Compare low rate home loans for November

A home loan with a low interest rate could be the most effective way to keep your monthly mortgage repayments down and your long-term costs as low as possible. Start comparing now!

JP Pelosi
Managing editor
Evlin DuBose
Senior Money Writer
Fact Checked
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 430 home loans using the filters.
Last updated 21 November 2024 Important disclosures and comparison rate warning*

Home loan comparisons on Mozo

Promoted

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.69 % p.a.
    Fixed 5 years
    Comparison rate
    5.97 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.69 % p.a.
    Fixed 4 years
    Comparison rate
    6.23 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <95%
    Interest rate
    5.69 % p.a.
    Fixed 3 years
    Comparison rate
    6.28 % p.a.
    Initial monthly repayment
    $2,899
    Go to site

    Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    5.74 % p.a.
    Fixed 3 years
    Comparison rate
    6.81 % p.a.
    Initial monthly repayment
    $2,915

    Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.

  • Unloan Variable

    • Owner Occupier
    • LVR <80%
    Interest rate
    5.99 % p.a.
    Variable
    Comparison rate
    5.90 % p.a.
    Initial monthly repayment
    $2,995
    Go to site

    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.

  • Budget Home Loan

    • LVR <80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.07 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.

  • Basic Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.16 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    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. 40% Deposit required.

  • Mortgage Simplifier

    • LVR<80%
    • Owner Occupier
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043

    Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.

  • Offset Home Loan

    • Owner Occupier
    • LVR<60%
    • Principal & Interest
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.39 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    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.

  • Elevate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    6.18 % p.a.
    Variable
    Comparison rate
    6.18 % p.a.
    Initial monthly repayment
    $3,056

    Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.

Showing 10 of 430 home loans. Use the filters to see more
image of houses

Need help with your Home Loan?

Whether you're looking to purchase a new home or refinance your existing loan, our friends at Lendi can help! Lendi’s expert advice is completely free of charge. Book an appointment and enter the draw to win $30K.

Learn more

Interest rates change regularly - stay informed.

Subscribe to Newsletter

Compare more home loan options

Home loans come in many shapes and sizes, start comparing here based on your needs. 

Refinance Home Loans Offset Home Loans First Home Buyer Loans Low Deposit Home Loans

Search the Mozo Database

Browse all 463 home loans in Mozo's comparison database.

Search home loans Home loan interest rates

Knowledge Hub

Finding the lowest rate home loan for your needs

Every home loan is different, and so are home loan interest rates. The rate you get with your mortgage is going to play a major role in determining how much you pay over the life of the loan.

That’s why, when it comes to comparing home loans, finding the lowest home loan interest rate possible will be right at the top of the priority list for many borrowers.

After all, if you can find a way to reduce the interest on your mortgage repayments, why wouldn’t you? 

Woman gasping at low home loan interest rate

Factors that influence your home loan rate 

Not every borrower is can snag the lowest home loan rate on the market, because there are a number of factors that banks and other lenders take into account when determining their rates.

Some of these include: 

  • Borrower type. Investors usually get higher rates than owner-occupiers. 
  • Repayment type. Principal & interest loans tend to have lower rates than interest-only loans. 
  • Interest rate type. Fixed vs variable rates can be higher or lower, depending on the loan. 
  • Loan-to-value ratio (LVR). Your LVR, i.e. the size of your deposit or your home equity, can affect your rate. Higher LVRs get higher rates, and vice versa. 

There are low rate home loans available for various types of borrowers. The key to finding them is to compare. 

Woman thinking about low home loan interest rates in Australia

What is a low-interest rate for a home loan in Australia?

Interest rates have changed a lot over the decades. In the 1980s they used to be over 15%! Nowadays, most home loans range from 5% to 7%, depending on the year. 

Interest rates reached a historic nadir in 2020-2022 due to pandemic-era economic stimulus policies. 

However, home loan interest rates have been rising recently thanks to a series of hikes made by the Reserve Bank of Australia. 

If you’re interested in keeping up to date with some of the latest home loan offers, it’s worth regularly checking in on the rates on this page, or visiting our other dedicated home loan pages for variable rates, fixed rates, refinancers and investors.

What types of home loans have low interest rates?

Different types of home loans come with higher and lower interest rates. This is largely a matter of risk (as calculated by lenders), which is why ‘less risky’ loans tend to come with lower rates. 

Interest rates differ from one lender to the next, but there are some broad generalisations that hold true between different types of home loans. Here are a few examples.

Owner occupiers vs investors 

On average, lenders offer lower rates to owner-occupiers than they do to investors because property investors are generally considered riskier. 

