HSBC cuts variable home loan rate to new low

Anyone looking to refinance or move up the property ladder has a smorgasbord of options available to them nowadays, but one major bank lender is going out of its way to stand out from the pack. HSBC has cut the variable rate on its popular Home Value Loan to an ultra-low 1.97% (1.98% comparison rate*) for borrowers with 30% deposit or equity.

Not only is this the lowest variable rate currently on offer from any major bank tracked by Mozo for borrowers with 70% LVR, but HSBC is sweetening the deal even further with $3,288 cashback for refinancers for a limited time.

Currently the most generous home loan cashback offer in the Mozo database, it’s available to refinancers borrowing $250,000 or more but you’ll need to be quick and apply before 31 December 2021.

Of course, HSBC is not the only home lender to cut rates to new lows lately, and there are some hot offers on the market that home loan hunters would do well to have on their radar. Below we’ve compiled a few options to suit any type of borrower.


HSBC - Discounted Home Value Loan
  • New 1.97% variable rate (1.98% comparison rate*) for borrowers with 70% LVR
  • Enjoy free extra repayments, online redraw and no ongoing fees
  • $3,288 cashback for refinancers - Apply by 31 December
Find out more

HBSC is the first major bank in the Mozo comparison database to introduce a variable home loan rate this low for borrowers with 30% deposit or equity. The loan comes with all of the features you'd expect from a bank, including free extra repayments, a free online redraw facility, an optional split account and a dedicated relationship manager to guide you through the application process. And if you're refinancing $250,000 or more to HSBC, you can enjoy a generous $3,288 cashback.

Macquarie - Basic Home Loan
  • Rates now starting from 2.14% variable and comparison rate* (minimum 40% deposit)
  • No application or account management fees
  • Free extra repayments and redraw

Macquarie is now Australia’s 5th largest home lender, and with offerings like this it’s not hard to see why. The Macquarie Basic Home Loan now has even lower variable rates, plus zero upfront or ongoing fees and a range of flexible features such as free extra repayments, a free redraw facility and a split account option. To start the simple application process, simply request a call on the Macquarie website. Available for loans of up to $5 million.

  • New 1.85% discounted variable rate for 2 years
  • Rolls over to low ongoing 2.25% (2.21% comparison rate*)
  • Optional offset account for 0.10%
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Popular online lender is a perennial award winner, and with offerings like the Smart Booster Home Loan it's not hard to see why. This low rate, low fee home loan is packed with useful features like unlimited extra repayments, free redraws and an optional offset account to boost your savings. With all this value on offer and no pesky ongoing fees to boot, this loan is a must-see. Minimum 30% deposit required.

Athena - Celebrate Variable Home Loan
  • New 1.99% variable and comparison rate*
  • Zero Athena fees + free extra repayments and redraw
  • Minimum 60% LVR
Find out more

The Athena Variable Home Loan is one of the best value home loans to hit the market for borrowers with at least 40% deposit or equity. This mortgage features a killer variable rate that stays great from start to finish and zero upfront or ongoing fees. On top of that, to reward borrowers for paying down their home loan, Athena will now automatically lower your rate as you pay down your loan. Available to home buyers and refinancers buying an established property in a capital or major regional city.

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Want to see how these home loans stack up against other options on the market? Be sure to visit our home loan comparison page.

* 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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