Switch and save if your bank doesn't cut: RBA urges borrowers to act
Mozo
09 Nov 2020
Mortgage holders should take decisive action if their lender refuses to pass through the latest rate cut, according to Reserve Bank governor Philip Lowe.
It’s been a week since the RBA cut the cash rate to a new record low of 0.10%, but the response from Australia’s top bank lenders has been underwhelming to say the least.
ANZ, CommBank, NAB, Westpac, St George, Macquarie and others have all refused to pass through the cut to variable home loan customers, instead choosing to cut rates for a handful of fixed rate home loans.
“I encourage everybody to go to their bank and ask for a better deal," Dr Lowe said. "If they don't give it to you, switch to a bank that will."
Athena, Homestar, UBank, ME and Reduce Home Loans are just some of the smaller lenders who are showing the big banks how to put customers first by passing through the RBA cut to variable home loan borrowers.
Mozo’s analysis shows that the typical big 4 borrower with a $400,000 variable home loan could now save $3,600 a year by switching to the best rate on the market (Reduce Home Loans 2.05% comparison rate*).
If your lender is refusing to pass through the cut, now is the time to strike. Call your bank to demand a better deal: if they won’t budge, compare your interest rate against the new low rates on the market and see how much you could save by switching.
LOW RATE HOME LOAN COMPARISONS - NOVEMBER 2020
Rates updated daily. Advertiser disclosure.
-
" style="width:60px;">
Mozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
2.47% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Offset Home Loan - 2021
- Low Cost Home Loan - 2021
Smart 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. Winner of two Mozo Expert's Choice Award for 2021.
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. Winner of two Mozo Expert's Choice Award for 2021.
-
1.99% p.a.variable for 12 months and then 2.48% p.a. variable
-
2.47% 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 Booster Home Loan
Details Close
-
1.75% p.a.
fixed 3 years2.22% p.a.
$1234
Product details Close detailsUHomeLoan
Owner Occupier, Principal & Interest
1.75% p.a.
fixed 3 years2.22% p.a.
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
UHomeLoan
$0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.
-
1.75% p.a.
fixed 3 years -
2.22% p.a.
-
$0
-
$0.00
-
$0.00
-
yes - free up to $20,000 p.a.
-
no
-
no
-
$0
-
80.00%
-
$100,000
-
$2,000,000
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
$395 Establishment fee waived for fixed rate loans that settle by 30 September 2022. Receive 1.75% 3 year fixed rate when you apply by 29 April 2021 and settle within 90 days.
Read our Mozo Review to learn more about the UHomeLoan
Details Close
-
-
2.09% p.a.
fixed 3 years2.43% p.a.
$1234
Product details Close detailsBasic Home Loan
Fixed, Owner Occupier, Principal & Interest, LVR<70%
2.09% p.a.
fixed 3 years2.43% p.a.
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
Basic Home Loan
Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.
-
2.09% p.a.
fixed 3 years -
2.43% p.a.
-
$0
-
$0.00
-
$400.00
-
yes - free
-
yes - free
-
no
-
$0
-
70.00%
-
$150,000
-
$750,000
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Monthly
-
Read our Mozo Review to learn more about the Basic Home Loan
Details Close
-
-
Mozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
2.19% p.a. variable
2.19% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Home Loan Innovation - 2021
- Investor Home Loan - 2021
- Low Cost Home Loan - 2021
Celebrate Variable Home Loan
<60% LVR, Owner Occupier, Principal & Interest
2.19% p.a. variable
2.19% p.a.
Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.
Celebrate Variable Home Loan
Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Award for 2021.
-
2.19% p.a. variable
-
2.19% 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
Details Close
-
1.89% p.a.
fixed 2 years2.15% p.a.
$1234
Product details Close detailsFixed Home Loan
Owner Occupier, Principal & Interest
1.89% p.a.
fixed 2 years2.15% p.a.
Award-winning low rate home loan that could save you thousands. No application or ongoing fees, fee-free redraws, unlimited additional repayments and an optional offset account for $10/month. Minimum 10% deposit. Winner of Mozo’s Experts Choice Award for Online Home Lender of the Year 2021.^
Fixed Home Loan
Award-winning low rate home loan that could save you thousands. No application or ongoing fees, fee-free redraws, unlimited additional repayments and an optional offset account for $10/month. Minimum 10% deposit. Winner of Mozo’s Experts Choice Award for Online Home Lender of the Year 2021.^
-
1.89% p.a.
fixed 2 years -
2.15% p.a.
-
$0
-
$0.00
-
$325.00
-
yes - free, up to $20,000 p.a.
