Interest rates have never been so low and the question on many borrower’s lips is “should I fix my rate”?

Some of Australia’s biggest banks plus a few smaller lenders are now offering some of the lowest mortgage rates in history off the back of the most recent 0.25% cash rate cut from the Reserve Bank of Australia (RBA) in July.

But with more cash rate cuts likely to come, home loan interest rates should only continue to fall further.

At the time of writing, Greater Bank currently offers one of the lowest fixed home loan interest rates at 2.79%. RACQ Bank isn’t far behind though, recently cutting rates to 2.80% on its fixed owner-occupier home loans.

Looking for a low variable rate home loan? The table below displays owner-occupier products which may represent the best of the big four banks, best of the top 10 customer-owned banks and the best of the larger non-banks.

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.
$2,408
Principal & Interest
Variable
$0
$530
90%
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.
$2,396
Principal & Interest
Variable
$0
$0
80%
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.
5.94% p.a.
5.95% p.a.
$2,383
Principal & Interest
Variable
$0
$0
90%
No hidden feesFree redraw facility
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.

Important Information and Comparison Rate Warning

RACQ Bank mortgage rate cuts

Queensland’s RACQ Bank this week cut fixed home loan rates by up to 39 basis points across its fixed owner-occupier home loans.

  • Choices Package two-year fixed home loans up to $20k have been reduced by 39 basis points to 2.90% p.a (comparison rate 4.40% p.a.)
  • Choices Package three-year fixed home loans up to $20k have been reduced by 19 basis points to 2.80% p.a (comparison rate 4.27% p.a.)
  • Three-year fixed has been reduced by 19 basis points to 2.90% p.a. (comparison rate 4.23% p.a.)

People’s Choice Credit Union mortgage rate cuts

People’s Choice Credit Union cut rates on their fixed products for owner-occupiers this week by up to 95 basis points.

  • One-year fixed for owner-occupiers paying principal and interest (P&I) for loans over $100k have been reduced by 95 basis points to 2.99% p.a. (comparison rate 4.34% p.a.)
  • Two-year fixed for owner-occupiers paying principal and interest (P&I) for loans over $100k have been reduced by 19 basis points to 2.99% p.a. (comparison rate 4.25% p.a.)

Teachers Mutual Bank mortgage rate cuts

Customers of Teachers Mutual Bank can now enjoy fixed home loan rates of 2.98% p.a. (comparison rates differ, see below) with the bank this week slashing rates by 50 basis points.

The changes apply to owner-occupiers paying principal and interest, effective from 29 August 2019.

  • One-year fixed rates have been cut by 50 basis points to 2.98% p.a. (comparison rate 4.62% p.a.)
  • Two-year fixed rates have been cut by 50 basis points to 2.98% p.a. (comparison rate 4.47% p.a.)

Greater Bank mortgage rate cuts

Greater Bank has been busy cutting rates across a number of their fixed rate products by 20 basis points to 2.99% p.a. (comparison rates differ).

The changes are effective from 30 August 2019.

  • Great Rate Discount four-year fixed for a loan size of over $150k has been reduced to 2.99% p.a. (comparison rate 3.71% p.a.)
  • Great Rate Discount five-year fixed for a loan size of over $150k has been reduced to 2.99% p.a. (comparison rate 3.64% p.a.)
  • Great Rate four-year fixed has been reduced to 2.99% p.a. (comparison rate 3.71% p.a.)
  • Great Rate four-year fixed has been reduced to 2.99% p.a. (comparison rate 3.64% p.a.)




Ready, Set, Buy!


Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!

With bonus Q&A sheet and Crossword!

By subscribing you agree to our privacy policy