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Home loan interest rates: May 2021

By Peter Marshall ·

March was another quiet month for home loans, but there was still activity on the fixed rate front, including more signs that banks will be reversing course on longer term rates. While 2- and 3-year fixed terms continue to be cut, 4- and 5-year rates were increased by at least 15 lenders. This will likely become more common as banks prepare for higher funding costs in the medium to longer term.

Bcu’s Fixed Rate Home Loan currently sports the lowest fixed in our database, offering owner occupiers 1.67% p.a. (3.84% p.a. comparison rate*) on 1-year terms. Also worth mentioning is Greater Bank’s Great Rate Home Loan, which comes with a 1-year rate of 1.69% p.a. (3.49% p.a. comparison rate*), and the Homestar Star Classic, which offers a 2-year rate of 1.74% (2.23% comparison rate*).

Among variable rate loans we track, the current rate leader for owner occupiers is Reduce Home Loans, which offers rates as low as a 1.99% p.a. (2.08% p.a. comparison rate*), while the best value investor loan comes courtesy of Well Home Loans, which offers rates as low as 2.24% p.a. (2.27% p.a. comparison rate*).

To find out how interest rates are tracking in other banking products for May, check out our snapshot for Personal Loan Interest Rates, Car Loan Interest Rates, Savings Account Interest Rates and Term Deposit Interest Rates.

Picture of Peter Marshall
Peter Marshall
Banking expert

Peter has been working in the Australian banking and finance industry for over 20 years and oversees Mozo’s extensive product database. He is regularly sought out for his expert commentary and analysis on banking and interest rates trends by print, radio and TV media.

Latest home loan interest rates on Mozo - last updated 9 May 2021

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure.
  • placeholder
    Mozo Experts Choice 2021
    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.99% p.a.variable for 12 months and then 2.48% p.a. variable
    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required. Winner of two Mozo Expert's Choice Awards for 2021.

    Compare
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    Details
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    Fixed Rate Loan with Orange Advantage

    Owner Occupiers, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.04% p.a.
    fixed 3 years
    3.60% p.a.

    Know exactly what your repayments will be, and you can fix your rate for up to 5 years. No monthly, annual fee or transaction fees.

    Compare
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    Details
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    Mozo Experts Choice 2021
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.19% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid off. Free extra repayments and redraw facility. Zero fees to consider. Min 40% deposit required. Winner of three Mozo Expert's Choice Awards for 2021.

    Compare
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    Details
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    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a.
    fixed 2 years
    2.56% p.a.

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

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    Details
  • placeholder
    UHomeLoan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.85% p.a.
    fixed 3 years
    2.24% p.a.

    $0 fees and easy application. Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    Compare
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    Details
  • placeholder
    Fixed Home Loan Special Offer

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    2.85% p.a.

    Competitive low rates starting from 1.89% (2.85% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

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    Details
  • placeholder
    UHomeLoan - Discount Offer

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.34% p.a. variable
    2.34% p.a.

    Enjoy a super low rate. $0 fees to consider. Fast and easy online application. Free redraw and free extra repayments. Flexible payment terms. Min 20% deposit required.

    Compare
    Go to site
    Details
  • placeholder
    Mozo Experts Choice 2021
    Liberate Variable Home Loan

    70-80% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.29% p.a. variable
    2.23% p.a.

    Fast online application with no fees. Free extra repayments and redraw facility. Min 20% deposit. To reward borrowers for paying down their home loan, Athena will now automatically lower the rate as the loan is paid down. Winner of three Mozo Expert's Choice Awards for 2021.

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    Prime Home Loan

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.44% p.a. variable
    2.49% p.a.

    A competitive rate for Aussies looking for a fast and flexible home loan. No credit scoring or ongoing fees. Extra repayments and redraw available. Get a dedicated specialist for the loan application process.

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    Details
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    Smart Home Loan 80

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.48% p.a. variable
    2.50% p.a.

    A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. You'll need to be borrowing $1 million or less and have at least a 20% deposit required.

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    Details
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    Basic Home Loan

    Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    2.49% p.a. variable
    2.49% p.a.

    Competitive low rate. No application or account management fees. Get the flexibility to split your loan and set different repayment types. Enjoy fee free withdrawals of your savings.

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    Details
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    Mozo Experts Choice 2021
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.29% p.a. variable
    2.32% p.a.

    Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31st May 2021. Low Cost Home Loan winner in the Mozo's Experts Choice award 2021.

    Compare
    Details
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    Mozo Experts Choice 2021
    Discount Fixed Rate

    Owner Occupier, Principal & Interest, <80% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    1.89% p.a.
    fixed 2 years
    3.05% p.a.

    Have the certainty of fixed repayments with a competitive rate from BOQ. Flexible repayment options available and make up to $5,000 in additional repayments annually. $3,000 cashback when you refinance your home loan to BOQ (min. $250k lending, max 80% LVR, T&Cs apply). Fixed Rate Home Loan Winner in the Mozo Expert's Choice Awards for 2021.

    Compare
    Details
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    Fixed Rate Home Loan

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    1.88% p.a.
    fixed 2 years
    2.86% p.a.

    Ability to split your home loan between Fixed and Variable. Dedicated Relationship Manager. Refinancers borrowing $250,000 or more will receive $3288 (T&Cs, eligibility and lending criteria apply).

    Compare
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    Details
  • placeholder
    Mozo Experts Choice 2021
    Variable Home Loan Special

    Owner Occupier, Principal & Interest, LVR <70%

    interest rate
    comparison rate
    Initial monthly repayment
    2.09% p.a. variable
    2.12% p.a.

    Yard’s low-rate variable special home loan is packed with all features – unlimited additional repayments, free redraw, 100% offset account. Enjoy a simple online application. Special rate applies to home loan applications submitted by 31st May 2021. Low Cost Home Loan winner in the Mozo Expert's Choice Awards for 2021.

    Compare
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    Details
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    Mozo Experts Choice 2021
    Well Balanced

    Owner Occupier, Principal & Interest, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    2.17% p.a. variable
    2.20% p.a.

    Well Balanced home loan is a low rate home loan with free online redraw and no valuation fee. Purchase, Refinance or Equity Release purposes allowed. Offset Home Loan winner in the Mozo Expert's Choice Awards for 2021.

    Compare
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    Details
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    Special Fixed Rate Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    1.98% p.a.
    fixed 3 years
    3.56% p.a.

    Great fixed low rate. Ability to split your loan between fixed and variable. Insurance discounts and $0 credit card or personal loan fee available. $2,000 cashback offer for investor & owner occupied home loans over $250k with LVR ≤80% when refinancing to Newcastle Permanent. Enjoy local branches and call centre.

    Compare
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    Details
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    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    2.19% p.a. variable
    2.20% p.a.

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

    Compare
    Go to site
    Details

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^See information about the Mozo Experts Choice Home loans Awards

*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. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Home loan interest ratesresources

Views, news, tips and guides to help find the home loan for you.

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How are home loan interest rates calculated?

Interest rates are set by the Reserve Bank of Australia (RBA). The RBA meets on the first Tuesday of every month to announce whether the official cash rate will stay the same, increase or decrease, based on things like inflation, employment, economic growth and how much people are spending. The idea is that higher rates will slow borrowing and therefore economic activity and inflation and lower rates will do the opposite.

Lenders will then set their own home loan interest rates based on the RBA’s decision.

Types of home loan interest rates

The type of interest rate you pay on your home loan can affect how much you pay overall and each month. There are pros and cons to each type, so it’s important to take the time to find out which will suit you best. Your options include:

  • Fixed rate

A fixed home loan interest rate locks in your repayment amount at a certain value and will remain the same for a set time, usually up to 5 years. This makes budgeting easier, as you’ll have a set amount that you need to pay each month that won’t be affected by rate increases. 

The downside, however, is that if rates decrease while you’re on fixed term interest, you won’t reap any of the benefits. When your fixed term ends, you have the option to either enter into a new fixed rate or switch to variable rates.
In general, fixed interest rate loans are less flexible than other types of mortgage rates, and you could end up paying penalties if you repay the loan early.

  • Variable rate

A variable home loan interest rate means that your repayments might change at any time, based on changes to the cash rate or the whims of your bank. There’s less security in this type of interest rate - your repayments are subject to rises and falls in the market. 

However, it’s a popular type of home loan in Australia, as variable rates often sit lower than fixed rates. A variable interest rate might suit you if you're looking for flexibility, as you’ll have the option to make extra repayments and pay off your loan quicker.