-
yes - free
-
Optional - $10 per month
-
$0
-
90.00%
-
$50,000
-
$2,000,000
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Fixed Home Loan
Details Close
-
-
Mozo experts choice awards won:
- Offset Home Loan - 2021
2.17% p.a. variable
2.20% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Offset Home Loan - 2021
Well Balanced
Owner Occupier, Principal & Interest, LVR <80%
2.17% p.a. variable
2.20% p.a.
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed. Offset Home Loan winner in the Mozo Expert's Choice Award for 2021.
Well Balanced
Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed. Offset Home Loan winner in the Mozo Expert's Choice Award for 2021.
-
2.17% p.a. variable
-
2.20% p.a.
-
$785
-
$0.00
-
$300.00
-
yes - free
-
yes - free
-
Optional - $10 per month
-
$785
-
80.00%
-
$200,000
-
$2,000,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Well Balanced
Details Close
-
1.89% p.a.
fixed 2 years3.67% p.a.
$1234
Product details Close detailsSpecial Fixed Rate Home Loan Premium Plus Package
Owner Occupier, Principal & Interest
1.89% p.a.
fixed 2 years3.67% p.a.
Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Enjoy local branches and call centre.
Special Fixed Rate Home Loan Premium Plus Package
Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Enjoy local branches and call centre.
-
1.89% p.a.
fixed 2 years -
3.67% 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 June 2021 and are funded by 31 August 2021, min $250k, LVR <80%
Read our Mozo Review to learn more about the Special Fixed Rate Home Loan
Details Close
-
-
Hot Deal $3,000 cashback when you refinance your home loan to BOQ (T&Cs apply)
Mozo experts choice awards won:
- Fixed Rate Home Loan - 2021
1.89% p.a.
fixed 2 years3.05% p.a.
$1234
Product details Close detailsMozo experts choice awards won:
- Fixed Rate Home Loan - 2021
Discount Fixed Rate
Owner Occupier, Principal & Interest, <80% LVR
1.89% p.a.
fixed 2 years3.05% p.a.
Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply). Fixed Rate Home Loan Winner in the Mozo Expert's Choice Award for 2021.
Discount Fixed Rate
Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply). Fixed Rate Home Loan Winner in the Mozo Expert's Choice Award for 2021.
-
1.89% p.a.
fixed 2 years -
3.05% p.a.
-
$450
-
$10.00 monthly
-
$350.00
-
yes - free up to $5,000 p.a
-
no
-
no
-
$450
-
80.00%
-
$150,000
-
-
-
Fixed
-
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 28 May 2021, settle by 27 August 2021.
Read our Mozo Review to learn more about the Discount Fixed Rate
Details Close
-
1.79% p.a. variable
1.84% p.a.
$1234
Product details Close detailsStar Gold Home Loan
Owner Occupier, Principal & Interest, Refinance Only, <60% LVR
1.79% p.a. variable
1.84% p.a.
An exceptional low rate for owner occupiers with 40% or more equity in their home. No ongoing fees. Unlimited additional repayments with free online redraws. loan size $150k to $750k, no construction loans. Metro Areas Only.
Star Gold Home Loan
An exceptional low rate for owner occupiers with 40% or more equity in their home. No ongoing fees. Unlimited additional repayments with free online redraws. loan size $150k to $750k, no construction loans. Metro Areas Only.
-
1.79% p.a. variable
-
1.84% p.a.
-
$910
-
$0.00
-
$535.00
-
yes - free
-
yes - free
-
no
-
$910
-
60.00%
-
$150,000
-
$500,000
-
Variable
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Limited time offer for applications received by 31 January 2021 and settled by 30 April 2021.
Read our Mozo Review to learn more about the Star Gold Home Loan
Details Close
-
-
1.89% p.a.
fixed 3 years3.03% p.a.
$1234
Product details Close detailsFixed Rate Home Loan Package
LVR <80%, Owner Occupier, Principal & Interest
1.89% p.a.
fixed 3 years3.03% p.a.
A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
Fixed Rate Home Loan Package
A People’s Choice 3 year fixed home loan allows you to enjoy a simple, non-complicated home loan with a competitive rate. There are no restrictions to the number of loans you can combine on a package. Lock in a competitive fixed interest rate with People’s Choice.
-
1.89% p.a.
fixed 3 years -
3.03% p.a.
-
$0
-
$395.00 yearly
-
$350.00
-
yes - free up to $10,000 p.a
-
no
-
no
-
$0
-
80.00%
-
$100,000
-
-
-
Fixed
-
Principal & Interest
-
Owner Occupier
-
Weekly, Fortnightly, Monthly
-
Read our Mozo Review to learn more about the Fixed Rate Home Loan
Details Close
-
" style="width:60px;"> 
^See information about the Mozo Experts Choice Home loans Awards