That’s not to say that there aren’t low home loan rates available to investors, but they may not be eligible for some of the very sharpest rates around.  

Principal and interest vs interest-only

Many mortgage lenders offer customers the choice between making principal and interest or interest-only repayments.

Some borrowers, particularly investors, elect to go interest-only on their loans for a limited amount of time (generally up to 5 years), as it’s a way to initially make lower repayments. 

However, interest-only home loans tend to come with higher interest rates than principal and interest home loans because interest-only borrowers are deemed to be at a higher risk of defaulting. 

High deposit vs low deposit 

The loan-to-value ratio (LVR) is a major factor in determining your interest rate. In short, LVR is the amount you’re borrowing versus the value of the property, which is then used to calculate your risk as a borrower. 

LVR (%) = Loan value / property value

Generally speaking, the more security you have in your home, the safer you're deemed to be. So, if your LVR is lower than 80% (either by having a large deposit or built up equity), you will often have access to lower rates.

On the flip side, low deposit home loans tend to come with higher rates. 

Fixed rates vs variable rates

You'll need to decide whether you want to lock in a fixed rate for a few years or go with a variable rate. There are positives and negatives for each option, including the features and loan flexibility on offer, but you’ll also need to weigh up the rates on offer. 

For instance, fixed rates shield you from rate hikes, but they also trap you out of savings if interest rates get cut.

At present though there’s not too much difference between some of the lowest home loan rates available on both fixed rate and variable rate loans, which means there’s plenty of choice.

What other things to consider besides a low interest rate home loan

Nabbing a low interest home loan is the major priority for many borrowers, but it won’t be the only consideration. There are plenty of other factors to weigh up in a home loan, too, such as:

Woman pointing to piggy bank
Woman thinking about low home loan rates

What will I need to qualify for the lowest interest rate?

Lenders take many factors into account when it comes to the rates they offer.

But whether you’re an owner occupier, investor, refinancer or first home buyer, there are some of the minimum requirements you’ll typically need to meet to get a low rate home loan: 

  • Have an LVR below 80%. Low LVRs get lower interest rate.
  • Make principal and interest repayments. Interest-only loans come with higher interest rates. 
  • Opt for a basic loan. Many packaged home loan options come with competitive interest rates, but "basic" loans tend to have the lowest home loan interest rates.

Which lenders offer the lowest rates?

In Australia the home loan market is dominated by the Big Four banks: ANZ, Commonwealth Bank, NAB, and Westpac.

While these major players have the most customers, they often don’t provide the lowest home loan interest rates around. So who does? 

If you are on the hunt for a sharper rate, comparing loans from a range of different lenders is a clever move. Some kinds of lenders to consider include:

  • Challenger banks. While not as large as Australia’s four major players, larger ‘challenger’ banks like BOQ, HSBC, ING, Macquarie and Suncorp often have many of the benefits of the big four (like big customer service operations or apps and online platforms) while also offering competitive mortgage rates. 
  • Credit unions and mutual banks. Australia is home to a large number of customer-owned banks, mutuals and credit unions, including the likes of Bank Australia, Great Southern Bank and Newcastle Permanent. In addition to their community and customer focus, these lenders often offer sharp rates with their home loans. 
  • Online lenders. If there’s one group of lenders synonymous with low rate home loans it’s online lenders. Because they predominantly operate online without the normal overheads of a bank, online lenders like Ubank, Athena, Unloan, Up, and loans.com.au.

Low rate home loan FAQs

What is a comparison rate?

Comparison rates are designed to provide borrowers with a better reflection of the true cost of the loan. That’s because the comparison rate not only takes into account the advertised or ‘headline’ interest rate, but also things like fees and charges plus the amount being borrowed, the loan term and the repayment frequency. 

What is an introductory home loan rate?

Some lenders offer variable rate home loans that come with an introductory rate, generally for 1 or 2 years. Introductory rates tend to be quite competitive as they’re used by lenders to draw in customers, but it’s always worth weighing any intro rate up against the ongoing variable rate attached to the loan. 

Is the lowest home loan rate always the cheapest?

In short, not always.

While finding a low home loan rate is a great starting point to reducing the amount you pay on your mortgage, you’ll also need to consider any ongoing or one-off fees that come with the loan as well as the revert rate (if it’s a fixed loan).

That’s because these costs will also contribute to the overall amount you'll earn, which is why it’s always worth looking at the comparison rate as well as the headline interest rate. 

Do banks have to pass on RBA rate cuts?

