November home loan snapshot: RBA rate hike looms over Melbourne Cup.
Key Points
- If the RBA hikes in November, home loan interest rates will rise again.
- Lenders have been making a mixed bag of hikes and cuts.
- Fixed interest rates on home loans have started to climb.

Economists are placing bets for Cup Day, and odds are home loans may have a shock in November. Inflation and the weather have started to warm again headed into summer, so now there’s a greater than none chance the Reserve Bank of Australia will hike the cash rate another 25 basis points to 4.35% – another decade high.
The last few months have been relatively quiet for home loans, though lenders have made a mixed bag of small increases and decreases depending on the mortgage. It’s been good news for buyers during spring property season, who’ve had more choice than usual and a calmer interest rate environment to buy in. Even the average variable rate for owner-occupiers in Mozo’s database hasn’t shifted more than 1 basis point in three months, hovering around 6.61% p.a.
However, with inflation proving stickier than usual, the RBA may want to move interest rates again in November rather than wait for December – and risk angering Aussies before Christmas. Indeed, Commonwealth Bank, Westpac, and ANZ have changed their minds about when we’ll hit the peak of the rate cycle. Essentially: brace for a rate hike sooner rather than later.
So what do home buyers need to know? Let’s get into your November home loan snapshot.
Head to our RBA rate tracker for more information on how RBA decisions affect home loans.
Fixed rates increasing on longer terms
Avoiding the rate cycle by fixing your home loan might be tempting, but the deals are getting worse again. Most changes to fixed home loans in the Mozo database in October were increases, particularly on longer terms of 4 and 5-years. This lifted the averages for fixed terms between 1 and 3 basis points.
If the RBA hikes in November, shorter terms may surge again as lenders readjust their rate expectations for the following year.
At the time of writing, these are the average fixed rates for owner occupiers with an 80% LVR and a $400,000 loan:
- 1-year: 6.39% p.a.
- 2-year: 6.32% p.a.
- 3-year: 6.27% p.a.
- 4-year: 6.50% p.a.
- 5-year: 6.50% p.a.
Recent home loan rate movements
Small and big banks alike have shuffled their home loan offerings. Impressively, we saw some cuts from the major players, particularly on lower loan-to-value ratios (LVRs). We also saw some brand new home loans from insurance provider NRMA.
Here are some of the highlights from October.
- NRMA has launched a new suite of home loans starting from 5.83% p.a. (5.87% p.a. comparison rate*). Bendigo Bank backs the home loans.
- Bank of Queensland slashed its Economy Home Loan rates by 10 basis points for owner-occupiers with LVRs < 80%.
- Investors with up to 95% LVR can now access Commonwealth Bank’s Extra Home Loan.
- Heritage Bank and ME dropped interest rates between 10 and 16 bp on their discount and basic variable options.
- Newcastle Permanent dropped its lowest rate offer for the Special Real Deal Home Loan. It also cut its Discounted Variable Home Loan rates by 11 bp for LVRs < 80%.
- NAB broke from the pack by raising rates on its Base Variable Rate Home Loan by 10 bp.
- Suncorp added 5 bp to two of its home loans for borrowers with LVRs between 60% and 80%.
Current lowest home loan rates

Here are the lowest variable and fixed mortgage rates (P&I, LVR <80%) among lenders we track.
Lowest variable rates — Mozo database (1 November 2023)^^
Lender | Loan | Variable rate |
Pacific Mortgage Group | Standard Variable Home Loan | 5.59% p.a. (5.59% p.a. comparison rate*) |
Community First Bank | Basic Variable Home Loan | 5.69% p.a. (5.74% p.a. comparison rate*) |
Reduce Home Loans | Basic Home Loan | 5.69% p.a. (5.73% p.a. comparison rate*) |
The Mutual Bank | Special Budget Home Loan | 5.69% p.a. (5.70% p.a. comparison rate*) |
Lowest and average fixed rates — Mozo database (1 November 2023)^^
Term | Rate leader | Fixed rate |
1-year | Macquarie Credit Union | 5.48% p.a. (7.89% p.a. comparison rate*) |
2-year | South West Slopes Credit Union | 5.49% p.a. (6.18% p.a. comparison rate*) |
3-year | Australian Mutual Bank | 5.48% p.a. (6.10% p.a. comparison rate*) |
4-year | Qudos Bank | 5.84% p.a. (5.94% p.a. comparison rate*) |
5-year | RACQ Bank | 5.54% p.a. (6.20% p.a. comparison rate*) |
The above are the lowest rates in our database for borrowers with an LVR < 80%. More competitive rates are available for borrowers with lower loan-to-value ratios.
