Headline rates for these four lenders include four-year fixed loans for owner-occupiers, up to 80% LVR paying principal & interest (P&I).

  • Aussie: 'Select Basic'  cut by 125 basis points down to 1.99% p.a. (2.39% p.a. comparison rate*)
  • ING: 'Orange Advantage' cut by 60 basis points down to 1.99% p.a. (3.43% p.a. comparison rate*)
  • BOQ: discounted rate cut by 55 basis points down to 1.99% p.a. (2.90% p.a. comparison rate*)
  • Bendigo Bank: 'Complete Home Loan' cut by 110 basis points down to 2.09% p.a. (2.82% p.a. comparison rate*)

The trend of cutting big for four-year fixed loans was started by big four banks CommBank, Westpac, and NAB after the Reserve Bank's cash rate cut last Tuesday.

As it stands, ANZ is yet to introduce a sub-2% home loan.

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.

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 11, 2023. View disclaimer.

Two other banks cut home loans at the same time as giving their savings accounts a haircut as well.

UBank cut its savings account rate by 15 basis points to 1.31% p.a, while Macquarie's four-month intro savings rate was also cut by 15 basis points down to 1.35% p.a.

Conversely, quite a few of their owner-occupier home loans were also cut, including:

  • UBank: UHomeLoan three-year fixed P&I cut by 19 basis points to 1.95% p.a. (2.36% p.a. comparison rate*)
  • Macquarie: Basic one-year fixed P&I 70% LVR cut by 10 basis points to 2.09% p.a. (2.50% p.a. comparison rate*)

Meanwhile, a few other prominent players in the market broke the sub-2% barrier, including:

  • AMP: Professional Package Fixed 3 Years 90% 52 basis point cut to 1.97% p.a. (3.01% p.a. comparison rate*)
  • CUA: Fixed P&I 3 Years 80% 52 basis point cut to 1.97% p.a. (3.86% p.a. comparison rate*)
  • Citi: Fixed P&I 1 Year 80% 350k+ 20 basis point cut down to 1.99% p.a. (4.94% p.a. comparison rate*)

A number of lenders also cut to under 2% on home loans with different fixed-rate periods - check each lenders' website for further details.



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