Top lenders unveil ultra low new home loan rates

In positive news for home borrowers, some of Australia’s top mortgage lenders are slashing home loan rates to new lows in a bid to entice home buyers and growing numbers of bargain-hunting refinancers keen to secure a better deal on their mortgage as protection against future Reserve Bank rate rises.

Macquarie, 86 400 and Nano are just a few of the rival lenders to release new ultra low rates in recent months. Macquarie has cut variable rates by 15 basis points, while Nano has launched a refinance home loan with a sub 2% variable rate and what it claims to be the world's fastest approval times.

Not to be left out, popular online lenders have also been wielding the scissors. 86 400 has a jaw-dropping new variable rate  below 1.90% for borrowers with 60% LVR and has been making waves with headline variable rates starting with a '1'.

With the average variable home loan rate sitting at 3.05%, there are now huge savings to be gained by shopping around. Start by comparing some of the top new rates on the market below….


Macquarie - Basic Home Loan
  • Rates now starting from 2.39% variable and comparison rate* (minimum 40% deposit)
  • No application or account management fees
  • Free extra repayments and redraw
The details:

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. - Smart Booster Home Loan
  • 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%
The details:

Popular online lender is a perennial award winner, and its new Smart Booster Home Loan delivers outstanding value. This low rate, low fee variable 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 20% deposit required.

Nano - Variable Home Loan
  • 1.99% variable and comparison rate*
  • Free offset account + zero upfront or ongoing fees
  • Mozo Experts Choice Best New Home Loan of 2022^

The details:

Digital lender Nano has launched what it claims to be the world's fastest home loans, with a fully digital approval process that they say can see you approved in as little as 10 minutes. Both buyers and refinancers will enjoy an ultra-low variable rate, zero Nano fees and a wide range of flexible features including unlimited additional repayments, free redraw and a free 100% offset account. 

Where do I get it? Head over to Nano to find out more >>

86 400 - Neat Home Loan
  • Variable rates from just 1.89% (1.90% comparison rate*) - min 40% deposit
  • No Lenders Mortgage Insurance for borrowers with 15% deposit / equity
  • Fast and paperless online application process
Find out more

The details:
Australia's first Smart Bank 86 400 has ticked a lot of boxes with a low rate, low fee digital home loan for borrowers looking to keep their costs to a minimum. The Neat Home Loan rewards borrowers with lower loan-to-value-ratios (LVRs) with its most competitive rates, while also being light on fees. There's a $250 settlement fee but no application fees or ongoing fees. Features include free extra repayments and redraw, and repayments can be made weekly, fortnightly or monthly.

OneTwo - Variable Rate Home Loan
  • 1.89% variable rate (1.79% p.a. comparison rate*)
  • Zero fees + score discounts as you pay off your loan
  • $2,000 refinance cashback for loans over $250K (t&cs apply)

The details:
Australia’s newest lender, OneTwo Home Loans, has launched an innovative variable home loan that combines a low rate and zero fees with features that reward you for paying down your loan. Each time you pay off 5% of your original loan, OneTwo will drop your rate by 0.03% (discount capped at 0.15%). On top of this, OneTwo will match any extra repayments made in the first 6 months (up to $2,500).  Available to refinancers in metro NSW and Victoria. 80% LVR.

Where do I get it? Head over to OneTwo to find out more >>

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loans

home with heart

Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

* 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.