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

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 26 February 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Home Variable Rate

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.15% p.a.

    Enjoy a competitive variable interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply) Mozo Experts Choice award winner.

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  • Mozo Expert Choice Badge
    Home Fixed Rate

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    5.80% p.a.
    fixed 3 years
    6.05% p.a.

    Enjoy the security of a competitive fixed interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply). Mozo Experts Choice award winner.

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  • Straight Up

    Obliterate, Owner Occupier, Principal & Interest, <50% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.24% p.a. variable
    6.24% p.a.

    Get a low variable rate depending on your deposit with Athena’s Straight Up Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.

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  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.11% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

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  • Flex Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.64% p.a.
    fixed 3 years
    6.52% p.a.

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

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* 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.

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