Australia’s cash rate has not been cut again this month, which means if you want a rate reduction on your home loan, you’ll have to do it yourself.
The Reserve Bank of Australia (RBA) elected to hold the cash rate steady this month at 1.00% following consecutive 25 basis-point cuts in June and July.
After passing some or all of these cuts, most lenders now offer competitive home loans at interest rates below 3.50%, giving many mortgage-holders the power to cut their own rates by switching to a lower-rate home loan.
To help those looking for a rate cut opportunity, Savings.com.au has below listed out 60+ of Australia’s most popular lenders and featured some of the lowest variable home loan rates available from each.
Current low rate home loans: “Best of” snapshot
To provide a quick snapshot of the market, Savings.com.au has also picked-out three products which represent among the sharpest current home loan rates on offer from:
- the big four banks
- the top 10 customer-owned institutions
- the larger non-banks
| Company | Ad rate p.a. |
Comp rate* p.a. |
Monthly repayments |
|
|---|---|---|---|---|
| Purchase or Refi, P&I 80% Smart Home Loan | 3.03% | 3.05% | $1,693 | More details |
| Real Deal P&I Special Offer 90% 150k+ | 3.15% | 3.16% | $1,718 | More details |
| Base Variable Rate P&I Special Offer <80% | 3.35% | 3.39% | $1,763 | More details |
| Ad rate p.a. |
Comp rate* p.a. |
Monthly repayments |
|
|---|---|---|---|
| Purchase or Refi, P&I 80% Smart Home Loan | |||
| 3.03% | 3.05% | $1,693 | |
| More details | |||
| Real Deal P&I Special Offer 90% 150k+ | |||
| 3.15% | 3.16% | $1,718 | |
| More details | |||
| Base Variable Rate P&I Special Offer <80% | |||
| 3.35% | 3.39% | $1,763 | |
| More details | |||
*Data accurate as at 2 August 2019. See disclaimer. This table shows (at the time of writing) some of the sharpest rates on offer from the big 4, the top 10 customer-owned institutions (e.g. not-for-profits, credit unions etc.) and the larger non-banks (for their variable, P&I, owner-occupier, non-honeymoon home loans with a loan amount of $400,000).
Stay up to date with the latest rate changes
SIGN UPLow variable home loan rates on offer from each lender
Last updated: 01/08/19. View September’s low home loan rates.
Note: P&I = Principal and Interest, IO= Interest Only, OO=Owner-occupiers
Please also note that the “lowest advertised variable rates” listed for each lender excludes introductory & honeymoon rates and package rates. Rates and product information are correct at the time of the last update to this page and should be confirmed with the relevant lender. Lowest rates will only be listed if they are currently available.
For detail on the June and July interest rate cuts carried out by each lender, you can visit our respective June and July rate cut summary pages.
Australian Unity interest rate
Bank of Melbourne interest rate
Bank of Queensland interest rate
Commonwealth Bank interest rate
Homestar Finance interest rate
HomeStart Finance interest rate
Horizon Credit Union interest rate
Newcastle Permanent interest rate
People’s Choice CU interest rate
Police Credit Union interest rate
Reduce Home Loans interest rate
State Custodians interest rate
Teachers Mutual Bank interest rate
Adelaide Bank interest rate
- Lowest advertised variable rate: 3.32% (3.36% comparison rate*) for OO P&I borrowers with LVR under 90%
- July rate cut: 15-20 basis points (0.15-0.20% points)
- June rate cut: 15-20 basis points (0.15-0.20% points)
AMP Bank interest rate
- Lowest advertised variable rate: 3.74% (3.77% comparison rate*) for OO P&I borrowers with up to 90% LVR
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 25 basis points (0.25% points)
ANZ Bank interest rate
- Lowest advertised variable rate: 3.38%pa (3.42%pa comp rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 25 basis points (0.25% points)
- June rate cut: 18 basis points (0.18% points)
Athena interest rate
- Lowest advertised variable rate: 3.09% p.a. (3.05%pa comp rate*) for OO P&I with up to 80% LVR
- July rate cut: 25 basis points (0.25% points)
- June rate cut: 25 basis points (0.25% points)
Australian Unity interest rate
- Lowest advertised variable rate: 3.24% p.a. (3.27% p.a. comparison rate*) for OO P&I customers with up to 80% LVR
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 25 basis points (0.25% points)
Auswide Bank interest rate
- Lowest advertised variable rate: 3.49% p.a. (3.51%pa comp rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 25 basis points (0.25% points)
- June rate cut: 25 basis points for all variable P&I home loan customers (0.25% points)
Bank Australia interest rate
- Lowest advertised variable rate: 3.35% (3.36% comparison rate*) for OO P&I borrowers with LVR under 80%
- July rate cut: 16 basis points (0.16% points)
- June rate cut: 25 basis points (0.25% points)
BankFirst interest rate
- Lowest advertised variable rate: 3.52% (3.57% comp. rate) for owner occupiers with LVR of 80% or less
- July rate cut: 13-25 basis points (0.13-0.25% points)
- June rate cut: 7-30 basis points (0.07-0.30% points)
Bank of Melbourne interest rate
- Lowest advertised variable rate: 3.39% (3.41% comparison rate*) for Basic Promo Variable P&I 60%
- July rate cut: 20-30 basis points (0.20-0.30% points)
- June rate cut: 20-35 basis points (0.20-0.35% points)
Bank of Sydney interest rate
- Lowest advertised variable rate: 3.11% p.a. (3.13% p.a. comparison rate*) for OO P&I customers with up to 90% LVR
- July Rate cut: 19 basis points (0.19% points)
- June rate cut: 20-25 basis points (0.20-0.25% points)
Bank of Queensland interest rate
- Lowest advertised variable rate: 3.59% p.a. (3.75% p.a. comparison rate*) for OO P&I borrowers with up to 80% LVR.
