You won’t believe the lowest home loan rates in Australia

The lowest home loan rates in Australia are continuing to fall. You can keep up to date with the latest outlook on RBA interest rates at InfoChoice.

The lowest variable rates are now well under 3% per annum, the lowest fixed rate mortgages in Australia are now charging less than 2.5% pa.

Already home buyers are enjoying the cheapest home loan rates in Australian history and they are getting cheaper. Now is a great time to grab a bargain priced home loan and lock in the savings.

Update: 10 March 2020 – New lowest rate home loan

Reduce Home Loan’s Low Rider Variable is now the lowest rate home loan in Australia listed on InfoChoice with a rate of 2.44% pa (comparison rate 2.47% pa).

Reduce Home Loans also have an Investor Rate Lovers Interest-Only home loan now charging just 3.09% pa (comparison rate 3.09% pa). Go direct to Reduce Home Loans’ interest rates and fees information at InfoChoice.

The top ten lowest rate home loans (9 March 2020) on InfoChoice are in the table below:

Lowest home loan rate for investors

The lowest home loan rate for property investors is now 2.79% pa (comparison rate 2.83% pa) from Reduce Home Loans’ Rate Slasher home loan.

The top five lowest rate home loans for property investors on InfoChoice are in the table below (9 March 2020):

Five lowest rate INVESTOR, variable, principal and interest HL 9 March 2020, on InfoChoice.

Go directly to reduce Home Loans interest rates and fees information at InfoChoice.

Lowest fixed rate home loans 9 March 2020

The lowest two-year fixed rate home loan rate is now 2.44% pa from Bank Australia’s Clean Energy home loan.

Bank Australia has a range of low rate home loan deals for investors and owner occupiers with rate discounts for clean energy installations and upgrades. Go direct to Bank Australia home loan interest rates and fees information at InfoChoice.

Other cheap fixed home loan deals include ING’s Fixed Rate + Orange Advantage home loan deal for owner occupiers (P&I) with a current interest rate of 2.59% pa (comparison rate 4.06% pa). Go directly to ING Australia home loan interest rates and fees information at InfoChoice.

The lowest two-year fixed home loan rates in Australia now listed on InfoChoice are in the table below (9 March 2020):

Five lowest rate Owner Occupier, FIXED (2 YEARS), principal and interest HL 9 March 2020, on InfoChoice.

Lowest fixed rate home loans for investors

The lowest fixed rate home loan deal for property investors in March 2020 on InfoChoice is ING’s two-year fixed rate (investors) of 2.84% pa (comparison rate 4.64% pa). Go to ING Australia home loan interest rate and fee information at InfoChoice.

Macquarie Bank has a competitive rate of 2.94% pa (comparison rate 3.37% pa fixed for two years for investors. Go direct to Macquarie Bank home loan interest rate and fees information at InfoChoice.

The top five lowest rate fixed (two-year) home loan deals for investors on InfoChoice are in the table below (9 March 2020):

Five lowest rate INVESTOR, FIXED (2 YEARS), principal and interest HL 9 March 2020, on InfoChoice.

The RBA cut interest rates by 0.25% last week and many banks and lenders have rushed to pass on at least some of the 0.25% rate cut.

Keep up to date with “Which banks have cut home loan interest rates?” at InfoChoice.

What is the average variable home loan rate? March 2020

The average home loan rate is 3.93% pa
(comparison rate 4.08% pa*)
And that equals $1572 per month in repayments**

Variable Rate mortgages are the most popular type of home loan in Australia. And most variable rate mortgages are owner-occupied with principal and interest repayments.

Right now, in March 2020, the average variable mortgage rate (of products listed on InfoChoice) in the Australian (OO, P&I) mortgage market is 3.93 per cent per annum (comparison rate 4.08 per cent per annum*).

For an average $300,000 mortgage over 25 years, that translates to repayments of $1,572.00 per month**. You can calculate your own home loan repayments with the InfoChoice home loan calculator.

What is the lowest variable home loan rate?

The lowest variable home loan rate (OO, P&I) in Australia (as listed on InfoChoice) in March 2020 is from Reduce Home Loans’ RateSlasher home loan with a 2.69% pa rate (comparison rate 2.70% pa).

For an average $300,000 mortgage over 25 years, that translates to repayments of $1,375 per month. You can calculate your own home loan repayments with the InfoChoice home loan calculator.

That is $197 per month less than the ‘average’ home loan charges in repayments.

Go directly to Reduce Home Loans interest rates and fees information

Top low-rate home loans in Australia (on InfoChoice)

Athena Home Loans

Athena Home Loans’ variable rate of 2.84% pa (comparison rate 2.80% pa) is for refinancers only.

Athena is an online home lender “on a mission to save Australians a whole lot of money.”

See Athena Home Loans interest rate and fees information at InfoChoice.

Compare Athena Home Loans rates with other refinancer home loans at InfoChoice.

Lowest fixed rate home loan March 2020 – 2.44% pa

The lowest fixed rate home loan deal in March 2020 on InfoChoice is from Bank Australia. Bank Australia’s Clean Energy Home Loan for LVRs under 70% has a current 3-year rate of 2.44% pa (comparison rate 3.43% pa).

Go directly to Bank Australia home loan interest rate and fees information at InfoChoice.

Top fixed rate home loan deal, Editor’s Choice

Well Home Loans is a new lender with competitive low rates and a quick mostly online application process.

For owner occupiers, Well Home Loans’ Well Balanced Home Loan (Fixed Rate) has two and three-year fixed rates of 2.68% pa (comparison rate 2.75% pa) for investors paying principal and interest.

Go directly to Well Home Loans interest rate and fees information at InfoChoice.

Top investor home loan deal, Editor’s Choice

Freedomlend’s Investment Special has a variable rate of 3.09 per cent per annum (comparison rate 3.17 per cent per annum). This loan is available for LVRs up to 90% and comes with offset and redraw.

Go directly to Freedomlend home loan interest rates and fees information at InfoChoice.

You can compare variable rate home loans or compare fixed rate home loans from Australia’s major lenders at InfoChoice.


*As calculated by our researchers from 508 variable owner occupier principal and interest home loans listed on InfoChoice in March 2020.

** repayments calculated based on $300K, 25y variable home loan.

The comparison rates are based on a loan amount of $150,000 and a term of 25 years.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

The products compared in this article are chosen from a range of offers available to us and are not representative of all the products available in the market and influenced by a range of factors including interest rates, product costs and commercial and sponsorship arrangements

InfoChoice compares financial products from 145 banks, credit unions and other financial institutions in Australia. InfoChoice does not compare every product in the market. Some institutions may have a commercial partnership with InfoChoice. Rates are provided by partners and taken from financial institutions websites. We believe all information to be accurate on the date published. InfoChoice strives to update and keep information as accurate as possible.

The information contained on this web site is general in nature and does not take into account your personal situation. Do not interpret the listing order as an endorsement or recommendation from us. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser. If you or someone you know is in financial stress, contact the National Debt Helpline on 1800 007 007.

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