While home loan interest rates do tend to move in tandem with the Reserve Bank’s official cash rate, it’s a common misconception that mortgage lenders need to pass on any RBA rate cut in full to their customers.  

How can I calculate my home loan repayments?

Before you purchase a property you’ll want to know how much you’ll need to budget for in the way of home loan repayments.

Our home loan repayments calculator can help you work out how much your regular repayments will be and how much total interest you’ll end up paying on your loan. All you’ll need to do is plug in your loan amount, loan term and your interest rate to get started!

What grants and schemes are available to first home buyers?

If you're purchasing a property for the first time you may be eligible for a number of first home owner grants and deposit schemes in Australia.

These include the various state-based first home owners grants, as well as the First Home Loan Deposit Scheme, the First Home Super Saver Scheme and the Family Home Guarantee. 

Can I borrow with a 5% deposit?

Yes! In order to access some of the lowest home loan interest rates around borrowers will typically need a deposit of at least 20%, but that doesn’t mean that there aren’t plenty of low deposit home loans available to those with deposits as low as 10% or even 5%.

Bear in mind is that lenders mortgage insurance (LMI) may be required of anyone with a deposit under 20% though. 

What are the best home loans?

At the end of the day there’s no single best home loan: it all depends on your wants and needs as a borrower. That’s not to say that there aren’t loans which stand out above the pack though.

Every year our expert judges analyse hundreds of Australian home loans as part of our Mozo Experts Choice Awards, naming winners in a range of categories including best Low Cost Home Loans, best First Home Buyers Loans and best Investor Home Loans. 

To find out more, check out our run through of some of the best home loans in Australia or visit the Mozo Experts Choice Home Loan Awards page for a full list of winners and a copy of the award methodology report. 

How can I compare low interest home loans?

If you’re ready to compare a range of low rate home loans on rates, fees, features and more, then a great place to start is our comparison table at the top of this page.

Plug in your loan amount and loan term and you’ll be able to see your initial monthly repayment displayed next to each loan,  or to compare even more loans, head over to our main home loan comparison hub. 

Home Loan Calculators

Calculate how to lower your home loan costs! See more

Compare Comparison calculator Coins Repayments calculator Home loan Switch & save calculator

Popular home loan topics and how-tos

Learn what you need to know about mortgages and money management in our helpful guides. See all

Latest home loan news

Get the latest on property market trends, interest rates, and lending news from Mozo's expert writers. See all

JP Pelosi
JP Pelosi
RG146
Managing editor

Managing Editor Jean-Paul (JP) Pelosi leads the editorial team, with over 20 years of experience writing for top outlets like The Guardian, The Sydney Morning Herald and News.com.au. JP's expertise in home loans and property is complemented by his rich background at major financial firms including CommBank, Suncorp and Amex. Holding a Master's in Communications and international experience in journalism, JP combines passion with skill and has a unique ability to apply this editorial experience and financial knowledge to advise the team on how to create engaging financial content for Australian consumers.

Evlin DuBose
Evlin DuBose
RG146
Senior Money Writer

Evlin is RG146 certified for Generic Knowledge and has become a leading voice in finance news since joining Mozo two years ago. She is regularly featured in Google's Top Stories alongside major publications like News.com.au and Yahoo Finance, and seasoned journalists. Despite being in the industry for just two years, she is Mozo's go-to writer for all things RBA and her research has been referenced by the Victorian Government. With a Bachelor of Communications degree from UTS, where she won the Dean's Merit Award and acted as the Director of Student Publications.

Brands we compare

We compare home loans from the following well-known providers and many more... See more home loan providers

  • IMB Bank brand logo
  • Macquarie brand logo
  • ING brand logo
  • Unloan brand logo
  • Aussie brand logo
  • ANZ brand logo
  • IMB Bank brand logo
  • Macquarie brand logo
  • ING brand logo
  • Unloan brand logo
  • Aussie brand logo
  • ANZ brand logo
  • IMB Bank brand logo
  • Macquarie brand logo
  • ING brand logo
  • Unloan brand logo
  • Aussie brand logo
  • ANZ brand logo
  • IMB Bank brand logo
  • Macquarie brand logo
  • ING brand logo
  • Unloan brand logo
  • Aussie brand logo
  • ANZ brand logo

Home loan customer reviews

Melbourne University Credit Union Home Loan
Overall 4/10
It is focused only on profit, not its customers.

It does not provide support for people in financial distress.

Read full review

It does not provide support for people in financial distress.

