Qudos Bank joins the under 6% club of home loans

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Qudos Bank has cut rates on its No Frills Home Loan (Owner Occupier, Principal & Interest), bringing it under 6% p.a. 

Qudos joins the ‘under 6% club’ in effect, with its headline rate now at 5.99% p.a., as per Mozo data. 

Keep in mind that loan-to-value-ratio (LVR) typically impacts which rate you are offered. For example, to secure the lower 5.99% p.a. rate from Qudos you must meet an LVR of 70%, meaning a 30% initial deposit (or equity) is required.  

Are there other home loans with an interest rate lower than 6%?

Currently in the Mozo database there are about a dozen owner-occupier (P&I) home loans below 6%, including Community First’s Basic Variable Home Loan at 5.94% p.a. (comparison rate 5.96%) and Homestar’s Star Classic Home Loan at 5.99% (same comparison rate). 

There are several others and these are worth reviewing on our home loans comparison page, including Unloan's Variable Home Loan at 5.99% p.a. (5.90% comparison rate) on an 80% LVR.

It should be noted however that headline rates do not typically factor in fees and therefore are lower. For a complete picture, review the loan’s comparison rate as this takes into account any fees. 

In the case of Qudos, its newly revised home loan rate equates to 6.09% comparison rate. 

If you’re ready to compare home loans be sure to check out some of the leading loans below or visit our home loans comparison hub page.

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Last updated 25 July 2024 Important disclosures and comparison rate warning*
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    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

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    6.01% p.a.
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  • OMG Home Loan

    Owner Occupier, Principal & Interest, <60% LVR

    variable rate
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    5.99% p.a.
    6.02% p.a.

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

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