  • Comparison rate

It can be hard to compare home loan rates sometimes. Aside from the interest rate, there might be extra fees and charges built into your home loan, which means the lowest headline interest rate might not always the best option. That’s where the comparison rate comes in.

The National Credit Code requires that lenders show comparison rates - which factor in interest, fees and charges - to give you a clearer idea of the true cost of a loan. So when you compare home loan interest rates on Mozo, you’ll see an interest rate plus a comparison rate for each product.

What is a comparison rate?

Keep in mind that comparison rates are a guide based on a secured loan of $150,000 over 25 years, with monthly principal and interest repayments. Different values or time frames on loans will mean different comparison rates. So while the comparison rates on our site are useful for choosing the best value home loan, to find out exactly how much interest you’ll be paying you'll need to check with your lender.

How are my home loan interest repayments calculated?

How much you pay each month will depend on numerous factors, including what type of rate you’re paying, how often your interest is calculated and how long your home loan term is for. One of the important factors in determining how your interest rates are calculated is whether your home loan is an interest only or principal and interest loan. Here’s the difference:

  • Interest only loans

With an interest only loan your monthly repayment consists of only the interest for the loan, and not the loan amount itself. The monthly savings can be significant if you’re not paying any of the principal loan amount, which might be a great short term solution if you’re running on a tight budget. The downside is that you won’t be making any progress toward actually owning your home.

Interest only loans are popular for investors, because they’re often counting on the value of the home increasing enough to sell the property, pay off the loan and make a profit.

Remember that you will eventually have to pay off the total loan amount, so while an interest only loan might be affordable in the short term, you should have a long term repayment plan in place.

  • Principal and interest loans

With a principal and interest loan, you’re paying interest, plus a part of the total loan amount each month. At the beginning of the loan, most of your repayment will go toward paying interest and a little will go toward the loan amount. As the principal amount gets lower, so does the interest you need to pay on it, so eventually, most of your monthly repayment will be going towards the principal, while a little goes to interest.

While you’ll be paying more each month than you would with an interest only loan, the good news is that by the end of your loan term, you’ll own your home entirely.
You can use Mozo’s home loan repayments calculator to see not only how much your monthly repayments would be with either an interest only or principal and interest home loan, but also how much total interest you would pay with each one.


Picture of Peter Marshall
Peter Marshall
Banking expert

Peter Marshall has been working in the Australian banking and finance industry for over 20 years and oversees Mozo’s extensive product database. He is regularly sought out for his expert commentary and analysis on banking and interest rates trends by print, radio and TV media.

FAQs about home loan interest rates

Got more questions about home loans? We’ve got answers. Below, we run through some key bits of info to help you understand home loan interest rates, and put you on the right track to find a home loan that suits you.

What is the comparison rate?

The comparison rate is designed to give you an accurate picture of how much each home loan might cost you by taking into account fees and any other extra charges, so don’t forget to use it.

What additional home loan features are there?

You have to weigh up the benefits and disadvantages to having extra features on your home loan. While some extras like an offset account, free extra repayments and repayment flexibility can save you money, others may not be so helpful and you generally pay a higher premium for a full features home loan. Take a careful look at the features being offered and decide if they are worth the extra cost. If you’re not sure exactly which feature might benefit you, check out Mozo’s guide to home loan features in a nutshell.

When is the interest calculated on my home loan?

Your interest might be calculated daily, monthly, quarterly or annually. Daily interest is best because it’s calculated as your principal loan reduces, and so you’ll pay less interest all up.  Annual interest, on the other hand, is calculated each day, but based on a yearly principal, which means it takes a whole year before you’ll pay less interest. If you’re on anything other than daily interest, try to time your monthly repayments to be before your interest is calculated, so you’ll be paying interest on the lowest principal possible.

Are home loan rates negotiable?

Banks don’t necessarily advertise the fact, but it is possible to negotiate a cheaper home loan rate. Success rates will vary depending on the specifics of the loan, but it’s always worth approaching your lender to see if they’ll budge. 

How can I reduce the amount of interest I pay?

