July home loan snapshot: Mortgages ice over for the winter

Against all opinions, the Reserve Bank of Australia (RBA) did not hold interest rates steady in June. Instead, the bank maintained its hawkish bias by adding another 0.25% to the official cash rate to chase down runaway inflation.
Eventually, there will be an end to this relentless rise of interest rates, of course, as the RBA can only tighten so much before it risks a full-blown recession. But until it’s ready to ease off, home loans will become more expensive with every decision.
Now, the average variable interest rate for owner-occupiers making P&I repayments is 6.57% p.a. in the Mozo database. Few – if any – offers now start with a ‘4’, and special deals like refinancing cashback or discounted rates have begun vanishing from the market. It’s a cold winter, indeed.
Let’s see how home loans stack up in July in our latest monthly snapshot.
Fixed rates jump ahead as lenders readjust their rate expectations

Fixed rates are inherently predictive. Lenders price them based on how high or low they expect their funding costs to be over periods of time.
Previous months saw fixed rate home loans fall considerably on 3 to 5-year terms, suggesting lenders saw matters falling. However, after the June RBA upset, lenders hiked short terms considerably. In their view, interest rates may stay high for the time being.
While fixing your interest rate through the remainder of the rate cycle may guarantee consistent repayments, it carries inflexibility buyers may not appreciate if variable rates unwind next year. However, there are still fixed offers that smash variable ones – it’s just about doing your research.
At the time of writing, these are the average fixed rates for owner occupiers with an 80% LVR and a $400,000 loan:
- 1-year: 6.08% p.a.
- 2-year: 6.06% p.a.
- 3-year: 6.06% p.a.
- 4-year: 6.31% p.a.
- 5-year: 6.35% p.a.
Recent home loan rate movements

June truly was a huge shock to the market, leaving home loans a little complicated for July. Here are some of the starkest changes Mozo saw last month.
- Unloan, a digital home loan for refinancers built by Commonwealth Bank, lifted its competitive variable rates by 60 basis points in June.
- AMP hiked 1-year rates 100 bp, 2-year rates 75 bp, and 3-year rates 70 bp, but it wasn’t alone. Commonwealth Bank, Westpac, ING, and NAB all lifted fixed options by eye-watering amounts.
- Bankwest, bcu Bank, Heritage Bank, and Westpac all stopped their cashback offers.
- ING and Heritage Bank hiked variable rates more than the RBA, at 35 bp.
- Commonwealth Bank lifted its Extra Home Loan owner-occupier lead rate by 47 bp.
- St. George brands cut cashback offers in half from $4,000 to $2,000.
Current lowest home loan rates

