Homeowners are being urged to refinance after creditors sliced fixed rates into a percentage just over 2 per cent.
With the RBA ruling out the possibility of negative or zero rates of interest, analysts consider home loan prices are near rock bottom.
Canstar financial services executive Steve Mickenbecker said homeowners must strike now to capitalise on current market conditions.
What is on offer?
Of the majors, ANZ supplies the lowest owner-occupier variable rate of interest. The bank is charging 2.72 per cent on its Simplicity PLUS Home Loan (with discounts applied).
Commonwealth Bank is offering 2.79 per cent on its own Extra Home Loans (with loan-to-value ratios of up to 80 per cent), while NAB (2.84 per cent) and Westpac (2.93 per cent) sit slightly farther behind.