If you’re considering buying property or refinancing your existing mortgage, use Mozo’s home loan comparison table to examine lenders side-by-side, or use our refinance calculator to see how much you could save.
^^Interest rates are based on an owner occupier making principal and interest repayments on a $400,000 loan with an 80% LVR. Check out our dedicated Australian home loan statistics page for more information on average mortgage rates.
Compare low rate home loans in the table below.
-
Promoted
Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.90
%
p.a.
- Initial monthly repayment
-
$2,995
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.
- interest rate
-
5.99% p.a. (5.90% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
no
- Other restrictions
-
-
- Other benefits
-
Rate discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special Offers
-
-
Read reviews and learn more about Unloan home loans
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Promoted
Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
- Interest rate
-
5.55
%
p.a.
Fixed 2 years
- Comparison rate
-
6.05
%
p.a.
- Initial monthly repayment
-
$2,855
No upfront or ongoing fees. Free extra repayments and redraw facility. Fast approval times. Min 30% deposit required. Borrow up to $10,000,000.
- interest rate
-
1 year - 5.69% p.a. (6.12% p.a.*)
2 years - 5.55% p.a. (6.05% p.a.*)
3 years - 5.55% p.a. (6.00% p.a.*)
4 years - 5.69% p.a. (6.00% p.a.*)
5 years - 5.69% p.a. (5.97% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge Fee
-
$400.00
- Package
-
-
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Promoted
Variable Home Loan 90
- Principal and Interest
- LVR <90%
- Interest rate
-
6.04
%
p.a.
Variable
- Comparison rate
-
6.08
%
p.a.
- Initial monthly repayment
-
$3,011
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 10% deposit required.
- interest rate
-
6.04% p.a. (6.08% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$530
- Ongoing fees
-
$0.00
- Discharge Fee
-
$0.00
- Package
-
-
- Maximum loan to value ratio
-
90.00%
- 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
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
Offset sub-account available for additional +0.10%. $300 discharge fee and $250 discharge documentation fee applicable if loan doesnt go to full term.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about loans.com.au home loans
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Promoted
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
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.
- interest rate
-
5.99% p.a. (6.02% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
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Promoted
Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
- Interest rate
-
5.55
%
p.a.
Fixed 2 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$2,855
Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Fast approval times. Min 30% deposit required. Borrow up to $10,000,000.
- interest rate
-
1 year - 5.69% p.a. (6.34% p.a.*)
2 years - 5.55% p.a. (6.28% p.a.*)
3 years - 5.55% p.a. (6.22% p.a.*)
4 years - 5.69% p.a. (6.23% p.a.*)
5 years - 5.69% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge Fee
-
$400.00
- Package
-
Package
- Maximum loan to value ratio
-
70.00%
- minimum borrowing amount
-
$150,000
- maximum borrowing amount
-
$10,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Minimum redraw amount
-
-
- Offset account
-
yes
- Split account
-
yes
- Other restrictions
-
-
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about Macquarie home loans
Go to site -
Promoted
Basic Variable Home Loan
- Owner Occupier
- LVR <60%
- Interest rate
-
6.13
%
p.a.
Variable
- Comparison rate
-
6.16
%
p.a.
- Initial monthly repayment
-
$3,040
Competitive interest rate. No ongoing monthly loan maintenance fees. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.
- interest rate
-
6.13% p.a. (6.16% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
60.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$0.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
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Promoted
Mozo experts choice awards won:
- Fixed Rate Home Loan - 2024
- Investor Fixed Home Loan - 2024
Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
- Interest rate
-
5.74
%
p.a.
Fixed 2 years
- Comparison rate
-
6.16
%
p.a.
- Initial monthly repayment
-
$2,915
Secure a low rate and enjoy the certainty of repayments, with the BCU Fixed Rate Home Loan. Save with no ongoing annual fees. Pay up to $25,000 extra during a fixed period (T&Cs apply). Lock in for up to 5 years.
