Low rate home loans round-up: August 2022

Interest in low-rate home loans is surging in the wake of the Reserve Bank's fourth rate hike in as many months, and savvy borrowers are refinancing in record numbers to save money on their home loan.

With so many online and smaller lenders still offering super low variable rates well below the market average and wooing refinancers with cash backs and discounts, 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 loans on the market right now.

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

5 of the lowest home loans in Australia: August 2022

loans.com.au - Variable Home Loan 70
  • 3.10% variable rate (3.12% comparison rate*)
  • Free extra repayments and redraw + optional offset account
  • Available to borrowers with 70% LVR

This low rate, low fee home loan could help you save thousands on your mortgage and is packed with useful features like unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. You can borrow up to $2 million with 30% deposit or equity, and pay no monthly or ongoing fees. What's more, loans.com.au's streamlined online process lets you find out if you pre-qualify in less than a minute and complete your application online.

Where do I get it? Head over to loans.com.au to find out more >>

Unloan - Variable Home Loan
  • 3.14% variable rate (3.06% comparison rate*)
  • Zero upfront or ongoing fees
  • Refinancers only

Unloan is a stellar new digital home loan built by CommBank, offering owner-occupiers a low 3.14% variable rate (3.06% comparison rate*) along with a loyalty discount that shaves 1 basis point off your interest every year for up to 30 years. Loan features include free extra repayments and redraw, and there are no pesky fees to pay. Available for refinance loans of up to $3M. Minimum 80% LVR.

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

Macquarie - Basic Home Loan
  • Rates from 3.69% variable and comparison rate* - minimum 40% deposit
  • Zero application or ongoing fees
  • Free redraw and extra repayments

Macquarie is now Australia’s 5th largest home lender, and with offerings like this it’s not hard to see why. This low rate home loan is light on fees but loaded with features, including fee-free redraw using online banking, flexible ways to repay and the flexibility to split your loan and set different repayment types. Plus, you can apply online in as little as 15 minutes.

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

Yard - PAYG Home Loan
  • 3.29% variable rate (3.33% comparison rate*)
  • Free extra repayments and redraw
  • Optional 100% offset account

This value-packed home loan from online lender Yard boasts one of the lowest variable rates on the market for borrowers with 20% deposit and has no ongoing fees. Borrowers can add on an optional offset account for $10 a month to help save on interest, and pay off the mortgage faster with free additional repayments. Available to borrowers with minimum 80% LVR, for loans of up to $3 million.

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

UBank - Neat Home Loan
  • New variable rates from 3.64% (3.66% comparison rate*) - min 40% deposit
  • Free extra repayments and redraw facility
  • Fast and paperless online application process

UBank ticks all the boxes with this 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.

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

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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.

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