Mega RBA home loan rate cuts continue
Mozo
23 Mar 2020
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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 - rates updated daily
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Promoted
loans.com.au
2.63% p.a.
2.65% p.a.
$1234
Product details Close detailsloans.com.au Smart Home Loan 80
Owner Occupier, Principal & Interest
2.63% p.a.
2.65% p.a.
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.
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.
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2.63% p.a.
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2.65% p.a.
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$520
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$0.00
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$0.00
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yes - free
-
yes - free
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no
-
80.00%
-
$520
-
$50,000
-
$1,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Home Loan 80
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Promoted
UBank 2.59% p.a.
2.59% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.59% p.a.
2.59% p.a.
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.
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.
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2.59% p.a.
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2.59% p.a.
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$0
-
$0.00
-
$0.00
-
yes - free
-
yes - free
-
no
-
80.00%
-
$0
-
$200,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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Promoted
Bank of Queensland2.69% p.a.
2.86% p.a.
$1234
Product details Close detailsBank of QueenslandEconomy Home Loan Discount Rate
Owner Occupier, Principal & Interest, <70% LVR
2.69% p.a.
2.86% p.a.
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%.
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%.
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2.69% p.a.
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2.86% p.a.
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$450
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$10.00 monthly
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$320.00
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yes - free
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yes
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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
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Promoted
Homestar 2.39% p.a.
2.39% p.a.
$1234
Product details Close detailsHomestar Star Essentials Home Loan
Owner Occupier, Principal & Interest
2.39% p.a.
2.39% p.a.
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.
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.
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2.39% p.a.
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2.39% p.a.
-
$0
-
$0.00
-
$535.00
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yes - free
-
yes - free
-
no
-
80.00%
-
$0
-
$150,000
-
$850,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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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
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Promoted
Yard2.39% p.a.
2.42% p.a.
$1234
Product details Close detailsYardVariable Home Loan Winter Special
Owner Occupier, Principal & Interest
2.39% p.a.
2.42% p.a.
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.
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.
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2.39% p.a.
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2.42% p.a.
-
$835
-
$0.00
-
$500.00
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yes - free
-
yes - free
-
Optional - $10 per month
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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
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Promoted
HSBC 2.65% p.a.
2.66% p.a.
$1234
Product details Close detailsHSBC Discounted Home Value Loan
Owner Occupier, Principal & Interest
2.65% p.a.
2.66% p.a.
No ongoing fees. Free extra repayments and online redraw. Mozo Experts Choice Split Home Loan 2020^
Discounted Home Value Loan
No ongoing fees. Free extra repayments and online redraw. Mozo Experts Choice Split Home Loan 2020^
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2.65% p.a.
-
2.66% p.a.
-
$150
-
$0.00
-
$300.00
-
yes - free
-
yes - free online
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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
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Promoted
Athena 2.59% p.a.
2.55% p.a.
$1234
Product details Close detailsAthena Variable Home Loan
<70% LVR, Owner Occupier, Principal & Interest
2.59% p.a.
2.55% p.a.
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.^
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.^
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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
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Promoted
Suncorp2.78% p.a.
2.79% p.a.
$1234
Product details Close detailsSuncorpBack to Basics Special
LVR<90%, Owner Occupier, Principal & Interest
2.78% p.a.
2.79% p.a.
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.
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.
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2.78% p.a.
-
2.79% p.a.
-
$0
-
$0.00
-
$350.00
-
Yes - free
-
first redraw per month free
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no
-
90.00%
-
$0
-
$150,000
-
-
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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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
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Promoted
Yard2.66% p.a.
2.69% p.a.
$1234
Product details Close detailsYardVariable Home Loan
Owner Occupier, Principal & Interest
2.66% p.a.
2.69% p.a.
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.
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
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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
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Promoted
People's Choice Credit Union2.69% p.a.
2.69% p.a.
$1234
Product details Close detailsPeople's Choice Credit UnionBasic Variable Home Loan
LVR<80%, Owner Occupier, Principal and Interest, >$150k
2.69% p.a.
2.69% p.a.
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.
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
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