Compare the best home loans in Australia

  • Compare home loans with rates as low as 5.48% (comparison rate^ 6.24%)
  • Find your best home loan
Home loans with Money Matchmaker
Home loans with Money Matchmaker

In our home loan comparison guide:

1

3

5

2

4

1

2

3

4

5

Compare your best home loan rates available through a broker

The table below shows a selection of variable and fixed owner-occupied home loan rates (based on principal & interest repayments) available through a mortgage broker. The table is sorted by lowest interest rate.

LenderProductInterest RateComparison RateRepaymentsFeaturesExit FeesUpfront FeesOngoing Fees

Adelaide Bank

Book a call

Variable Home Loan

Variable Rate: 6.13%

Fixed Rate:

1 year Fixed Rate: 6.29%

2 Year Fixed Rate: 6.29%

3 Year Fixed Rate: 6.29%

4 Year Fixed Rate: 6.39%

5 year Fixed Rate: 6.39%

Variable Rate: 6.16%

Fixed Rate:

1 year Fixed Rate: 6.18%

2 Year Fixed Rate: 6.19%

3 Year Fixed Rate: 6.21%

4 Year Fixed Rate: 6.26%

5 year Fixed Rate: 6.28%

Ongoing Repayments: $3,647.60

1 Year Interest Payable: $36,580.00

2 Year Interest Payable: $72,707.00

3 Year Interest Payable: $108,352.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $299.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $199.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Qudos Bank

Book a call

No Frills Home Loan

Variable Rate: 6.14%

Fixed Rate:

1 year Fixed Rate: 6.14%

2 Year Fixed Rate: 6.04%

3 Year Fixed Rate: 5.94%

4 Year Fixed Rate: 6.14%

5 year Fixed Rate: 6.14%

Variable Rate: 6.14%

Fixed Rate:

1 year Fixed Rate: 6.32%

2 Year Fixed Rate: 6.28%

3 Year Fixed Rate: 6.23%

4 Year Fixed Rate: 6.27%

5 year Fixed Rate: 6.25%

Ongoing Repayments: $3,651.49

1 Year Interest Payable: $36,640.00

2 Year Interest Payable: $72,827.00

3 Year Interest Payable: $108,532.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 80%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

ING

Book a call

Mortgage Simplifier

Variable Rate: 6.14%

Fixed Rate:

1 year Fixed Rate: 6.29%

2 Year Fixed Rate: 6.09%

3 Year Fixed Rate: 5.99%

4 Year Fixed Rate: 6.19%

5 year Fixed Rate: 6.19%

Variable Rate: 6.16%

Fixed Rate:

1 year Fixed Rate: 6.18%

2 Year Fixed Rate: 6.15%

3 Year Fixed Rate: 6.12%

4 Year Fixed Rate: 6.18%

5 year Fixed Rate: 6.18%

Ongoing Repayments: $3,651.49

1 Year Interest Payable: $36,640.00

2 Year Interest Payable: $72,827.00

3 Year Interest Payable: $108,532.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $499.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $299.00

Valuation Fee: $225.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

AMP

Book a call

Professional Package Variable Rate Loan

Variable Rate: 6.19%

Fixed Rate:

1 year Fixed Rate: 6.19%

2 Year Fixed Rate: 6.09%

3 Year Fixed Rate: 5.99%

5 year Fixed Rate: 6.44%

Variable Rate: 6.54%

Fixed Rate:

1 year Fixed Rate: 7.22%

2 Year Fixed Rate: 7.10%

3 Year Fixed Rate: 6.98%

5 year Fixed Rate: 6.98%

Ongoing Repayments: $3,670.92

1 Year Interest Payable: $36,941.00

2 Year Interest Payable: $73,428.00

3 Year Interest Payable: $109,434.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 90%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $295.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $349.00

UBank

Book a call

Neat Variable

Variable Rate: 6.19%

Fixed Rate:

