November home loan snapshot: CBA and NAB lower variable rates

By Tom Watson · · 3 min read
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Are we about to see a widespread shift in home loan interest rates? Speculation is certainly starting to grow that the Reserve Bank may be forced to bring forward an increase to the official cash rate ahead of its 2024 forecast.

We’ll learn more about any changes to the Reserve Bank’s thinking when it meets at tomorrow’s November board meeting, but in the meantime, it's worth reflecting on where the home loan rate market stands right now.

Recent variable and fixed rate movements

After months of quiet, the big four banks seem to have started playing catch up on variable rates in recent weeks, with both the Commonwealth Bank and NAB cutting rates on basic home loan offers. They weren't alone though, as there were enough variable rate cuts from other lenders to nudge the Mozo database average down by two basis points to a new low of 3.12%. Here are some of the major changes:

  • CBA took 74bp off of its Extra Home Loan, meaning the new rate for owner occupiers (70-80% LVR) is 2.39% p.a. (2.40% p.a. comparison rate*)
  • Gateway Bank cut the rate on its Green Plus Home Loan (Premium Package) by 45bp, meaning the new rate for owner occupiers (<80% LVR) is 1.89% (2.24% comparison rate*)
  • ING reduced rates on its Mortgage Simplifier loan by 25bp, meaning the new rate for owner occupiers (<80% LVR) is 2.24% p.a. (2.27% p.a. comparison rate*)
  • NAB took 40bp off of its Base Variable Rate Home, meaning the new rate for owner occupiers (<80% LVR) is 2.29% p.a. (2.33% p.a. comparison rate*)

The major banks were also among the more significant movers and shakers on the fixed rate front. Following a few recent cuts, all four big banks are now offering a 1-year fixed rate home loan with a headline rate below 2.00%. More broadly though, 1 and 2-year fixed rates continue to remain relatively stable, while 3, 4 and 5-year fixed rates are still trending higher. Here are a few of the major fixed rate changes:

  • ANZ cut the 1-year rate on its Fixed Rate (Breakfree Package) by 5bp for owner occupiers (<80% LVR) to 1.99% p.a. (3.33% p.a. comparison rate*)
  • CBA reduced the 1-year rate on its Fixed Rate Home Loan (Wealth Package) by 10bp for owner occupiers (<80% LVR) to 1.99% p.a. (4.10% p.a. comparison rate*) 
  • NAB decreased the 1-year rate on its Tailored Home Loan (Choice Package) by 10bp for owner occupiers (<80% LVR) to 1.99% p.a. (4.15% p.a. comparison rate*)

Lowest home loan rates

Those are a few of the latest changes, but how do they compare to some of the sharpest rates around? 

While we don’t track every home loan in the market, we do track over 500 home loans from more than 80 lenders in the Mozo database. So here’s a snapshot of some of the lowest home loan rates currently in the Mozo database which are available to owner occupiers (P&I repayments, <80% LVR). 

Lowest variable rates — Mozo database (November 1, 2021)^^

LenderLoanVariable rate
Reduce Home LoansSuper Saver1.88% (1.97% comparison rate*)
Tic:TocVariable Home Loan1.89% (1.90% comparison rate*)
Police Credit UnionBetter Home Loan1.89% (1.93% comparison rate*)
Gateway BankGreen Plus Home Loan1.89% (2.24% comparison rate*)
Pacific Mortgage GroupStandard Variable 1.94% (1.94% comparison rate*)

Lowest and average fixed rates — November database (November 1, 2021)^^

TermRate leaderFixed rateMozo average
1-yearGreater Bank1.59% (2.15% comparison rate*)2.27%
2-yearGreater Bank1.59% (2.10% comparison rate*)2.25%
3-yearMOVE Bank1.89% (3.14% comparison rate*)2.41%
4-yearVirgin Money2.29% (2.66% comparison rate*)2.68%
5-yearFreedomlend2.47% (2.14% comparison rate*)2.87%

It’s also worth noting that there are even lower rates available to borrowers with lower loan-to-value ratios (LVRs) - namely below the 70% and 60% LVR thresholds.

RELATED: Multiple lenders are offering $3,000 cashback to refinance your home loan

Ready to snag a competitive rate on your mortgage? Check out some of the great fixed and variable offers in the table below, or head on offer to the Mozo home loan comparison hub to compare even more loans. 

^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. For more information on average mortgage rates, check out our dedicated Australian home loan statistics page.

Home loan comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can compare more home loans here.
Last updated 27 July 2024 Important disclosures and comparison rate warning*

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Optimum Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

  • OMG Home Loan

    • Owner Occupier
    • Principal & Interest
    • <60% LVR
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.99 % p.a.
    Fixed 3 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Express Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <90%
    Interest rate
    6.01 % p.a.
    Variable
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $3,001
    Go to site

    Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

  • Neat Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

  • Special Real Deal Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    6.09 % p.a.
    Variable
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $3,027
    Go to site

    Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.

  • Flex Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.38 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.20 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    6.25 % p.a.
    Fixed 3 years
    Comparison rate
    6.42 % p.a.
    Initial monthly repayment
    $3,079
    Go to site

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.54 % p.a.
    Fixed 2 years
    Comparison rate
    7.10 % p.a.
    Initial monthly repayment
    $3,174

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

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Need help with refinancing?

You might have questions that need personal answers. We’ve teamed up with the mortgage brokers at Lendi to get you the answers you need, and a home loan deal you deserve.

Learn more

* 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

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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