 Aug 2017
Key Points
Spring home loan season kicks off with fierce rates competition
A record 66 lenders are now offering variable rates below 4.00%
Average Big 4 bank variable rate now 1.20% higher than lowest on market
Fierce lender competition for prime home loan customers is delivering a rate cut bonanza for owner-occupier borrowers this spring.
23 lenders have already cut variable rates to coincide with the spring property season, and Mozo’s data reveals that a record 66 lenders are now offering variable home loan rates below 4.00%.
Aussie, ING, CommBank and Westpac are among lenders to cut variable rates in recent weeks, with more lenders expected to follow as peak property season heats up.
According to Mozo Director Kirsty Lamont, the level of competition on the home loan rates front is higher than usual this spring.
“Spring is traditionally peak season for home loan offers, and this season we’re seeing intense competition amongst lenders driving owner-occupier variable rates to new record lows”, said Ms Lamont.
Home Loan Rates - November 2017
Rates updated daily. Advertiser disclosure.
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Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
Smart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.
Smart Booster Home Loan
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Award for 2021.
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1.99% p.a.variable for 12 months and then 2.48% p.a. variable
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2.47% 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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Optional - with 0.10% additional interest
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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 Booster Home Loan
Details Close
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1.75% p.a.
fixed 3 years2.22% p.a.
$1234
Product details Close detailsUHomeLoan
Owner Occupier, Principal & Interest
1.75% p.a.
fixed 3 years2.22% p.a.
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
UHomeLoan
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
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1.75% p.a.
fixed 3 years -
2.22% 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 up to $20,000 p.a.
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no
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no
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$0
-
80.00%
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$100,000
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$2,000,000
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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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$395 Establishment fee waived for fixed rate loans that settle by 30 September 2022. Receive 1.75% 3 year fixed rate when you apply by 29 April 2021 and settle within 90 days.
Read our Mozo Review to learn more about the UHomeLoan
Details Close
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2.09% p.a.
fixed 3 years2.43% p.a.
$1234
Product details Close detailsBasic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
2.09% p.a.
fixed 3 years2.43% p.a.
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
Basic Home Loan
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
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2.09% p.a.
fixed 3 years -
2.43% p.a.
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$0
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$0.00
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$400.00
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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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70.00%
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$150,000
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$750,000
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Fixed
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Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Basic Home Loan
Details Close
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Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
2.19% p.a. variable
2.19% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
2.19% p.a. variable
2.19% p.a.
Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.
Celebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.
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2.19% p.a. variable
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2.19% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
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yes - free
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no
-
$0
-
60.00%
-
$100,000
-
$2,000,000
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Variable
-
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 Celebrate Variable Home Loan
Details Close
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1.79% p.a. variable
1.84% p.a.
$1234
Product details Close detailsStar Gold Home Loan
Owner Occupier, Principal & Interest, Refinance Only, <60% LVR
1.79% p.a. variable
1.84% p.a.
An exceptional low rate for owner occupiers with 40% or more equity in their home. No ongoing fees. Unlimited additional repayments with free online redraws. loan size $250k to $850k, no construction loans. Metro Areas Only.
Star Gold Home Loan
An exceptional low rate for owner occupiers with 40% or more equity in their home. No ongoing fees. Unlimited additional repayments with free online redraws. loan size $250k to $850k, no construction loans. Metro Areas Only.
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1.79% p.a. variable
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1.84% p.a.
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$910
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$0.00
-
$535.00
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yes - free
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yes - free
-
yes
-
$910
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60.00%
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$250,000
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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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Limited time offer for applications received by 31 May 2021 and settled by 31 August 2021.
Read our Mozo Review to learn more about the Star Gold Home Loan
Details Close
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1.89% p.a.
fixed 2 years2.15% p.a.
$1234
Product details Close detailsFixed Home Loan
Owner Occupier, Principal & Interest
1.89% p.a.
fixed 2 years2.15% p.a.
Award-winning low rate home loan that could save you thousands. No application or ongoing fees, fee-free redraws, unlimited additional repayments and an optional offset account for $10/month. Minimum 10% deposit. Winner of Mozo’s Experts Choice Award for Online Home Lender of the Year 2021.^
Fixed Home Loan
Award-winning low rate home loan that could save you thousands. No application or ongoing fees, fee-free redraws, unlimited additional repayments and an optional offset account for $10/month. Minimum 10% deposit. Winner of Mozo’s Experts Choice Award for Online Home Lender of the Year 2021.^
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1.89% p.a.
fixed 2 years -
2.15% p.a.
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$0
-
$0.00
-
$325.00
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yes - free, up to $20,000 p.a.
