After holding steady in August, the Reserve Bank of Australia (RBA) again elected to hold the cash rate steady this month at 1.00%.

But after passing some or all of the RBA’s rate cuts in June and July, most lenders still offer competitive home loans at interest rates below 3.50%, giving many mortgage-holders the power to cut their own rates by switching to a lower-rate home loan.

Those in the market for a rate cut opportunity can check out 
some of the lowest variable home loan rates available from 
60+ of Australia’s most popular lenders below.

Current low rate home loans: “Best of” snapshot

To provide a quick snapshot of the market, Savings.com.au has also picked-out three products which represent among the sharpest current home loan rates on offer from:

  • the big four banks
  • the top 10 customer-owned institutions
  • the larger non-banks

Lender

VariableMore details
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase
  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset
4.6 Star Customer RatingsIncludes Nov RBA Rate Increase

loans.com.au – Variable Home Loan (LVR < 90%)

  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset
VariableMore details
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
Unlimited Redraws

ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • 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
VariableMore details

ANZ – Standard Variable Home Loan (Principal and Interest) (LVR < 80%)

    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 November 29, 2023. View disclaimer.

    Stay up to date with the latest rate changes

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    Low variable home loan rates on offer from each lender

    Last updated: 03/09/19

    Note: P&I = Principal and Interest, IO= Interest Only, OO=Owner-occupiers

    Please also note that the “lowest advertised variable rates” listed for each lender excludes introductory & honeymoon rates and package rates. Rates and product information are correct at the time of the last update to this page and should be confirmed with the relevant lender. Lowest rates will only be listed if they are currently available.

    For more detail on the June and July interest rate cuts carried out by each lender, you can visit our respective June and July rate cut summary pages.

    Adelaide Bank interest rate

    AMP interest rate

    ANZ Bank interest rate

    Athena interest rate

    Australian Unity interest rate

    Auswide Bank interest rate

    Bank Australia interest rate

    BankFirst interest rate

    Bank of Melbourne interest rate

    Bank of Sydney interest rate

    BankSA interest rate

    BankVic interest rate

    Bankwest interest rate

    BCU interest rate

    Bendigo Bank interest rate

    Beyond Bank interest rate

    Bank of Queensland interest rate

    Citi interest rate

    Commonwealth Bank interest rate

    Credit Union SA interest rate

    CUA interest rate

    Defence Bank interest rate

    G&C Mutual Bank interest rate

    Gateway Bank interest rate

    Greater Bank interest rate

    Heritage Bank interest rate

    Homestar Finance interest rate

    HomeStart Finance interest rate

    Horizon Credit Union interest rate

    HSBC interest rate

    Hume Bank interest rate

    Hunter United interest rate

    IMB Bank interest rate

    ING interest rate

    Liberty interest rate

    Loans.com.au interest rate

    Macquarie Bank interest rate

    ME Bank interest rate

    Mortgage House interest rate

    MOVE Bank interest rate

    MyState interest rate

    NAB interest rate

    Newcastle Permanent interest rate

    P&N Bank interest rate

    People’s Choice CU interest rate

    Pepper Money interest rate

    Police Bank interest rate

    Police Credit Union interest rate

    QBank interest rate

    Qudos Bank interest rate

    RACQ Bank interest rate

    RAMS interest rate

    Reduce Home Loans interest rate

    Resimac interest rate

    SCU interest rate

    State Custodians interest rate

    St. George Bank interest rate

    Suncorp interest rate

    Teachers Mutual Bank interest rate

    The Mutual Bank interest rate

    TicToc interest rate

    UBank interest rate

    Unibank interest rate

    Unity Bank interest rate

    Virgin Money interest rate

    Westpac interest rate

    Adelaide Bank interest rate

    • Lowest advertised variable rate: 3.29% p.a. (3.52% p.a. comp rate*) for OO P&I borrowers with LVR under 90%
    • July rate cut: 15-20 basis points (0.15-0.20% points)
    • June rate cut: 15-20 basis points (0.15-0.20% points)

