With interest rates on home loans now as low as 2.69% (at the time of writing), the pressure is on lenders to drop their rates.

Australian Unity, My State Bank and QBANK have done just that, cutting rates on a number of their home loan products.

One lender has dropped their rates by as much as 80 basis points.

Looking for a low variable rate home loan? The table below displays owner-occupier products which may represent the best of the big four banks, best of the top 10 customer-owned banks and the best of the larger non-banks.

Rates
Features
Fees
Other
Lender
VariableMore details
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase

loans.com.au – Variable Home Loan (LVR < 90%)

    More details
    VariableMore details
    Unlimited Redraws
    • No annual fees – None!
    • Get fast pre-approval
    • Unlimited additional repayments free of charge
    • Redraw freely – Access your additional payments when you need them
    • Home loan specialists available today
    Unlimited Redraws

    ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

    • No annual fees – None!
    • Get fast pre-approval
    • Unlimited additional repayments free of charge
    • Redraw freely – Access your additional payments when you need them
    • Home loan specialists available today
    More details
    VariableMore details

    ANZ – Standard Variable Home Loan (Principal and Interest) (LVR < 80%)

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      • Immediate cashback upon settlement
      • $2000 for loans up to $700,000
      • $4000 for loans over $700,000

      More details
      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 December 11, 2023. View disclaimer.

      Australian Unity rate cuts

      The Australian mutual company has reduced some of its rates by up to 10 basis points, effective from 13 November for new customers on fixed-rate loans.

      • One-year fixed Health Wealth Happiness Package for borrowers on principal and interest (P&I) repayments has been cut by 5 basis points to 2.94% p.a. (3.54% p.a. comparison rate*)
      • Three-year fixed Health Wealth Happiness Package for borrowers on principal and interest (P&I) repayments has been cut by 5 basis points to 2.94% p.a. (3.51% p.a. comparison rate*)
      • Five-year fixed Health Wealth Happiness Package for borrowers on principal and interest (P&I) repayments has been cut by 10 basis points to 3.09% p.a. (3.54% p.a. comparison rate*)
      • One-year fixed Health Wealth Happiness for borrowers on principal and interest (P&I) repayments has been cut by 5 basis points to 3.09% p.a. (3.32% p.a. comparison rate*)
      • Three-year fixed Health Wealth Happiness for borrowers on principal and interest (P&I) repayments has been cut by 5 basis points to 3.09% p.a. (3.28% p.a. comparison rate*)
      • Five-year fixed Health Wealth Happiness for borrowers on principal and interest (P&I) repayments has been cut by 10 basis points to 3.24% p.a. (3.31% p.a. comparison rate*)

      MyState Bank rate cuts

      The Tasmanian-based lender has made some pretty chunky cuts, reducing rates by up to 80 basis points.

      The rate cuts apply to fixed-rate loans for investors and owner-occupiers, effective from 13 November.

      Rate cuts for owner-occupiers:

      • One-year Residential fixed for borrowers with an LVR of 80% has been cut by 40 basis points to 3.39% p.a. (4.71% p.a comparison rate*)
      • Two-year Residential fixed for borrowers with an LVR of 80% has been cut by 40 basis points to 3.19% p.a. (4.53% p.a comparison rate*)
      • Three-year Residential fixed for borrowers with an LVR of 80% has been cut by 50 basis points to 3.19% p.a. (4.42% p.a comparison rate*)

      Rate cuts for investors:

      • Two-year Investment fixed for borrowers with an LVR of 80% has been cut by 30 basis points to 3.49% p.a. (4.59% p.a. comparison rate*)
      • Three-year Investment fixed for borrowers with an LVR of 80% has been cut by 50 basis points to 3.39% p.a. (4.47% p.a. comparison rate*)
      • Three-year Investment fixed for borrowers with an LVR of 90% has been cut by 70 basis points to 3.59% p.a. (4.53% p.a. comparison rate*)
      • Three-year Investment fixed for borrowers with interest-only (IO) repayments has been cut by 80 basis points to 3.49% p.a. (4.51% p.a. comparison rate*)

      QBANK rate cuts

      The member-owned bank for emergency service workers has cut variable rates effective from 15 November.

      • Classic Offer for borrowers with an LVR of 90% has been cut by 15 basis points to 3.04% p.a. (3.07% p.a. comparison rate*)
      • Classic Offer for borrowers with an LVR of 95% has been cut by 15 basis points to 3.30% p.a. (3.33% p.a. comparison rate*)
      • First Home Buyers Classic Offer for borrowers with an LVR of 95% has been cut by 15 basis points to 3.30% p.a. (3.33% p.a. comparison rate*)


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