November home loans snapshot

aerial views of homes

The Reserve Bank of Australia lifted interest rates by 0.25% in November, marking the seventh consecutive month of monetary policy tightening. 

A number of analysts had expected the central bank to return to the more aggressive stance which characterised the four months from June to September. Over this period it raised interest rates by a staggering 200 basis points.

This month’s business-as-usual 25 basis point hike will come as a relief to homebuyers, but borrowing costs are set to increase nonetheless. For example, on a $500,000 mortgage the average borrower can expect their monthly repayments to jump by $74.

This assumes that lenders will lift their variable rates in kind, as has been the case following each of the RBA’s decisions this year. In recent months, however, a small number of lenders have refrained from passing on the full hike, particularly to new customers.

So how are variable rates and fixed rates faring at the moment? Find out below.

Recent home loan rate movements

Variable rate home loans

  • Auswide Bank only passed on 10 bp for all variable rates with its lowest home loan rate now sitting at 4.21% p.a. (4.28% p.a comparison rate*).
  • Bank First increased variable rates by 15 bp for owner occupiers and 10 bp for investors. Owner occupier rates now start at 4.24% p.a (4.27% p.a comparison rate*) and investors at 4.64% p.a. (4.67% p.a comparison rate*).
  • ubank lifted rates by between 10 and 25 bp depending on loan and borrower type. 

Fixed rate home loans 

  • ING added between 10 and 50 bp across its range of fixed rate loans, with larger increases reserved for its longer term options. Its 4-year Orange Advantage package now comes with a 5.79% p.a. fixed rate (5.16% comparison rate*).
  • Macquarie increased all rates for its fixed loan by 40 bp. 
  • Greater Bank hiked fixed rates across the board by 30 to 40 bp, putting its headline 3-year rate Ultimate rate at 5.99% p.a (6.31% p.a comparison rate*). 
  • Westpac increased certain options by 25 bp, while its St George group subsidiaries increased rates on all terms by between 30 and 136 bp.

Current lowest home loan rates

Interest rates have been trending upwards for some time now, but that doesn’t mean that there aren’t any worthwhile deals still on the market. Below are the lowest variable and fixed mortgage rates (P&I, LVR <80%) among lenders we track.

Lowest variable rates — Mozo database (November 1, 2022)^^

LenderLoanVariable rate
Police Credit UnionThe Better Home Loan Special Offer (Owner Occupier, Principal & Interest, LVR<80%)3.64% p.a. ( 3.64% p.a. comparison rate*)
Bank AustraliaBasic Home Loan (LVR<80%, Owner Occupier)3.99% p.a. ( 4.03% p.a. comparison rate*)
Bank AustraliaBasic Special Home Loan (LVR<90%, Owner Occupier)3.99% p.a. ( 4.03% p.a. comparison rate*)
Northern Inland Credit UnionDream Value Special Offer Home Loan (LVR <90%, Owner Occupier) (Package)3.99% p.a. ( 4.34% p.a. comparison rate*)
Homeloans360Owner Variable Home Loan (Plus, LVR <80%)4.08% p.a. ( 4.08% p.a. comparison rate*)

Lowest and average fixed rates — Mozo database (November 1, 2022)^^

TermRate leaderFixed rate
1-yearPolice Credit Union4.19% p.a. ( 4.97% p.a. comparison rate*)
2-yearbcu4.89% p.a. ( ​5.68% p.a. comparison rate*)
3-yearIMB Bank4.99% p.a. ( ​5.21% p.a. comparison rate*)
4-yearIMB Bank4.99% p.a. ( ​​5.20% p.a. comparison rate*)
5-yearPolice Bank5.54% p.a. ( 5.21% p.a. comparison rate*)

The above are the lowest rates available in our database for borrowers with an <80% LVR. More competitive rates are available for borrowers with lower loan-to-value ratios.

Thinking about buying a 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.

Loan details

Rate change

Repayment change if rates go up

Home loan comparisons on Mozo - last updated 30 May 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.25% p.a.
    fixed 3 years
    6.20% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

    Compare
    Details
  • Variable Home Loan 90

    Principal and Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.04% p.a. variable
    6.06% 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 10% deposit required.

    Compare
    Details
  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.01% p.a.

    A low rate home loan for owner-occupiers packed with great features including unlimited extra repayments, free online redraw, no application or monthly admin fees. Rate will vary depending on LVR. Winner of a Mozo Experts Choice 2024 Low Cost Home Loan Award^

    Compare
    Details
  • The Better Home Loan Special Offer

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.14% p.a.

    Enjoy a variable rate home loan with a bunch of features from Police Credit Union. Make extra repayments at any time without penalty. No monthly, annual or upfront fees. Free online redraw. Minimum 20% deposit. Qualifying criteria applies. Minimum loan amount is 200K. For new customers only. Mozo Experts Choice Home Lender Credit Union of the Year 2023.

    Compare
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

    Compare
    Details

* 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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