    AMP Bank interest rate

    • Lowest advertised variable rate: 3.74% p.a. (3.77% p.a. comp rate*) for OO P&I borrowers with up to 90% LVR
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 25 basis points (0.25% points)

    ANZ Bank interest rate

    • Lowest advertised variable rate: 4.93% p.a. (5.03% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
    • July rate cut: 25 basis points (0.25% points)
    • June rate cut: 18 basis points (0.18% points)

    Athena interest rate

    • Lowest advertised variable rate: 3.09% p.a. (3.05% p.a. comp rate*) for OO P&I with up to 80% LVR
    • July rate cut: 25 basis points (0.25% points)
    • June rate cut: 25 basis points (0.25% points)

    Australian Unity interest rate

    • Lowest advertised variable rate: 3.09% p.a. (3.12% p.a. comp rate*) for OO P&I customers with up to 80% LVR
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 25 basis points (0.25% points) 

    Auswide Bank interest rate

    • Lowest advertised variable rate: 3.26% p.a. (3.66% p.a. comp rate*) for OO P&I borrowers with up to 90% LVR
    • July rate cut: 25 basis points (0.25% points)
    • June rate cut: 25 basis points for all variable P&I home loan customers (0.25% points)

    Bank Australia interest rate

    • Lowest advertised variable rate: 3.35% p.a. (3.36% p.a. comp rate*) for OO P&I borrowers with LVR under 80%
    • July rate cut: 16 basis points (0.16% points)
    • June rate cut: 25 basis points (0.25% points)

    BankFirst interest rate

    • Lowest advertised variable rate: 3.39% p.a. (3.44% p.a. comp rate) for owner occupiers with LVR of 80% or less
    • July rate cut: 13-25 basis points (0.13-0.25% points)
    • June rate cut: 7-30 basis points (0.07-0.30% points)

    Bank of Melbourne interest rate

    • Lowest advertised variable rate: 3.34% p.a. (3.36% p.a. comp rate*) for OO Variable home loan P&I with LVR above 80%
    • July rate cut: 20-30 basis points (0.20-0.30% points)
    • June rate cut: 20-35 basis points (0.20-0.35% points)

    Bank of Sydney interest rate

    • Lowest advertised variable rate: 3.11% p.a. (3.13% p.a. comp rate*) for OO P&I customers with up to 90% LVR
    • July Rate cut: 19 basis points (0.19% points)
    • June rate cut: 20-25 basis points (0.20-0.25% points)  

    Bank of Queensland interest rate

    • Lowest advertised variable rate: 3.59% p.a. (3.75% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR.
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 25 basis points (0.25% points)

    BankSA interest rate

    • Lowest advertised variable rate: 3.24% p.a. (3.26% p.a. comp rate*) for Basic Promo Variable P&I with 95% LVR or less
    • July rate cut: 20-30 basis points (0.20-0.30% points)
    • June rate cut: 20-35 basis points (0.20-0.35% points)

    BankVic interest rate

    • Lowest advertised variable rate: 3.48% p.a. (3.52% p.a. comp rate*) for OO P&I borrowers
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 25 basis points (0.25% points)

    Bankwest interest rate

    • Lowest advertised variable rate: 3.80% p.a. (3.82% p.a. comp rate*) for OO P&I borrowers with up to 90% LVR
    • July rate cut: 19 basis points (0.19% points)
    • June rate cut: 25 basis points (0.25% points)

    BCU interest rate

    • Lowest advertised variable rate: 3.34% p.a. (3.38% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
    • July rate cut: 20-25 basis points (0.20-0.25% points)
    • June rate cut: 25 basis points (0.25% points)

    Bendigo Bank interest rate

    • Lowest advertised variable rate: 3.29% p.a. (3.45% p.a. comp rate*) for OO P&I borrowers with up to 95% LVR
    • July rate cut: 15-20 basis points (0.15-0.20% points)
    • June rate cut: 15-20 basis points (0.15-0.20% points)

    Beyond Bank interest rate

    • Lowest advertised variable rate: 3.47% p.a. (3.47% p.a. comp rate*) for OO P&I customers with up to 80% LVR
    • July rate cut: 17 basis points (0.17% points)
    • June rate cut: 15-25 basis points (0.15-0.25% points)

