Rate hike shock hits 1 in 2 borrowers
04 Jun 2018
Has your budget been feeling a little tighter than usual lately? It’s no surprise, considering Mozo data reveals that 43 lenders have hiked variable rates for home loan customers since August 2016.
“1 in 2 Aussie borrowers have been stung by out-of-cycle rate rises since the last RBA rate change in 2016, according to a Mozo survey,” said Mozo Director Kirsty Lamont.
Despite this, 8 in 10 borrowers haven’t even thought about switching to a better deal - a decision that could be costing them tens thousands of dollars. By switching from 4.00% variable rate to a 3.70% rate, borrowers could shave $17,245 off a $350,000 mortgage over 25 years.
“There’s no reason for Aussies to be overpaying on their mortgage, since half of the lenders in Mozo’s database now offer a rate under 3.70% to new customers. So if you’re paying too much, today could be the day to switch,” said Lamont.
Get started by comparing some of the lowest home loan rates available in the table below.
Low rate home loans - June 2018 - rates updated daily
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Promoted
loans.com.au3.03% p.a. variable
3.05% p.a.
$1234
Product details Close detailsloans.com.auSmart Home Loan
Owner Occupier, Principal & Interest
3.03% p.a. variable
3.05% p.a.
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.
Smart Home Loan
A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.
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3.03% p.a. variable
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3.05% p.a.
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$520
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$0.00
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$0.00
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yes - free
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yes - free
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no
-
80.00%
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$50,000
-
$1,000,000
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Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Smart Home Loan
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Promoted
UBank
3.09% p.a. variable
3.09% p.a.
$1234
Product details Close detailsUBank UHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
3.09% p.a. variable
3.09% p.a.
One of Australia's leading digital banks. Easy & fast to apply. Free redraw with flexible repayments. Min. 20% deposit required. Low rate and no bank fees (on variable loans). Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^
UHomeLoan - Discount Offer
One of Australia's leading digital banks. Easy & fast to apply. Free redraw with flexible repayments. Min. 20% deposit required. Low rate and no bank fees (on variable loans). Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category.^
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3.09% p.a. variable
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3.09% p.a.
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$0
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$0.00
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$0.00
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yes - free
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yes - free
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no
-
80.00%
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$200,000
-
-
-
Variable
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Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the UHomeLoan - Discount Offer
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Promoted
Athena3.09% p.a. variable
3.05% p.a.
$1234
Product details Close detailsAthenaVariable Home Loan
Owner Occupier, Principal & Interest
3.09% p.a. variable
3.05% p.a.
Low rates, no fees, and automatic rate match. New-comer Athena wants you to love them and leave them. Refinance only. Minimum 20% deposit.
Variable Home Loan
Low rates, no fees, and automatic rate match. New-comer Athena wants you to love them and leave them. Refinance only. Minimum 20% deposit.
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3.09% p.a. variable
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3.05% p.a.
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$0
-
$0.00
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$0.00
-
yes - free
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yes - free
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no
-
80.00%
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$100,000
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$2,000,000
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Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Variable Home Loan
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Promoted
Hot Deal Earn 300,000 bonus Qantas Points when you apply by 31 August
ANZ3.38% p.a. variable
3.42% p.a.
$1234
Product details Close detailsANZSimplicity PLUS Special Offer LVR <80%
Owner Occupier, Principal & Interest
3.38% p.a. variable
3.42% p.a.
Competitive low rate. No upfront or monthly fees. Flexibility to make extra repayments and redraw. Plus, score 300,000 bonus Qantas Points when you apply for a home loan over $300,000 by 31 August 2019, and settle by 31 Jan 2020. Minimum 20% deposit required.
Simplicity PLUS Special Offer LVR <80%
Competitive low rate. No upfront or monthly fees. Flexibility to make extra repayments and redraw. Plus, score 300,000 bonus Qantas Points when you apply for a home loan over $300,000 by 31 August 2019, and settle by 31 Jan 2020. Minimum 20% deposit required.
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3.38% p.a. variable
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3.42% p.a.
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$0
-
$0.00
-
$160.00
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yes - free
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yes
-
no
-
80.00%
-
$50,000
-
-
-
Variable
-
Principal & Interest
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Owner Occupier
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Weekly, Fortnightly, Monthly
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Apply for a home loan over $300,000 by 31 August 2019, and settle by 31 Jan 2020 to earn 300,000 Qantas Points.
Read our Mozo Review to learn more about the Simplicity PLUS Special Offer LVR <80%
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Featured Product
ME3.39% p.a. variable
3.83% p.a.
$1234
Product details Close detailsMEFlexible Home Loan Member Package
Owner Occupier, LVR<80%, Principal & Interest
3.39% p.a. variable
3.83% p.a.
A flexible Home Loan with Member Package for Owner Occupiers including a low rate, redraw and offset. Annual fee $395.
Flexible Home Loan Member Package
A flexible Home Loan with Member Package for Owner Occupiers including a low rate, redraw and offset. Annual fee $395.
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3.39% p.a. variable
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3.83% p.a.
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$200
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$395.00 yearly
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$350.00
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yes - free
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yes - free
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yes
-
80.00%
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$400,000
-
$699,999
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Variable
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Principal & Interest
-
Owner Occupier
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Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about the Flexible Home Loan
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Want more options for refinancing your home loan to a better deal? Check out our refinancing loan comparison hub.
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