Here are the lowest variable and fixed mortgage rates (P&I, LVR <80%) among lenders we track.
Lowest variable rates — Mozo database (3 July 2023)^^
Lender | Loan | Variable rate |
Community First Bank | Basic Variable Home Loan | 5.39% p.a. (5.44% p.a. comparison rate*) |
Bank Australia | Basic Home Loan Refinance Offer | 5.49% p.a. (5.54% p.a. comparison rate*) |
Pacific Mortgage Group | Standard Variable Home Loan | 5.54% p.a. (5.54% p.a. comparison rate*) |
Hume Bank | liteBlue Rate Variable Home Loan | 5.59% p.a. (5.60% p.a. comparison rate*) |
Lowest and average fixed rates — Mozo database (3 July 2023)^^
Term | Rate leader | Fixed rate |
1-year | The Capricornian | 5.10% p.a. (6.62% p.a. comparison rate*) |
2-year | Australian Mutual Bank | 5.23% p.a. (6.08% p.a. comparison rate*) |
3-year | The Capricornian | 4.99% p.a. (6.29% p.a. comparison rate*) |
4-year | Up | 5.50% p.a. (5.76% p.a. comparison rate*) |
5-year | RACQ Bank | 5.54% p.a. (6.20% p.a. comparison rate*) |
The above are the lowest rates in our database for borrowers with an LVR < 80%. More competitive rates are available for borrowers with lower loan-to-value ratios.
If you’re considering buying property or refinancing your existing mortgage, use Mozo’s home loan comparison table to examine lenders side-by-side, or use our refinance calculator to see how much you could save.
^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. Check out our dedicated Australian home loan statistics page for more information on average mortgage rates.
-
Promoted
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
Unloan Variable Home Loan
- Owner occupier
- Principal & Interest
- 20% min deposit
- Redraw available
- Interest rate
-
5.74
%
p.a.
Variable
- Comparison rate
-
5.65
%
p.a.
- Initial monthly repayment
-
$2,915
- Built by CommBank
- The first home loan with an increasing discount (conditions apply)
- No application or banking fees
- interest rate
-
5.74% p.a. (5.65% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate automatically discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
Go to site -
Promoted
Mozo experts choice awards won:
- Offset Home Loan - 2025
- First Home Buyer Loan - 2025
Variable Home Loan
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
- Redraw available
- Interest rate
-
5.78
%
p.a.
Variable
- Comparison rate
-
5.82
%
p.a.
- Initial monthly repayment
-
$2,927
- $0 application fee to pay
- Unlimited additional repayments
- Apply in as little as 15 minutes
- interest rate
-
5.78% p.a. (5.82% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$495.40
- Ongoing fees
-
$0.00
- Discharge Fee
-
$325.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$3,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free online, fees apply for assisted redraws
- Minimum redraw amount
-
$1.00
- Offset account
-
yes - optional for $10 per month - comparison rate does not include this fee.
- Split account
-
-
- Other restrictions
-
Settlement fee comprises of upfront fee and loan processing fee. Valuation fee varies. Comparison rates displayed do not take into account the Optional Offset Account monthly fee.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about NRMA Home Loans home loans
Go to site -
Promoted
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.91
%
p.a.
- Initial monthly repayment
-
$2,836
- No ongoing annual fees
- Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
- Lock in for up to 5 years.
- interest rate
-
1 year - 5.69% p.a. (5.98% p.a. comparison rate)
2 years - 5.49% p.a. (5.91% p.a. comparison rate)
3 years - 5.59% p.a. (5.90% p.a. comparison rate)
4 years - 6.49% p.a. (6.19% p.a. comparison rate)
5 years - 6.49% p.a. (6.23% p.a. comparison rate)
- Fixed loan revert rate
-
5.98% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Promoted
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- Interest only
- 20% min deposit
- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.96
%
p.a.
- Initial monthly repayment
-
$2,836
- Free extra repayments of up to $25,000 during the fixed rate period.
- Split loan available
- Weekly, fortnightly, or monthly repayment options
- interest rate
-
1 year - 5.69% p.a. (6.03% p.a. comparison rate)
2 years - 5.49% p.a. (5.96% p.a. comparison rate)
3 years - 5.59% p.a. (5.94% p.a. comparison rate)
4 years - 6.49% p.a. (6.23% p.a. comparison rate)
5 years - 6.49% p.a. (6.26% p.a. comparison rate)
- Fixed loan revert rate
-
6.04% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site -
Promoted
Mozo experts choice awards won:
- First Home Buyer Loan - 2025
Variable Home Loan 90
- Owner occupier
- Principal & Interest
- 10% min deposit
- Offset available
- Redraw available
- Interest rate
-
5.79
%
p.a.
Variable
- Comparison rate
-
5.83
%
p.a.
- Initial monthly repayment
-
$2,931
- No monthly or ongoing fees
- Option to add an offset for 0.10% p.a.
- interest rate
-
5.79% p.a. (5.83% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$530.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- minimum borrowing amount
-
$50,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
Offset sub-account available for additional +0.10%. $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about loans.com.au home loans
Go to site
-
Mozo experts choice awards won:
- Low Cost Home Loan - 2025
2-Year Discounted - Simple Home Loan Variable
- Owner occupier
- Principal & Interest
- 40% min deposit
- Redraw available
- Interest rate
-
5.49
%
p.a.
Variable for 24 months and then 5.74% p.a.
- Comparison rate
-
5.69
%
p.a.
- Initial monthly repayment
-
$2,836
- interest rate
-
5.74% p.a. (5.69% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$175.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$300,000
- maximum borrowing amount
-
$2,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Valuation and legal fees covered up to $1,000. Anything above this charged at cost. Only available through the exclusive link. Capital city or major regional centre only.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about First Option Bank home loans
Go to site -
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- 5% min deposit
- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.91
%
p.a.
- Initial monthly repayment
-
$2,836
- No ongoing annual fees
- Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
- Lock in for up to 5 years.
- interest rate
-
1 year - 5.69% p.a. (5.98% p.a. comparison rate)
2 years - 5.49% p.a. (5.91% p.a. comparison rate)
3 years - 5.59% p.a. (5.90% p.a. comparison rate)
4 years - 6.49% p.a. (6.19% p.a. comparison rate)
5 years - 6.49% p.a. (6.23% p.a. comparison rate)
- Fixed loan revert rate
-
5.98% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Fixed Rate Home Loan
- Fixed rate
- Owner occupier
- Principal & Interest
- Interest only
- 20% min deposit
- Interest rate
-
5.49
%
p.a.
Fixed 2 years
- Comparison rate
-
5.96
%
p.a.
- Initial monthly repayment
-
$2,836
- Free extra repayments of up to $25,000 during the fixed rate period.
- Split loan available
- Weekly, fortnightly, or monthly repayment options
- interest rate
-
1 year - 5.69% p.a. (6.03% p.a. comparison rate)
2 years - 5.49% p.a. (5.96% p.a. comparison rate)
3 years - 5.59% p.a. (5.94% p.a. comparison rate)
4 years - 6.49% p.a. (6.23% p.a. comparison rate)
5 years - 6.49% p.a. (6.26% p.a. comparison rate)
- Fixed loan revert rate
-
6.04% p.a.
- Upfront fees
-
$300.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
Go to site -
Discounted Complete Package Home Loan
- Owner occupier
- Principal & Interest
- 40% min deposit
- Offset available
- Redraw available
- Interest rate
-
5.64
%
p.a.
Variable for 24 months and then 5.89% p.a.
- Comparison rate
-
6.18
%
p.a.
- Initial monthly repayment
-
$2,883
- 100% offset account
- Make additional repayments at any time
- Get a fee-free credit card (T&Cs apply)
- interest rate
-
5.89% p.a. (6.18% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0.00
- Ongoing fees
-
$375.00 yearly
- Discharge Fee
-
$175.00
- Package
-
Complete Package
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$3,500,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
-
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
Valuation and legal fees covered up to $1,000. Anything above this charged at cost.
- Other benefits
-
Fee-free low-rate credit card.
- Special Offers
-
-
Read reviews and learn more about First Option Bank home loans
Go to site -
Home Loan
- Owner occupier
- Principal & Interest
- 40% min deposit
- Redraw available
- Interest rate
-
5.69
%
p.a.
Variable
- Comparison rate
-
5.70
%
p.a.
- Initial monthly repayment
-
$2,899
- Offset and non-offset options for flexible payments
- No application and monthly account keeping fees
- Get up to $4,000 cashback (T&Cs apply)
- interest rate
-
5.69% p.a. (5.70% p.a. comparison rate)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$250.00
- Ongoing fees
-
$0.00
- Discharge Fee
-
$250.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$100,000
- maximum borrowing amount
-
-
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
Valuation fee payable at cost
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Regional Australia Bank home loans
Go to site
Your selected home loans
* 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
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.