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 25 basis points (0.25% points)
BankSA interest rate
- Lowest advertised variable rate: 3.39% (3.41% comparison rate*) for Basic Promo Variable P&I with 95% LVR or less
- July rate cut: 20-30 basis points (0.20-0.30% points)
- June rate cut: 20-35 basis points (0.20-0.35% points)
BankVic interest rate
- Lowest advertised variable rate: 3.48% (3.52% comparison rate*) for OO P&I borrowers
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 25 basis points (0.25% points)
Bankwest interest rate
- Lowest advertised variable rate: 3.80% p.a. (3.82% p.a. comparison rate*) for OO P&I borrowers with up to 90% LVR
- July rate cut: 19 basis points (0.19% points)
- June rate cut: 25 basis points (0.25% points)
BCU interest rate
- Lowest advertised variable rate: 3.34% (3.38% comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 20-25 basis points (0.20-0.25% points)
- June rate cut: 25 basis points (0.25% points)
Bendigo Bank interest rate
- Lowest advertised variable rate: 3.29% p.a. (3.45% p.a. comparison rate*) for OO P&I borrowers with up to 95% LVR
- July rate cut: 15-20 basis points (0.15-0.20% points)
- June rate cut: 15-20 basis points (0.15-0.20% points)
Beyond Bank interest rate
- Lowest advertised variable rate: 3.47% p.a. (3.47% p.a. comparison rate*) for OO P&I customers with up to 80% LVR
- July rate cut: 17 basis points (0.17% points)
- June rate cut: 15-25 basis points (0.15-0.25% points)
Citi interest rate
- Lowest advertised variable rate: 3.21% p.a. (3.24% p.a. comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 18 basis points (0.19% points)
- June rate cut: 25 basis points (0.25% points)
Commonwealth Bank interest rate
- Lowest advertised variable rate: 3.35% p.a. (3.36% p.a. comparison rate*) for OO P&I borrowers with up to 70% LVR
- July rate cut: 19-25 basis points (0.19-0.25% points)
- June rate cut: 25 basis points (0.25% points)
Credit Union SA interest rate
- Lowest advertised variable rate: 3.59% (3.61% comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 20 basis points (0.20% points)
CUA interest rate
- Lowest advertised variable rate: 3.33%pa (3.38%pa comp rate) for OO P&I borrowers with up to 90% LVR
- July rate cut: 17 basis points (0.17% points)
- June rate cut: 10-25 basis points (0.10-0.25% points)
Defence Bank interest rate
- Lowest advertised variable rate: 3.51% (3.51% comparison rate*) for OO P&I customers
- July rate cut: 19 basis points (0.19% points)
- June rate cut: 25 basis points (0.25% points)
G&C Mutual Bank interest rate
- Lowest advertised variable rate: 3.49% (3.52% comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 10-20 basis points (0.10-0.20% points)
- June rate cut: 25 basis points (0.25% points)
Gateway Bank interest rate
- Lowest advertised variable rate: 3.19% p.a. (3.22% p.a. comparison rate*) for OO P&I borrowers with up to 95% LVR
- July rate cut: Up to 20 basis points (0.20% points)
- June rate cut: 25 basis points (0.25% points)
Greater Bank interest rate
- Lowest advertised variable rate: 3.47% p.a. (3.48% p.a. comparison rate*) for OO P&I customers with up to 90% LVR
- July rate cut: 15-25 basis points (0.15-0.25% points)
- June rate cut: 25 basis points (0.25% points)
Heritage Bank interest rate
- Lowest advertised variable rate: 3.42% (3.47% comparison rate*) for OO P&I customers with up to 80% LVR
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 20 basis points (0.20% points)
Homestar Finance interest rate
- Lowest advertised variable rate: 2.99% (2.99% comp rate*) for OO P&I new customers with up to 80% LVR
- July rate cut: 25 basis points (0.25% points)
- June rate cut: 25 basis points (0.25% points)
Homestart Finance interest rate
- Lowest advertised variable rate: 4.94% (5.01% comparison rate*) for OO P&I borrowers with up to 95% LVR
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 25 basis points (0.25% points)
Horizon Credit Union interest rate
- Lowest advertised variable rate: 3.84% p.a. (4.01% p.a. comparison rate*) for OO P&I customers with up to 95% LVR
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 25 basis points (0.25% points)
HSBC interest rate
- Lowest advertised variable rate: 3.27% (3.28% comparison rate*) for OO P&I customers with up to 80% LVR.