The main goal for your home loan should be to pay as little interest as possible while remaining realistic about what monthly repayments you can afford to make. Here are a few tips and tricks to help you reduce the amount of interest you pay on your home loan:

  • Pay off your loan as quickly as possible. The quicker you can get rid of your loan, the less interest you will pay. But be careful, as sometimes, particularly with fixed term interest rates, you may be charged extra fees or penalties for paying off your loan before the complete term is finished.
  • Switch to a shorter term. If your lender allows it, you may want to look at a shorter loan term. This would mean you’ll pay more each month, so be sure to check your budget before going ahead, but it will save you money overall. So, say you had a loan of $150,000, at an interest rate of 3.98%. On a 25 year term, you’d pay $790 each month and a total of $87,030 in fees and interest. If you reduced that to a 20 year term, your monthly payments would increase to $907, but all up, you’d only pay $67,774.
  • Take advantage of free extra repayments. Again, you’ll need to check that there are no fees or penalties for overpaying, but this can be an effective way to quickly reduce your principal, and therefore pay less interest. If you’re budget allows for it, you can pay extra in lump sums or added to your monthly repayments to pay off your loan faster.
  • Use an offset account. An offset account is a bank account attached to your home loan. The balance you keep in this account is offset against the principal of your home loan to help you reduce the amount of interest you will pay. For example, if you had a home loan of $400,000 and $20,000 in your offset account, you’d only be paying interest on $380,000 of your loan. Think about getting your salary put into your offset account to get the most out of this feature.

How do I find the best home loan interest rate?

There are heaps of competitive home loan interest rates available and it’s worth the time to do some research and find a rate that suits your budget and lifestyle. To get you started, check out these great tools at Mozo:

  • Home loans comparison page - find out what home loan rates are currently on offer from hundreds of Australian financial institutes, from the big banks down to small online lenders and credit unions.
  • Home loans calculators - crunch the numbers on your home loan and find the answer to questions like ‘How will rate changes affect my repayments?’ and ‘How much can I afford to borrow?’
  • Home loan guides - we’ve got a guide on all the trickiest parts of home loans to help you through the process, all the way from deposits to refinancing.

You can also check out our handy interest rate guides for information on how interest rates work and help calculating what interest you'll pay on your home loan.

Home Loan Reviews

NAB Home Loan review
Overall 1/10
Much better deals and customer service out there.

Do not recommend! NAB or your broker will lock you into a non-competitive rate and charge you the $395/year on top of this so you can wait 1+hour to talk to 3 people in a call centre who will all ask you the same questions despite you having answered them and waste your precious life and then decide they can't help you anytime you have a query. While some try to, for whatever reason, their system is always slow or down, none of their back-end team are ever connected or seem to be in the same place as each other so you're dealing with a completely silo'd and disconnected group of people. When you finally get through to someone, you spend another 1 hour talking to someone in Australia (which is what the $395 plus your excessive interest rate is paying for presumably), guaranteeing you XYZ with no follow-up in writing before not actioning your query. You are then left to join the call centre queue again and if they don't hang up on you after the 1 hour+ you are in line, they'll screw up your query again and again and again. They used to assign a retention officer if they really screwed up (thrice over 2 years for me) with email details so you didn't have to wait in line but they know longer do this anymore, presumably due to high demand and all the screw-ups. Their first offer after a complaint is to refund the yearly fee and if you threaten to go to the Financial Ombudsman they may then write you a polite email - no other financial refund is available despite you being penalised in time and money for their shortcomings. Really do you numbers to see if you need to be using a Big 4 bank - the interest rate is everything. A half a % change can mean 000's saved in a year and more in the long run and breaking a fixed rate can be earnt back within a reasonable time if you get a spreadsheet out and just use an afternoon to see how it all works. If you've only got a year or two left on a fixed loan, the economic break cost is generally under 1k and if another provider is offering 3-4k joining bonus, just do it (there are also exit fees). This was a revelation for a non-numbers person after I just became so frustrated with being ripped off. Don't get drawn into the big banks providing a "safety net" - they are just using their excess fees to try to pay for their clunky, dated systems and all the support they need for this, CBD offices and amenities, Australian-based call centre staff and management teams to design KPIs, scripts, incentives for staff etc.

