Lowest monthly mortgage rates for July 2020
Every month at Finder we analyse the mortgages in our database to find the home loans with the lowest interest rates.*
Updated . What changed?
We've gathered up some of the market's lowest mortgage rates for this month in the table below. Our selection criteria ensure that the loans listed here are relevant for the majority of Australian borrowers. The rates on this page meet the following criteria:
- Principal and interest loans have a maximum LVR of 80%, meaning you need a 20% deposit (or lower).
- Mortgages have a minimum loan amount of $200,000 or lower and a maximum loan amount of at least $500,000 (meaning that the average borrower will be eligible for the loan).
- Fixed rates have terms of between 1 and 5 years.
- Mortgages are taken from Finder's database, with rates correct at time of publication (updated every month).
Compare some of the market's lowest fixed and variable rates in July 2020
|Lowest variable rate||Interest rate||Comparison rate|
|Reduce Home Loans Super Saver Variable||2.19% p.a.||2.19% p.a.|
|Freedom Lend Variable Home Loan - LVR <= 80% (Owner Occupier, P&I)||2.39% p.a.||2.39% p.a.|
|Tic:Toc Live in 10% deposit Variable Rate - Principal & Interest||2.39% p.a.||2.4% p.a.|
|Pacific Mortgage Group Standard Variable Home Loan - LVR 80% (Owner Occupier, P&I)||2.44% p.a.||2.44% p.a.|
|Homestar Star Essentials Home Loan - $150K to $850K LVR up to 80% (Owner Occupier, P&I)||2.39% p.a.||2.42% p.a.|
|Well Home Loans Balanced Variable - LVR 80% (Owner occupier, P&I)||2.47% p.a.||2.5% p.a.|
|Mortgage House Advantage Home Loan - 80 (PAYG Essentials)||2.54% p.a.||2.58% p.a.|
|ING Mortgage Simplifier Home Loan - $1M+ (LVR <=80% Owner Occupier, P&I)||2.55% p.a.||2.58% p.a.|
|UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000||2.49% p.a.||2.49% p.a.|
|loans.com.au Smart Home Loan - (Owner Occupier, P&I)||2.57% p.a.||2.59% p.a.|
|Lowest fixed rate||Interest rate||Comparison rate|
|Bank of us FlexiDiscount Home Loan - Special 2 Year Fixed LVR ≤80%||1.99% p.a.||2.71% p.a.|
|Greater Bank Ultimate Home Loan - 1 Year Fixed (Owner Occupier)||2.09% p.a.||3.75% p.a.|
|HSBC Fixed Rate Home Loan - 2 Year Fixed Rate LVR 80% or below (Owner Occupier, P&I)||2.09% p.a.||2.98% p.a.|
|Newcastle Permanent Building Society Premium Plus Package Fixed Rate - 2 Year Fixed Special (Owner Occupier, P&I)||2.18% p.a.||3.72% p.a.|
|NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier, P&I)||2.19% p.a.||4.02% p.a.|
|P&N Bank Fixed Home Loan - 3 Year (LVR <= 80%, Owner Occupier)||2.19% p.a.||3.44% p.a.|
|Pacific Mortgage Group Fixed Home Loan - 2 Year (Owner Occupier, P&I)||2.24% p.a.||2.42% p.a.|
|Teachers Mutual Bank Fixed Option Home Loan - 3 Year (Owner Occupier)||2.19% p.a.||3.85% p.a.|
|Easy Street Fixed Home Loan - 2 Year New money offer (Owner Occupier, P&I)||2.19% p.a.||3.52% p.a.|
|ING Fixed Rate Home Loan - 2 Year Fixed Rate (Owner Occupier with Orange Advantage)||2.19% p.a.||3.79% p.a.|
|Lowest fixed investor rate||Interest rate||Comparison rate|
|Teachers Mutual Bank Fixed Option Home Loan - 3 Year (Investor)||2.34% p.a.||3.88% p.a.|
|UniBank Fixed Home Loan - 1 Year (Investor)||2.34% p.a.||4.22% p.a.|
|Firefighters Mutual Bank Fixed Home Loan - 1 Year Fixed (Investor)||2.34% p.a.||4.22% p.a.|
|Well Home Loans Balanced Fixed Home Loan - 1 Year (Investor, P&I)||2.39% p.a.||2.82% p.a.|
|Freedom Lend Fixed Loan - Special 2 Year Fixed Rate LVR ≤ 80% (Investor, P&I)||2.39% p.a.||3.01% p.a.|
|UBank UHomeLoan - 3 Year Fixed Rate (Investor, P&I)||2.29% p.a.||2.74% p.a.|
|Pacific Mortgage Group Fixed Home Loan - 2 Year (Investor, P&I)||2.49% p.a.||2.75% p.a.|
|People's Choice Credit Union Home Loan Package - 2 Year Fixed Package (Investor, P&I)||2.48% p.a.||4.33% p.a.|