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 22 basis points (0.22% points)
Hume Bank interest rate
- Lowest advertised variable rate: 3.39% (3.39% comparison rate*) for OO P&I borrowers with up to 95% LVR
Other info: - July rate cut: 10-15basis points (0.10-0.15% points)
- June rate cut: 10-20 basis points (0.10-0.20% points)
Hunter United interest rate
- Lowest advertised variable rate: 3.27%pa (3.37%pa comp rate*) for OO P&I first home buyers with up to 90% LVR
Other info: - July rate cut: 5-20 basis points (0.05-0.20% points)
- June rate cut: 25 basis points on variable home loans (0.25% points)
IMB Bank interest rate
- Lowest advertised variable rate: 3.36% p.a. (3.39% p.a. comparison rate*) for OO P&I customers with up to 90% LVR
- July rate cut: 18 basis points (0.18% points)
- June rate cut: 25 basis points on residential and business lending products
ING interest rate
- Lowest advertised variable rate: 3.14% (3.17% comparison rate) for OO P&I customers borrowing $1million+ with up to 80% LVR
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 25 basis points (0.25% points)
Liberty interest rate
- Lowest advertised variable rate: 3.50% p.a (3.57% p.a. comparison rate*) for OO P&I borrowers with up to 65% LVR
- July rate cut: 19 basis points (0.19% points)
- June rate cut: 25 basis points for existing customers (0.25% points)
Loans.com.au interest rate
- Lowest advertised variable rate: 3.03%pa (3.05%pa comp rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 25 basis points (0.25% points)
- June rate cut: 20 basis points (0.20% points)
Macquarie Bank interest rate
- Lowest advertised variable rate: 3.24%pa (3.24%pa comp rate*) for OO P&I borrowers with up to 70% LVR
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 25 basis points (0.25% points)
ME Bank interest rate
- Lowest advertised variable rate: 3.57% p.a. (3.59% p.a. comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 25 basis points (0.25% points)
Mortgage House interest rate
- Lowest advertised variable rate: 2.99% (3.22% comparison rate*) for OO P&I customers with up to 60% LVR
- July rate cut: 15-50 basis points (0.15-0.50% points)
- June rate cut: 10-70 basis points (0.10-0.70% points)
Move Bank interest rate
- Lowest advertised variable rate: 3.24% (3.28% comparison rate*) for new OO P&I customers with up to 95% LVR.
- July rate cut: 20-30 basis points (0.20-0.30% points)
- June rate cut: up to 25 basis points (0.25% points)
MyState interest rate
- Lowest advertised variable rate: 3.58% (3.61% comp. rate) on Basic Variable home loan for new customers
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 20 basis points (0.20% points)
NAB interest rate
- Lowest advertised variable rate: 3.35% pa (3.39% pa comp rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 19 basis points (0.19% points)
- June rate cut: 25 basis points (0.25% points)
Newcastle Permanent interest rate
- Lowest advertised variable rate: 3.49% p.a. (3.53% p.a. comp rate*) for OO P&I borrowers with up to 90% LVR
- July rate cut: 25 basis points (0.25% points)
- June rate cut: 25 basis points (0.25% points)
P&N Bank interest rate
- Lowest advertised variable rate: 3.63% p.a. (3.63% p.a. comparison rate*) for OO P&I borrowers with LVR under 90%
- July rate cut: Up to 18 basis points (0.18% points)
- June rate cut: 18 basis points on most variable home loans (0.18% points)
People’s Choice CU interest rate
- Lowest advertised variable rate: 4.07% p.a. (4.12% p.a. comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 25 basis points on standard variable home loan rates for existing members and variable business loan rates
Pepper Money interest rate
- Lowest advertised variable rate: 3.36% (3.56% comparison rate*) for OO P&I borrowers with up to 90% LVR
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 25 basis points (0.25% points)
Police Bank interest rate
- Lowest advertised variable rate:
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 25 basis points (0.25% points)
Police Credit Union interest rate
- Lowest advertised variable rate: 3.29% (3.34% comparison rate*) for OO P&I borrowers with up to 60% LVR
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 15-25 basis points (0.15-0.25% points)
QBank interest rate
- Lowest advertised variable rate: 3.46% (3.49% comparison rate*) for OO P&I borrowers with up to 95% LVR
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 18 basis points (0.18% points)
Qudos Bank interest rate
- Lowest advertised variable rate: 3.29% (3.29% comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 25 basis points (0.25% points)
RACQ Bank interest rate
