Mega RBA home loan rate cuts continue

Mozo

23 Mar 2020

redactor/hero-images/1042/RBA_article_image_content.jpg

Calculate your home loan repayments

We can show you the monthly repayment amount for a range of loans

I want to borrow
for years

The Reserve Bank cut the official cash rate twice in March to a new low of 0.25% and Australia’s most competitive lenders are dropping home loan rates to gob-smacking new lows.

The lowest variable home loan rates on the market now start below 2.60% - a far cry from the average big bank variable home loan rate of 3.71%, even though the banks have passed through part of the RBA's cuts. As a result there are some huge savings on offer for borrowers who are prepared to shop around and switch.

With so much competition being driven by smaller lenders, the average big 4 bank borrower with a $400K owner occupier home loan could save up to $3,304 a year by switching to the most competitive home loan on the market. 

So, if you'd like to take advantage of the latest rate cut to snap up a killer new home loan deal, compare the latest rates in the table below and see how much you could be saving.

LOW RATE HOME LOAN COMPARISONS - rates updated daily

  • Promoted

    loans.com.au

    2.63% p.a.

    2.65% p.a.

    $1234

    Product details Close details
    Smart Home Loan 80

    A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ 20% deposit required. Limited time only.

    • 2.63% p.a.

    • 2.65% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $520

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan 80

  • Promoted

    UBank

    2.59% p.a.

    2.59% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    • 2.59% p.a.

    • 2.59% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $0

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Promoted

    Bank of Queensland

    2.69% p.a.

    2.86% p.a.

    $1234

    Product details Close details
    Economy Home Loan Discount Rate

    An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.

    • 2.69% p.a.

    • 2.86% p.a.

    • $450

    • $10.00 monthly

    • $320.00

    • yes - free

    • yes

    • no

    • 70.00%

    • $450

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $2,500 cashback when you refinance your home loan to BOQ, min $250,000, 70% LVR or less. Apply before 15 August 2020.

    Read our Mozo Review to learn more about the Economy Home Loan Discount Rate

  • Promoted

    Homestar

    2.39% p.a.

    2.39% p.a.

    $1234

    Product details Close details
    Star Essentials Home Loan

    Low Cost Home Loan 2020 winner.^ Packed with essentials like free redraw and extra repayments. No ongoing fees. Borrow $150K+. No construction loans. Fee waiver special offer - ends 31st July 2020.

    • 2.39% p.a.

    • 2.39% p.a.

    • $0

    • $0.00

    • $535.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $0

    • $150,000

    • $850,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Upfront fees waived up to $250 for valuation and up to $265 for legal documentation for applications received by 30 June 2020 and settled by 30 September 2020.

    Read our Mozo Review to learn more about the Star Essentials Home Loan

  • Promoted

    Yard

    2.39% p.a.

    2.42% p.a.

    $1234

    Product details Close details
    Variable Home Loan Winter Special

    Yard’s low-rate variable winter special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31 July 2020.

    • 2.39% p.a.

    • 2.42% p.a.

    • $835

    • $0.00

    • $500.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • 80.00%

    • $835

    • $150,000

    • $850,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Special rate applies to home loan applications submitted by 31 July 2020.

    Read our Mozo Review to learn more about the Variable Home Loan Winter Special

  • Promoted

    HSBC

    2.65% p.a.

    2.66% p.a.

    $1234

    Product details Close details
    Discounted Home Value Loan

    No ongoing fees. Free extra repayments and online redraw. Mozo Experts Choice Split Home Loan 2020^

    • 2.65% p.a.

    • 2.66% p.a.

    • $150

    • $0.00

    • $300.00

    • yes - free

    • yes - free online

    • no

    • 80.00%

    • $150

    • $50,000

    • $7,500,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discounted Home Value Loan

  • Promoted

    Athena

    2.59% p.a.

    2.55% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Fast online application with no fees. Free extra repayments and redraw facility. Min 30% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    • 2.59% p.a.

    • 2.55% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 70.00%

    • $0

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

  • Promoted

    Suncorp

    2.78% p.a.

    2.79% p.a.

    $1234

    Product details Close details
    Back to Basics Special

    No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.

    • 2.78% p.a.

    • 2.79% p.a.

    • $0

    • $0.00

    • $350.00

    • Yes - free

    • first redraw per month free

    • no

    • 90.00%

    • $0

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Refinance from another lender to receive a $2,000 cash bonus for loans of at least $250,000 or $3,000 bonus for loans over $750,000. Available for loans with an LVR <90% and applications made by 10 July 2020 and settled by 10 November 2020.

    Read our Mozo Review to learn more about the Back to Basics Special

  • Promoted

    Yard

    2.66% p.a.

    2.69% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Yard’s low-rate variable home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Only a 10% deposit needed.

    • 2.66% p.a.

    • 2.69% p.a.

    • $835

    • $0.00

    • $500.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • 90.00%

    • $835

    • $150,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Variable Home Loan

  • Promoted

    People's Choice Credit Union

    2.69% p.a.

    2.69% p.a.

    $1234

    Product details Close details
    Basic Variable Home Loan

    A People’s Choice Basic Variable home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate and no upfront or ongoing fees. It also allows you to have the freedom to make extra repayments to pay off your loan sooner.

    • 2.69% p.a.

    • 2.69% p.a.

    • $0

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $0

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Basic Variable Home Loan

*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.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.