RBA rate hold September: Low home loan rates still on offer

Australia’s cash rate has been held again, which means if you want a rate reduction on your home loan, you’ll have to do it yourself.

After holding steady in August, the Reserve Bank of Australia (RBA) again elected to hold the cash rate steady this month at 1.00%.

But after passing some or all of the RBA’s rate cuts in June and July, most lenders still 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.

Those in the market for a rate cut opportunity can check out 
some of the lowest variable home loan rates available from 
60+ of Australia’s most popular lenders below.

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

Low variable home loan rates on offer from each lender

Last updated: 03/09/19

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 more 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.

Adelaide Bank interest rate

AMP interest rate

ANZ Bank interest rate

Athena interest rate

Australian Unity interest rate

Auswide Bank interest rate

Bank Australia interest rate

BankFirst interest rate

Bank of Melbourne interest rate

Bank of Sydney interest rate

BankSA interest rate

BankVic interest rate

Bankwest interest rate

BCU interest rate

Bendigo Bank interest rate

Beyond Bank interest rate

Bank of Queensland interest rate

Citi interest rate

Commonwealth Bank interest rate

Credit Union SA interest rate

CUA interest rate

Defence Bank interest rate

G&C Mutual Bank interest rate

Gateway Bank interest rate

Greater Bank interest rate

Heritage Bank interest rate

Homestar Finance interest rate

HomeStart Finance interest rate

Horizon Credit Union interest rate

HSBC interest rate

Hume Bank interest rate

Hunter United interest rate

IMB Bank interest rate

ING interest rate

Liberty interest rate

Loans.com.au interest rate

Macquarie Bank interest rate

ME Bank interest rate

Mortgage House interest rate

MOVE Bank interest rate

MyState interest rate

NAB interest rate

Newcastle Permanent interest rate

P&N Bank interest rate

People’s Choice CU interest rate

Pepper Money interest rate

Police Bank interest rate

Police Credit Union interest rate

QBank interest rate

Qudos Bank interest rate

RACQ Bank interest rate

RAMS interest rate

Reduce Home Loans interest rate

Resimac interest rate

SCU interest rate

State Custodians interest rate

St. George Bank interest rate

Suncorp interest rate

Teachers Mutual Bank interest rate

The Mutual Bank interest rate

TicToc interest rate

UBank interest rate

Unibank interest rate

Unity Bank interest rate

Virgin Money interest rate

Westpac interest rate

Adelaide Bank interest rate

• Lowest advertised variable rate: 3.29% p.a. (3.52% p.a. comp 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% p.a. (3.77% p.a. comp 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: 4.93% p.a. (5.03% p.a. 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% p.a. 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: 3.09% p.a. (3.12% p.a. comp 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: 3.26% p.a. (3.66% 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 for all variable P&I home loan customers (0.25% points)

Bank Australia interest rate

• Lowest advertised variable rate: 3.35% p.a. (3.36% p.a. comp 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: 3.39% p.a. (3.44% p.a. 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: 3.34% p.a. (3.36% p.a. comp rate*) for OO Variable home loan P&I with LVR above 80%
• 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. comp 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. comp 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: 3.24% p.a. (3.26% p.a. comp 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% p.a. (3.52% p.a. comp 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. comp 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% p.a. (3.38% p.a. comp 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. comp 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. comp 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. (3.26% p.a. comp 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. comp 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% p.a. (3.61% p.a. comp 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: 3.18% p.a. (3.23% p.a. comp rate) with special offer 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% p.a. (3.51% p.a. comp 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% p.a. (3.52% p.a. comp 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. comp 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. comp 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: 3.32% p.a. (3.34% p.a. comp rate*) with discount 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: 3.04% p.a. (3.07% p.a. 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% p.a. (5.01% p.a. comp 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% p.a. (3.28% p.a. comp 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% p.a. (3.39% p.a. comp 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% p.a. (3.37% p.a. 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: 3.31% p.a. (3.37% p.a. comp 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: 3.18% p.a. (3.21% p.a. comp 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)

Liberty interest rate

• Lowest advertised variable rate: 3.50% p.a (3.57% p.a. comp 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% p.a. (3.24% p.a. 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. comp 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% p.a. (3.02% p.a. comp 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: 3.09% p.a. (3.12% p.a. comp rate*) for new OO P&I customers with up to 80% 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: 3.38% p.a. (3.41% p.a. 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% p.a. (3.39% p.a. 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: 3.32% p.a. (3.36% p.a. comp rate*) Special 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. comp 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. comp 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% p.a. (3.56% p.a. comp 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:  3.39% p.a. (3.47% p.a. comp rate*) Special for OO borrowers with LVR up to 70%
• 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% p.a. (3.34% p.a. comp 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: 3.35% p.a. (3.38% p.a. comp rate*) Special with Discounted rate for OO P&I borrowers with up to 90% 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% p.a. (3.29% p.a. comp 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. comp 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% p.a. (4.17% p.a. comp 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% p.a. (2.91% p.a. 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% p.a. (3.45% p.a. comp 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% p.a. (3.30% p.a. comp 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: 3.24% p.a. (3.26% p.a. comp rate*) with Discount 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: 3.38% (4.23% p.a. comp rate*) Discounted 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: 2.99% p.a. (3.00% p.a. 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. 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 (0.25% points)

UniBank interest rate

• Lowest advertised variable rate: 3.42% p.a. (3.46% p.a. comp 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% p.a. (3.71% p.a. comp 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: 3.24% p.a. (3.38% p.a. comp rate*) for OO P&I borrowers with up to 90% 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% p.a. (3.59% p.a. comp 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)

---

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 2020. They are (in descending order): Great Southern Bank, 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 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
• If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

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, Performance Drive 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.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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