1 year Fixed Rate: 6.39%

2 Year Fixed Rate: 6.09%

3 Year Fixed Rate: 5.99%

5 year Fixed Rate: 6.19%

Variable Rate: 6.22%

Fixed Rate:

1 year Fixed Rate: 6.50%

2 Year Fixed Rate: 6.45%

3 Year Fixed Rate: 6.41%

5 year Fixed Rate: 6.46%

Ongoing Repayments: $3,670.92

1 Year Interest Payable: $36,941.00

2 Year Interest Payable: $73,428.00

3 Year Interest Payable: $109,434.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: No

Maximum LVR - with LMI: N/A

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $250.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Macquarie Bank

Book a call

Macquarie Bank Offset Home Loan Package

Variable Rate: 6.19%

Fixed Rate:

1 year Fixed Rate: 6.49%

2 Year Fixed Rate: 6.15%

3 Year Fixed Rate: 6.09%

4 Year Fixed Rate: 6.25%

5 year Fixed Rate: 6.25%

Variable Rate: 6.43%

Fixed Rate:

1 year Fixed Rate: 6.25%

2 Year Fixed Rate: 6.43%

3 Year Fixed Rate: 6.19%

4 Year Fixed Rate: 6.24%

5 year Fixed Rate: 6.25%

Ongoing Repayments: $3,670.92

1 Year Interest Payable: $36,941.00

2 Year Interest Payable: $73,428.00

3 Year Interest Payable: $109,434.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $350.00

Legal/Solicitor Fee : $363.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $110.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Suncorp

Book a call

Back to Basics Home Loan

Variable Rate: 6.19%

Fixed Rate:

1 year Fixed Rate: 6.50%

2 Year Fixed Rate: 6.44%

3 Year Fixed Rate: 6.49%

5 year Fixed Rate: 6.39%

Variable Rate: 6.19%

Fixed Rate:

1 year Fixed Rate: 6.67%

2 Year Fixed Rate: 6.67%

3 Year Fixed Rate: 6.70%

5 year Fixed Rate: 5.29%

Ongoing Repayments: $3,670.92

1 Year Interest Payable: $36,941.00

2 Year Interest Payable: $73,428.00

3 Year Interest Payable: $109,434.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $150.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Bankwest

Book a call

Complete Variable Home Loan

Variable Rate: 6.34%

Fixed Rate:

1 year Fixed Rate: 6.59%

2 Year Fixed Rate: 6.39%

3 Year Fixed Rate: 6.29%

4 Year Fixed Rate: 6.39%

5 year Fixed Rate: 6.49%

Variable Rate: 6.73%

Fixed Rate:

1 year Fixed Rate: 7.32%

2 Year Fixed Rate: 7.24%

3 Year Fixed Rate: 7.16%

4 Year Fixed Rate: 7.15%

5 year Fixed Rate: 7.14%

Ongoing Repayments: $3,729.50

1 Year Interest Payable: $37,841.00

2 Year Interest Payable: $75,232.00

3 Year Interest Payable: $112,141.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 98%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $250.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $40.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $395.00

Bank Of Melbourne

Book a call

Basic Home Loan

Variable Rate: 6.39%

Fixed Rate:

1 year Fixed Rate: 6.69%

2 Year Fixed Rate: 6.59%

3 Year Fixed Rate: 6.69%

4 Year Fixed Rate: 6.69%

5 year Fixed Rate: 6.79%

Variable Rate: 6.40%

Fixed Rate:

1 year Fixed Rate: 7.76%

2 Year Fixed Rate: 7.66%

3 Year Fixed Rate: 7.61%

4 Year Fixed Rate: 7.55%

5 year Fixed Rate: 7.53%

Ongoing Repayments: $3,749.11

1 Year Interest Payable: $38,142.00

2 Year Interest Payable: $75,833.00

3 Year Interest Payable: $113,044.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $100.00

Valuation Fee: $0.00

Additional Valuation Fee: $164.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Bank SA

Book a call

Basic Home Loan

Variable Rate: 6.39%

Fixed Rate:

