Qudos Bank joins the under 6% club of home loans

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Qudos Bank has cut rates on its No Frills Home Loan (Owner Occupier, Principal & Interest), bringing it under 6% p.a. 

Qudos joins the ‘under 6% club’ in effect, with its headline rate now at 5.99% p.a., as per Mozo data. 

Keep in mind that loan-to-value-ratio (LVR) typically impacts which rate you are offered. For example, to secure the lower 5.99% p.a. rate from Qudos you must meet an LVR of 70%, meaning a 30% initial deposit (or equity) is required.  

Are there other home loans with an interest rate lower than 6%?

Currently in the Mozo database there are about a dozen owner-occupier (P&I) home loans below 6%, including Community First’s Basic Variable Home Loan at 5.94% p.a. (comparison rate 5.96%) and Homestar’s Star Classic Home Loan at 5.99% (same comparison rate). 

There are several others and these are worth reviewing on our home loans comparison page, including Unloan's Variable Home Loan at 5.99% p.a. (5.90% comparison rate) on an 80% LVR.

It should be noted however that headline rates do not typically factor in fees and therefore are lower. For a complete picture, review the loan’s comparison rate as this takes into account any fees. 

In the case of Qudos, its newly revised home loan rate equates to 6.09% comparison rate. 

If you’re ready to compare home loans be sure to check out some of the leading loans below or visit our home loans comparison hub page.

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 473 home loans.
Last updated 15 June 2024 Important disclosures and comparison rate warning*
  • Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    6.14% p.a.
    6.16% p.a.

    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.

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    Details
  • Variable Home Loan 90

    Principal and Interest, LVR <90%

    variable rate
    comparison rate
    Initial monthly repayment
    6.04% p.a.
    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.

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    Details
  • The Better Home Loan Special Offer

    Owner Occupier, Principal & Interest, LVR<80%

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

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    Details
  • Discount Variable Home Loan

    Owner Occupier, LVR<70%

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