The 106 basis point cut was made by Credit Union SA, on its Investment Variable Rate Home Loan, paying principal and interest (P&I), and is a discounted special offer.

The rate is now 2.59% p.a (2.69% p.a. comparison rate*).

The corresponding interest-only (IO) loan was also cut by 66 basis points, down to 3.19% p.a. (3.21% p.a. comparison rate*)

 Meanwhile, BOQ also made a few cuts, including:

  • Residential Fixed 5 Years Discount 80%: 45 basis point cut to 2.54% p.a. (3.34% p.a. comparison rate*)
  • Investment Fixed 5 Years Discount 80%: 25 basis point cut to 2.74% p.a. (3.52% p.a. comparison rate*)

Note that special offers and discounts can be withdrawn at any time.

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.
6.06% 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
5.69% p.a.
6.16% p.a.
$2,899
Principal & Interest
Fixed
$0
$530
90%
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Flexibility to split your loan with both fixed and variable rates
 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

Other BOQ and Credit Union SA changes

The party didn't stop there, with both lenders changing rates on a variety of other loans. 

Credit Union SA raised rates on a couple of loans, including:

  • Fixed Package 2 Years P&I Package Special: 20 basis point rise to 2.39% p.a. (3.55% p.a. comparison rate*)
  • Fixed Package 3 Years P&I Package Special: 20 basis point rise to 2.39% p.a. (3.48% p.a. comparison rate*)

Note these are still under the 'special offer' moniker, and are for owner-occupiers paying P&I on a home loan package.

BOQ also cut its three-year fixed residential home loan as a discounted rate, for owner-occupiers paying P&I with a maximum LVR of 80%.

The rate was cut by 10 basis points and now stands at 2.25% p.a. (3.41% p.a. comparison rate*).

See Also: The Lenders Offering Home Loans Under 2.00%

ME Bank cuts to 'lowest ever'

Today, ME Bank cut its variable basic owner-occupier loans down to its 'lowest levels ever':

  • Basic Owner Occupier P&I <80%: 59 basis point cut to 2.58% p.a. (2.60% p.a. comparison rate*)
  • Basic Owner Occupier P&I <95%: 53 basis point cut to 2.99% p.a. (3.01% p.a. comparison rate*)

These rates are for minimum loan amounts of $150,000.

ME's general manager of home lending Andrew Bartolo said the no-frills rates deliver "exactly what many Australians want".

"ME’s Basic Home Loan is already very simple, with no frills or fancy features and no ongoing account keeping fees," he said.

The new rates are eligible for new and refinancing customers applying on 28 August and later. 

Compared to other owner occupier loans, as seen in the table above, ME's cuts now bring it in line with some of the most competitive loans in the market.



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!

Download Free
By subscribing you agree to our privacy policy