So what loan rates are ya'll are on the moment?
We are looking to refinance our OO home with <80% LVR. Any great rates and deals going on at the moment?
Currently on a variable loan with Tiimely and on 5.59%.
Latest Home Loan Rates and Deals after Latest Cuts?
axlfan on 22/08/2025 - 09:23
Comments
Offered rates also depend on your individual situation. Speak to a broker or two to see what offers they can come up with.
Are you a broker Hybroid?
see what offers they can come up with
I think this leaves you battling a professional on your own. If you know others on OzB are getting a great rate, you can at least go to a broker or bank and ask for that same great rate. Worse case, they say no, but the alternative is you can only accept what they have to offer.
Not a broker, but got my mortgage through one. They were able to 'creatively tweak' answers to maximise best offers and provided a 3-page list of every providers offerings for you to choose from. They get paid commission so it's in their interest to find a suitable offer so you go through them.
Even so, you go to at least 2 of them to cross-compare offers. My approach was one of the big names vs the smaller local ones.
creatively tweak' answers
<3 those
ninjaloansAnd not all loan providers pay commission so it's still better to DYOR.
OO <60% LVR P&I, 4.87% taking into account the latest cut (August 12th). Westpac group.
That is ridiculously low. Whats your loan size?
over $800k split across multiple purpose.
how do you sleep at night
@Stealtho: Embrace the debt. At the end of the day it's all about money management (income>expenses, meeting monthly repayments, etc.
@Duckie2hh: I notice it's so common to be scared of debt, and so common to cry that it's hard to get anywhere financially.
Debt has been good for me…. but I lived through the lowest interest rates that will ever be seen.@SlickMick: True. I think it's because the latest generation did not get any lessons in financial literacy except for what they see on social media.
That's amazing. How did you manage to get it so low?
Badgered (called them every 6 months for price match) the banks until they relented and gave me the price match, whilst holding the special discount they offered me.
Thats amazing. I tried multiple times with ANZ but they didnt budge.
My OO will be on 5.29% after latest cut.
did you go through a broker. That is an amazing rate. I have an LVR around that too
Broker set up the initial loan. Then years later(now) I negotiated myself.
OO <50% LVR 4.63% with Bank Australia lol.
Winner winner
60% LVR 5.14% after latest cut.
Thanks all. So I've always had an offset account. Lenders like unload have great rates but only redraw.
Is redraw more or less the same? I have $100k in offset and its helped reduce the interest and it was great to have a separate account for it. If i keep this in redraw, is it the same?
If you want offset you won't get much lower than 4.5 or so, and probably need to have 1 Mil loan too.
Where the hell you get 4.5%? Even without offset, wouldnt that be 1 milliom or more anyways? Any good rates for 300-400k around?
Sorry mate, was meant to be 5.4.
Depends if you ever plan to rent out the place you are in.
Feature Offset Account Redraw Facility How it works Separate bank account linked to loan – balance offsets interest charged. Extra repayments reduce loan balance; redraw lets you take them back out. Access to money Instant, like a normal bank account. Can withdraw, but sometimes slower or with limits. Home you live in No tax issue (interest isn’t deductible anyway). No tax issue (interest isn’t deductible anyway). Investment property – when you put money in Lowers interest payable, but loan balance doesn’t change, so tax deductibility unaffected. Lowers loan balance → less interest (good), but reduces deductible interest. Investment property – when you withdraw money No effect on tax: loan balance unchanged, still fully deductible. Tax trap: ATO checks use of funds – if redrawn for private use, interest on that portion is not deductible. Risk of mixing personal & investment None – withdrawals don’t change loan purpose. High – mixing uses makes record-keeping complex and can reduce deductions. Best for… Flexibility + clean tax position on investments. People who want to aggressively repay loan and won’t need to redraw for personal spending. Thanks
I'm (O/O, LVR<25%, P&I) currently on 5.65% (5.4% post upcoming rate cut) with Westpac. I've tried a number of times to get the rate down to a more competitive rate based on published rates with competitive banks but Westpac haven't budged.
Can anyone in the know explain why Westpac might not budge? Is it because of the low LVR and therefore less profitable?
They are probably just betting that you are a chump and you won't bother moving to another more competitive lender. Call their bluff.
After reading this thread I called them this morning and read out some of the rates listed here as well as quoting the Unloan published figure of 5.24% and they wouldn't budge and told me that if I get a more competitive offer that I should call them and get a rate match. I laughed at this and said that if I go to the effort of getting a more competitive rate then I'm not giving them a second bite at the cherry and explained that they should be proactive in offering me their most competitive rate.
I should also mention that I'm paying $400/year for this "Rocket Loan" package. Needless to say that I'll be moving when I get a better rate.
I normally start with requesting a mortgage discharge form. They then transfer you to an escalation team and will ask if you have spoken to them previously about your rates. Say no. Then let the negotiations begin…..
@gyrex: Currently on 5.34 post rate cut, LVR ~80%.
I am going through the same process with westpac and even got a better offer which they couldn't match (the lady on the phone actually seemed quite upset that the higher ups couldn't do anything).
I haven't submitted the discharge form but this is my next strategy. You can do it online here - https://www.westpac.com.au/personal-banking/home-loans/manag…. When I called requesting the form they just put me onto another person who emailed me the link without asking why I was leaving, lol.
My understanding is that submitting the form does not commit you to do anything but it could trigger Westpac coming back and offering something better/matching.
Lender from BOQ here.
Bank of Queensland has a $2,000 refinance cash back offer until 30 September 2025.
Minimum lending amount $400,000, maximum LVR 80%.
Owner-Occupied 5.38% with redraw, 5.39% with offset account, investor 5.49% with redraw, 5.54% with offset account after 29th AUG.
Am I allowed to leave my contact details here?Cool. How long does the refinancing process take on average assuming we have all documents and great credit history?
Why is the offset rate going higher instead of lower?And is it easy to request borrowing from additional equity if below 80%?
Thank you for the questions.
"How long does the refinancing process take on average assuming we have all documents and great credit history?"
It usually takes about a week for BOQ to unconditionally approve the application, but your current bank may take some time to release the security, which can delay the process. You’ll still receive the cashback as long as your application is submitted before 30/09/2025.
Term & Conditions quote here:
6. Application Period: Applications must be received between 01 July 2025 and 30 September 2025.
7. Settlement Period: Refinance settlement must occur within 120 days of the loan application date."Why is the offset rate going higher instead of lower?"
Interest rates are dropping after 29th August (this Friday). My apologies I probably didn’t explain them clearly, this is what I meant:
Owner-Occupied: 5.38% with redraw, 5.39% with both redraw & offset account (effective after 29th August).
Investments: 5.49% with redraw, 5.54% with both redraw & offset account (effective after 29th August)."is it easy to request borrowing from additional equity if below 80%?"
Yeah top ups are usually quite easy to do. :)
5.22% on unloan