The home loan with the biggest rate cut was the basic variable product for owner occupiers, paying interest-only, with a 60% loan-to-value ratio.

It was cut by 30 basis points down to 2.59% p.a. (2.59% p.a. comparison rate*).

All up there were about 30 individual rate changes, but a handful of other cuts included:

  • Basic Variable Owner Occ P&I 60%: 15 basis point cut to 2.14% p.a. (2.14% p.a. comparison rate*)
  • Basic Variable Owner Occ P&I 80%: 15 basis point cut to 2.24% p.a. (2.24% p.a. comparison rate*)
  • Basic Variable Inv P&I 60%: 10 basis point cut to 2.29% p.a. (2.29% p.a. comparison rate*)
  • Basic Variable Inv P&I 80%: 10 basis point cut to 2.49% p.a. (2.49% p.a. comparison rate*)

A noteworthy feature of these home loans is that the comparison rates are the same as the advertised rates - this implies there are little to no extra fees or other costs associated with the home loan.

Elsewhere, it was a pretty quiet week on the home loan front, particularly for rate cuts.

BankVic introduced a new 2 year introductory variable home loan for owner occupiers. 

The rate is 1.95% p.a. (2.92% p.a. comparison rate*).

Newcastle Permanent slashed its 'Real Deal' home loan as a special offer for owner occupiers with 80% LVR paying P&I.

The rate is 10 basis points lower, now 2.49% p.a. (2.53% p.a. comparison rate*).

Meanwhile, Heritage Bank increased rates on a handful of products by 10 basis points. Some included:

  • Residential Fixed 3 Years: Now 2.29% p.a. (4.07% p.a. comparison rate*)
  • Residential Fixed 5 Years: Now 2.69% p.a. (3.91% p.a. comparison rate*)
  • Investment Fixed 3 Years: Now 2.49% p.a. (4.51% p.a. comparison rate*)
  • Investment Fixed 5 Years: Now 2.99% p.a. (4.35% p.a. comparison rate*)

Heritage's fixed home loans are for borrowers with up to 90% LVR. 

The reason for the gulf between the advertised rate and comparison rate is because of a $600 application fee, and an $8 per month loan service fee, while the revert rate may also factor.

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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.

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 8, 2023. View disclaimer.

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