More lenders slash their fixed home loan rates following RBA cut
Since the RBA rate cut two weeks ago, lenders have been slashing their fixed home loan rates like it’s going out of fashion.
Both ME and loans.com.au have dropped their fixed home loan rates today for new owner occupier, principal and interest borrowers.
For their 2 year fixed rate offerings, loans.com.au reduced their rate by 0.29%, dropping it to 3.19% (3.67% comparison rate*), while ME made a 0.31% cut, lowering their rate to 3.43% (4.26% comparison rate*).
Loans.com.au (Fixed Home Loans - LVR <80%)
| New Rate | Comparison Rate | Change | |
|---|---|---|---|
| 2 Year Fixed Special | 3.19% | 3.67%* | -0.29% |
| 3 Year Fixed Special | 3.19% | 3.63%* | -0.29% |
ME (Fixed Home Loans - LVR <90% with Member Package)
| New Rate | Comparison Rate | Change | |
|---|---|---|---|
| 1 Year Flexible Home Loan | 3.63% | 4.32%* | -0.21% |
| 2 Year Flexible Home Loan | 3.43% | 4.26%* | -0.31% |
| 4 Year Flexible Home Loan | 3.78% | 4.30%* | -0.21% |
| 5 Year Flexible Home Loan | 3.78% | 4.29%* | -0.21% |
ME has also reduced interest rates from 0.10% to 0.30% across their fixed investment home loan products, for both principal and interest, and interest only loans.
But these new rates aren’t the lowest around, Greater Bank cut their fixed home loan rate for their 1 year term to an impressive 2.99%, and then UBank matched it by also offering the same rate on their 1 year fixed home loan.
Who else has made the cut?
Here at Mozo we’ve been keeping a close eye on any rate changes since the RBA passed their cut, so here’s our roundup of all the lenders who have dropped their rates by 0.25% or more on their fixed home loans.
- Hunter United Credit Union dropped their rate by 0.36% on their 1 year Fixed Home Loan and by 0.41% on their 3 year Fixed Home Loan for owner occupiers.
- Northern Inland Credit Union cut their rate by 0.30% on their 3 year Fixed Introductory Home Loan, and lowered it by 0.39% on both their 2 and 3 year terms on the Fixed Rate Home Loan.
- P&N Bank reduced the interest rate on their 2 and 3 year Fixed Rate Home Loans for owner occupiers by 0.39%.
- Reduce Home Loan made a cut to their Home Owners Dream 2 Year Fixed loan for owner occupiers by 0.40% and also slashed their Home Owners Dream 3 Year Fixed loan greater than $250k by 0.50%.
- The Mutual Bank dropped rates by 0.25% across their Fixed Rate Home Loans and Packaged Fixed Rate Home Loans for 1, 2 and 3 years.
- UBank made the biggest change so far by dropping their 1 year UHomeLoan by 0.60% and also cutting the 3 year rate by 0.35% and the 5 year term rate by 0.50%.
- Yellow Brick Road slashed their rates on both their 2 and 3 year fixed rate offering on their Flexi Option Special Home Loan.
Lenders such as Auswide, Beyond Bank, Community Credit Union, Credit Union SA, CUA, IMB and Resi made small cuts of between 0.10% and 0.16%.
Are you looking to secure a great rate on a home loan? To measure up different lenders head to our home loan comparison table, or for some helpful information on all the features you may need on your loan, check out our handy guides and tips.
Compare home loans - last updated 20 May 2024
-
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Fixed Express Home Loan
Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 2 years6.14% p.a.Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee.
CompareCompareFixed Express Home Loan
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee.
- interest rate
- 6.04% p.a.
fixed 3 years
- comparison rate
- 6.15% p.a.
- interest rate
- 6.04% p.a.
fixed 3 years
- comparison rate
- 6.15% p.a.
- upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Offset account
- yes - partial only
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Bendigo Bank Fixed Express Home Loan
-
Basic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
interest rate
comparison rate
Initial monthly repayment6.25% p.a.
fixed 3 years6.20% p.a.No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
CompareCompareBasic Home Loan
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.
- interest rate
- 6.25% p.a.
fixed 3 years
- comparison rate
- 6.20% p.a.
- interest rate
- 6.25% p.a.
fixed 3 years
- comparison rate
- 6.20% p.a.
- upfront fees
- $350
- Ongoing fees
- $0.00
- Discharge Fee
- $400.00
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 70.00%
- minimum borrowing amount
- $150,000
- maximum borrowing amount
- $10,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Macquarie Basic Home Loan
-
Mozo experts choice awards won:
- Exceptional Value Home Lender - 2024
Fixed Express Home Loan
Owner Occupier, Interest Only
interest rate
comparison rate
Initial monthly repayment6.49% p.a.
fixed 2 years6.39% p.a.CompareCompareFixed Express Home Loan
- interest rate
- 6.54% p.a.
fixed 3 years
- comparison rate
- 6.38% p.a.
- interest rate
- 6.54% p.a.
fixed 3 years
- comparison rate
- 6.38% p.a.
- upfront fees
- $134
- Ongoing fees
- $10.00 monthly
- Discharge Fee
- $350.00
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Offset account
- yes - partial only
- Maximum loan to value ratio
- 90.00%
- minimum borrowing amount
- $5,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Fixed
- Repayment types
- Interest Only
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the Bendigo Bank Fixed Express Home Loan
-
Flex Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
interest rate
comparison rate
Initial monthly repayment5.99% p.a.
fixed 3 years6.41% p.a.Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
CompareCompareFlex Home Loan
Competitive fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 20% deposit required.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.41% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.41% p.a.
- upfront fees
- $250
- Ongoing fees
- $250.00 yearly
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- -
- maximum borrowing amount
- -
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ubank Flex Home Loan
-
Fixed Rate Loan with Orange Advantage
Orange Advantage, Owner Occupiers, Principal & Interest, LVR <80%
interest rate
comparison rate
Initial monthly repayment6.09% p.a.
fixed 2 years6.16% p.a.Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
CompareCompareFixed Rate Loan with Orange Advantage
Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees. Free additional repayments (less than $10,000 p.a.). Valid for loans of $50,000 up to $2,000,000.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.12% p.a.
- interest rate
- 5.99% p.a.
fixed 3 years
- comparison rate
- 6.12% p.a.
- upfront fees
- $299
- Ongoing fees
- $0.00
- Discharge Fee
- $250.00
- Extra repayments
- yes - free up to $10,000 pa
- Redraw facility
- no
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Special Offers
- -
Read our Mozo Review to learn more about the ING Fixed Rate Loan with Orange Advantage
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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.
^See information about the Mozo Experts Choice Home Loan Awards
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