Tic:Toc pushes variable home loan rates to new bottom

By Katherine O'Chee · · 2 min read
Fact Checked
Advertiser disclosure
Woman diving illustrating home loan rates falling

Online lender Tic:Toc has surged ahead of competitors to offer the lowest variable home loan rate in the Mozo database after a 15 basis point cut this morning. 

The Tic:Toc Variable Home Loan now sits at a new rock bottom of 1.89% (1.90% comparison rate*) for owner occupiers making principal and interest repayments with a maximum loan-to-value ratio (LVR) of 80%. 

Given that its previous rate was 2.04% (2.05% comparison rate*), Tic:Toc’s latest move also means it has now joined a very small pool of lenders offering variable rates that start with ‘1’. 

Tic:Toc’s rate is also available to borrowers with a LVR of up to 90%, and the loan itself comes with an optional offset account (at $10 per month). 

So just how good is Tic:Toc’s new rate? For comparison, it sits 5bp below its closest contender - 1.94% (1.98% comparison rate*) offered by Mortgage House on its Get More, Save More Variable Home Loan - and it’s a massive 133 basis points below the variable rate average in our database. 

So if you’re borrowing $400,000 over 30 years, Tic:Toc’s rate as opposed to the average could save you $99,963 in interest over the life of your home loan. That translates to about $3,332 saved per year. 

Tic:Toc’s decision comes at a time when variable home loan rates have continued to trend downwards. In fact, the variable rate average for owner occupiers (3.22%) is at the lowest point it’s been since Mozo began tracking in 2015. 

Thinking of securing a variable home loan deal while rates are still at a record low? Check out some great offers in the table below, or compare home loans from even more lenders over at our home loans comparison hub.

Compare variable rate home loans - last updated 19 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    variable rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    5.90% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    Go to site
    Details
  • Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    6.15% p.a.
    6.40% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    variable rate
    comparison rate
    Initial monthly repayment
    6.01% p.a.
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

    Compare
    Go to site
    Details
  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    variable rate
    comparison rate
    Initial monthly repayment
    6.14% p.a.
    6.16% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    Compare
    Go to site
    Details
  • Basic Home Loan

    Owner Occupier, LVR 60-70%, Principal & Interest

    variable rate
    comparison rate
    Initial monthly repayment
    6.15% p.a.
    6.17% p.a.

    Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 30% Deposit required.

    Compare
    Go to site
    Details

* 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 $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.