- interest rate
-
1 year - 6.49% p.a. (6.28% p.a.*)
2 years - 5.74% p.a. (6.16% p.a.*)
3 years - 6.29% p.a. (6.27% p.a.*)
4 years - 6.49% p.a. (6.35% p.a.*)
5 years - 6.49% p.a. (6.37% p.a.*)
- Fixed loan revert rate
-
6.23% p.a.
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Additional repayments allowed up to $25,000 during the fixed period.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about BCU Bank home loans
Go to site -
Promoted
Fixed Rate Home Loan
- Owner Occupier
- LVR<80%
- Interest rate
-
5.74
%
p.a.
Fixed 2 years
- Comparison rate
-
6.21
%
p.a.
- Initial monthly repayment
-
$2,915
Get repayment security with fixed rates from one to five years. Free extra repayments of up to $25,000 during the fixed rate period. Fix a portion of your loan and leave the rest variable. Choose to repay weekly, fortnightly, or monthly.
- interest rate
-
1 year - 6.54% p.a. (6.34% p.a.*)
2 years - 5.74% p.a. (6.21% p.a.*)
3 years - 6.39% p.a. (6.35% p.a.*)
4 years - 6.49% p.a. (6.39% p.a.*)
5 years - 6.49% p.a. (6.41% p.a.*)
- Fixed loan revert rate
-
6.29% p.a.
- Upfront fees
-
$300
- Ongoing fees
-
$0.00
- Discharge Fee
-
$395.00
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$20,000
- maximum borrowing amount
-
-
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest, Interest Only
- Availability
-
Owner Occupier
- Repayment options
-
Monthly
- Extra repayments
-
yes - free up to $25,000 during fixed period
- Redraw facility
-
no
- Minimum redraw amount
-
-
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Legal and valuation fees charged at cost.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about P&N Bank home loans
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Promoted
Intro Discounted Standard Variable Rate
- Owner Occupier
- Principal & Interest
- Interest rate
-
6.20
%
p.a.
Variable for 12 months and then 6.60% p.a.
- Comparison rate
-
6.56
%
p.a.
- Initial monthly repayment
-
$3,191
Enjoy a discount of 0.40% p.a. applied for the first 12 months of the loan. No application, account or establishment fees to pay to help pay. Make additional repayments without being penalised. Other fees may apply. 20% deposit required.
- interest rate
-
6.60% p.a. (6.56% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge Fee
-
-
- Package
-
-
- Maximum loan to value ratio
-
80.00%
- minimum borrowing amount
-
$100,000
- maximum borrowing amount
-
$2,500,000
- type of mortgage
-
Variable
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$1.00
- Offset account
-
yes
- Split account
-
no
- Other restrictions
-
Legal and exit fee at cost. Valuation fee charged at cost, starting from $132.
- Other benefits
-
-
- Special Offers
-
-
Read reviews and learn more about SWSbank home loans
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Promoted
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
- Interest rate
-
5.69
%
p.a.
Fixed 2 years
- Comparison rate
-
6.20
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- interest rate
-
1 year - 6.19% p.a. (6.30% p.a.*)
2 years - 5.69% p.a. (6.20% p.a.*)
3 years - 5.69% p.a. (6.16% p.a.*)
4 years - 5.89% p.a. (6.19% p.a.*)
5 years - 5.89% p.a. (6.17% p.a.*)
- Fixed loan revert rate
-
6.24% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge Fee
-
$350.00
- Package
-
-
- Maximum loan to value ratio
-
95.00%
- minimum borrowing amount
-
$10,000
- maximum borrowing amount
-
$5,000,000
- type of mortgage
-
Fixed
- Repayment types
-
Principal & Interest
- Availability
-
Owner Occupier
- Repayment options
-
Weekly, Fortnightly, Monthly
- Extra repayments
-
yes - free up to 1 year in advance
- Redraw facility
-
yes - free
- Minimum redraw amount
-
$500.00
- Offset account
-
no
- Split account
-
yes
- Other restrictions
-
Monthly fee only applies to fixed period of loan.
- Other benefits
-
-
- Special Offers
-
$4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
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Your selected home loans
* 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.