    Citi interest rate

    • Lowest advertised variable rate: 3.21% p.a. (3.26% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
    • July rate cut: 18 basis points (0.19% points)
    • June rate cut: 25 basis points (0.25% points)

    Commonwealth Bank interest rate

    • Lowest advertised variable rate: 3.35% p.a. (3.36% p.a. comp rate*) for OO P&I borrowers with up to 70% LVR
    • July rate cut: 19-25 basis points (0.19-0.25% points)
    • June rate cut: 25 basis points (0.25% points)

    Credit Union SA interest rate

    • Lowest advertised variable rate: 3.59% p.a. (3.61% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 20 basis points (0.20% points)

    CUA interest rate

    • Lowest advertised variable rate: 3.18% p.a. (3.23% p.a. comp rate) with special offer for OO P&I borrowers with up to 90% LVR
    • July rate cut: 17 basis points (0.17% points)
    • June rate cut: 10-25 basis points (0.10-0.25% points)

    Defence Bank interest rate

    • Lowest advertised variable rate: 3.51% p.a. (3.51% p.a. comp rate*) for OO P&I customers
    • July rate cut: 19 basis points (0.19% points)
    • June rate cut: 25 basis points (0.25% points)

    G&C Mutual Bank interest rate

    • Lowest advertised variable rate: 3.49% p.a. (3.52% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
    • July rate cut: 10-20 basis points (0.10-0.20% points)
    • June rate cut: 25 basis points (0.25% points)

    Gateway Bank interest rate

    • Lowest advertised variable rate: 3.19% p.a. (3.22% p.a. comp rate*) for OO P&I borrowers with up to 95% LVR
    • July rate cut: Up to 20 basis points (0.20% points)
    • June rate cut: 25 basis points (0.25% points)

    Greater Bank interest rate

    • Lowest advertised variable rate: 3.47% p.a. (3.48% p.a. comp rate*) for OO P&I customers with up to 90% LVR
    • July rate cut: 15-25 basis points (0.15-0.25% points)
    • June rate cut: 25 basis points (0.25% points)

    Heritage Bank interest rate

    • Lowest advertised variable rate: 3.32% p.a. (3.34% p.a. comp rate*) with discount for OO P&I customers with up to 80% LVR
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 20 basis points (0.20% points)

    Homestar Finance interest rate

    • Lowest advertised variable rate: 3.04% p.a. (3.07% p.a. comp rate*) for OO P&I new customers with up to 80% LVR 
    • July rate cut: 25 basis points (0.25% points)
    • June rate cut: 25 basis points (0.25% points)

    Homestart Finance interest rate

    • Lowest advertised variable rate: 4.94% p.a. (5.01% p.a. comp rate*) for OO P&I borrowers with up to 95% LVR
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 25 basis points (0.25% points)

    Horizon Credit Union interest rate

    • Lowest advertised variable rate: 3.84% p.a. (4.01% p.a. comparison rate*) for OO P&I customers with up to 95% LVR
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 25 basis points (0.25% points)

    HSBC interest rate

    • Lowest advertised variable rate: 3.27% p.a. (3.28% p.a. comp rate*) for OO P&I customers with up to 80% LVR.
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 22 basis points (0.22% points)

    Hume Bank interest rate

    • Lowest advertised variable rate: 3.39% p.a. (3.39% p.a. comp rate*) for OO P&I borrowers with up to 95% LVR  
      Other info: 
    • July rate cut: 10-15basis points (0.10-0.15% points)
    • June rate cut: 10-20 basis points (0.10-0.20% points)

    Hunter United interest rate

    • Lowest advertised variable rate: 3.27% p.a. (3.37% p.a. comp rate*) for OO P&I first home buyers with up to 90% LVR  
      Other info: 
    • July rate cut: 5-20 basis points (0.05-0.20% points)
    • June rate cut: 25 basis points on variable home loans (0.25% points)