1 year Fixed Rate: 6.69%

2 Year Fixed Rate: 6.59%

3 Year Fixed Rate: 6.69%

4 Year Fixed Rate: 6.69%

5 year Fixed Rate: 6.79%

Variable Rate: 6.40%

Fixed Rate:

1 year Fixed Rate: 7.74%

2 Year Fixed Rate: 7.64%

3 Year Fixed Rate: 7.59%

4 Year Fixed Rate: 7.53%

5 year Fixed Rate: 7.51%

Ongoing Repayments: $3,749.11

1 Year Interest Payable: $38,142.00

2 Year Interest Payable: $75,833.00

3 Year Interest Payable: $113,044.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $100.00

Valuation Fee: $0.00

Additional Valuation Fee: $164.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

St George Bank

Book a call

St George Bank Basic Home Loan

Variable Rate: 6.39%

Fixed Rate:

1 year Fixed Rate: 6.69%

2 Year Fixed Rate: 6.59%

3 Year Fixed Rate: 6.69%

4 Year Fixed Rate: 6.69%

5 year Fixed Rate: 6.79%

Variable Rate: 6.40%

Fixed Rate:

1 year Fixed Rate: 7.76%

2 Year Fixed Rate: 7.66%

3 Year Fixed Rate: 7.61%

4 Year Fixed Rate: 7.55%

5 year Fixed Rate: 7.53%

Ongoing Repayments: $3,749.11

1 Year Interest Payable: $38,142.00

2 Year Interest Payable: $75,833.00

3 Year Interest Payable: $113,044.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $100.00

Valuation Fee: $0.00

Additional Valuation Fee: $164.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Resimac

Book a call

Prime Flex

Variable Rate: 6.49%

Variable Rate: 6.82%

Ongoing Repayments: $3,907.56

1 Year Interest Payable: $40,545.00

2 Year Interest Payable: $80,645.00

3 Year Interest Payable: $120,270.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $330.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $299.00

Firstmac

Book a call

Basic Variable

Variable Rate: 6.54%

Fixed Rate:

1 year Fixed Rate: 6.49%

2 Year Fixed Rate: 6.29%

3 Year Fixed Rate: 6.24%

4 Year Fixed Rate: 6.39%

5 year Fixed Rate: 6.04%

Variable Rate: 6.58%

Fixed Rate:

1 year Fixed Rate: 7.11%

2 Year Fixed Rate: 7.03%

3 Year Fixed Rate: 6.94%

4 Year Fixed Rate: 6.92%

5 year Fixed Rate: 6.71%

Ongoing Repayments: $3,808.21

1 Year Interest Payable: $39,043.00

2 Year Interest Payable: $77,637.00

3 Year Interest Payable: $115,753.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 90%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $200.00

Settlement Fee: $300.00

Valuation Fee: $220.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

ANZ Bank

Book a call

Simplicity PLUS

Variable Rate: 6.64%

Fixed Rate:

1 year Fixed Rate: 6.69%

2 Year Fixed Rate: 6.54%

3 Year Fixed Rate: 6.59%

4 Year Fixed Rate: 6.74%

5 year Fixed Rate: 6.84%

Variable Rate: 6.66%

Fixed Rate:

1 year Fixed Rate: 7.21%

2 Year Fixed Rate: 7.12%

3 Year Fixed Rate: 7.07%

4 Year Fixed Rate: 7.08%

5 year Fixed Rate: 7.09%

Ongoing Repayments: $3,847.82

1 Year Interest Payable: $39,644.00

2 Year Interest Payable: $78,840.00

3 Year Interest Payable: $117,559.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 90%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $160.00

Valuation Fee: $150.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $50.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Commonwealth Bank

Book a call

Standard Variable Rate

Variable Rate: 6.69%

Fixed Rate:

1 year Fixed Rate: 6.59%

2 Year Fixed Rate: 6.84%

3 Year Fixed Rate: 6.59%

4 Year Fixed Rate: 6.69%

5 year Fixed Rate: 6.69%

Variable Rate: 7.07%

Fixed Rate:

