Low rates and great perks: 5 home loans with this power combo
Finding a low rate should be a priority when choosing a home loan, and the good news is that interest rates have been on a downward trend this year.
If you’re after a variable rate home loan, you’ll want to be looking at rates in the low 5s, while a good fixed rate deal is now below 5% according to our database.
But it’s not just falling rates – there’s been a resurgence in lenders offering additional perks such as cashback, fee waivers and even rewards, and if you combine these with low rates, you’ve got some great home loan deals to weigh up.
Right now, there’s nine lenders in our database with cashback deals as much as $3,000, while Virgin Money is offering reward points just for paying your home loan on time each month. Unloan continues to offer its loyalty bonus which lowers your interest rate each year and G&C Mutual is waiving valuation fees up to $1,000.
So if you’re looking for the power combo of low rates and worthwhile perks, see our picks below.
Our picks
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Bank of Queensland Discount Fixed Rate – low 2 year fixed rate + $2,000 cashback
- 4.89% p.a. for 2 years (5.42% p.a. comparison rate*)
- $2,000 cashback when you refinance or take out a new loan (T&Cs apply)
- Make up to $10,000 in extra repayments each year
- $10 monthly fee
BOQ’s Discount Fixed Rate Home Loan comes with a sharp 4.89% p.a. interest rate for 2 years (5.42% p.a. comparison rate*), and it’s among the lowest in the Mozo database for borrowers with at least 20% deposit or equity.
You can pocket $2,000 cashback when you refinance or take out a new home loan of at least $400,000 with BOQ (T&Cs apply). There’s no application fee, but there is a $150 settlement fee and an ongoing $10 monthly service fee to keep in mind.
Greater Bank Discount Great Rate Home Loan – high cashback with low rate
- Variable rate from 5.19% p.a. (5.20% p.a. comparison rate*)
- Get up to $3,000 cashback when you apply online (T&Cs apply)
- Mozo Experts Choice Awards winner for Low Cost Home Loan in 2025^
- No offset account
We like Greater Bank for its highly competitive variable rate, but it’s also offering up to $3,000 cashback when you apply online.
You can be eligible for $3,000 cashback when you take out or refinance a home loan of $500,000 or more with Greater. If you apply for a new loan or refinance one between $250,000 and $499,999, you could be eligible for $2,500 cashback (T&Cs apply).
Greater’s home loan has an upfront cost of $180, and if you were hoping to have an offset account, you’ll have to look elsewhere.
Virgin Money Loaded Home Loan – 100,000 points on settlement
- 5.34% p.a. variable rate (5.64% p.a. comparison rate*) for 60% LVR
- Earn Virgin Money Points at settlement and every month
- Includes up to 10 offset accounts
- $295 annual fee
This home loan comes loaded with great features, including rewards points for paying your mortgage on time that you can spend on shopping, cashback and flights.
You can earn 2,000 Virgin Money points for every $10,000 borrowed at settlement plus score a repayment reward of 2,000 points every month – as long as you’re not behind on your repayments (T&Cs apply).
Rates vary depending on your loan-to-value ratio (LVR), with the best variable rates available for an LVR of 60% or less at 5.34% p.a. (5.64% p.a. comparison rate*). There’s a $295 annual fee to factor in, but Virgin Money will cover valuation costs up to $300.
Unloan Variable Home Loan – annual loyalty bonus
- Variable rate from 5.19% p.a. (5.10% p.a. comparison rate*)
- Loyalty discount every year for up to 30 years
- Mozo Experts Choice Awards winner 2023, 2024 & 2025^ for Low Cost Home Loan
- No offset account
Unloan comes with an already low rate of 5.19% p.a (5.10% comparison rate*), but the added bonus is that it comes with an automatic loyalty discount every year, so you’ll get an additional 0.01% p.a. discount every year for up to 30 years.
It doesn’t come with an offset account, but it does allow for free and unlimited extra repayments. Unloan has also won a Mozo Experts Choice Award for Low Cost Home Loan three years running, adding to its merits.
G&C Mutual First Home Buyer Loan – up to $1,000 in valuation fees waived
- 4.99% p.a. variable rate (5.04% p.a. comparison rate*)
- Offset account can help you pay less interest
- Valuation fees waived up to $1,000 (T&Cs apply)
- Limited to first home buyers
G&C Mutual has one of the lowest variable rates in the Mozo database and it’s only available to first home buyers.
It offers a variable rate of 4.99% p.a. (5.04% p.a. comparison rate*), and first-time buyers can apply with a minimum deposit of 5%. If you apply using the government’s 5% Deposit Scheme, you could also avoid paying lenders mortgage insurance (LMI) if you qualify.
For a limited time until 14 December, 2025, G&C is waiving valuation fees (up to $1,000), though other loan preparation fees may apply. Must be a first time buyer and new G&C customer (T&Cs apply).
G&C Mutual was a multi-award winner in the Mozo Experts Choice Awards for Home Loans earlier this year, and while this particular loan didn’t win, it’s now a lower rate than those which did.
* 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. You can change the loan amount and term in the input boxes at the top of this table. 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.
^See information about the Mozo Experts Choice Home Loan Awards
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