No stopping the rate cut party: home loan lenders still slashing fixed rates

By Polly Fleeting · Friday, 20 September 2019 · 3 min read

Fact Checked

Even though the RBA made no change to the cash rate earlier this month, Aussie home loan lenders haven’t stopped slashing fixed rates.

And it’s not just a handful.

A whopping 38 lenders in Mozo’s database have cut fixed rates over the last month, with some rates now happily sitting below 3.00%.

Home loan seekers are really spoilt for choice as more and more lenders battle it out to offer the hottest deals on fixed rates.

Lenders like Heritage Bank, UBank, Suncorp and Newcastle Permanent are all part of of the 2.99% club, while Well Home Loans is offering the lowest rate in our database at 2.74% (2.94% comparison rate*) for a 3 year fixed term.

So, if you’re looking to lock in a killer fixed rate on your home loan, meet some of the lenders offering up deals that could leave you gasping for air.

TOP FIXED RATE OFFERS

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Comparison rate warning

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.

How Initial Monthly Repayments figures are estimated

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.

Well Home Loans - Well Balanced Fixed

2.74% 3 year fixed rate (2.94% comparison rate*)
Complimentary extra repayments and redraw facility
Optional offset account

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Offering one of the lowest 3 year fixed rates around, the Well Homes Loans Well Balanced Fixed Home Loan is definitely worth some attention. Not only does it offer an attractive 2.74% (2.94% comparison rate*) 3 year fixed rate, there are also some handy features that may tickle your fancy like complimentary extra repayments and a free redraw facility as well as the option to set up an offset account for $10 a month.

Suncorp - Fixed Home Loan Special Offer

2.99% 3 year fixed rate (3.84% comparison rate*)
2019 Mozo Experts Choice Awards^ winner
Annual package fee waived in the first year

Find out more

Looking for an award-winning loan that offers a competitive rate? Say hello to the Suncorp Fixed Home Loan (Home Package Plus). Receive a low 2.99% 3 year fixed rate (3.84% comparison rate*) when you bundle your loan with a Suncorp Everyday Option Bank Account. Not enough? Suncorp will waive your first annual package fee when you take out your loan. There’s no question as to why Mozo’s expert judges awarded it a 2019 Mozo Experts Choice Award^ for Best Fixed Rate Home Loan.

UBank - UHomeLoan

2.99% 3 year fixed rate (3.45% comparison rate*)
Double 2019 Mozo Experts Choice Awards^ winner
Complimentary extra repayments (up to $20,000)

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Online lender UBank has proven to be a seriously competitive player when it comes to fixed rate home loans. The UHomeLoan (Fixed) comes with a nice 2.99% 3 year fixed rate (3.45% comparison rate*) as well as complimentary extra repayments up to $20,000 per year. If you’re after a bit of reassurance, the UBank UHomeLoan (Fixed) took not one but two 2019 Mozo Expert Choice Awards^ in the Best Fixed Rate Home Loan and Best Investor Fixed Home Loan.

Newcastle Permanent - Fixed Rate Home Loan

2.99% 3 year fixed rate (4.08% comparison rate*)
Multiple 2019 Mozo Expert Choice Awards^
Complimentary extra repayments and redraw facility

Find out more

The Newcastle Permanent Fixed Rate Home Loan (Premium Plus Package) has reason to boast. Not only because it offers a killer 2.99% 3 year fixed rate (4.08% comparison rate*) it took home multiple 2019 Mozo Expert Choice Awards. On this loan you are able to make complimentary extra repayments (up to $25,000 annually) and redraws if you need to, and if you’re on the hunt for other products like car insurance or a credit card, you could receive a discount if you get one with Newcastle Permanent!

Heritage Bank - Fixed Rate Loan

2.99% 3 year fixed rate (3.67% comparison rate*)
Complimentary extra repayments and redraw facility
No application fee

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If you’re keen to lock in a competitive rate on a 3 year term, the Heritage Bank Fixed Rate Home Loan (Home Advantage) could be what you are after. With a low 2.99% 3 year fixed rate (3.67% comparison rate*) and some useful features like complimentary extra repayments and redraw, not only will you save on interest but you’ll have the flexibility to pay your loan in the way you want to. And if you’re not a fan of pesky application fees, rest easy knowing Heritage Bank won’t charge you any, though you will need to budget for the $350 yearly service fee.

^Find out more about the 2019 Mozo Experts Choice Awards for Home Loans.

While these are some of the top rates at the moment, experts are predicting another RBA cut before the end of the year, so bear in mind you may find some sweeter deals later on.

On the other hand, you may also consider looking around at variable rate home loans so you can ride the downward interest rate wave.

Need a little bit more help to find the right home loan for you? Jump over to our home loan comparison table for more lenders or have a read of our handy guides and tips.

^* 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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