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yes - free
-
Optional - $10 per month
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$0
-
90.00%
-
$50,000
-
$2,000,000
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Fixed Home Loan
Details Close
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Mozo experts choice awards won:
- Offset Home Loan - 2021
2.17% p.a. variable
2.20% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Offset Home Loan - 2021
Well Balanced
Owner Occupier, Principal & Interest, LVR <80%
2.17% p.a. variable
2.20% p.a.
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed. Offset Home Loan winner in the Mozo Expert's Choice Award for 2021.
Well Balanced
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed. Offset Home Loan winner in the Mozo Expert's Choice Award for 2021.
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2.17% p.a. variable
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2.20% p.a.
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$785
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$0.00
-
$300.00
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yes - free
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yes - free
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Optional - $10 per month
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$785
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80.00%
-
$200,000
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$2,000,000
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Variable
-
Principal & Interest
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Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Well Balanced
Details Close
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Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)
Mozo experts choice awards won:
- Fixed Rate Home Loan - 2021
1.89% p.a.
fixed 2 years3.05% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Fixed Rate Home Loan - 2021
Discount Fixed Rate
Owner Occupier, Principal & Interest, <80% LVR
1.89% p.a.
fixed 2 years3.05% p.a.
Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply). Fixed Rate Home Loan Winner in the Mozo Expert's Choice Award for 2021.
Discount Fixed Rate
Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply). Fixed Rate Home Loan Winner in the Mozo Expert's Choice Award for 2021.
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1.89% p.a.
fixed 2 years -
3.05% p.a.
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$450
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$10.00 monthly
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$350.00
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yes - free up to $5,000 p.a
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no
-
no
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$450
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80.00%
-
$150,000
-
-
-
Fixed
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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$3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 28 May 2021, settle by 27 August 2021.
Read our Mozo Review to learn more about the Discount Fixed Rate
Details Close
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1.89% p.a.
fixed 2 years3.67% p.a.
$1234
Product details Close detailsSpecial Fixed Rate Home Loan Premium Plus Package
Owner Occupier, Principal & Interest
1.89% p.a.
fixed 2 years3.67% p.a.
Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Enjoy local branches and call centre.
Special Fixed Rate Home Loan Premium Plus Package
Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Enjoy local branches and call centre.
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1.89% p.a.
fixed 2 years -
3.67% p.a.
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$0
-
$395.00 yearly
-
$0.00
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yes - free up to $25,000 p.a.
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yes - free
-
no
-
$0
-
80.00%
-
$5,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
$2,000 cashback when you refinance your home loan from another financial institution when you apply by 30 June 2021 and are funded by 31 August 2021, min $250k, LVR <80%
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
Details Close
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1.99% p.a.
fixed 3 years2.70% p.a.
$1234
Product details Close detailsSpecial Offer Fixed Rate Home Loan
Owner Occupier, Principal & Interest
1.99% p.a.
fixed 3 years2.70% p.a.
Limited time 3 Year Fixed Rate Special Offer for purchase or refinance. Rate lock option available. No monthly or ongoing fees.
Special Offer Fixed Rate Home Loan
Limited time 3 Year Fixed Rate Special Offer for purchase or refinance. Rate lock option available. No monthly or ongoing fees.
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1.99% p.a.
fixed 3 years -
2.70% p.a.
-
$520
-
$0.00
-
$0.00
-
yes - free up to $10,000 p.a.
-
no
-
no
-
$520
-
80.00%
-
$50,000
-
$1,000,000
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Special Offer Fixed Rate Home Loan
Details Close
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^See information about the Mozo Experts Choice Home loans Awards
Look beyond the big banks for the best rates
Borrowers who choose smaller lenders over the big banks can access huge rate savings right now. The average big 4 bank variable rate for a $300,000 owner-occupier loan is 4.64%, a whopping 1.20% higher than the lowest available rate of 3.44%.
“Owner-occupiers looking to buy a home or refinance their current home can secure an incredibly competitive home loan deal this spring if they’re prepared to shop around and consider loans from smaller lenders”, said Ms Lamont.
Rates not so rosy for investors
On the other side of the coin, housing investors are still feeling the pain of APRA’s risky lending regulations. Australia’s new two-tier home loan interest rate market sees investors continue to pay more for debt and face stricter lending criteria.
Investors are typically paying an interest rate premium of around 27 basis points compared to owner occupier borrowers, according to Mozo's data.
How to secure the best home loan this Spring:
1. Jump online to compare the best home loan rates on the market
2. Be prepared to look beyond the big banks and go with a smaller lender
3. Go for principal & interest repayments as interest only loan rates are higher
4. Check for upfront fees, ongoing fees and any exit fees on your current loan if you’re refinancing
5. Consider loan features that can help reduce your interest and pay off your loan faster, like free extra repayments and an offset account
Interest rates and home loan data in this article are correct as of time of writing. Average rates based on $300,000 owner-occupier loan with 80% LVR.
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