Read full review

Do not recommend! NAB or your broker will lock you into a non-competitive rate and charge you the $395/year on top of this so you can wait 1+hour to talk to 3 people in a call centre who will all ask you the same questions despite you having answered them and waste your precious life and then decide they can't help you anytime you have a query. While some try to, for whatever reason, their system is always slow or down, none of their back-end team are ever connected or seem to be in the same place as each other so you're dealing with a completely silo'd and disconnected group of people. When you finally get through to someone, you spend another 1 hour talking to someone in Australia (which is what the $395 plus your excessive interest rate is paying for presumably), guaranteeing you XYZ with no follow-up in writing before not actioning your query. You are then left to join the call centre queue again and if they don't hang up on you after the 1 hour+ you are in line, they'll screw up your query again and again and again. They used to assign a retention officer if they really screwed up (thrice over 2 years for me) with email details so you didn't have to wait in line but they know longer do this anymore, presumably due to high demand and all the screw-ups. Their first offer after a complaint is to refund the yearly fee and if you threaten to go to the Financial Ombudsman they may then write you a polite email - no other financial refund is available despite you being penalised in time and money for their shortcomings. Really do you numbers to see if you need to be using a Big 4 bank - the interest rate is everything. A half a % change can mean 000's saved in a year and more in the long run and breaking a fixed rate can be earnt back within a reasonable time if you get a spreadsheet out and just use an afternoon to see how it all works. If you've only got a year or two left on a fixed loan, the economic break cost is generally under 1k and if another provider is offering 3-4k joining bonus, just do it (there are also exit fees). This was a revelation for a non-numbers person after I just became so frustrated with being ripped off. Don't get drawn into the big banks providing a "safety net" - they are just using their excess fees to try to pay for their clunky, dated systems and all the support they need for this, CBD offices and amenities, Australian-based call centre staff and management teams to design KPIs, scripts, incentives for staff etc.

Price
3/10
Features
2/10
Customer service
1/10
Convenience
6/10
Trust
1/10
Less
Natalie, New South Wales, reviewed 3 days ago
Mortgage House Home Loan review
Overall 1/10
Trust Ken Sayer & Mortgage House at your own peril

I have worked in the finance industry for over 30 years and without a doubt Mortgage House is the worst Mortgage Brokering company I have dealt with on many levels: 1. Communication - The broker Ken Sayer is elusive and refuses to accept phone calls, he only makes 15 minute appointments and his team does not return phone calls and ignore requests to do so. 2. Pricing - We have 25% deposit and they are asking for a risk fee with any explanation as to why. Sounds like a simply money grab. 3. Trust & Convenience- The broker did not build any rapport, explain the process, discuss our requirements or exhibit any behaviour that he was working for our benefit. The lack of communication with loan detail is far from convenient because it leaves us wondering what is happening. 4. Customer service is non existent, it is almost as I am an inconvenience to their day. Don't they realise, the customer is the reason they exist.

Read full review

I have worked in the finance industry for over 30 years and without a doubt Mortgage House is the worst Mortgage Brokering company I have dealt with on many levels: 1. Communication - The broker Ken Sayer is elusive and refuses to accept phone calls, he only makes 15 minute appointments and his team does not return phone calls and ignore requests to do so. 2. Pricing - We have 25% deposit and they are asking for a risk fee with any explanation as to why. Sounds like a simply money grab. 3. Trust & Convenience- The broker did not build any rapport, explain the process, discuss our requirements or exhibit any behaviour that he was working for our benefit. The lack of communication with loan detail is far from convenient because it leaves us wondering what is happening. 4. Customer service is non existent, it is almost as I am an inconvenience to their day. Don't they realise, the customer is the reason they exist.

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Mark, New South Wales, reviewed 3 days ago
MyState Bank Home Loan review
Overall 1/10
Worst bank in the world

This bank is nothing but trouble the entire way. We were charged 4 thousand because they took 60 days to get the finance. Then they we sold some land everyone had to wait literally 4 months just for mystate to do their part. My conveyancer and i have never seen anything like it. I could go on and on and on they literally dont care they are the slowest in the world and have zero problem stuffing you around non stop no matter how urgent your situation is they will not help you. Stay away

Read full review

This bank is nothing but trouble the entire way. We were charged 4 thousand because they took 60 days to get the finance. Then they we sold some land everyone had to wait literally 4 months just for mystate to do their part. My conveyancer and i have never seen anything like it. I could go on and on and on they literally dont care they are the slowest in the world and have zero problem stuffing you around non stop no matter how urgent your situation is they will not help you. Stay away

Price
1/10
Features
1/10
Customer service
1/10
Convenience
1/10
Trust
1/10
Less
Tyson, South Australia, reviewed 3 days ago
See
Home loan tips

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