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Small lenders offering ultra-low home loan rates

Nick Bendel avatar
Nick Bendel
- 2 min read
Small lenders offering ultra-low home loan rates

Mortgage interest rates are currently priced as low as 3.49 per cent, according to a new analysis of the Australian home loan market.

As of today, the lowest-rate product listed on RateCity is the Rate Lovers Variable Home Loan from Reduce Home Loans, which has an advertised and comparison rate of 3.49 per cent.

This loan comparison assumes that a borrower wanted to take out a $400,000 mortgage against a $500,000 property, for a loan-to-value ratio of 80 per cent.

Based on those assumptions, the Rate Lovers Variable Home Loan would require monthly repayments of $1,794.

The table below lists some of the other cheapest rates currently on the market – although please note that higher-rate products will sometimes be more suitable for some borrowers.

LenderProductAdvertised rateComparison rateMonthly repayments
Reduce Home LoansRate Lovers Variable Home Loan3.49%3.49%$1,794
Loans.com.auEssentials Home Loan3.52%3.54%$1,801
Reduce Home LoansRate Buster High Lend Variable Home Loan3.53%3.53%$1,803
Pacific Mortgage GroupStandard Variable Home Loan3.54%3.54%$1,805
Online Home LoansHorizon Home Loan3.54%3.86%$1,805
Gateway Credit UnionLow Rate Essentials Home Loan3.59%3.61%$1,816
Easy StreetStandard Variable Home Loan3.59%3.62%$1,816
People’s Choice Credit UnionPackage Variable Home Loan3.59%3.99%$1,816
Bank of MelbourneBasic Home Loan3.64%3.65%$1,828
BankSABasic Home Loan3.64%3.65%$1,828

Disclaimer

This article is over two years old, last updated on February 21, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.

Compare home loans in Australia

Product database updated 29 Mar, 2024

This article was reviewed by Personal Finance Editor Mark Bristow before it was published as part of RateCity's Fact Check process.

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