Meet the lenders winning Aussie borrowers with ultra low rates

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Aussie borrowers are flocking to rival lenders right now for ultra-low rates, fast approval processes and flexible lending terms, and with so many lenders cutting variable rates to compete for mortgage customers there are some big savings to be gained.

Macquarie, HSBC and Bank of Queensland are proving popular alternatives to the big 4 banks after slashing their variable home loan rates to rock bottom new lows. HSBC and Bank of Queensland now offer variable rates below 2.00% for borrowers with low LVRs.

On the online lender front, Aussie-owned loans.com.au is winning over fed-up bank borrowers with ultra-low interest rates, hassle-free online applications and settlements within 30 days, while UBank is scooping up digitally savvy customers with its stellar new rates and super-fast online application process.

With the average variable home loan rate still sitting at 3.06%, savvy borrowers can potentially access huge savings simply by shopping around. Start by comparing some of the top home loans on offer from rival lenders below….


TOP RIVAL LENDER HOME LOANS - JANUARY 2022

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*)

  • Optional offset account plus free redraws and extra repayments

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%. With all this on offer the Smart Booster Home Loan really is a smart choice for borrowers who are looking to save money on interest and get mortgage free faster. You can borrow up to $1 million with this loan with a 20% deposit, and pay no ongoing monthly fees.

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

Macquarie Offset Home Loan
Macquarie
  • Variable rates from just 2.14% (2.42% comparison rate*) - minimum 40% deposit

  • 100% offset account, redraw facility and extra repayments

  • No upfront fees ($248 annual package fee applies)

Macquarie is now Australia’s 5th largest home lender, and with offerings like this it’s not hard to see why. The Macquarie Offset Home Loan now has even lower variable rates along with a range of flexible features such as 100% offset (up to 10 free offset accounts per loan account), free extra repayments and online redraw 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.

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

HSBC Discounted Home Value Loan
HSBC
  • New 1.97% variable rate (1.98% 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 is 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.

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

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

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

  • Zero upfront or ongoing fees

Fixed home loan rates don’t get any lower than this stellar offer from UBank. Owner-occupier borrowers will be able to grab this rate on loans between $100,000 and $2,000,000 and have the upfront $395 rate lock fee waived, for a limited time. What's more, there are no other upfront or ongoing fees to worry about and UBank even lets customers make extra repayments towards the loan of up to $20k during the fixed term, for free!

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

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*

  • Free extra repayments and redraw facility

  • No annual or application fees

Athena is an online lender 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 >>

*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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