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HSBC, AMP lead latest round of home loan rate cuts

It was a busy week in the home loan market with HSBC and other stragglers finally cutting variable rates (and one brave lender that hiked) as well as some notable new fixed rates from AMP and several others.

By Harry O'Sullivan

First published on 14 Mar 2025

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HSBC, AMP lead latest round of home loan rate cuts

Now HSBC and Bank of Sydney have moved, the dust should mostly have settled on the home loan market after the flurry of activity following the February monetary policy decision.

Except for those with Virgin Money, most variable rate customers should by now have seen their rates reduced (write in to us if you haven't).

The landscape looks very different from this time last month, with lots of exciting new low rates available - if you're still paying 6% p.a. or more, it's worth at least exploring your refinancing options.

Fixed rates are also still coming down, with AMP and Great Southern Bank the biggest names to cut there over the past few days.

There's now less than three weeks until the RBA convenes again (on April Fools Day no less), and mortgage holders across the nation will likely be holding out hope for governor Michele Bullock and the board to fire again, although as of 12 March trading activity suggests there's an 86% chance rates will remain unchanged.

For now, here were the major home loan rate changes in the week ending 14 March.

Who passed on the variable rate cut this week?

The majority of lenders have now passed on the RBA cut, the last few movers pulling the trigger this week.

Lender	New lowest advertised variable rate
Bank of Sydney	5.79% p.a. (5.83% p.a. comparison rate*) on the Basic Home Loan
HSBC	5.74% p.a. (5.75% p.a. comparison rate*) on the Home Value Loan (LVR<60%)
QBank	5.74% p.a. (5.76% p.a. comparison rate*) on the Special Offer Classic Variable (LVR<60%)

Note: You'll need to deposit at least $1,500 per month into your QBank transaction account to be eligible for its special offer rate

AMP cuts fixed rate home loans by up to 25 bps

After cutting variable rate home loans last week, AMP has also slashed fixed rates for both owner occupiers and investors.

These cuts apply to AMP Bank's 'Professional Package' range of home loans, which has an annual $349 fee.

The new lowest advertised fixed rate at AMP Bank is now 5.65% p.a.. for two and three year fixed terms (Comparison rate* of 6.82% p.a.. and 6.70% p.a.. respectively) - not far off the lowest rates available in our database.

Here are the new rates for owner occupiers:

Product	Rate Change
One year fixed (LVR ≤80%)	Down 14 bps to 5.75% p.a. (6.95% p.a. comparison rate*).
Two year fixed (LVR ≤80%)	Down 5 bps to 5.65% p.a. (6.82% p.a. comparison rate*).
Three year fixed (LVR ≤80%)	Down 5 bps to 5.65% p.a. (6.70% p.a. comparison rate*).
Five year fixed (LVR ≤80%)	Down 19 bps to 5.90% p.a. (6.60% p.a. comparison rate*).
One year fixed (LVR 80-90%)	Down 14 bps to 5.95% p.a. (7.05% p.a. comparison rate*).
Two year fixed (LVR 80-90%)	Down 5 bps to 5.85% p.a. (6.92% p.a. comparison rate*).
Three year fixed (LVR 80-90%)	Down 5 bps to 5.85% p.a. (6.81% p.a. comparison rate*).
Five year fixed (LVR 80-90%)	Down 19 bps to 6.10% p.a. (6.73% p.a. comparison rate*).

And for investors:

Product	Rate Change
One year investment fixed (LVR ≤80%)	Down 25 bps to 5.75% p.a. (6.95% p.a. comparison rate*).
Two year investment fixed (LVR ≤80%)	Down 15 bps to 5.69% p.a. (6.82% p.a. comparison rate*).
Three year investment fixed (LVR ≤80%)	Down 4 bps to 5.69% p.a. (6.71% p.a. comparison rate*).
One year investment fixed (LVR 80-90%)	Down 25 bps to 5.95% p.a. (7.08% p.a. comparison rate*).
Two year investment fixed (LVR 80-90%)	Down 15 bps to 5.89% p.a. (6.96% p.a. comparison rate*).
Three year investment fixed (LVR 80-90%)	Down 4 bps to 5.89% p.a. (6.85% p.a. comparison rate*).