Price
4/10
Features
2/10
Customer service
3/10
Convenience
3/10
Trust
2/10
Less
Sally, New South Wales, reviewed 1 day ago
Suncorp Home Loan
Overall 8/10
Loyalty still has its place

Suncorp generally has better and more competitive home loan rates for home loan packages for either fixed or variable, which includes offset accounts. Due to our loyalty we have, upon request, received a further discount on our rate. Since interest rates have remained high however, Suncorp is not entertaining requests to reduce rate. Overall I have been content with Suncorp and haven’t needed to go elsewhere…. yet!!

Read full review

Suncorp generally has better and more competitive home loan rates for home loan packages for either fixed or variable, which includes offset accounts. Due to our loyalty we have, upon request, received a further discount on our rate. Since interest rates have remained high however, Suncorp is not entertaining requests to reduce rate. Overall I have been content with Suncorp and haven’t needed to go elsewhere…. yet!!

Price
8/10
Features
6/10
Customer service
8/10
Convenience
9/10
Trust
8/10
Less
Richard, Western Australia, reviewed 1 day ago
Mortgage House Advantage Standard Home Loan
Overall 1/10
Terrible experience, Old IT System, Inconvenient

**Incredible Terrible Experience** I have had an incredibly terrible experience with this service. They take money from customers but do not invest in their IT systems. Here are the main issues I encountered: ### Issues 1. **Outdated IT Systems** - **Old-fashioned website**: The website is incredibly outdated and lacks modern functionality. - **No advanced mobile app**: There is no mobile app available, which is essential for convenient access. 2. **Technical Problems** - **Inability to transfer money**: I have been unable to transfer money for the last three months due to persistent IT issues with my account. 3. **Customer Support Failures** - **Unresolved issues**: Despite raising the issue over two months ago, it remains unresolved. - **Ineffective support**: After spending almost 40 minutes on the phone with customer support, they were unable to resolve the issue or transfer the money on my behalf. - **Lack of escalation**: When I requested to speak with a manager, I was told the manager was busy and could not assist me. ### Suggestions for Improvement 1. **Invest in IT Infrastructure** - **Upgrade the website**: Modernize the website to improve user experience and functionality. - **Develop a mobile app**: Create a mobile app to provide customers with convenient access to their accounts and services. 2. **Resolve Technical Issues Promptly** - **Fix account issues**: Address and resolve the technical issues preventing money transfers as a priority. - **Regular updates**: Implement regular system updates and maintenance to prevent similar issues in the future. 3. **Enhance Customer Support** - **Effective problem resolution**: Train customer support staff to handle and resolve issues efficiently. - **Escalation process**: Ensure there is a clear and effective escalation process for unresolved issues. - **Manager availability**: Make managers available to handle escalated cases promptly. I hope these suggestions are taken seriously and improvements are made to provide a better customer experience.

Read full review

**Incredible Terrible Experience** I have had an incredibly terrible experience with this service. They take money from customers but do not invest in their IT systems. Here are the main issues I encountered: ### Issues 1. **Outdated IT Systems** - **Old-fashioned website**: The website is incredibly outdated and lacks modern functionality. - **No advanced mobile app**: There is no mobile app available, which is essential for convenient access. 2. **Technical Problems** - **Inability to transfer money**: I have been unable to transfer money for the last three months due to persistent IT issues with my account. 3. **Customer Support Failures** - **Unresolved issues**: Despite raising the issue over two months ago, it remains unresolved. - **Ineffective support**: After spending almost 40 minutes on the phone with customer support, they were unable to resolve the issue or transfer the money on my behalf. - **Lack of escalation**: When I requested to speak with a manager, I was told the manager was busy and could not assist me. ### Suggestions for Improvement 1. **Invest in IT Infrastructure** - **Upgrade the website**: Modernize the website to improve user experience and functionality. - **Develop a mobile app**: Create a mobile app to provide customers with convenient access to their accounts and services. 2. **Resolve Technical Issues Promptly** - **Fix account issues**: Address and resolve the technical issues preventing money transfers as a priority. - **Regular updates**: Implement regular system updates and maintenance to prevent similar issues in the future. 3. **Enhance Customer Support** - **Effective problem resolution**: Train customer support staff to handle and resolve issues efficiently. - **Escalation process**: Ensure there is a clear and effective escalation process for unresolved issues. - **Manager availability**: Make managers available to handle escalated cases promptly. I hope these suggestions are taken seriously and improvements are made to provide a better customer experience.

Price
2/10
Features
2/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Mk, New South Wales, reviewed 1 day ago

More home loan reviews