1 year Fixed Rate: 8.29%

2 Year Fixed Rate: 8.19%

3 Year Fixed Rate: 8%

4 Year Fixed Rate: 7.92%

5 year Fixed Rate: 7.82%

Ongoing Repayments: $3,867.69

1 Year Interest Payable: $39,944.00

2 Year Interest Payable: $79,442.00

3 Year Interest Payable: $118,463.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $200.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $395.00

Axis

Book a call

Origin Standard Variable

Variable Rate: 6.79%

Fixed Rate:

2 Year Fixed Rate: 7.39%

3 Year Fixed Rate: 7.39%

Variable Rate: 7.16%

Fixed Rate:

2 Year Fixed Rate: 7.29%

3 Year Fixed Rate: 7.34%

Ongoing Repayments: $3,907.56

1 Year Interest Payable: $40,545.00

2 Year Interest Payable: $80,645.00

3 Year Interest Payable: $120,270.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: No

Maximum LVR - with LMI: N/A

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $194.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $305.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $395.00

Annual Package Fee: $0.00

NAB

Book a call

Base Variable Rate Home Loan

Variable Rate: 6.84%

Fixed Rate:

1 year Fixed Rate: 6.74%

2 Year Fixed Rate: 6.64%

3 Year Fixed Rate: 6.64%

4 Year Fixed Rate: 6.79%

5 year Fixed Rate: 6.84%

Variable Rate: 6.88%

Fixed Rate:

1 year Fixed Rate: 7.73%

2 Year Fixed Rate: 7.62%

3 Year Fixed Rate: 7.52%

4 Year Fixed Rate: 7.48%

5 year Fixed Rate: 7.43%

Ongoing Repayments: $3,927.55

1 Year Interest Payable: $40,845.00

2 Year Interest Payable: $81,247.00

3 Year Interest Payable: $121,174.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $600.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Yellow Brick Road

Book a call

Essentials Prime Full Doc

Variable Rate: 7.09%

Variable Rate: 7.12%

Ongoing Repayments: $4,028.15

1 Year Interest Payable: $0.00

2 Year Interest Payable: $0.00

3 Year Interest Payable: $0.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $402.00

Settlement Fee: $0.00

Valuation Fee: $330.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Resi

Book a call

Essentials Prime Full Doc

Variable Rate: 7.09%

Variable Rate: 7.12%

Ongoing Repayments: $4,028.15

1 Year Interest Payable: $42,348.00

2 Year Interest Payable: $84,257.00

3 Year Interest Payable: $125,695.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $402.00

Settlement Fee: $0.00

Valuation Fee: $330.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Pepper Money

Book a call

Essential (Full Doc)

Variable Rate: 7.14%

Fixed Rate:

2 Year Fixed Rate: 7.14%

3 Year Fixed Rate: 7.14%

5 year Fixed Rate: 7.14%

Variable Rate: 7.33%

Fixed Rate:

2 Year Fixed Rate: 7.33%

3 Year Fixed Rate: 7.33%

5 year Fixed Rate: 7.33%

Ongoing Repayments: $4,048.39

1 Year Interest Payable: $42,648.00

2 Year Interest Payable: $84,859.00

3 Year Interest Payable: $126,600.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $599.00

Legal/Solicitor Fee : $330.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $10.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

MA Money

Book a call

Prime Full Doc

Variable Rate: 7.14%

Variable Rate: 7.21%

Ongoing Repayments: $4,048.39

1 Year Interest Payable: $42,648.00

2 Year Interest Payable: $84,859.00

3 Year Interest Payable: $126,600.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 90%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $500.00

Legal/Solicitor Fee : $400.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Pepper

Book a call

Prime Solutions (Full Doc)

Variable Rate: 7.14%

Fixed Rate:

