The Reserve Bank's (RBA) cash rate decision next Tuesday is widely tipped to be a slight cut from 25 basis points down to 10 basis points.

Throughout the past week, a few challenger brands have slashed home loan interest rates.

Gateway Bank cut its Construction Loan by 125 basis points down to 3.23% p.a. (3.29% p.a. comparison rate*).

Australian Unity cut numerous home loans, but most noteworthy was its 'Health Wealth Happiness' package home loan, fixed for one year paying P&I, cut by 20 basis points down to 2.24% p.a. (3.13% p.a. comparison rate*).

People's Choice Credit Union cut its residential 1 year fixed loan paying P&I, among others, by 25 basis points down to 2.29% p.a. (4.44% p.a. comparison rate*).

More rate cuts are below.

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.

Rates
Features
Fees
Other
Lender
VariableMore details
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
Online ExclusiveUp To $4K Cashback Includes NOV RBA Rate Increase

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
More details
VariableMore details
Refinance OnlyApply In Minutes
  • 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.
Refinance OnlyApply In Minutes

Unloan – Variable Rate Home Loan – Refinance Only

  • 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.
More details
VariableMore details
  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)

Up – Up Home Variable (Principal & Interest) (LVR ≤ 90)

  • Up is 100% owned by Bendigo Bank.
  • Up to 50 offset accounts
  • New joiners get $10 by signing up to the app using code UPHOMESAVINGS. (T&Cs apply)
More details
  • 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 10, 2023. View disclaimer.

ME Bank also cut a couple of home loan rates, including its variable 'Flexible Member Package' home loan for owner occupiers paying P&I with a maximum LVR of 80%.

For those borrowing $700,000 or more, the rate was cut by 10 basis points down to 2.69% p.a. (3.14% p.a. comparison rate*).

QBANK cut its 'Classic Offer' with a maximum LVR of 80% by 5 basis points down to 2.69% p.a. (2.72% p.a. comparison rate*)

Earlier in the week, Westpac-owned St. George and Bank of Melbourne also slashed some home loan rates.

Focusing on St. George, the biggest cuts came to interest-only loans.

For example, its Basic Variable loan with a maximum LVR of 60% paying IO, was cut by 85 basis points down to 3.09% p.a. (3.11% p.a. comparison rate*)

The corresponding home loan but paying P&I was cut by 10 basis points down to 2.49% p.a. (2.51% p.a. comparison rate*).

Note these are 'promo' rates and could be withdrawn at any time.



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