Top 5 Home Loan Rates — December 2020
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Top 5 Home Loan Rates — December 2020

Katie Douglass

Katie Douglass

26/03/2021 • 7 minute read

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Last week, the Reserve Bank of Australia (RBA) announced the official cash rate will remain at 0.10% — and it’s expected to stay that way for at least three years. This gives first-home buyers and homeowners the opportunity to take advantage of competitive home loan options.

According to ABC News, fixed home loan rates are at their lowest ever with one bank offering a three-year fixed home loan rate of 1.89%.

If you’re in the market for a home loan option, we’ve put together the top 5 home loan rates in Australia for December 2020.

Top 5 Home Loan Rates for December 2020:

Please note, the information shown in the following table reflects the current rates offered by financial providers. Products are ranked by lowest interest rate as of December 2020. Ensure you check upfront with your loan provider to further understand if their product meets your needs.

Suncorp – Fixed Rate Home Loan

1.89%
Advertised rate p.a
2.94%
Comparison rate p.a

More details

Suncorp’s 2 year fixed rate home loan allows you to lock in a fixed interest rate for a term of 1, 2,3, or 5 years.

more information +
less information –

UBank – UHome Loan

1.95%
Advertised rate p.a
2.27%
Comparison rate p.a

More details

UBank’s fixed rate home loan is available for up to 3 years and applies for new customers only.

more information +
less information –

loans.com.au – Smart Booster Home Loan

1.99%
Advertised rate p.a
2.47%
Comparison rate p.a

More details

loans.com.au are a 100% online home loan provider. Their Smart Booster product is a variable rate home loan with no monthly or ongoing fees and unlimited redraws.

more information +
less information –

Illawarra Credit Union – The Works Special Variable Home Loan

1.99%
Advertised rate p.a
2.93%
Comparison rate p.a

More details

Illawarra Credit Union is a customer-owned Credit Union. Their Works Special Variable Home Loan product is a 2 year variable rate home loan.

more information +
less information –

Virgin Money – Reward Me Fixed Rate Home Loan

2.04%
Advertised rate p.a
2.79%
Comparison rate p.a

More details

Virgin Money’s Reward Me Fixed Rate Home Loan allows you to lock in a fixed interest rate for 2 years.

more information +
less information –

Provider
Advertised rate p.a.
Comparison rate p.a.
Application Link
Suncorp – Fixed Rate Home Loan
1.89%
2.94%

Suncorp’s 2 year fixed rate home loan allows you to lock in a fixed interest rate for a term of 1, 2,3, or 5 years.

more information +
less information –
UBank – UHome Loan
1.95%
2.27%

UBank’s fixed rate home loan is available for up to 3 years and applies for new customers only.

more information +
less information –
Loans.com.au – Smart Booster Home Loan
1.99%
2.47%

loans.com.au are a 100% online home loan provider. Their Smart Booster product is a variable rate home loan with no monthly or ongoing fees and unlimited redraws.

more information +
less information –
Illawarra Credit Union – The Works Special Variable Home Loan
1.99%
2.93%

Illawarra Credit Union is a customer-owned Credit Union. Their Works Special Variable Home Loan product is a 2 year variable rate home loan.

more information +
less information –
Virgin Money – Reward Me Fixed Rate Home Loan
2.04%
2.79%

Virgin Money’s Reward Me Fixed Rate Home Loan allows you to lock in a fixed interest rate for 2 years.

more information +
less information –

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. All loans are subject to assessment and lending rules. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. This list has been compiled through our own research as of December 2020. For more information on the providers listed, please refer to their website.

Want to learn more about home loans?

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Oiyo is a consolidated online resource, we are not financial advisors. We work with a range of industry professionals and compliance check our articles to ensure factual accuracy. However, we do not provide professional financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented in this article relate to your unique circumstances.


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Katie Douglass

Written by Katie Douglass

Katie Douglass is the Communications Manager at Oiyo and a writer. In recent years, Katie's work has appeared in publications such as Marie Claire, InStyle, and THE ICONIC. She has a Bachelor of Creative Industries in Fashion Communication & Journalism from the Queensland University of Technology. At Oiyo, Katie is responsible for overseeing editorial strategy.

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