Low rate home loans round-up: November 2021

Interest in low-rate home loans is surging as the post-pandemic property market heats up, lenders cut rates to jaw-dropping new lows and savvy borrowers looking to save money on their home loan refinance in record numbers.

And with so many lenders cutting rates, offering cashbacks and introducing new offers for refinancers, it’s no wonder a growing wave of borrowers are hitting comparison sites like Mozo right now to check the latest rates and secure a great value deal.

Mozo compares over 500 home loans from more than 80 lenders, and our experts have done the hard work for you by scouring our database to uncover some of the lowest rate home loan on the market right now.

Read on for our expert reviews of some of Spring’s lowest home loans and see how much you could be saving….


5 of the lowest home loans in Australia: December 2021

Macquarie - Basic Home Loan
  • Rates starting from just 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.

HSBC - Discounted Home Value Loan
  • 2.19% variable rate (2.20% comparison rate*) for borrowers with 70% LVR
  • Free extra repayments and online redraw plus no ongoing fees
  • $3,288 cashback for refinancers - limited time only

HBSC became 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.

loans.com.au - 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%

Popular online lender loans.com.au 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.

Bank of Queensland - Economy Variable Home Loan
  • Variable rates from just 1.98% p.a. (2.15% p.a. comparison rate*)
  • Bonus $3,000 cashback for refinancers - limited time only
  • Available to borrowers with 70% LVR

BOQ is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. This jaw-dropping new sub 2.00% variable home loan is available to borrowers who have an LVR of 70% or less and who meet BOQ's debt to income ratio criteria. Loan features include free extra repayments and free redraws for a $10 monthly service fee, plus refinancers can score a bonus $3,000 cashback for a limited only. Minimum loan size $250,000.

Athena - Celebrate Variable Home Loan
  • 1.99% variable and comparison rate*
  • Zero Athena fees plus free extra repayments and redraw
  • Minimum 60% LVR

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 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

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