Most notable of which were three of the big four banks - CommBank, Westpac and NAB - but borrowers must be willing to fix their home loan for four years.

  • CommBank: 'Wealth Package' for owner occupiers fixed for four years paying principal and interest cut by 100bps to 1.99% p.a. (comparison rate TBC*). Rate effective from 11 November.
  • Westpac: 'Premier Advantage Package' for owner occupiers paying principal and interest cut by 80bps to 1.99% p.a. (3.29% comparison rate*). Rate effective from 9 November.
  • NAB: 'Choice Package' for owner occupiers fixed for four years paying principal and interest cut by 81bps to 1.98% p.a. (comparison rate TBC*). Rate effective 6 November.

Note, these are packaged home loans, meaning you can expect the comparison rate to be in the 3.00% p.a. range, but watch this space.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable 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

A number of other smaller and challenger lenders also introduced or added some sub-2% home loans quickly after the Reserve Bank announced its decision.

Suncorp

Suncorp introduced its first sub-2% home loan, taking effect from 19 November.

It's a two-year fixed loan with a 1.89% p.a. advertised interest rate.

The comparison rate and the finer details are yet to be confirmed.

HSBC

HSBC also introduced a sub-2% home loan for owner occupiers willing to fix for two years.

Paying principal & interest, the home loan is packaged, and has a rate of 1.88% p.a. (2.98% p.a. comparison rate*), and is available from 19 November.

Reduce Home Loans

Reduce was one of the few lenders to make cuts to variable rates. 

  • Rate Cutter Variable 60% P&I: 12 basis point cut to 1.77% p.a. (1.83% p.a. comparison rate*)
  • Super Saver Variable 80% P&I: 20 basis point cut to 1.99% p.a. (2.05% p.a. comparison rate*)

UBank

Effective 13 November, UBank is cutting its three-year fixed range by 19 basis points down to 1.95% p.a. (2.36% p.a. comparison rate*).

It's for owner occupiers paying P&I, and there's no usual 'rate-lock' fee of $395 if borrowers settle on or before 31 March 2021.

The 2.36% p.a. comparison rate applies from 13 to 29 November, at which point it will revert to 2.25% p.a. when the variable rate changes take effect.

Homestar Finance

Homestar introduced a new 'Star Gold' home loan for owner occupiers paying P&I with a maximum of 60% LVR e.g. for those refinancing or with large deposits.

The rate is 1.79% p.a. (1.84% p.a. comparison rate*).

Pacific Mortgage Group

Pacific Mortgage Group was another lender that introduced a sub-2% home loan for borrowers with larger deposits or for those refinancing.

It cut its variable home loan paying P&I with a maximum LVR of 60% by 10 basis points down to 1.89% p.a. (1.89% p.a. comparison rate*). 

Freedom Lend

Freedom Lend cut its 'Freedom Variable' home loan for owner occupiers paying P&I with a maximum LVR of 70%.

The rate was cut by 20 basis points down to 1.97% p.a. (1.97% p.a. comparison rate*).

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