A new cashback offer has hit the table and another lender has joined those offering fixed rates below 5.60% p.a. 

But the news catching the most attention this week was of the RBA's April meeting.

The central bank's monetary board chose to keep the cash rate steady at 4.10% on Tuesday, citing a need for more evidence that inflation is returning to target.

While potentially a blow for struggling home loan borrowers, the majority of experts and markets weren't expecting back-to-back rate cuts.

Looking forward, however, and the RBA's next meeting in May could very well herald a cut - though, inflation data due out in late April could leave forecasts reassessing.

Until then, there's been exciting news from Tiimely Home, as well as some notable moves from mutual banks.

Tiimely Home unveiled $2,000 cashback offer

Bendigo Bank-backed Tiimely Home (formerly Tic:Toc) has launched a cashback offer, though it mightn't be as enticing as others on the market.

The non-bank lender is offering $2,000 cashback for those signing up to its two-year fixed rate home loan product.

The catch? The rate on the product - 5.74% p.a. (comparison rate* 5.79% p.a.) is inline with that of the lender's variable rate offering.

The catch? The 5.74% p.a. rate (comparison rate* 5.79% p.a.) is in line with the lender’s current variable rate, meaning borrowers could miss out on savings if rates fall in the near term – possibly more than the $2,000 cashback itself.

The cashback deal is available to owner-occupiers with loan-to-value ratios (LVRs) as high as 90%.

The fixed rate product allows up to $20,000 of extra repayments per year and can come with an offset account for a $10 monthly fee.

If you're after a competitive cashback offer, we've compiled many of the market's best deals here: Home Loan Cashback & Refinance Offers

The Mutual drops fixed rates to as low as 5.59% p.a.

Meanwhile, Hunter-based The Mutual Bank dropped rates on much of its fixed home loan line up to as low as 5.59% p.a.

Changes include:

Product Fixed period Change New rate Comp rate*
Package ($150k+) One year -20bp 5.79% 7.65%
Two years -20bp 5.59% 7.44%
Investment Package ($150k+) One year -10bp 5.99% 8.02%
Two years -15bp 5.74% 7.78%
Standard One year -20bp 5.89% 8.13%
Two years -20bp 5.69% 7.84%
Investment Standard One year -10bp 6.09% 8.50%
Two years -15bp 5.84% 8.18%

While decent, the above rates are far from most competitive on the market.

Many lenders currently offer two- and three-year fixed rates from 5.39% p.a., but Australian Mutual Bank is out in front, offering a rate of 5.29% p.a. for first home buyers fixing for two years and owner-occupiers with LVRs of 80% or less fixing for three years.

Other movers

  • Northern Inland Credit Union cut one-year fixed rates by 30bp and now offers a rate of 5.99% p.a. (comparison rate* 7.19% p.a.)
  • Bank of China dropped the rate on its Discount Investment Home Loan by 10bp for borrowers making interest only repayments - new rate 6.08% p.a. (6.27% p.a. comparison rate*)
  • Queensland Country Bank went against the grain, two-year fixed rates and its special offer variable rates for borrowers with LVRs of more than 80% by 20 basis points.

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Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsRow TagsFeaturesLinkComparePromoted ProductDisclosure
5.79% p.a.
5.83% p.a.
$2,931
Principal & Interest
Variable
$0
$530
90%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 10% Min Deposit
  • Redraw
  • Extra Repayments
  • More details
  • Available for purchase or refinance, min10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application.
 Disclosure
5.84% p.a.
5.86% p.a.
$2,947
Principal & Interest
Variable
$0
$250
60%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 40% Min Deposit
  • Redraw
  • More details
  • Easy application. Fast approval. No annual fee.
  • Unlimited additional repayments free of charge.
  • Redraw freely - Access your additional payments.
 Disclosure
5.74% p.a.
5.65% p.a.
$2,915
Principal & Interest
Variable
$0
$0
80%
  • 100% owned by Commbank
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 20% Min Deposit
  • Redraw
  • More details
  • A low-rate variable home loan from a 100% online lender.
  • Backed by the Commonwealth Bank.
 Disclosure
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

Important Information and Comparison Rate Warning

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