|RACQ Bank Choices Package Fixed Loan - 3 Year $150k+ (Investor)||2.49% p.a.||4.29% p.a.|
|Bankwest Complete Home Loan Package Fixed - 3 Year Fixed Rate LVR <90% incl. LMI (Investors, P&I & $200k+)||2.49% p.a.||3.98% p.a.|
|Lowest variable investor rate||Interest rate||Comparison rate|
|Pacific Mortgage Group Standard Variable Home Loan - LVR 80% (Investor, P&I)||2.79% p.a.||2.79% p.a.|
|Reduce Rate Lovers Variable Home Loan - LVR up to 80% (Investor)||2.79% p.a.||2.79% p.a.|
|Well Home Loans Balanced Variable - LVR 80% (Investor, P&I)||2.82% p.a.||2.85% p.a.|
|Freedom Lend Variable Home Loan - LVR ≤ 80% (Investor P&I)||2.84% p.a.||2.84% p.a.|
|Tic:Toc Invest Loan Variable Rate Home Loan - Principal & Interest||2.9% p.a.||2.91% p.a.|
|loans.com.au Smart Home Loan - (Investor, P&I)||2.94% p.a.||2.96% p.a.|
|UBank UHomeLoan Variable Rate - Discount Offer for Investor Variable P&I Rate||2.89% p.a.||2.89% p.a.|
|Aussie Elevate Variable Home Loan - LVR <= 90% (Investor, P&I)||2.99% p.a.||3.01% p.a.|
|Mystate Basic Variable Home Loan - LVR <80% (Investor, P&I)||3.03% p.a.||3.08% p.a.|
|Bank of us Flexichoice Home Loan - Variable Special LVR<80% (Investor)||3.03% p.a.||3.2% p.a.|
*Our lowest variable and fixed rate home loans round-up is a monthly analysis of the cheapest loans in Finder's database. The rates and other information in this page are correct at the time of publication and are subject to change. There may be lower rates on the market than the ones listed here.
Finder's low interest rate tracker
Rates change (even when they're fixed). But with this graph you can see the lowest rates on Finder each month. This helps you understand how rates fluctuate and also helps you consider whether a fixed or variable rate is a better option for you.
Find more information about home loan rates and statistics
What if I've already got a mortgage but my rate is really high?
Most Australians borrowers don't check their mortgage rates. And that means you could be paying thousands of extra dollars in interest every year – for no reason at all.
But while your mortgage is a debt you're stuck with for a long time, you can easily switch lenders. Simply find a lower rate, make sure the mortgage suits your needs and you're eligible for it then apply (you'll need financial and identification documents, of course). If your new lender accepts your application, they will handle the changeover with your new lender. And for a few hours' work, you've saved yourself a chunk of money.
Learn how to refinance to a cheaper rate and start saving on your mortgage repayments.
Compare and apply for a range of competitive mortgage offers below
After entering your details a mortgage broker from Aussie will call you. They will discuss your situation and help you find a suitable loan.
- A comparison of home loans from multiple lenders.
- Expert guidance through the entire application process.
- Free suburb and property reports.
The Adviser’s number 1 placed mortgage broker 8 years running (2013-2020)
Home Loan OffersImportant Information*
UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupiers, Variable P&I Rate(*now 2.59%, drops to 2.49% on 17 Jul)
Take advantage of a low-fee mortgage with a special interest rate of just 2.49% p.a. and a 2.49% p.a. comparison rate.
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000. Refinance to an eligible Suncorp loan and get a cashback of $2,000 or $3,000, depending on your loan amount. Other conditions apply.
ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
Buy your home and lock in a low rate for the first two years. Get a $2,500 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 28 August and settle by 30 October 2020.
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