- Lowest advertised variable rate: 3.19% p.a. (3.19% p.a. comparison rate*) for OO P&I borrowers with up to 95% LVR
- July rate cut: 25 basis points (0.25% points)
- June rate cut: 25 basis points (0.25% points)
RAMS interest rate
- Lowest advertised variable rate: 4.11% (4.17% comparison rate*) for OO P&I borrowers with up to 95% LVR
- July rate cut: 20-30 basis points (0.20-0.30% points)
- June rate cut: 20-35 basis points (0.20-0.35% points)
Reduce Home Loans interest rate
- Lowest advertised variable rate: 2.89% (2.89% comp rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: Up to 22 basis points (0.22% points)
- June rate cut: 25 basis points (0.25% points) (effective 22 July for existing customers)
Resimac interest rate
- Lowest advertised variable rate: 3.40% (3.45% comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 25 basis points (0.25% points)
- June rate cut: not publicly disclosed
SCU interest rate
- Lowest advertised variable rate: 3.37% p.a. (3.42% p.a. comparison rate*) for OO P&I customers
- July rate cut: 20 basis points (0.20% points)
- June rate cut: 20-25 basis points (0.20-0.25% points)
State Custodians interest rate
- Lowest advertised variable rate: 3.15% p.a. (3.17% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 25 basis points (0.25% points)
Suncorp Bank interest rate
- Lowest advertised variable rate: 3.29% (3.30% comparison rate*) for OO P&I borrowers with up to 90% LVR
- July rate cut: 19 basis points (0.19% points)
- June rate cut: 20 basis points (0.20% points)
St. George interest rate
- Lowest advertised variable rate: 3.38% (3.40% comparison rate) for OO P&I borrowers with LVR under 60%
- July rate cut: 20-30 basis points (0.20-0.30% points)
- June rate cut: 20-35 basis points (0.20-0.35% points)
Teachers Mutual Bank interest rate
- Lowest advertised variable rate: 3.42% (3.46% comparison rate*) for OO P&I borrowers with up to 85% LVR
- July rate cut: Undisclosed
- June rate cut: 25 basis points (0.25% points)
The Mutual Bank interest rate
- Lowest advertised variable rate: 3.98% (3.98% comparison rate*) for OO P&I borrowers with up to 90% LVR
- July rate cut: 10-20 basis points (0.10-0.20% points)
- June rate cut: 25 basis points (0.25% points)
TicToc interest rate
- Lowest advertised variable rate: 3.07%pa (3.08%pa comp rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: Up to 20 basis points (0.20% points)
- June rate cut: Up to 20 basis points (0.20% points)
UBank interest rate
- Lowest advertised variable rate: 3.09% p.a. (3.09% p.a. comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 25 basis points (0.25% points)
- June rate cut: 25 basis points (0.25% points)
UniBank interest rate
- Lowest advertised variable rate: 3.42% (3.46% comparison rate*) for OO P&I borrowers with up to 85% LVR
- July rate cut: Undisclosed
- June rate cut: 25 basis points (0.25% points)
Unity Bank interest rate
- Lowest advertised variable rate: 3.66% (3.71% comparison rate*) for OO P&I borrowers with up to 80% LVR
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 15-18 basis points (0.15-0.18% points)
Virgin Money interest rate
- Lowest advertised variable rate: 3.33% p.a. (3.47% p.a. comparison rate*) for OO P&I borrowers with up to 60% LVR
- July rate cut: 15 basis points (0.15% points)
- June rate cut: 25 basis points (0.25% points)
Westpac interest rate
- Lowest advertised variable rate: 3.58% (3.59% comparison rate*) for new OO P&I customers
- July rate cut: 20-30 basis points (0.20-0.30% points)
- June rate cut: 20-35 basis points (0.20%-0.35% points)
Savings.com.au
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Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:
- The big four banks are: ANZ, CBA, NAB and Westpac
- The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2019. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
- The larger non-bank lenders are those who (in 2019) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.
In the interests of full disclosure, Savings.com.au and loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.
*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.
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Dominic Beattie
Dominic Beattie is the Editor of Savings.com.au. He has been publishing articles on finance, business and economics since 2015, having previously worked as a Senior Journalist at financial research firm Canstar before helping to launch Savings.com.au in November 2018. Dominic aspires to help everyday Australians discover simple and effective ways to comfortably manage their finances and save money, without sacrificing their joie de vivre.
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