Mega RBA home loan rate cuts continue

By Mozo Editorial · · 1 min read
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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 - last updated 25 April 2024

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  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    variable rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    5.90% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

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    Go to site
    Details
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    variable rate
    comparison rate
    Initial monthly repayment
    6.01% p.a.
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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    Go to site
    Details
  • Elevate

    Owner Occupier, Principal & Interest, <80% LVR

    variable rate
    comparison rate
    Initial monthly repayment
    6.09% p.a.
    6.20% p.a.

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

    Compare
    Find out more
    Details
  • Mortgage Simplifier

    LVR<80%, Owner Occupier, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    6.14% p.a.
    6.17% p.a.

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

    Compare
    Details

* 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.

^See information about the Mozo Experts Choice Home Loan Awards

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