Loans.com.au unveils its new 1.99% variable rate home loan

Hold onto your hats folks, as online lender loans.com.au have got a brand new home loan rate you have to see to believe. 

Today the lender has unveiled a rock-bottom variable home loan rate of 1.99% (2.55% comparison rate*) for both owner-occupiers and refinancers who have a deposit of 20% or more. 

This makes loans.com.au one of the three lenders in the Mozo database to offer a home loan that starts with a ‘1’. 

Called the Smart Booster Home Loan, the discounted 1.99% variable rate will apply for one year before the rate then jumps to a still competitive 2.57%.  

A two year variable rate option is also available, which features an introductory rate of 2.09% (2.71%) and a rollover rate of 2.79%. 

According to loans.com.au, this is the lowest variable rate they have ever offered. 

“This is a great opportunity for Australians to boost their equity and own their own home sooner,” said loans.com.au managing director, Marie Mortimer.

“Borrowers who are considering switching to a lower rate should take the opportunity to reassess their loan provider and potentially refinance.”

For added flexibility, borrowers also have the option to split their loan by combining the 1.99% variable rate with the 2.29% two year fixed rate. 

Mortimer says this new rate could be of great benefit to refinancers in particular, as the potential savings are clear. 

“Many of our customers tell us that they delayed refinancing because they thought it would be a big hassle but it turned out to be much simpler than they expected and well worth the time invested,” she said.

Or if you’d like to compare other variable rate home loan offers in the market, head on over to home loan comparison tool

Compare variable rate home loans - last updated 24 April 2024

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    Owner Occupier, Principal & Interest, LVR <90%

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    6.14% p.a.

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    Owner Occupier, Principal & Interest, <80% LVR

    variable rate
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    6.09% p.a.
    6.20% p.a.

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

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  • Mortgage Simplifier

    LVR<80%, Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    6.14% p.a.
    6.17% p.a.

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

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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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