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. Advertiser disclosure.
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1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
$1234
Product details Close detailsSmart Booster Home Loan
1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
Smart Booster Home Loan
A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.
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1.99% p.a.variable for 12 months and then 2.48% p.a. variable
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2.47% 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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Optional - with 0.10% additional interest
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$520
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80.00%
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$50,000
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$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 Booster Home Loan
Details Close
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2.34% p.a. variable
2.34% p.a.
$1234
Product details Close detailsUHomeLoan - Discount Offer
Owner Occupier, Principal & Interest
2.34% p.a. variable
2.34% p.a.
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.
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.
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2.34% p.a. variable
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2.34% 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
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$0
-
80.00%
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$100,000
-
-
-
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
Details Close
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2.19% p.a. variable
2.19% p.a.
$1234
Product details Close detailsCelebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
2.19% p.a. variable
2.19% p.a.
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.^
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.^
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2.19% p.a. variable
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2.19% p.a.
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$0
-
$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
-
$0
-
60.00%
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$100,000
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$2,000,000
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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 Celebrate Variable Home Loan
Details Close
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2.09% p.a.
fixed 2 years2.56% p.a.
$1234
Product details Close detailsBasic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR 70-80%
2.09% p.a.
fixed 2 years2.56% p.a.
Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.
Basic Home Loan
Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.
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2.09% p.a.
fixed 2 years -
2.56% p.a.
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$0
-
$0.00
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$400.00
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yes - free
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yes - free
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no
-
$0
-
80.00%
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$150,000
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$750,000
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Fixed
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Principal & Interest
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Owner Occupier
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Monthly
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Read our Mozo Review to learn more about the Basic Home Loan
Details Close
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1.89% p.a.
fixed 2 years2.94% p.a.
$1234
Product details Close detailsFixed Home Loan Special Offer Home Package Plus
Owner Occupier, Principal & Interest, <80% LVR
1.89% p.a.
fixed 2 years2.94% p.a.
Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.
Fixed Home Loan Special Offer Home Package Plus
Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.
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1.89% p.a.
fixed 2 years -
2.94% p.a.
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$0
-
$375.00 yearly
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$350.00
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yes - free up to $500 per month
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no
-
no
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$0
-
80.00%
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$150,000
-
-
-
Fixed
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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 Fixed Home Loan Special Offer
Details Close
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^See information about the Mozo Experts Choice Home loans Awards
Want more options for refinancing your home loan to a better deal? Check out our refinancing loan comparison hub.
