homeloans.com.au rewarding customers with home loan rate drops

By Maria Gil · · 2 min read
Fact Checked
Advertiser disclosure
couple excited to be able to afford a new home with low rates

Online lender homeloans.com.au announced a new initiative that may give their existing customers a surprise out-of-cycle rate drop to as little as 1.89% p.a. (1.89% p.a. comparison rate).

The ‘Fair Go’ initiative by the online lender came after working with renowned Australian cricketer Adam Gilchrist to create a reward system for loyal customers.

“Some banks will typically offer better rates to new customers, leaving existing customers on a higher rate. That doesn’t seem fair at all. Customer loyalty should be rewarded, and homeloans.com.au’s new Fair Go Guarantee is a great way to do that,” said Gilchrist.

The Fair Go system offers includes:

  • Fair Go Rates: where the lender will ensure to keep its home loan rates competitive.
  • Fair Go Fees: where upfront, ongoing and exit fees are eliminated. 
  • Fair Go Guarantee: where current customers will not pay higher rates than those offered to new customers.

“Doing things a certain way because every other lender does it that way is not good enough anymore. Our customers deserve better,” said Tim Boys, homeloans.com.au head of marketing.

How does homeloans.com.au compare?

For starters, the homeloans.com.au Low Rate Home Loan 80% LVR has variable rates starting from 1.99% p.a. (1.99% p.a. comparison rate) making homeloans.com.au home loan 115 basis points below the 3.14% variable rate average. With the new Fair Go Guarantee the new interest rate will be 125 basis points below the average.

With a low variable rate of 1.89% p.a., it puts homeloans.com.au’s Low Rate Home Loan 80% LVR amongst some of the lowest available rates in Mozo’s database.

Homeloans.com.au is one of the many lenders recently slashing its interest rates to make home ownership more feasible. In the past year, interest rates have been some of the lowest they have been, which is why so many first time homeowners are entering the market and so many current homeowners have been refinancing their mortgages.

If you are looking to take advantage of the flood of low home loan interest rates currently on offer, check Mozo’s home loan comparison hub to find which loan is right for you.

Home loan comparisons on Mozo - last updated 20 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Smart Booster Home Loan

    2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    3.60% p.a.variable for 24 months and then 4.00% p.a. variable
    3.96% p.a.

    Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.

    Go to site
    Details
  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Go to site
    Details
  • Featured Product
    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    3.64% p.a. variable
    3.66% p.a.

    Low variable rate No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required. Winner of Mozo Experts Choice Australia's Best Essential Bank 2022^.

    Go to site
    Details
  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% 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.

    Go to site
    Details
  • Featured Product
    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR 60-70%

    interest rate
    comparison rate
    Initial monthly repayment
    3.74% p.a. variable
    3.76% p.a.

    Low variable rate. No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 30% deposit required.

    Go to site
    Details
  • Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    3.74% p.a.variable for 12 months and then 4.23% p.a. variable
    4.22% p.a.

    Already includes July RBA rate increase. No monthly or ongoing fees. loans.com.au has some of the fastest settlement times on the market. They can meet 30-day settlement timeline so you can start saving thousands, as soon as possible! Mozo award-winning online lender, friendly and local Australian based team.

    Go to site
    Details
  • Mozo Expert Choice Badge
    No Frills Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    3.49% p.a. variable
    3.49% p.a.

    The Qudos Bank No Frills Home Loan features a competitively low rate for borrowers who don’t need all the bells and whistles. There are $0 bank fees. Weekly, fortnightly or monthly repayment options. Unlimited extra repayments at no cost. Instant redraw available with online banking. Split your loan with fixed rate loan options.

    Details

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.