Lender Rate Competition – “Bring it On,” Says WhiteStar Mortgage Brokers

You may have seen recent headlines announcing that some of the major banks have reduced their variable home loan rates. Commonwealth Bank, for example, has released a 5.84% p.a. variable rate for new digital-only customers with a 40% deposit.  It’s a sign that competition is heating up—which is great news for borrowers.  All this ahead of the RBA meeting in May.  BrokerNews  

But if you’ve been with your lender for a while, you may be wondering: Why now? And why not me?

A Step in the Right Direction

It’s encouraging to see big lenders making moves to stay competitive. That said, some of the most attractive rates—like the new offers promoted in the media from some of the Big 4—come with specific conditions. In CBA’s case, the 5.84% rate is:

  • Available only to new customers

  • Accessible only through an online application

  • Requires a 40% deposit

  • Not available via brokers or to existing customers unless refinancing

These offers may suit some borrowers well—particularly those with straightforward financials, plenty of time, and the confidence to manage the process themselves online.

Quietly Competitive: Some of the Lenders Who Got There First

Before the latest announcements, a number of other smaller and larger lenders had already been offering highly competitive rates, including:

  • UBank – 5.84%

  • Heritage Bank – 5.74%

  • MyState – 5.79%

  • Bendigo Bank – 5.84%

These lenders work closely with brokers and offer strong service, personal support, and accessible products—without requiring borrowers to go it alone online.

Sometimes You Don’t Need to Refinance to Get a Better Rate

At WhiteStar, we always take the time to understand what you really need. If you’re simply chasing a lower rate and don’t require any extra finance or features, a full refinance might not be in your best interest. But that doesn’t mean you can’t still get a better deal.

In many cases, we help clients secure a lower rate with their current lender—just by showing them a competitor’s offer. Lenders often respond when they realise a valued customer is shopping around.

If that doesn’t work, no problem—we’ll happily guide you through moving to a lender who does want your business and is prepared to offer you a better rate, subject to lending criteria and your financial situation. Either way, we’re here to help you save money and avoid unnecessary steps.

Why Work With a Mortgage Broker Like WhiteStar?

We don’t just chase the lowest rate—we look for the right solution for you.

Working with a broker means:

  • ✅ Protecting your credit score by applying only where you’re likely to be approved

  • ✅ Matching you with lenders whose policies align with your unique needs

  • ✅ Guidance and education throughout the process—not just a rate, but real understanding

  • ✅ Support and advocacy, from comparison through to settlement and beyond

And unlike some digital-only offers, we help you see the full picture—not just the headline rate.

📞 Got questions? Want to know what rates you might actually qualify for?
Give us a call 1300 652 842 , jump on live chat, or send and email through your current rate and loan balance—we’ll do the rest.

Or if you’d prefer to start with a bit more info, you can also Download our Free  Refinance Guide to see what’s involved and what to watch out for.

We’re here to help when you’re ready.

WhiteStar Mortgage Brokers