November home loan snapshot: CBA and NAB lower variable rates

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)^^
Lender | Loan | Variable rate |
Reduce Home Loans | Super Saver | 1.88% (1.97% comparison rate*) |
Tic:Toc | Variable Home Loan | 1.89% (1.90% comparison rate*) |
Police Credit Union | Better Home Loan | 1.89% (1.93% comparison rate*) |
Gateway Bank | Green Plus Home Loan | 1.89% (2.24% comparison rate*) |
Pacific Mortgage Group | Standard Variable | 1.94% (1.94% comparison rate*) |
Lowest and average fixed rates — November database (November 1, 2021)^^
Term | Rate leader | Fixed rate | Mozo average |
1-year | Greater Bank | 1.59% (2.15% comparison rate*) | 2.27% |
2-year | Greater Bank | 1.59% (2.10% comparison rate*) | 2.25% |
3-year | MOVE Bank | 1.89% (3.14% comparison rate*) | 2.41% |
4-year | Virgin Money | 2.29% (2.66% comparison rate*) | 2.68% |
5-year | Freedomlend | 2.47% (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.
Compare home loans - last updated 9 August 2022
-
Variable Home Loan 70
interest rate
comparison rate
Initial monthly repayment3.10% p.a. variable3.12% p.a.Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.
CompareCompareVariable Home Loan 70
Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.
- interest rate
- 3.10% p.a. variable
- comparison rate
- 3.12% p.a.
- interest rate
- 3.10% p.a. variable
- comparison rate
- 3.12% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- Offset account
- yes
- Maximum loan to value ratio
- 70.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Variable Home Loan 70
-
Unloan Variable
Owner Occupier, Refinance Only
interest rate
comparison rate
Initial monthly repayment3.14% p.a. variable3.06% p.a.For refinancers only. 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 in as little as 10 minutes.
CompareCompareUnloan Variable
For refinancers only. 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 in as little as 10 minutes.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.06% p.a.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.06% p.a.
- Upfront fees
- $0
- Ongoing fees
- -
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $10,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Unloan Variable
-
Featured Product
Neat Home Loan
Owner Occupier, Principal & Interest, LVR <60%
interest rate
comparison rate
Initial monthly repayment3.14% p.a. variable3.16% p.a.Low variable rate No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required. Winner of Mozo Experts Choice Australia's Best Essential Bank 2022^.
CompareCompareNeat Home Loan
Low variable rate No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required. Winner of Mozo Experts Choice Australia's Best Essential Bank 2022^.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.16% p.a.
- interest rate
- 3.14% p.a. variable
- comparison rate
- 3.16% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $80,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Neat Home Loan
-
PAYG Home Loan
Owner Occupier, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment3.29% p.a. variable3.33% p.a.Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
CompareComparePAYG Home Loan
Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
- interest rate
- 3.29% p.a. variable
- comparison rate
- 3.33% p.a.
- interest rate
- 3.29% p.a. variable
- comparison rate
- 3.33% p.a.
- Upfront fees
- $840
- Ongoing fees
- $0.00
- Discharge Fee
- $500.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $250,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the PAYG Home Loan
-
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
interest rate
comparison rate
Initial monthly repayment3.79% p.a. variable3.79% p.a.Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
CompareCompareCelebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.
- interest rate
- 3.79% p.a. variable
- comparison rate
- 3.79% p.a.
- interest rate
- 3.79% p.a. variable
- comparison rate
- 3.79% p.a.
- Upfront fees
- $0
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- yes
- Maximum loan to value ratio
- 60.00%
- minimum borrowing amount
- $100,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Celebrate Variable Home Loan
-
Featured Product
Neat Home Loan
Owner Occupier, Principal & Interest, LVR 60-70%
interest rate
comparison rate
Initial monthly repayment3.24% p.a. variable3.26% p.a.Low variable rate. No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 30% deposit required.
CompareCompareNeat Home Loan
Low variable rate. No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 30% deposit required.
- interest rate
- 3.24% p.a. variable
- comparison rate
- 3.26% p.a.
- interest rate
- 3.24% p.a. variable
- comparison rate
- 3.26% p.a.
- Upfront fees
- $250
- Ongoing fees
- $0.00
- Discharge Fee
- $300.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- no
- Maximum loan to value ratio
- 70.00%
- minimum borrowing amount
- $80,000
- maximum borrowing amount
- $5,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Neat Home Loan
-
Smart Booster Home Loan
2 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
interest rate
comparison rate
Initial monthly repayment3.60% p.a.variable for 24 months and then 4.00% p.a. variable3.96% p.a.Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
CompareCompareSmart Booster Home Loan
Already includes July RBA rate increase. New super low introductory rate home loan for two years. Min 20% deposit. No monthly or ongoing fees. Fast settlement times. Mozo award-winning online lender. Friendly, local Australian based team.
- interest rate
- 3.60% p.a.variable for 24 months and then 4.00% p.a. variable
- comparison rate
- 3.96% p.a.
- interest rate
- 3.60% p.a.variable for 24 months and then 4.00% p.a. variable
- comparison rate
- 3.96% p.a.
- Upfront fees
- $520
- Ongoing fees
- $0.00
- Discharge Fee
- $0.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - with 0.10% additional interest
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $50,000
- maximum borrowing amount
- $2,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the Smart Booster Home Loan
-
PAYG Investor Loan
Investment, Principal & Interest, LVR<80%
interest rate
comparison rate
Initial monthly repayment3.64% p.a. variable3.68% p.a.Low variable rate. Ideal for investors buying or refinancing. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
CompareComparePAYG Investor Loan
Low variable rate. Ideal for investors buying or refinancing. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.
- interest rate
- 3.64% p.a. variable
- comparison rate
- 3.68% p.a.
- interest rate
- 3.64% p.a. variable
- comparison rate
- 3.68% p.a.
- Upfront fees
- $840
- Ongoing fees
- $0.00
- Discharge Fee
- $500.00
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Offset account
- Optional - $10 per month
- Maximum loan to value ratio
- 80.00%
- minimum borrowing amount
- $250,000
- maximum borrowing amount
- $3,000,000
- type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Investor
- Repayment options
- Weekly, Fortnightly, Monthly
- Special Offers
Read our Mozo Review to learn more about the PAYG Investor Loan
* 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, loan amount and term entered. 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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