The five home loan rate cuts you need to know about

First up is online lender Tic:Toc and its Variable Home Loan. Aside from being the 2019 Mozo Experts Choice Online Home Lender of the Year, Tic:Toc have also cut rates by 10 basis points, bringing its variable rate to a low 3.47% (3.48% comparison rate*). With this loan, you’ll pay no application or services fees and no valuation or settlement fees, though there is a $325 discharge fee. And aside from the free extra repayments and redraw features, new borrowers will receive $1,000 cashback upon settlement, regardless of the loan size or type.

Also cutting 30 basis points to their fixed rate home loan was loans.com.au. The loans.com.au Fixed Home Loan keeps things simple, starting with a low 3.48% fixed three year rate (3.85% comparison rate*). There’s free extra repayments (up to $10,000 p.a.) and no application or ongoing fees, though there is a $220 valuation and $300 settlement fee to budget for. You’ll also be able to choose your repayment schedule and once your fixed rate term has ended, you’ll be rolled over to loans.com.au’s offset variable rate.

You know you’re onto a winner when a home loan has won two Mozo Experts Choice Awards and cut fixed rates by 15 basis points. Meet the UBank UHomeLoan with the brand new three year fixed rate of 3.59% (3.97% comparison rate*). While this no frills loan doesn’t come with any repayment features, other than the $395 upfront fee, you won’t pay any other fees over the life of the loan.

If you’re a first home buyer, you need to check out the Bank Australia Basic Home Loan! Not only has Bank Australia just cut its fixed rate by 29 basis points, but you’ll be able to borrow up to 95% of the property’s value! With this loan, there are no application or service fees and you’ll be able to make your repayments either weekly, fortnightly or monthly. And if you ever need a break from your home loan, you can take advantage of the repayment holidays feature.

Last but certainly not least is the Bank of Queensland Fixed Rate home loan, the final provider on our list to cut fixed rates by 30 basis points. With a low 3.39% fixed rate (4.41% comparison rate*), the Bank of Queensland Fixed Rate home loan could be a great pick for first time buyers, as you only need a 5% deposit to apply! You’ll be able to slash your interest bill, thanks to the free extra repayments feature and save on legal and valuation fees. And with the option to split your loan and choose your repayment frequency, the Bank of Queensland Fixed Rate home loan is full of flexibility.