2 Year Fixed Rate: 7.14%

3 Year Fixed Rate: 7.14%

5 year Fixed Rate: 7.14%

Variable Rate: 7.33%

Fixed Rate:

2 Year Fixed Rate: 7.33%

3 Year Fixed Rate: 7.33%

5 year Fixed Rate: 7.33%

Ongoing Repayments: $4,048.39

1 Year Interest Payable: $0.00

2 Year Interest Payable: $0.00

3 Year Interest Payable: $0.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $599.00

Legal/Solicitor Fee : $330.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $10.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

La Trobe

Book a call

Full Doc Residential - A

Variable Rate: 7.24%

Variable Rate: 7.50%

Ongoing Repayments: $4,198.13

1 Year Interest Payable: $44,827.00

2 Year Interest Payable: $89,223.00

3 Year Interest Payable: $133,155.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $305.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $15.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Bluestone

Book a call

Prime - Full Doc

Variable Rate: 7.44%

Variable Rate: 7.50%

Ongoing Repayments: $4,170.66

1 Year Interest Payable: $44,452.00

2 Year Interest Payable: $88,473.00

3 Year Interest Payable: $132,029.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: No

Partial Offset: No

Redraw: Yes

Repayment Holiday: No

Splitting: Yes

Maximum LVR - with LMI: N/A

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $590.00

Legal/Solicitor Fee : $400.00

Settlement Fee: $120.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $0.00

Westpac

Book a call

Rocket Repay Home Loan

Variable Rate: 7.54%

Fixed Rate:

1 year Fixed Rate: 6.69%

2 Year Fixed Rate: 6.59%

3 Year Fixed Rate: 6.69%

4 Year Fixed Rate: 6.69%

5 year Fixed Rate: 6.79%

Variable Rate: 7.86%

Fixed Rate:

1 year Fixed Rate: 7.77%

2 Year Fixed Rate: 7.67%

3 Year Fixed Rate: 7.61%

4 Year Fixed Rate: 7.55%

5 year Fixed Rate: 7.53%

Ongoing Repayments: $4,211.73

1 Year Interest Payable: $45,053.00

2 Year Interest Payable: $89,677.00

3 Year Interest Payable: $133,840.00

Total Interest Payable: $0.00

Total Amount to be Repaid: $0.00

Extra Repayment: Yes

Offset: Yes

Partial Offset: No

Redraw: Yes

Repayment Holiday: Yes

Splitting: Yes

Maximum LVR - with LMI: 95%

Discharge Fee: $0.00

Early Repayment Fee: $0.00

Establishment Fee: $0.00

Legal/Solicitor Fee : $0.00

Settlement Fee: $0.00

Valuation Fee: $0.00

Additional Valuation Fee: $0.00

Settlement Administration Fee: $0.00

Title Search Fee: $0.00

Account Service fee: $0.00

Annual Service Fee: $0.00

Annual Package Fee: $395.00

Home loan rates are regularly updated and are based on a loan amount of $600,000 and a property value of $850,000 (giving an LVR of less than 80%), owner-occupied, for purchase of a residential home as a primary residence, with excellent credit. ^Warning: Home loan comparison rates are calculated based on a loan amount of $600,000 repaid over a 25-year term with monthly repayments. Different loan amounts and terms will result in different comparison rates. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you. While this is an extensive list of the lowest-rate home loans in Australia, we can't guarantee that all loans available in the market are shown.

Compare home loans to apply direct – rates from 5.48% (comparison rate^ 6.24%)

The table below shows a selection of the lowest-rate variable and fixed owner-occupied home loans (based on principal & interest repayments) available directly from the lender. The table is sorted by lowest interest rate.

