No stopping the rate cut party as more lenders slash rates

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Popular online lenders loans.com.au and UBank are the latest to join the July home loan rate cut party, in a frenzy that's showing no signs of stopping despite the fact that home loan rates are now hitting uncharted territory of under 2.00%.

Australia's challenger lenders have been racing to outdo each other with ultra competitive variable and fixed home loan rates, but few have gone as low as the new Smart Booster Home Loan from loans.com.au with a choice of 1 or 2 year discounted variable rates at 1.99% (2.57% rollover rate) and 2.09% (2.79% rollover rate) respectively.

Not to be outdone, UBank has cut the variable rate on its award-winning UHomeLoan to sit under 2.50%, making it one of the lowest ongoing variable home loan rates in the Mozo database.

So if you've been looking for an opportunity to save on your home loan, now is the ideal time to compare your current rate against the market leaders to see how much you could save. Read on for the Mozo expert rundown of the killer new loan deals on offer from loans.com.au, UBank and more... 

TOP NEW HOME LOAN RATES - JULY 2020

loans.com.au Smart Booster Home Loan
loans.com.au
  • 1.99% discount variable rate for 1 year

  • Rolls over to low ongoing 2.57% (2.55% comparison rate*)

  • No monthly fees plus unlimited free redraws and extra repayments

It's official, home loan rates now start with a '1' thanks to this brand new offering from loans.com.au. Available to first home buyers, new home buyers and refinancers, the new Smart Booster Home Loan is designed to help you boost your savings, build your equity and own your own home, sooner. Flexible features include free extra repayments and redraw, multiple loan split options and the choice of weekly, fortnightly or monthly repayments. Plus, there are no ongoing monthly or annual fees.

UBank UHomeLoan - Discount Offer
UBank
  • New 2.49% ongoing variable rate (2.49% comparison rate*)

  • Free extra repayments and redraws

  • Zero fees

UBank has made a name for itself as one of Australia's best value online lenders, and this seriously low new variable rate is case in point. As you'd expect from a multiple Mozo Experts Choice 2020 Award Winner, the UHomeLoan is packed full of other benefits including zero fees and the flexibility for borrowers to make free extra repayments towards the loan and redraw those repayments down the track (if they need to). It's available for loans of $200,000 plus with a minimum deposit or 20% or more.

HSBC Fixed Rate Home Loan
HSBC
  • 2.09% fixed rate for 2 years (2.98% comparison rate*)

  • No upfront application or ongoing service fees

  • Free extra repayments up to $10,000 a year

This market leading new 2 year fixed rate home loan lets you guarantee your monthly repayments while still taking advantage of flexible features like the ability to make free extra repayments up to $10,000 a year and split your loan between fixed and variable rates. What's more, there are no upfront or ongoing fees and you'll get a relationship manager to help you through the application process. Available to borrowers with 20% deposit for loans of $50,000 or more. 

Mortgage House Switch and Save Special - Fixed Rate Home Loan
Mortgage House
  • New 2.44% fixed rate for 3 years (2.60% comparison rate*)

  • No ongoing monthly or package fees

  • Flexibility features including additional repayments and redraw

This cracking deal from Mortgage House Lock lets you lock in a super-low rate for 3 years so you can budget accordingly and avoid the stress of a sudden rate rise. You can also avoid unnecessary costs with no monthly fees or ongoing package fees. What's more, this innovative lender is pairing this fixed-rate loan with flexible home loan features including additional repayments and redraw facility.

*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.

^See information about the Mozo Experts Choice Home loans Awards

Want to compare more home loans? View the latest mortgage rates from over 80 lenders at Mozo's home loan comparison hub.

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