The cuts apply to the variable-rate 'Professional Package' series, for owner occupiers paying interest-only borrowing more than $500,000, with different comparison rates applicable to different LVRs.

These different rates are as follows: 

  • =60% LVR: 30 basis point cut to 2.99% p.a. (3.04% p.a. comparison rate*)
  • 60-80% LVR: 30 basis point cut to 2.99% p.a. (3.10% p.a. comparison rate*)

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Extra Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
5.54% p.a.
5.58% p.a.
$2,852
Principal & Interest
Variable
$0
$530
90%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 10% Min Deposit
  • Redraw
  • Extra Repayments
  • More details
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.49% p.a.
5.40% p.a.
$2,836
Principal & Interest
Variable
$0
$0
80%
  • Built and funded by CommBank
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 20% Min Deposit
  • Redraw
  • More details
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
5.64% p.a.
5.89% p.a.
$2,883
Principal & Interest
Variable
$250
$250
60%
  • 100% offset
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 40% Min Deposit
  • Offset
  • Redraw
  • More details
  • Easy application. Fast approval. 100% offset.
  • Unlimited additional repayments free of charge.
  • Redraw available - Access additional payments.
 Disclosure
5.64% p.a.
5.89% p.a.
$2,883
Principal & Interest
Variable
$248
$350
60%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 40% Min Deposit
  • Offset
  • Redraw
  • More details
  • Check your eligibility in as little as one minute
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

Important Information and Comparison Rate Warning
Compare More Home Loans

The latest mortgage deferral data for January indicates AMP had about 1% of its total residential loan book on deferred payments, totalling 919 individual facilities. 

However, that figure jumps for interest-only borrowers - about 10% of all AMP borrowers on interest-only payments were on deferred payments.

Interest-only borrowers also had a 19% share of all residential loan deferrals at AMP.

An AMP Bank spokesperson told Savings.com.au interest-only payments provide greater flexibility.

"While our owner occupier principal and interest home loan rates are already very competitive in the market, today’s reduction to the owner occupier interest only home loan will help provide more flexibility and greater options for clients – during what has been a challenging period for many Australians," they said.

Bankwest also cut a couple of investor home loans, as detailed below:

  • Investor 'Complete' Fixed P&I 5 Years: 61 basis point cut to 2.68% p.a. (3.85% p.a. comparison rate*)
  • Investor Fixed P&I 5 Years: 61 basis point cut to 2.88% p.a. (4.45% p.a. comparison rate*)

These home loans are applicable for borrowers with up to 90% LVR.

Earlier in the week, Westpac cut to its 'lowest ever' home loan rate, as did its subsidiaries St. George, Bank SA and Bank of Melbourne. 

Photo by Naseem Buras on Unsplash

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