June 2026
What is the cheapest no-frills variable home loan?
Stripping out an offset account usually buys you a lower rate, ideal for borrowers who keep little in savings and just want the cheapest carry. We surface the lowest variable rates on the panel ranked purely on price.
5.93%Lowest rate for this profile
The lowest rate on the panel for this profile is 5.93% p.a. from Bank of China, drawn from 12 lenders that write to it. The table below ranks the sharpest options for this exact scenario, with rates refreshed daily.
Reviewed by the Ratesniffers Editorial Team. Figures computed from the current rate corpus and updated daily.
Basic variable rates, ranked by comparison rate
| Lender | Type | Rate p.a. | Comparison | Max LVR |
|---|---|---|---|---|
| Bank of China | Variable | 5.93% | 5.97% | — |
| HSBC | Variable | 5.94% | 5.98% | 80% |
| ING BANK (Australia) Ltd | Variable | 5.99% | 6.03% | — |
| ME Bank - ME Go | Variable | 5.99% | 6.03% | 80% |
| Queensland Country Bank | Variable | 5.99% | 6.03% | — |
| BCU Bank | Variable | 5.99% | 6.03% | — |
| People's Choice and Heritage | Variable | 5.99% | 6.03% | 80% |
| Newcastle Permanent Building Society | Variable | 5.99% | 6.03% | 80% |
| Hume Bank | Variable | 5.99% | 6.03% | — |
| Bank of Queensland Limited | Variable | 6.03% | 6.07% | 80% |
Sorted by comparison rate, the statutory true-cost metric that includes fees. Showing the panel's sharpest matches; not every lender is shown.
Frequently asked questions
- What is the cheapest no-frills variable home loan?
- Today the sharpest match on the panel is 5.93% p.a. from Bank of China. Rates change daily, so the live table on this page always shows the current ranking.
- How often are these rates updated?
- The rates on this page are refreshed daily from across the lender panel and ranked by comparison rate, the true-cost figure that includes fees. The figures reflect the most recent update, not a static snapshot.
- Is the lowest rate always the best loan for me?
- Not always. The cheapest headline rate can come without features like an offset account, and your deposit size, income type and goals all change which loan suits you. Use the rate as a starting point, then weigh the features that matter to your situation.
- What is a comparison rate?
- A comparison rate folds most ongoing fees into a single percentage so you can weigh loans on their true cost rather than the advertised headline rate alone. It is the metric these rankings sort on.