Top lenders win Aussie borrowers with super low rates
Interest in rival mortgage lenders is surging after the Reserve Bank's string of back-to-back rate hikes, as Aussie borrowers look to offset the pain of rising rates by securing better value home loans.
Borrowers hunting for better deals are spoilt for choice right now, with a number of top lenders still offering super low variable rates far below the market average, but which rival lenders really stand out from the pack?
Macquarie is proving a popular alternative to the big 4 banks with competitive variable rates, flexible lending terms and fast approval processes. And the big 4 themselves are getting in on the act: CommBank's brand new digital home loan offering Unloan boasts stellar variable rates and zero fees for refinancers.
On the online lender front, Aussie-owned loans.com.au and UBank are winning over fed-up bank borrowers with super low rates and hassle-free online applications.
With the average variable home loan rate forecast to continue rising over the next 12 months, savvy borrowers could access huge savings simply by shopping around. Start by comparing some of the top home loans on offer from rival lenders below….
TOP NEW REFINANCE HOME LOANS OCTOBER 2022
Macquarie - Offset Home Loan
- Variable rates from 4.29% (4.54% comparison rate*) - minimum 30% deposit
- 100% offset account, redraw facility and extra repayments
- No application fee ($248 annual package fee applies)
The details:
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 offers competitive 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.
Unloan - Variable Home Loan
- 4.04% variable rate (3.96% comparison rate*)
- Zero upfront or ongoing fees
- Refinancers only
The details:
Unloan is a stellar new digital home loan built by CommBank, offering owner-occupiers a super low 4.04% variable rate (3.966% 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.
loans.com.au - Variable Home Loan 70
- 4.10% variable rate (4.12% comparison rate*)
- Free extra repayments and redraw + optional offset account
- Available to borrowers with 70% LVR
The details:
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.
UBank - Neat Home Loan
- Variable rates from 4.29% (4.31% comparison rate*) - min 40% deposit
- $3,000 cashback for loans over $250K (t&cs apply)
- Fast and paperless online application process
The details:
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.
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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* 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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