Australian Mutual Bank - Owner Occupied Fixed

Interest rate

5.48% p.a., fixed for 3 years

5.63% p.a., fixed for 2 years

5.63% p.a., fixed for 5 years

Comparison rate^

6.24% p.a. (3-year fixed)

6.35% p.a. (2-year fixed)

6.16% p.a. (5-year fixed)

Features
  • No monthly or annual fees
  • Additional repayments up to $20,000 allowed
Maximum loan to value ratio (LVR)

80%

Australian Mutual Bank - First Home Owner Occupied Special

Interest rate

5.53% p.a., fixed for 2 years (special offer)

Comparison rate^

6.30% p.a. (2-year fixed)

Features
  • Redraw
  • Application & valuation fee waived
  • Guarantor option available
Maximum loan to value ratio (LVR)

80%

LCU - Savvy First Home Buyer Loan Variable

Interest rate

5.69% p.a. variable (3-year intro rate)

Comparison rate^

6.11% p.a.

Features
  • 100% offset
  • No ongoing fees
  • Early repayment options without penalty
Maximum loan to value ratio (LVR)

95%

HSBC - Home Loan Package Fixed

Interest rate

5.69% p.a., fixed for 4 years

Comparison rate^

6.37% p.a.

Features
  • Additional repayments up to $10,000 allowed
  • Split loan option available
  • No establishment, valuation or settlement fee
Maximum loan to value ratio (LVR)

80%

Police Credit Union - Owner Occupied Fixed

Interest rate

5.69% p.a., fixed for 3 years

Comparison rate^

7.02% p.a.

Features
  • No annual or monthly fees
  • Additional repayments up to $20,000 allowed
  • Optional $2,500 low rate Extralite Visa credit card
Maximum loan to value ratio (LVR)

80%

Regional Australia Bank - Fixed Home Loan

Interest rate

5.71% p.a, fixed for 3 years

Comparison rate^

5.87% p.a.

Features
  • No monthly service fees
  • Split loan option
  • Discounted rate on Your Choice Visa credit card
Maximum loan to value ratio (LVR)

60%

Regional Australia Bank - Introductory Basic Home Loan Variable

Interest rate

5.74% p.a. variable (3-year intro rate)

Comparison rate^

6.23% p.a.

Features
  • Extra repayments allowed
  • Redraw facility
  • No monthly service fees
Maximum loan to value ratio (LVR)

80%

Arab Bank Australia - The Basics Home Loan Variable

Interest rate

5.75% p.a. variable (special offer) - discount of 3.54% over the life of the loan

Comparison rate^

5.88% p.a.

Features
  • Extra repayments allowed
  • Redraw facility
  • Loan portability available
Maximum loan to value ratio (LVR)

60%

MOVE Bank - Everyday Home Loan Fixed

Interest rate

5.79% p.a, fixed for 3 years

Comparison rate^

5.95% p.a.

Features
  • Additional repayments allowed
  • Redraw
  • No annual package fee
Maximum loan to value ratio (LVR)

95%

BOQ - Owner Occupied Fixed Special Offer

Interest rate

5.79% p.a. (discounted 3-year fixed rate)

Comparison rate^

6.34% p.a.

Features
  • Extra repayments up to $10,000 allowed
  • Eligible refinancers can get up to $2,000 cashback
  • Weekly, fortnightly or monthly repayments
Maximum loan to value ratio (LVR)

90-95%

Illawarra Credit Union - The Works Package Fixed

Interest rate

5.79% p.a., fixed for 3 years

5.79% p.a., fixed for 2 years

Comparison rate^

6.91% p.a. (3-year fixed)

6.99% p.a. (2-year fixed)

Features
  • No monthly fees
  • No annual credit card fee if you satisfy The Works Package conditions
  • Split loan option available
Maximum loan to value ratio (LVR)

95%

Up Home - Owner Occupied Fixed

Interest rate

5.80% p.a., fixed for 5 years

5.80% p.a., fixed for 4 years

5.80% p.a., fixed for 3 years

Comparison rate^

5.89% p.a. (5-year fixed)

5.90% p.a. (4-year fixed)

5.91% p.a. (3-year fixed)

Features
  • Low or no fees
Maximum loan to value ratio (LVR)

90%

G&C Mutual Bank - Essential Worker Owner Occupied

Interest rate

5.80% p.a. variable

Comparison rate^

5.83% p.a.

