Today UBank announced cuts to its 'lowest ever' level on some variable home loans, while also cutting some fixed rates earlier in the week.

Cuts were made to products paying principal and interest (P&I), and interest-only (IO). Some details are:

  • Variable Owner Occupied P&I: Down to 2.49% p.a. (2.49% p.a. comparison rate*)
  • UHomeLoan Fixed 3 Years P&I: 15 basis point cut to 2.14% p.a. (2.41% p.a. comparison rate*)

New fixed home loans that settle on or before 30 September will also have their $395 lock rate fee waived.

The 2.49% variable rate comes into effect for new customers from 17 July, while existing variable home loan customers will also have their home loans cut by between 10 and 15 basis points, which is unusual unless they renegotiate or the central bank cuts the cash rate.

Macquarie cuts

Yesterday Macquarie made cuts by between five and 30 basis points on a wide variety of home loans. Some key cuts include:

  • Basic Variable Owner Occupied 80%: 15 basis point cut to 2.74% p.a. (2.74% p.a. comparison rate*)
  • Basic Variable Investment IO 80%: 30 basis point cut to 3.34% p.a. (3.34% p.a. comparison rate*)

AMP cuts

Earlier in the week AMP made cuts by between 23 and 135 basis points, primarily on its 'Professional Package' home loans. Some key cuts are:

  • Professional Package Investment Variable P&I 80% 100k+: 135 basis point cut to 3.19% p.a. (3.59% p.a. comparison rate*)
  • Professional Package Variable P&I 80% 100k+: 114 basis point cut to 2.73% p.a. (3.14% p.a. comparison rate*)

These new AMP rates are for new borrowers only.

Buying a home or looking to refinance? The table below features home loans with some of the lowest variable interest rates on the market for owner occupiers.

Lender

VariableMore details
Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
Online ExclusiveUp To $4K Cashback

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
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.
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
Unlimited RedrawsApply In Minutes
  • Low Deposit (<95% LVR) with No LMI required
  • Unlimited Redraw and additional repayments
  • No Application or ongoing fees
Unlimited RedrawsApply In Minutes

Sucasa – Ultra Low Rate (Variable) - <95% LVR - No LMI (New Purchases)

  • Low Deposit (<95% LVR) with No LMI required
  • Unlimited Redraw and additional repayments
  • No Application or ongoing fees
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 February 27, 2024. View disclaimer.

ME Bank, Qudos Bank and loans.com.au also cut

In the past week, a variety of member-owned banks and challenger brands also cut home loan interest rates.

ME Bank

On Wednesday, ME Bank made some cuts to some fixed investment loans by up to 79 basis points. These cuts are:

  • Member Package Fixed 1 Year: 79 basis point cut to 2.89% p.a. (3.68% p.a. comparison rate*)
  • Member Package Fixed 2 Years: 39 basis point cut to 2.79% p.a. (3.63% p.a. comparison rate*)
  • Flexible Fixed 1 Year: 79 basis point cut to 3.04% p.a. (4.90% p.a. comparison rate*)
  • Flexible Fixed 2 Years: 39 basis point cut to 2.94% p.a. (4.70% p.a. comparison rate*)

These comparison rates apply to borrowers with 80% LVR or lower (at least a 20% deposit). The comparison rate is higher for borrowers with less than a 20% deposit.

Qudos Bank

Qudos Bank made a wide variety of cuts to fixed home loans for both investors and owner-occupiers by 20 basis points. Some key details are below:

  • Owner Occupied Fixed P&I 1 Year 80%: Down to 2.29% p.a. (3.02% p.a. comparison rate*)
  • Owner Occupied Fixed P&I 3 Years 80%: Down to 2.29% p.a. (2.89% p.a. comparison rate*)
  • Investment Fixed P&I 1 Year 80%: Down to 2.59% p.a. (3.32% p.a. comparison rate*)
  • Investment Fixed P&I 3 Years 80%: Down to 2.59% p.a. (3.19% p.a. comparison rate*)

Again, these rates apply to borrowers with at least a 20% deposit.

Loans.com.au

On Wednesday, loans.com.au made some cuts on its home loans, including:

  • Smart Home Loan 80%: 6 basis point cut to 2.57% p.a. (2.59% p.a. comparison rate*
  • Owner-Occupier IO Fixed 2 Years: Down to 2.79% p.a (3.05% p.a. comparison rate*)
  • Investor P&I Fixed 2 Years: Down to 2.69% p.a (3.34% p.a. comparison rate*)
  • Investor IO Fixed 2 Years: Down to 2.99% p.a (3.38% p.a. comparison rate*)

These fixed-rate discounts are for borrowers with at least a 20% deposit and are available for a limited-time-only for new customers.





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