Record low rates fuel bank comparison boom

Kirsty Lamont

03 Sep 2019

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Interest in low rate home loans is surging in the wake of the Reserve Bank’s cash rate cuts, as Aussie borrowers hit comparison sites in search of cheaper mortgage deals. The New Daily reports that tens of thousands of Australians have taken up the Treasurer’s advice to “shop around and get the best possible deal”.

With the ultra low rates currently on offer, it's no surprise so many borrowers have decided its time to compare and cash in. Choosing the best value home loan over the average big bank loan could save a typical borrower with a $400,000 mortgage more than $72,000 over the life of the loan. 

Comparison sites offer a great way to compare the smaller and non-bank lenders with the sharpest rates. It’s worth remembering there’s nothing to fear from small lenders. The only thing you’ll give up by leaving the top end of town is an opportunity to pay a higher interest rate.

COMPARE TOP HOME LOANS AND SAVE - rates updated daily

  • Promoted

    loans.com.au

    3.03% p.a. variable

    3.05% p.a.

    $1234

    Product details Close details
    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.

    • 3.03% p.a. variable

    • 3.05% p.a.

    • $520

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 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

  • Promoted

    UBank

    3.09% p.a. variable

    3.09% p.a.

    $1234

    Product details Close details
    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.^

    • 3.09% p.a. variable

    • 3.09% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    Athena

    3.09% p.a. variable

    3.05% p.a.

    $1234

    Product details Close details
    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.

    • 3.09% p.a. variable

    • 3.05% p.a.

    • $0

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    ANZ

    3.38% p.a. variable

    3.42% p.a.

    $1234

    Product details Close details
    Simplicity PLUS Special Offer LVR <80%

    Competitive low rate. No upfront or monthly fees. Flexibility to make extra repayments and redraw. Minimum 20% deposit required.

    • 3.38% p.a. variable

    • 3.42% p.a.

    • $0

    • $0.00

    • $160.00

    • yes - free

    • yes

    • no

    • 80.00%

    • $50,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Simplicity PLUS Special Offer LVR <80%

  • Promoted

    Suncorp

    3.18% p.a. variable

    3.19% 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. Only 10% deposit required. $1500 cashback offer for refinancers of eligible loans more than $250,000 with LVR less than 80%.

    • 3.18% p.a. variable

    • 3.19% p.a.

    • $0

    • $0.00

    • $350.00

    • Yes - free

    • first redraw per month free

    • no

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    Homestar

    2.99% p.a. variable

    3.02% p.a.

    $1234

    Product details Close details
    Star Essentials Home Loan

    One of the lowest home loan rate in town packed with essential features. No application or ongoing fees. Unlimited additional repayments with free online redraws. Min. loan size $150k, no construction loan.

    • 2.99% p.a. variable

    • 3.02% p.a.

    • $596

    • $0.00

    • $535.00

    • yes - free

    • yes - free

    • no

    • 80.00%

    • $150,000

    • $850,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Star Essentials Home Loan

  • Promoted

    Bank of Queensland

    2.99% p.a.
    fixed 3 years

    3.79% p.a.

    $1234

    Product details Close details
    Discount Fixed Rate 300k+

    Minimum loan amount of $300k. 20% deposit needed. Free additional repayments up to $5,000 per year.

    • 2.99% p.a.
      fixed 3 years

    • 3.79% p.a.

    • $450

    • $10.00 monthly

    • $320.00

    • yes - free up to $5,000 p.a

    • no

    • no

    • 80.00%

    • $300,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Discount Fixed Rate 300k+

  • Promoted

    IMB Bank

    3.31% p.a. variable

    3.37% p.a.

    $1234

    Product details Close details
    Budget Home Loan

    Start with only 10% minimum deposit. Unrestricted additional repayments and free redraw facility.

    • 3.31% p.a. variable

    • 3.37% p.a.

    • $799

    • $0.00

    • $350.00

    • yes - free

    • yes - free

    • no

    • 90.00%

    • $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

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.

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