Online lenders drive down rates, steal borrowers from banks

Mozo

30 Sep 2019

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Competition in the home loans market is heating up again as a growing wave of online lenders cut rates below 3.00%, forcing the big banks to fight back or risk losing borrowers to cheaper lenders.

With fixed rates starting from just 2.79% for 3 years (3.04* comparison rate), and a number of online lenders dropping variable rates in recent weeks, borrowers can now access incredibly cheap deals by comparing home loan options online and making the switch.

Mozo Director, Kirsty Lamont, said "Borrowers who do their homework and research the top rates could access savings of potentially tens of thousands of dollars over the life of their loan and cut years off their mortgage. And with the ease of applying online, you don't even need to  visit a branch or a broker.

So if you'd like to save on your home loan, take a look at some of the top offers on the market right now, see how they compare to your current rate and make the move today!

COMPARE TOP HOME LOANS & SAVE

Rates updated daily. Advertiser disclosure.

  • loans.com.au

    2.48% p.a. variable

    2.50% p.a.

    $1234

    Product details Close details
    Smart Home Loan 80

    A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.

    • 2.48% p.a. variable

    • 2.50% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan 80

  • HSBC

    2.09% p.a.
    fixed 2 years

    2.98% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan

    Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^

    • 2.09% p.a.
      fixed 2 years

    • 2.98% p.a.

    • $0

    • $0.00

    • $300.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • $0

    • 80.00%

    • $50,000

    • $7,500,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

  • Athena

    2.34% p.a. variable

    2.34% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    • 2.34% p.a. variable

    • 2.34% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

  • UBank

    2.49% p.a. variable

    2.49% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    • 2.49% p.a. variable

    • 2.49% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $100,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Hot Deal $2,000 Refinance Cash Bonus (T&Cs apply)

    Suncorp

    2.68% p.a. variable

    2.69% p.a.

    $1234

    Product details Close details
    Back to Basics Special

    No monthly account keeping fee, no ongoing annual fee and no loan establishment fee on new lending of $150,000 or more. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.

    • 2.68% p.a. variable

    • 2.69% p.a.

    • $0

    • $0.00

    • $350.00

    • Yes - free

    • yes - free

    • no

    • $0

    • 80.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Refinance from another lender to receive a $2,000 cash bonus for loans of at least $250,000 or $3,000 bonus for loans over $750,000. Available for loans with an LVR <90% and applications made by 18 December 2020 and settled by 26 March 2021.

    Read our Mozo Review to learn more about the Back to Basics Special

  • Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)

    Bank of Queensland

    2.59% p.a. variable

    2.76% p.a.

    $1234

    Product details Close details
    Economy Home Loan Discount Rate

    An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.

    • 2.59% p.a. variable

    • 2.76% p.a.

    • $450

    • $10.00 monthly

    • $320.00

    • yes - free

    • yes

    • no

    • $450

    • 70.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 29 November 2020, settle by 28 February 2021.

    Read our Mozo Review to learn more about the Economy Home Loan Discount Rate

  • IMB Bank

    2.61% p.a. variable

    2.67% p.a.

    $1234

    Product details Close details
    Budget Home Loan

    Competitve low interest rate for owner-occupiers with at least a 20% deposit, and no upfront fees. Free extra repayments and redraw. Zero ongoing fees.

    • 2.61% p.a. variable

    • 2.67% p.a.

    • $773

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • $773

    • 80.00%

    • $75,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Budget Home Loan

  • AMP Bank

    2.59% p.a. variable

    3.00% p.a.

    $1234

    Product details Close details
    Professional Package Variable Rate Home Loan Professional Package

    Enjoy a variable rate with the AMP Bank Professional Package Home Loan. 100% offset accounts available with full transaction access. Handy redraw facility available upon request. Minimum 20% deposit required. Other rates available for interest only option. Pre-qualify today.

    • 2.59% p.a. variable

    • 3.00% p.a.

    • $295

    • $349.00 yearly

    • $350.00

    • yes - free

    • yes

    • yes

    • $295

    • 80.00%

    • $100,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Professional Package Variable Rate Home Loan

  • Newcastle Permanent

    2.18% p.a.
    fixed 2 years

    3.72% p.a.

    $1234

    Product details Close details
    Special Fixed Rate Home Loan Premium Plus Package

    No ongoing fees. Ability to split your loan between fixed and variable. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Limited time offer, T&Cs apply.

    • 2.18% p.a.
      fixed 2 years

    • 3.72% p.a.

    • $0

    • $395.00 yearly

    • $0.00

    • yes - free up to $25,000 p.a.

    • yes - free

    • no

    • $0

    • 80.00%

    • $5,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $2,000 cashback when you refinance your home loan from another financial institution when you apply by 30 November 2020, min $250k, LVR <80%

    Read our Mozo Review to learn more about the Special Fixed Rate Home Loan

  • Hot Deal Special rate applies to home loan applications submitted by 30th November 2020

    Yard

    2.19% p.a. variable

    2.22% p.a.

    $1234

    Product details Close details
    Variable Home Loan Special

    Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 30th November 2020.

    • 2.19% p.a. variable

    • 2.22% p.a.

    • $835

    • $0.00

    • $500.00

    • yes - free

    • yes - free

    • Optional - $10 per month

    • $835

    • 70.00%

    • $150,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Special rate applies to home loan applications submitted by 30 November 2020.

    Read our Mozo Review to learn more about the Variable Home Loan Special

^See information about the Mozo Experts Choice Home loans Awards