Suncorp Bank was the biggest name to shift its home loan rates this week, after the wash-up of the RBA’s first new-look meeting for 2024.

In a widely forecast move, the RBA board opted to keep the cash rate at 4.35% but at her first scheduled media conference after a rates decision, Reserve Bank governor Michele Bullock set a cautionary tone for the year ahead.

Ms Bullock gave no indication as to when the cash rate might fall and refused to rule out the need for another rate rise if inflation proved stubborn.

The big four banks have forecast a cash rate cut for the second half of the year.

Many banks and non-bank lenders had largely been moving their mortgage rates lower in the lead up to Tuesday’s decision.

This week broadly continues that trend although brings a mixed bag:

Suncorp varies variable rates

Queensland-based Suncorp Bank has dropped rates by between five and 15 basis points on three of its investment and home loan products this week.

Its Investment Back to Basics Interest Only Special Offer with a loan-to-value (LVR) ratio of 70-80% was cut 15 basis points to 6.44% p.a. (6.45% p.a. comparison rate*).

However, many of its other investment home loans headed in the other direction with a 10 basis point rise.

Below are the rates for Suncorp’s Home Package Plus Principal and Interest Special Offer loans:



Rate change

New rate

Comparison rate*

Investment Home Package Plus Special Offer



6.53% p.a.

6.88% p.a.*

Investment Home Package Plus Special Offer



6.53% p.a.

6.88% p.a.*

Investment Home Package Plus Special Offer



6.54% p.a.

6.89% p.a.*

Rate droppers - Heritage, People's Choice, and Summerland Bank

Heritage Bank dropped its fixed interest rates across a range of its owner-occupier and investment loans by up to 25 basis points.

Its basic Residential and Investment Fixed loans for one year have both been cut by 25 basis points.

The residential rate is now 6.24% p.a. (6.54% comparison rate*) for LVR loans up to 95% while the Investment Fixed Interest Only rate is now 6.64% p.a. (7.04% p.a. comparison rate*) for loans with a LVR of 90%.

People’s Choice has cut fixed rates by up to 25 basis points on a range of its owner occupier and investment home loan products.

Summerland Bank, from the Northern Rivers in New South Wales, also dropped fixed rates this week on its range of Standard Fixed products.

Its Standard Fixed at two years with an LVR ≤60% saw the biggest fall, dropping 20 basis points to 5.94% p.a. (6.83% p.a. comparison rate*).

Australian Unity has cut its Kick Starter Discounted Variable Principal and Interest loans with LVRs between 70-80% by five basis points.

It's also dropped its Health Wealth Happiness Principal and Interest One Year fixed home loan for LVRs between 70-80% by 35 basis points to 6.89% p.a. (6.91% p.a. comparison rate*).


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
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.
Principal & Interest
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.
Principal & Interest
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.
Principal & Interest
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.

Image by Nao Takabayashi for Unsplash

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