    IMB Bank interest rate

    • Lowest advertised variable rate: 3.31% p.a. (3.37% p.a. comp rate*) for OO P&I customers with up to 90% LVR
    • July rate cut: 18 basis points (0.18% points)
    • June rate cut: 25 basis points on residential and business lending products

    ING interest rate

    • Lowest advertised variable rate: 3.18% p.a. (3.21% p.a. comp rate) for OO P&I customers with up to 80% LVR
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 25 basis points (0.25% points)

    Liberty interest rate

    • Lowest advertised variable rate: 3.50% p.a (3.57% p.a. comp rate*) for OO P&I borrowers with up to 65% LVR  
    • July rate cut: 19 basis points (0.19% points)
    • June rate cut: 25 basis points for existing customers (0.25% points)

    Loans.com.au interest rate

    Macquarie Bank interest rate

    • Lowest advertised variable rate: 3.24% p.a. (3.24% p.a. comp rate*) for OO P&I borrowers with up to 70% LVR 
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 25 basis points (0.25% points)

    ME Bank interest rate

    • Lowest advertised variable rate: 3.57% p.a. (3.59% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 25 basis points (0.25% points)

    Mortgage House interest rate

    • Lowest advertised variable rate: 2.99% p.a. (3.02% p.a. comp rate*) for OO P&I customers with up to 60% LVR  
    • July rate cut: 15-50 basis points (0.15-0.50% points)
    • June rate cut: 10-70 basis points (0.10-0.70% points)

    Move Bank interest rate

    • Lowest advertised variable rate: 3.09% p.a. (3.12% p.a. comp rate*) for new OO P&I customers with up to 80% LVR.   
    • July rate cut: 20-30 basis points (0.20-0.30% points)
    • June rate cut: up to 25 basis points (0.25% points)

    MyState interest rate

    • Lowest advertised variable rate: 3.38% p.a. (3.41% p.a. comp rate*) on Basic Variable home loan for new customers
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 20 basis points (0.20% points)

    NAB interest rate

    • Lowest advertised variable rate: 3.35% p.a. (3.39% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
    • July rate cut: 19 basis points (0.19% points)
    • June rate cut: 25 basis points (0.25% points)

    Newcastle Permanent interest rate

    • Lowest advertised variable rate: 3.32% p.a. (3.36% p.a. comp rate*) Special for OO P&I borrowers with up to 90% LVR
    • July rate cut: 25 basis points (0.25% points)
    • June rate cut: 25 basis points (0.25% points)

    P&N Bank interest rate

    • Lowest advertised variable rate: 3.63% p.a. (3.63% p.a. comp rate*) for OO P&I borrowers with LVR under 90%  
    • July rate cut: Up to 18 basis points (0.18% points)
    • June rate cut: 18 basis points on most variable home loans (0.18% points)

    People’s Choice CU interest rate

    • Lowest advertised variable rate: 4.07% p.a. (4.12% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR  
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 25 basis points on standard variable home loan rates for existing members and variable business loan rates

    Pepper Money interest rate

    • Lowest advertised variable rate: 3.36% p.a. (3.56% p.a. comp rate*) for OO P&I borrowers with up to 90% LVR   
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 25 basis points (0.25% points)

    Police Bank interest rate

    • Lowest advertised variable rate:  3.39% p.a. (3.47% p.a. comp rate*) Special for OO borrowers with LVR up to 70%
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 25 basis points (0.25% points)

    Police Credit Union interest rate

    • Lowest advertised variable rate: 3.29% p.a. (3.34% p.a. comp rate*) for OO P&I borrowers with up to 60% LVR   
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 15-25 basis points (0.15-0.25% points)

    QBank interest rate

    • Lowest advertised variable rate: 3.35% p.a. (3.38% p.a. comp rate*) Special with Discounted rate for OO P&I borrowers with up to 90% LVR  
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 18 basis points (0.18% points)

    Qudos Bank interest rate

    • Lowest advertised variable rate: 3.29% p.a. (3.29% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR  
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 25 basis points (0.25% points)

