Neobank 86 400 slashes home loan rates, introduces $2,000 cashback offer

By Tom Watson · · 2 min read
Fact Checked
Advertiser disclosure

Digital lender 86 400 has announced a number of changes to its suite of home loans this morning, including rate reductions on fixed mortgage offers and a new $2,000 cashback offer. 

The neobank has cut fixed rates on its Own Home Loan (Fixed) offer for owner occupiers to ‘all-time low’ levels, with reductions between 15 and 35 basis points. Here's how the new rates sit: 

- 1-year fixed rate: Reduced by 35bp to 2.24% (3.10% comparison rate*) 

- 2-year fixed rate: Reduced by 35bp to 2.24% (3.02% comparison rate*) 

- 3-year fixed rate: Reduced by 30bp to 2.29% (2.98% comparison rate*) 

- 5-year fixed rate: Reduced by 15bp to 2.69% (3.06% comparison rate*) 

According to our latest figures, that puts the new fixed rates on offer from 86 400 among the lowest in the Mozo database and well below the current Mozo averages. For instance, the average for 1-year fixed rate home loans is currently 2.71% and 2.65% for 2-year loans. 

86 400’s variable Own Home Loan rate for owner occupiers has remained unchanged, currently sitting at 2.74% (3.02% comparison rate*) - 0.70% below the Mozo database average of 3.44%.

On top of the rate cuts, 86 400 also announced a new limited-time cashback deal. 

Applicants who borrow $250,000 or more will be to receive $2,000 cashback on eligible home loans when they apply between May 4 - June 30 and settle their loan before August 31. 

“From the start we’ve set out to be a smarter alternative to the Big Four and today’s changes demonstrate that, by helping Australians get a better deal on their home loan and putting money back in their pocket which has never been more important,” said 86 400 CEO, Robert Bell. 

RELATED: April home loans snapshot: Here’s where fixed and variable rates now stand

Interested in learning more about 86 400 and its products? Take a look through our 86 400 review, or find out how 86 400’s home loans stack up against other offers by heading over to the Mozo home loan comparison hub.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can compare more home loans here.
Last updated 5 December 2025 Important disclosures and comparison rate warning*
What are your home loan needs?
Loan purpose
Buying or Refinancing
  • Promoted

    Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • First Home Buyer Loan

    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    • For first home buyers
    • Offset available
    • Redraw available
    Interest rate
    4.99 % p.a.
    Variable
    Comparison rate
    5.04 % p.a.
    Initial monthly repayment
    $2,681
    Go to site
    • Competitive interest rate – 4.99% p.a. (comparison rate* 5.04% p.a.)
    • Offset account to reduce interest and save on repayments
    • No establishment or monthly fees, plus valuation fees waived up to $1,000 (limited time)

  • Fixed Rate Home Loan

    • Fixed rate
    • Owner occupier
    • Principal & Interest
    • 5% min deposit
    Interest rate
    5.09 % p.a.
    Fixed 2 years
    Comparison rate
    5.43 % p.a.
    Initial monthly repayment
    $2,712
    Go to site
    • No ongoing annual fees
    • Make up to $25,000 extra repayments during a fixed period, fee free (T&Cs apply)
    • Lock in for up to 5 years.

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Discount Great Rate Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    • Cashback
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.20 % p.a.
    Initial monthly repayment
    $2,742
    Go to site
    • Get up to $3,000 cashback when you apply online (T&Cs apply)
    • No paperwork or payslips required (see site for details)
    • Low variable rate

  • Variable Home Loan 90

    • Owner occupier
    • Principal & Interest
    • 10% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.29 % p.a.
    Variable
    Comparison rate
    5.33 % p.a.
    Initial monthly repayment
    $2,773
    Go to site
    • No monthly or ongoing fees
    • Option to add an offset for 0.10% p.a.

  • Offset Home Loan

    • Owner occupier
    • Principal & Interest
    • 40% min deposit
    • Offset available
    • Redraw available
    Interest rate
    5.39 % p.a.
    Variable
    Comparison rate
    5.42 % p.a.
    Initial monthly repayment
    $2,805
    Go to site
    • No ongoing monthly loan maintenance fees to pay.
    • Pre-approval valid for 3 months
Showing 6 results from 380 home loans. Use the filters to see more

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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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