Low rate home loans round-up: November 2021

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Interest in low-rate home loans is surging as the Spring 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: November 2021

loans.com.au Smart Booster Home Loan
loans.com.au
  • 1.85% discounted variable rate for 2 years

  • Rolls over to low ongoing 2.25% (2.21% comparison rate*)


  • Best Low Cost Home Loan 2021 - Mozo Experts Choice Awards^

This value-packed home loan from popular online lender, loans.com.au, boasts one of the lowest variable rates on the market and has no upfront or ongoing fees. Borrowers can add on an optional offset account for $10 a month to help save on interest, and pay the mortgage off faster with free additional repayments (and access free online redraw when you need it). Available for loans of up to $1 million, minimum 20% deposit.

Macquarie Basic Home Loan
Macquarie
  • 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.

UBank UHomeLoan
UBank
  • 1.79% fixed rate for 1 year (2.18% comparison rate*)

  • Free extra repayments up to $20,000 during fixed term

  • Fast and easy online application process

Looking to lock in a sub 2.00% rate with no ongoing fees and free extra repayments up to $20,000 during the fixed term? You got it! If you're in the market for the security of a fixed home loan, check out this Mozo Experts Choice Fixed Home Loan Award Winner^ from top online lender UBank. It comes with the flexibility to choose your own repayment schedule (weekly, fortnightly or monthly) and the option to split between fixed and variable rates to better suit you.

Bank of Queensland Economy Variable Home Loan
Bank of Queensland
  • 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
Athena
  • 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.

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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 loans Awards

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

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