Three main lenders cut rates on their home loans in the last week, including AMP, Bank of Queensland and Greater Bank, with one cutting by as much as 20 basis points. 

The news comes after the Reserve Bank decided to hold the cash rate at 0.75% on Tuesday, following positive employment data and steady inflation.

AMP

AMP cut rates on one of its home loan products.

  • Professional Package Variable P&I 750k+: 4 basis point cut to 3.05% p.a. (3.45% p.a. comparison rate*)

Bank of Queensland

BOQ cut rates across a few different fixed residential home loans.

Package home loans

  • Home Loan Privileges Residential Fixed 3yrs Discount 150k+: 20 basis point cut to 2.99% p.a. (3.99% p.a. comparison rate*)
  • Home Loan Privileges Residential Fixed 3yrs Discount 300k+: 20 basis point cut to 2.79% p.a. (3.94% p.a. comparison rate*)
  • Home Loan Privileges Residential Fixed 2yrs Discount 150k+: 10 basis point cut to 2.99% p.a. (4.05% p.a. comparison rate*)
  • Home Loan Privileges Residential Fixed 2yrs Discount 300k+: 10 basis point cut to 2.79% p.a. (4.01% p.a. comparison rate*)

Non-package home loans

  • Residential Fixed 3yrs Discount 150k+: 20 basis point cut to 2.99% p.a. (3.72% p.a. comparison rate*)
  • Residential Fixed 3yrs Discount 300k+: 20 basis point cut to 2.79% p.a. (3.67% p.a. comparison rate*)
  • Residential Fixed 2yrs Discount 150k+: 10 basis point cut to 2.99% p.a. (3.78% p.a. comparison rate*)
  • Residential Fixed 2yrs Discount 300k+: 10 basis point cut to 2.79% p.a. (3.75% p.a. comparison rate*)
  • Intro Rate Variable P&I 2yr Fixed: 10 basis point cut to 3.19% p.a. (3.80% p.a. comparison rate*)

Keep in mind that 'Discount' rate offers can be withdrawn at anytime - in BOQ's case, discounts are anywhere from 0.75% to 1.30% p.a.

Introductory rates usually feature a lower rate for X number of years then revert to a higher rate - in BOQ's case its Intro base rate is 3.19% p.a. for two years, then reverts to a base rate of 3.76% p.a, for an overall comparison rate of 3.80% p.a.

Greater Bank

Greater Bank made a variety of cuts to its fixed home loans, for both owner occupiers and investors.

Owner Occupier

  • Great Rate Fixed 2yrs: 8 basis point cut to 2.89% p.a. (3.74% p.a. comparison rate*)
  • Great Rate Fixed 3yrs: 8 basis point cut to 2.89% p.a. (3.66% p.a. comparison rate*)
  • Ultimate Fixed 2yrs 150k+: 8 basis point cut to 2.89% p.a. (3.98% p.a. comparison rate*)
  • Ultimate Fixed 3yrs 150k+: 8 basis point cut to 2.89% p.a. (3.91% p.a. comparison rate*)

Investment

  • Great Rate Fixed 2yrs: 13 basis point cut to 3.14% p.a. (4.09% p.a. comparison rate*)
  • Great Rate Fixed 3yrs: 13 basis point cut to 3.14% p.a. (4.00% p.a. comparison rate*)
  • Ultimate Fixed 2yrs: 13 basis point cut to 3.14% p.a. (4.32% p.a. comparison rate*)
  • Ultimate Fixed 3yrs: 13 basis point cut to 3.14% p.a. (4.25% p.a. comparison rate*)

Looking to compare low-rate, variable owner-occupier home loans? Below are a handful of low-rate loans in the market.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
90%
Featured 4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
Featured Apply 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.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
Featured 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
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.





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