Meet the lenders taking on the big banks in 2021

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In case you missed the news, home loan rates have gone off a cliff in the past two years in the wake of six Reserve Bank interest rate cuts, including one last November. And now that the dust has settled, Aussie homeowners have a real opportunity in 2021 to take advantage of some of the lowest rates on record.

Borrowers looking for the sharpest rates will need to look beyond the big banks though. Rival lenders have taken the spotlight: not only dishing up super low variable and fixed rates, but also new features and extra incentives.

It’s little wonder that rival lenders are seeing a spike in customers switching their home loans from the major banks, with some genuinely big savings now available for those who are prepared to shop around.

So, if you're sick of paying more than you need to on your home loan, you’ll want to get acquainted with these killer lenders taking on the big banks in 2021.

  • 1.99% intro variable rate for 1 year
  • Rolls over to low ongoing 2.48% (2.47% comparison rate*)
  • Optional offset account plus free redraws and extra repayments
Find out more

This headline stealing new home loan from popular online lender is designed to help you boost your savings, build your equity and own your own home, sooner. Flexible features include unlimited free extra repayments and redraw, multiple loan split options and an optional offset account for 0.10%. What's more, there are no ongoing monthly or annual fees. Available to borrowers with a 20% deposit for loans of up to $1 million.

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

Bank of Queensland Discount Fixed Rate
  • 1.99% fixed rate for 2 years (3.07% comparison rate*)
  • Free extra repayments up to $5,000 each year
  • $3,000 cashback for refinancers (T&Cs apply)
Find out more

BOQ is a favourite with borrowers looking to find value outside of the big four banks, and for good reason. The BOQ Discounted Fixed Home Loan lets you lock in a super low rate for two years while still having the flexibility to pay down your mortgage faster with free extra repayments of up to $5,000 a year. Plus, you can enjoy a generous $3,000 cashback when you refinance to BOQ. Minimum loan size $250,000, 80% LVR or less.

UBank UHomeLoan - Discount Offer
  • 2.34% p.a. variable and comparison rate*
  • Zero fees plus free extra repayments and redraw
  • Flexible repayment options
Find out more

UBank is the online bank created by NAB to disrupt borrowing and savings, and boy have they succeeded! Offering super competitive interest rates, zero upfront or ongoing fees and ultra-efficient online processes, it’s little wonder UBank has become such a success story. The UHomeLoan 2.34% variable and comparison rate* is available for loans of $200,000 or more with a minimum deposit or 20%.

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

Athena Celebrate Variable Home Loan
  • 1.99% variable and comparison rate*
  • Free extra repayments and redraw facility
  • No annual or application fees
Find out more

Online lender, Athena, is on a mission to save borrowers money on their mortgage, with a customer first commitment and some of the lowest rates around. The fee-free Athena Celebrate Variable Home Loan offers the same great rates to both new and existing borrowers, and as an added reward your rate will drop lower as you pay down your home loan. It's available to refinancers and new borrowers purchasing in capital or major regional cities. 40% deposit required.

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

Macquarie Basic Home Loan
  • 2.09% fixed rate for 3 years (2.28% comparison rate*)
  • Save on fees with $0 upfront and monthly fees
  • Free redraws and extra repayments

If you’re over the big banks but not quite ready to make the jump to a digital lender, then Macquarie could be the home loan solution you’re after. Proving that banks can offer great value, Macquarie is winning over borrowers with great rates, low fees and flexible ways to repay your loan faster, including the ability to split your loan and set different repayment types. To start the simple switching process, simply request a call on the Macquarie website. 40% deposit required.

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

Like to see how these offers stack up against the competition? Head over to our home loan comparison tables to compare loans from an even bigger range of lenders.

* 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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