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:
- Split Home Loan - 2021
- Low Cost Home Loan - 2021
2.19% p.a. variable
2.19% p.a.
$1234
Product details Close details
Mozo experts choice awards won:
- Split Home Loan - 2021
- Low Cost Home Loan - 2021
UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.19% p.a. variable
2.19% p.a.
Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.
UHomeLoan - Discount Offer
Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.
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2.19% p.a. variable
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2.19% p.a.
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$0
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$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
$0
-
80.00%
-
$100,000
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-
-
Variable
-
Principal & Interest
-
Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
Details Close
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Hot Deal For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & approved by Dec 15 (Please read the full T&C's)
Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
1.99% p.a. variable
1.99% p.a.
$1234
Product details Close details Mozo 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
1.99% p.a. variable
1.99% p.a.
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
Celebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.
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1.99% p.a. variable
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1.99% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
$0
-
60.00%
-
$100,000
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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 Celebrate Variable Home Loan
Details Close
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2.09% p.a.
fixed 3 years2.32% p.a.
$1234
Product details Close detailsBasic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
2.09% p.a.
fixed 3 years2.32% p.a.
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
Basic Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
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2.09% p.a.
fixed 3 years -
2.32% p.a.
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$0
-
$0.00
-
$400.00
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yes - free
-
yes - free
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no
-
$0
-
70.00%
-
$150,000
-
$750,000
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Fixed
-
Principal & Interest
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Owner Occupier
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Monthly
-
Read our Mozo Review to learn more about the Basic Home Loan
Details Close
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2.09% p.a.
fixed 3 years2.87% p.a.
$1234
Product details Close detailsFixed Rate Home Loan Home Loan Package
Owner Occupier, Principal & Interest, LVR <80%
2.09% p.a.
fixed 3 years2.87% p.a.
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).
Fixed Rate Home Loan Home Loan Package
Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Min 20% deposit. Refinancers borrowing $250,000 or more could receive $3,288 cashback (T&Cs, eligibility and lending criteria apply).
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2.09% p.a.
fixed 3 years -
2.87% p.a.
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$270
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$390.00 yearly
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$300.00
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yes - free up to $10,000 p.a.
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no
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no
-
$270
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80.00%
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$500,000
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$7,500,000
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Fixed
-
Principal & Interest
-
Owner Occupier
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Weekly, Fortnightly, Monthly
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Receive $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 31 December 2021 and settle by 28 February 2022.
Read our Mozo Review to learn more about the Fixed Rate Home Loan
Details Close
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1.99% p.a. variable
1.99% p.a.
$1234
Product details Close detailsVariable Home Loan
Owner Occupier, Principal & Interest
1.99% p.a. variable
1.99% p.a.
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Minimum 25% deposit required.
Variable Home Loan
Refinance only. Super-fast digital application process. Zero upfront fees. No on-going service fees. Free 100% offset sub account. Minimum 25% deposit required.
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1.99% p.a. variable
-
1.99% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
yes - offset sub account
-
$0
-
75.00%
-
$100,000
-
$2,500,000
-
Variable
-
Principal & Interest
-
Owner Occupier
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Monthly
-
Read our Mozo Review to learn more about the Variable Home Loan
Details Close
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2.43% p.a. variable
2.49% p.a.
$1234
Product details Close detailsBudget Home Loan
LVR 70-90%, Owner Occupier, Principal & Interest
2.43% p.a. variable
2.49% p.a.
Competitve low interest rate for owner-occupiers with at least a 20% deposit, and no upfront fees. Free extra repayments and redraw. Zero ongoing fees.
Budget Home Loan
Competitve low interest rate for owner-occupiers with at least a 20% deposit, and no upfront fees. Free extra repayments and redraw. Zero ongoing fees.
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2.43% p.a. variable
-
2.49% p.a.
-
$799
-
$0.00
-
$350.00
-
yes - free
-
yes - free
-
no
-
$799
-
90.00%
-
$10,000
-
$5,000,000
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Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Budget Home Loan
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.
Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
Special Fixed Rate Home Loan Premium Plus Package
Lock in a low fixed rate or choose to split your loan between fixed and variable. Insurance discounts and no fee credit card or zero fee personal loan available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer extended, T&Cs apply.
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1.89% p.a.
fixed 2 years -
3.67% p.a.
-
$0
-
$395.00 yearly
-
$0.00
-
yes - free up to $25,000 p.a.
-
yes - free
-
no
-
$0
-
80.00%
-
-
-
-
-
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 17 December 2021 and are funded by 28 February 2022, min $250k, LVR <80%
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
Details Close
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2.39% p.a. variable
2.44% p.a.
$1234
Product details Close detailsDiscount Variable Home Loan
Owner Occupier, LVR<70%, over $700,000
2.39% p.a. variable
2.44% p.a.
No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.
Discount Variable Home Loan
No monthly administration fees. Ability to make extra repayments and redraws. A great low rate. No ongoing fees. Experience the difference this established bank has to offer.
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2.39% p.a. variable
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2.44% p.a.
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$750
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$0.00
-
$300.00
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yes - free
-
yes - free
-
no
-
$750
-
70.00%
-
$700,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Discount Variable Home Loan
Details Close
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1.87% p.a. variable
1.90% p.a.
$1234
Product details Close detailsEquity Plus
Owner Occupier, Principal & Interest, LVR <60%
1.87% p.a. variable
1.90% p.a.
Low rate variable home loan with optional offset. Free online redraw. No valuation fee. Purchase, refinance or equity release purposes allowed. Min 40% deposit.
Equity Plus
Low rate variable home loan with optional offset. Free online redraw. No valuation fee. Purchase, refinance or equity release purposes allowed. Min 40% deposit.
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1.87% p.a. variable
-
1.90% p.a.
-
$785
-
$0.00
-
$300.00
-
yes - free
-
yes - free
-
yes
-
$785
-
60.00%
-
$200,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Equity Plus
Details Close
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1.89% p.a.
fixed 2 years2.85% p.a.
$1234
Product details Close detailsFixed Home Loan Special Offer Home Package Plus
Owner Occupier, Principal & Interest, <80% LVR
1.89% p.a.
fixed 2 years2.85% p.a.
Competitive low fixed rates for owner occupiers. No monthly account keeping or loan establishment fees. 20% deposit required. Get $3K cash when you refinance to a Suncorp Bank home loan of $750K+ with LVR <= 90%. Apply by 30/11/21, settle by 28/02/22. (T&Cs apply).
Fixed Home Loan Special Offer Home Package Plus
Competitive low fixed rates for owner occupiers. No monthly account keeping or loan establishment fees. 20% deposit required. Get $3K cash when you refinance to a Suncorp Bank home loan of $750K+ with LVR <= 90%. Apply by 30/11/21, settle by 28/02/22. (T&Cs apply).
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1.89% p.a.
fixed 2 years -
2.85% p.a.
-
$0
-
$375.00 yearly
-
$350.00
-
yes - free up to $500 per month
-
no
-
no
-
$0
-
80.00%
-
$150,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
$3,000 solar cashback (homes with solar, $500k+, <90% LVR approved before 31 Dec 2021) or $3,000 cashback refinance existing loan, $750k+ <90% LVR and approved before 30 Nov 2021. Cannot be combined.
Read our Mozo Review to learn more about the Fixed Home Loan Special Offer
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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