Which lenders have the lowest home loan rates now?

It was good news for borrowers when the Reserve Bank slashed the official cash rate to a record low 1.50% at its August board meeting.

Now with around 40 lenders passing on some or all of the rate cut to customers, the news gets even better as the home loan market is now jam-packed with great value mortgage deals.

“From the big banks through to the smaller challenger brands, we’ve found a large number of providers have dropped their variable rates,” says Mozo Director Kirsty Lamont.

“This means one thing for borrowers - it’s the perfect time to track down a competitive home loan deal and save yourself a bundle of cash.”

So which lenders are offering the goods when it comes to home loans?

According to Mozo.com.au’s database, there are a range of home loan packages available with rates well below 4%. Here are some of the cheapest loans in the market…

Cheapest variable rate loans

  • loans.com.au Fast Forward - 3.49%
  • Bank Australia Basic Home Loan - 3.73%
  • UBank UHomeLoan - Offer - 3.74%
  • State Custodians Standard Variable - 3.74%
  • ING DIRECT Orange Advantage - 3.79%

Compare low variable rates now.

Cheapest fixed rate loans

  • 1 year: Greater Bank Ultimate Home Loan - 3.59%
  • 2 years: Newcastle Permanent Fixed Rate Home Loan - 3.69%
  • 3 years: UBank UHomeLoan (Fixed) - 3.69%
  • 4 years: Greater Bank Ultimate Home Loan - 3.74%
  • 5 years: Greater Bank Ultimate Home Loan - 3.74%

Compare low fixed rates now.

“As you can see, interest rates are at record lows, so if your current lender isn’t offering you a competitive deal, you know what to do - vote with your feet and switch to a better one,” adds Lamont.  

That was just a taste of the home loans available in the market. Visit Mozo’s home loan comparison page to compare over 450 home loans today.