The RBA Board on 8 July decided to deliver not a widely expected cut but a surprise hold, leaving the cash rate at 3.85% until it has "a little more information" to confirm inflation is on track to reach the midpoint of its target.

Mortgage holders holding out hopes for lower home loan rates may need to wait a little longer, at least until the August meeting, where a rate cut is tipped with near certainty.

Until then, the market is likely to remain subdued, though smaller lenders are cutting through the stillness by adjusting their home loan rates despite the unchanged benchmark.

Summerland Bank lowers home loan rates

Customer-owned Summerland Bank made a flurry of cuts across a range of its home loans.

The bank trimmed 5 basis points from its Basic Home Loan, bringing the lowest rate on its special offer product to 5.49% p.a (5.54% p.a. comparison rate*) for customers with a maximum loan-to-value ratio (LVR) of 60%.

Summerland's Basic Home Loan comes with a redraw facility and features no establishment or monthly administration fees for new customers.

It also reduced the rate on its Premium Home Loan special offer, cutting it by 10 basis points to 5.69.% p.a. (6.07% p.a. comparison rate*).

The bank's headline variable rate of 5.44% p.a. (5.49% p.a. comparison rate*) remains available through its Eco Loan, designed for customers financing the purchase or construction of an environmentally sustainable property.

Summerland Bank also dropped its investment home loans products, including the Investment Eco Home Loan special offer, now at 5.69% p.a. (5.74% p.a. comparison rate) for borrowers with 60% maximum LVR.

Additionally, the bank also reduced the rates of its fixed home loans for owner occupiers and investors.

Other movers

  • Bank of China varies fixed home loan rates by up to 60 basis points

Advertisement

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

Image by Engin Akyurt on Unsplash

Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

Download Free
By subscribing you agree to our privacy policy