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More banks are dropping their fixed home loan rates, enticing borrowers to lock in their rate.
With at least one more cash rate cut expected in the coming months, it’s likely these won’t be the last cuts to fixed rates we’ll see.
Many economists are tipping the Reserve Bank to take the cash rate to a further record low of 0.5% at its first meeting of 2020 in February.
Non-majors Suncorp and Adelaide Bank, and customer-owned Qudos have all dropped their fixed home loan rates, with many below 3%.
Earlier this week, popular online lender loans.com.au slashed its fixed interest rates by 20 basis points across the board, bringing some of its fixed rates below 3% for the first time.
Below are some of the lowest variable home loan rates on offer across the big four banks, customer-owned banks and larger non-banks.

Smart Booster Home Loan
Product Features
- Discount variable for 1 year <=80% LVR
- No ongoing fees
- Unlimited redraw facility
Monthly repayments: $1,476
Advertised
Rate (p.a.)
1.99%
Comparison
Rate (p.a.)
2.47%
Product Features
- Discount variable for 1 year
- No ongoing fees
- Unlimited redraw facility
Base criteria of: a $400,000 loan amount, variable, principal and interest (P&I) owner-occupied home loans with an LVR (loan-to-value) ratio of at least 80%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.
Suncorp fixed rate cuts
Suncorp has cut fixed rates by up to 40 basis points, effective from 8 November.
The cuts apply to fixed home loan products on both principal and interest (P&I) and interest-only (IO) repayments for new owner-occupier and investors.
Suncorp Home Package Plus with Special Offer for owner-occupiers making P&I repayments:
- Two-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points 2.89% p.a. (3.75% p.a. comparison rate*)
- Three-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points 2.89% p.a. (3.70% p.a. comparison rate*)
- Five-year fixed rate for first home buyers with an LVR of up to 95% has been cut by 40 basis points 2.99% p.a. (3.27% p.a. comparison rate*)
Suncorp Home Package Plus with Special Offer for investors making P&I repayments:
- Two-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points to 3.19% p.a. (4.04% p.a. comparison rate*)
- Three-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points to 3.19% p.a. (3.99% p.a. comparison rate*)
Suncorp Home Package Plus with Special Offer for investors making IO repayments:
- Two-year fixed rate for loans with an LVR of up to 90% has been cut by 20 basis points to 3.39% p.a. (4.06% p.a. comparison rate*)
- Three-year fixed-rate loans with an LVR of up to 90% has been cut by 20 basis points to 3.39% p.a. (4.02% p.a. comparison rate*)
- Two-year fixed rate for loans with an LVR of up to 90% has been cut by 10 basis points to 3.49% p.a. (5.05%
Adelaide Bank fixed rate cuts
Adelaide Bank has lowered its fixed rates by up to 10 basis points, effective from 6 November for new customers.
Adelaide Bank SmartFix:
- Two-year fixed for owner-occupiers making P&I repayments has been cut by 10 basis points to 2.89% p.a. (3.26% p.a. comparison rate*)
- Three-year fixed for owner-occupiers making P&I repayments has been cut by 8 basis points to 2.91% p.a. (3.25% p.a. comparison rate*)
Adelaide Bank SmartSaver:
- Two-year fixed for owner-occupiers making P&I repayments has been cut by 10 basis points to 2.89% p.a. (3.07% p.a. comparison rate*)
- Three-year fixed for owner-occupiers making P&I repayments has been cut by 8 basis points to 2.91% p.a. (3.06% p.a. comparison rate*)
Qudos Bank fixed rate cuts
Customer-owned Qudos has also reduced its fixed rates for new owner-occupiers making P&I repayments by 10 basis points, effective from 4 November.
Qudos fixed rate cuts for owner-occupiers with 80% LVR:
- One-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 2.89% p.a. (3.30% p.a. comparison rate*)
- Two-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 2.89% p.a. (3.26% p.a. comparison rate*)
- Three-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 2.89% p.a. (3.23% p.a. comparison rate*)
- Four-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 3.09% p.a. (3.26% p.a. comparison rate*)
- Five-year fixed for loans with an LVR of 80% has been cut by 10 basis points to 3.09% p.a. (3.24% p.a. comparison rate*)
Qudos fixed rate cuts for owner-occupiers with 90% LVR:
- One-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 2.99% p.a. (3.31% p.a. comparison rate*)
- Two-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 2.99% p.a. (3.28% p.a. comparison rate*)
- Three-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 2.99% p.a. (3.25% p.a. comparison rate*)
- Four-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 3.19% p.a. (3.29% p.a. comparison rate*)
- Five-year fixed for loans with an LVR of 90% has been cut by 10 basis points to 3.19% p.a. (3.28% comparison rate*)
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): 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 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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