Lenders slash rates ahead of Reserve Bank decision

Mozo

28 May 2019

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Aussie borrowers hoping to receive a rate cut when the Reserve Bank meets next Tuesday are in for some good news. Dozens of lenders have already started slashing variable and fixed home loan rates ahead of the RBA's decision, and there are some huge savings already on offer.

Online and rival lenders are leading the rate cut party, with the likes of loans.com.au, ING, Tic:Toc and Mortgage House all slashing rates in recent weeks. While the average home loan rate currently sits at 4.32%, borrowers who are prepared to switch can now access ultra low variable rates below 3.50%. Fixed rates are also dropping, meaning borrowers can lock in well below 4% for 2 or even 3 years.

So if you'd like to start saving on your home loan sooner rather than later, take at look at some of the most competitive rates on the market below. If you find yourself a better deal and the Reserve Bank does cut when it meets next Tuesday, you'll be a double winner.

Top Home Loan Rates May 2019

Rates updated daily. Advertiser disclosure.

  • loans.com.au

    1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

    $1234

    Product details Close details
    Smart Booster Home Loan

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

    1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.

    Smart Booster Home Loan

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.

    • 1.99% p.a.variable for 12 months and then 2.48% p.a. variable

    • 2.47% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Booster Home Loan

    Details Close

  • UBank
    Mozo Expert Choice Badge

    2.34% p.a. variable

    2.34% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    2.34% p.a. variable

    2.34% p.a.

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    UHomeLoan - Discount Offer

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    • 2.34% p.a. variable

    • 2.34% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $100,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

    Details Close

  • Athena
    Mozo Expert Choice Badge

    2.19% p.a. variable

    2.19% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    2.19% p.a. variable

    2.19% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    Celebrate Variable Home Loan

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    • 2.19% p.a. variable

    • 2.19% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

    Details Close

  • Macquarie

    2.09% p.a.
    fixed 2 years

    2.56% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    2.09% p.a.
    fixed 2 years

    2.56% p.a.

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    Basic Home Loan

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    • 2.09% p.a.
      fixed 2 years

    • 2.56% p.a.

    • $0

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Basic Home Loan

    Details Close

  • Suncorp

    1.89% p.a.
    fixed 2 years

    2.94% p.a.

    $1234

    Product details Close details
    Fixed Home Loan Special Offer Home Package Plus

    Owner Occupier, Principal & Interest, <80% LVR

    1.89% p.a.
    fixed 2 years

    2.94% p.a.

    Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

    Fixed Home Loan Special Offer Home Package Plus

    Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

    • 1.89% p.a.
      fixed 2 years

    • 2.94% p.a.

    • $0

    • $375.00 yearly

    • $350.00

    • yes - free up to $500 per month

    • no

    • no

    • $0

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Home Loan Special Offer

    Details Close

  • Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)

    Bank of Queensland

    1.99% p.a.
    fixed 4 years

    2.90% p.a.

    $1234

    Product details Close details
    Discount Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    1.99% p.a.
    fixed 4 years

    2.90% p.a.

    Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).

    Discount Fixed Rate

    Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply).

    • 1.99% p.a.
      fixed 4 years

    • 2.90% p.a.

    • $450

    • $10.00 monthly

    • $350.00

    • yes - free up to $5,000 p.a

    • no

    • no

    • $450

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 February 2021, settle by 28 May 2021.

    Read our Mozo Review to learn more about the Discount Fixed Rate

    Details Close

  • People's Choice Credit Union

    1.99% p.a.
    fixed 3 years

    3.64% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan Package

    Owner Occupier, Principal & Interest, Home Loan Package

    1.99% p.a.
    fixed 3 years

    3.64% p.a.

    A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.

    Fixed Rate Home Loan Package

    A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.

    • 1.99% p.a.
      fixed 3 years

    • 3.64% p.a.

    • $0

    • $395.00 yearly

    • $350.00

    • yes - free up to $10,000 p.a

    • no

    • no

    • $0

    • 95.00%

    • $100,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

    Details Close

  • 86 400

    2.19% p.a. variable

    2.20% p.a.

    $1234

    Product details Close details
    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    2.19% p.a. variable

    2.20% p.a.

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.

    Neat Home Loan

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.

    • 2.19% p.a. variable

    • 2.20% p.a.

    • $250

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • no

    • $250

    • 60.00%

    • $80,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Neat Home Loan

    Details Close

  • Well Home Loans

    2.17% p.a. variable

    2.20% p.a.

    $1234

    Product details Close details
    Well Balanced

    Owner Occupier, Principal & Interest, LVR <80%

    2.17% p.a. variable

    2.20% p.a.

    Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.

    Well Balanced

    Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed.

    • 2.17% p.a. variable

    • 2.20% p.a.

    • $785

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • $785

    • 80.00%

    • $200,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Well Balanced

    Details Close

  • UBank
    Mozo Expert Choice Badge

    1.75% p.a.
    fixed 3 years

    2.22% p.a.

    $1234

    Product details Close details
    UHomeLoan

    Owner Occupier, Principal & Interest

    1.75% p.a.
    fixed 3 years

    2.22% p.a.

    $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    UHomeLoan

    $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    • 1.75% p.a.
      fixed 3 years

    • 2.22% p.a.

    • $395

    • $0.00

    • $0.00

    • yes - free up to $20,000 p.a.

    • no

    • no

    • $395

    • 80.00%

    • $100,000

    • $2,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $395 Establishment fee waived for fixed rate loans that settle by 31 March 2020. Receive 1.75% Receive 1.75% 3 year fixed rate when you apply by 26 February 2021 and settle within 90 days.

    Read our Mozo Review to learn more about the UHomeLoan

    Details Close

^See information about the Mozo Experts Choice Home loans Awards