Explore AMP home loans

Great Southern Bank cuts fixed rates up to 50 bps

Great Southern Bank was another lender that cut fixed rates this week, applying sweeping decreases of up to 0.50% to both owner occupier and investor rates.

Product	Rate Change
One year fixed	Down 50 bps to 5.99% p.a. (7.62% p.a. comparison rate*).
Two year fixed	Down 35 bps to 5.79% p.a. (7.41% p.a. comparison rate*).
Three year fixed	Down 20 bps to 5.79% p.a. (7.24% p.a. comparison rate*).
Five year fixed	Down 15 bps to 5.94% p.a. (7.00% p.a. comparison rate*).
One year investment fixed	Down 50 bps to 6.09% p.a. (8.01% p.a. comparison rate*).
Two year investment fixed	Down 35 bps to 5.89% p.a. (7.76% p.a. comparison rate*).
Three year investment fixed	Down 20 bps to 5.89% p.a. (7.56% p.a. comparison rate*).
Five year investment fixed	Down 15 bps to 6.04% p.a. (7.28% p.a. comparison rate*).

Explore Great Southern Bank home loans

The Mutual Bank hikes special rates by up to 10 bps

The most surprising news this week was The Mutual Bank partially reversing its previous rate cuts to its 'special' budget variable rates.

The Mutual Bank passed on the full RBA cut to standard variable rates, but these special offer discounts, available only for new loans to the Mutual Bank, only had rates cut by 20 bps.

Now even those cuts have been partially rolled back, meaning the net decline for owner occupier rates was just 0.15% and 0.10% for investors.

Before you get too outraged though, 5.74% p.a. for owner occupiers is still highly competitive - only a handful of products on the market have a lower advertised rate.

It's also likely existing customers are unaffected.

Product	Rate Change
Special Variable Rate OO (LVR ≤80%)	Up 5 bps to 5.74% p.a.. (5.74% p.a.. comparison rate*)
Investment Special Variable Rate (LVR ≤80%)	Up 10 bps to 5.99% p.a.. (5.99% p.a.. comparison rate*)

Other movers

Bank of Us cut fixed rates by up to 80 bps
Australian Military Bank cut fixed rates by up to 51 bps

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Lender	Home Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Repayment type	Rate Type	Ongoing Fees	Upfront Fees	Max LVR	Tags	Features	Link	Compare	Promoted Product	Disclosure
loans.com.au	loans.com.au Variable Home Loan P&I <90%	5.79% p.a.	5.83% p.a.	$2,931	Principal & Interest	Variable	$0	$530	90%		Available for purchase or refinance, min 10% deposit needed to qualify. No application, ongoing monthly or annual fees. Quick and easy online application process.	More details	Compare	Promoted	Disclosure
Unloan	Unloan Variable Rate Home Loan LVR < 80%	5.74% p.a.	5.65% p.a.	$2,915	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.	More details	Compare	Promoted	Disclosure
Ubank (part of NAB)	Ubank (part of NAB) Neat home loan - max. 60% LVR (Owner occupied, Principal and interest)	5.84% p.a.	5.86% p.a.	$2,947	Principal & Interest	Variable	$0	$250	60%		Easy application. Fast approval. No annual fee. Unlimited additional repayments free of charge. Redraw freely - Access your additional payments.	More details	Compare	Promoted	Disclosure
Macquarie Bank	Macquarie Bank Basic Home Loan (Owner Occupier, Principal and Interest, max 60% LVR)	5.89% p.a.	5.91% p.a.	$2,962	Principal & Interest	Variable	$0	$350	60%		Check your eligibility in 1 minute Start your home loan journey online, with expert assistance when you need it	More details	Compare		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

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Harry O'Sullivan

Harry joined Infochoice Group in November 2022 as a financial journalist. He's fascinated by economics, having completed a Bachelors Degree in 2021, and enjoys helping other people try to make sense of the financial system.

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