The 10 cheapest variable-rate home loans for October 2017

Posted: 5 October 2017 2:14 pm

Coins and houses

Get a rock-bottom rate with one of this month's cheapest variable-rate home loans. Rates start from 3.64%.

Details of the home loans featured on this page were correct at 4 October 2017. Check out all our cheapest loans here

Even though the Reserve Bank remained inactive yet again in October, lenders are competing fiercely for business. That means you could get a great variable rate if you know where to look.

We've helped by sorting through our home loans database to find the least expensive variable-rate home loans available through To make sure they're useful for the average homebuyer, we set the following criteria:

  • All loans listed are for owner-occupiers.
  • All loans listed are principal and interest.
  • All loans have a maximum loan-to-value ratio (LVR) of at least 80%.

We also made sure of the following:

  • Each loan has a minimum loan amount of no more than $150,000.
  • Each loan has a maximum loan amount of more than $500,000.
  • Excludes line of credit, guarantor and construction loans.
  • Rates are correct as of 4 October 2017.

While rates aren't the only factor to consider when you're comparing home loans, these 10 loans could help you keep your repayments at a minimum. Essentialsloans-logo1

This basic home loan offers a low rate and minimal fees, while still including helpful features like a redraw facility.

  • Interest rate: 3.64%

Newcastle Permanent Premium Plus PackageNewcastlePermanent_

This home loan offers a deep interest rate discount as well as discounts on other banking and finance products, all in exchange for a single annual fee.

  • Interest rate: 3.64%

Auswide Bank Variable Home Loan Plus With Freedom PackageAuswide-logo

This package home loan offers a discounted rate and handy features like a 100% offset account and the ability to make additional repayments without penalty.

  • Interest rate: 3.69%

Greater Bank Great Rate Home LoanGreaterBankLogo (

With this Greater Bank home loan, NSW, ACT and Queensland residents can get a great variable interest rate with no ongoing or application fees as well as a free redraw facility and partial offset account.

  • Interest rate: 3.74%

UBank UHomeLoan Standard Variable Rate Value OfferUBank_logo

UBank's UHomeLoan offers a low standard variable rate along with no fees, free redraws and full online account management.

  • Interest rate: 3.74%

Bank Australia Basic Home LoanBankAustralia

This no-frills home loan may be light on features, but it also carries a rock-bottom rate and no fees.

  • Interest rate: 3.86%

AMP Essential Home LoanAMP_logo (

This AMP home loan is great for first home buyers looking for a basic, low-rate home loan. AMP is also currently waiving the loan's establishment and settlement fees.

  • Interest rate: 3.96%

Heritage Bank Discount Variable Home LoanHeritage_logo

This low-rate home loan allows you to borrow up to 95% of the value of the property you're buying. It includes a redraw facility and allows extra repayments.

  • Interest rate: 3.97%

IMB Budget Home LoanIMB_bank_logo

Owner-occupiers can get a life-of-loan discount on IMB's variable-rate home loan as well as free redraws and unlimited additional repayments.

  • Interest rate: 3.97%

Australian Unity Health, Wealth and Happiness Home LoanAustralian_Unity_

Australian Unity's Health, Wealth and Happiness Home Loan carries no ongoing fees and comes with a 100% offset account. It also offers a 0.60% discount off the lender's standard variable rate for the life of the loan.

  • Interest rate: 3.99%

The low rates and fees of the loans above put them at the head of the pack for the month of October, but make sure you compare your home loan options to find the product that's right for you.

*Our cheapest variable rate home loans round-up is a monthly article that features the cheapest loans in'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 cheaper loans on the market than the ones listed here.

Want to compare more options? Check out all our cheapest home loans

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