Trustworthiness was ranked in a Banking Brand and Trust Index survey released early in May, with Greater Bank deemed the 'most trustworthy' with a score of +23 (on a scale from negative 100 to positive 100), while Bank of China was least trustworthy at -21.

Both of these banks have cut home loan rates over the past week. 

Bank of China made cuts to its fixed home loans from one to five years, including:

  • Discount Plus Home Loan P&I Special Offer: 10 basis point cut to 2.68% p.a. (3.13% p.a. comparison rate*)
  • Fixed Rate Investment Loan P&I 1 Year: 60 basis point cut to 3.09% p.a. (4.26% p.a. comparison rate*)

Across the board, Bank of China cut interest rates on home loans for both owner-occupiers and investors paying interest-only (IO) as well as principal and interest (P&I) by between nine and 60 basis points.

Keep in mind home loan 'special offers' can be withdrawn at any time.

Last Friday, Greater Bank cut home loan interest rates by up to 45 basis points, with investors getting most of the sugar. Some key cuts include:

  • Great Rate Investment Fixed P&I 2 Years: 45 basis point cut to 2.54% p.a. (3.79% p.a. comparison rate*)
  • Great Rate Fixed 1 Year: 10 basis point cut to 2.09% p.a. (3.53% p.a. comparison rate*)

Greater Bank's loans are now edging close to breaking the 1% barrier, and earlier in the week one lender broke that barrier.

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.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
6.04% p.a.
6.08% p.a.
$3,011
Principal & Interest
Variable
$0
$530
90%
4.6 Star Customer Ratings
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
5.99% p.a.
5.90% p.a.
$2,995
Principal & Interest
Variable
$0
$0
80%
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.
 Disclosure
6.09% p.a.
6.11% p.a.
$3,027
Principal & Interest
Variable
$0
$250
60%
  • No annual fees – None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
 Disclosure
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

Challenger banks bring on the cuts

More lenders, particularly customer-owned institutions and challenger brands, cut rates in the past week.

Queensland Country Bank

The bank that sponsors the NRL Cowboys' stadium made some cuts as 'special' offers at the start of the month: 

  • Investment Special Variable Package P&I 80%: 35 basis point cut to 2.79% p.a. (3.17% p.a. comparison rate*)
  • Special Variable Package P&I 80%: 35 basis point cut to 2.79% p.a. (3.17% p.a. comparison rate*)

Queensland Country Bank stands among very few other lenders that offer the same rates for both owner-occupiers and investors.

The packaged home loans give borrowers access to a transaction account, a low-rate credit card and offset account.

Bank First

Bank First also made cuts to some packaged home loans this week. 

All cuts in the past week were by 25 basis points. Some include:

  • Premier Package Owner Occupier P&I Fixed 3 Years 80%: 25 basis point cut to 2.19% p.a. (3.26% p.a. comparison rate*)
  • Complete Investment P&I Fixed 3 Years 80%: 25 basis point cut to 2.54% p.a. (3.43% p.a. comparison rate*)

Like with many lenders, to access the most competitive rates borrowers usually need to have a deposit of 20% or greater, as seen in the cuts above.



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