    RACQ Bank interest rate

    • Lowest advertised variable rate: 3.19% p.a. (3.19% p.a. comp rate*) for OO P&I borrowers with up to 95% LVR
    • July rate cut: 25 basis points (0.25% points)
    • June rate cut: 25 basis points (0.25% points)

    RAMS interest rate

    • Lowest advertised variable rate: 4.11% p.a. (4.17% p.a. comp rate*) for OO P&I borrowers with up to 95% LVR
    • July rate cut: 20-30 basis points (0.20-0.30% points)
    • June rate cut: 20-35 basis points (0.20-0.35% points)

    Reduce Home Loans interest rate

    • Lowest advertised variable rate: 2.89% p.a. (2.91% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR 
    • July rate cut: Up to 22 basis points (0.22% points)
    • June rate cut: 25 basis points (0.25% points) (effective 22 July for existing customers)

    Resimac interest rate

    • Lowest advertised variable rate: 3.40% p.a. (3.45% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR 
    • July rate cut: 25 basis points (0.25% points)
    • June rate cut: not publicly disclosed

    SCU interest rate

    • Lowest advertised variable rate: 3.37% p.a. (3.42% p.a. comparison rate*) for OO P&I customers  
    • July rate cut: 20 basis points (0.20% points)
    • June rate cut: 20-25 basis points (0.20-0.25% points)

    State Custodians interest rate

    • Lowest advertised variable rate: 3.15% p.a. (3.17% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
    • July rate cut: 25 basis points (0.25% points)

    Suncorp Bank interest rate

    • Lowest advertised variable rate: 3.29% p.a. (3.30% p.a. comp rate*) for OO P&I borrowers with up to 90% LVR  
    • July rate cut: 19 basis points (0.19% points)
    • June rate cut: 20 basis points (0.20% points)

    St. George interest rate

    • Lowest advertised variable rate: 3.24% p.a. (3.26% p.a. comp rate*) with Discount for OO P&I borrowers with LVR under 60%
    • July rate cut: 20-30 basis points (0.20-0.30% points)
    • June rate cut: 20-35 basis points (0.20-0.35% points)

    Teachers Mutual Bank interest rate

    • Lowest advertised variable rate: 3.42% (3.46% comparison rate*) for OO P&I borrowers with up to 85% LVR
    • July rate cut: Undisclosed
    • June rate cut: 25 basis points (0.25% points)

    The Mutual Bank interest rate

    • Lowest advertised variable rate: 3.38% (4.23% p.a. comp rate*) Discounted for OO P&I borrowers with up to 90% LVR 
    • July rate cut: 10-20 basis points (0.10-0.20% points)
    • June rate cut: 25 basis points (0.25% points)

    TicToc interest rate

    • Lowest advertised variable rate: 2.99% p.a. (3.00% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR
    • July rate cut: Up to 20 basis points (0.20% points)
    • June rate cut: Up to 20 basis points (0.20% points)

    UBank interest rate

    • Lowest advertised variable rate: 3.09% p.a. (3.09% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR   
    • July rate cut: 25 basis points (0.25% points)
    • June rate cut: 25 basis points (0.25% points)

    UniBank interest rate

    • Lowest advertised variable rate: 3.42% p.a. (3.46% p.a. comp rate*) for OO P&I borrowers with up to 85% LVR  
    • July rate cut: Undisclosed
    • June rate cut: 25 basis points (0.25% points)

    Unity Bank interest rate

    • Lowest advertised variable rate: 3.66% p.a. (3.71% p.a. comp rate*) for OO P&I borrowers with up to 80% LVR   
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 15-18 basis points (0.15-0.18% points)

    Virgin Money interest rate

    • Lowest advertised variable rate: 3.24% p.a. (3.38% p.a. comp rate*) for OO P&I borrowers with up to 90% LVR  
    • July rate cut: 15 basis points (0.15% points)
    • June rate cut: 25 basis points (0.25% points)

    Westpac interest rate

    • Lowest advertised variable rate: 3.58% p.a. (3.59% p.a. comp rate*) for new OO P&I customers
    • July rate cut: 20-30 basis points (0.20-0.30% points)
    • June rate cut: 20-35 basis points (0.20%-0.35% points)

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