Features
  • Designed for frontline & essential workers (e.g. healthcare, law enforcement, education)
  • 100% offset account
Maximum loan to value ratio (LVR)

95%

Reduce Home Loans - Eco Home Loan Variable

Interest rate

5.84% p.a. variable

Comparison rate^

5.89% p.a.

Features
  • Additional repayments allowed
  • Redraw facility
  • No ongoing monthly fees
Maximum loan to value ratio (LVR)

60-80%

Summerland Bank - Eco Home Loan Variable

Interest rate

5.84% p.a. variable (special offer)

Comparison rate^

5.89% p.a.

Features
  • Additional repayments allowed
  • Redraw facility
  • Guarantor support
Maximum loan to value ratio (LVR)

60%

Pacific Mortgage Group - Owner Occupied Variable

Interest rate

5.89% p.a. variable

Comparison rate^

5.89% p.a.

Features
  • Extra repayments allowed
  • Redraw facility
  • No application, valuation or settlement fee
Maximum loan to value ratio (LVR)

80-90%

The Mutual Bank - Budget Owner Occupied Variable Home Loan

Interest rate

5.89% p.a. variable

Comparison rate^

5.89% p.a.

Features
  • Extra repayments allowed
  • Redraw facility
  • No application or monthly fee
Maximum loan to value ratio (LVR)

80%

Australian Mutual Bank - Gumleaf Basic Variable

Interest rate

5.89% p.a. variable

Comparison rate^

5.96% p.a.

Features
  • Additional repayments allowed
  • Redraw facility
  • No annual fee
Maximum loan to value ratio (LVR)

60%

Queensland Country Bank - Rate Package Home Loan Fixed

Interest rate

5.89% p.a., fixed for 2 years

Comparison rate^

6.48% p.a.

Features
  • Extra repayments allowed
Maximum loan to value ratio (LVR)

80%

Arab Bank Australia - The Essentials Low Rate Home Loan

Interest rate

5.90% p.a. variable (discount of 3.49% off standard variable rate)

Comparison rate^

5.94% p.a.

Features
  • Offset
  • Redraw facility
  • Loan portability
Maximum loan to value ratio (LVR)

60%

The Mac Credit Union - Intro Basic Owner Occupied Variable

Interest rate

5.92% p.a. variable (2-year intro rate)

Comparison rate^

7.57% p.a.

Features
  • Extra repayments allowed
  • Redraw facility
  • No monthly or annual fee
Maximum loan to value ratio (LVR)

95%

Greater Bank - Great Rate Home Loan Variable

Interest rate

5.94% p.a. variable (special offer)

Comparison rate^

5.95% p.a.

Features
  • Extra repayments allowed
  • Redraw facility
  • Apply by 31/05/24
Maximum loan to value ratio (LVR)

80%

Tiimely Home - Livein Owner Occupied

Interest rate

5.94% p.a. variable

Comparison rate^

5.95% p.a.

Features
  • Unlimited additional repayments
  • Redraw
  • 100% offset
Maximum loan to value ratio (LVR)

90%

Community First Bank - Basic Home Loan Variable

Interest rate

5.94% p.a. variable

Comparison rate^

5.99% p.a.

Features
  • Extra repayments allowed
  • Redraw facility
  • No monthly or annual fee
Maximum loan to value ratio (LVR)

95%

Interest rate Comparison rate^FeaturesMaximum loan to value ratio (LVR)

Australian Mutual Bank - Owner Occupied Fixed

5.48% p.a., fixed for 3 years

5.63% p.a., fixed for 2 years

5.63% p.a., fixed for 5 years

6.24% p.a. (3-year fixed)

6.35% p.a. (2-year fixed)

6.16% p.a. (5-year fixed)

  • No monthly or annual fees
  • Additional repayments up to $20,000 allowed

80%

Australian Mutual Bank - First Home Owner Occupied Special

5.53% p.a., fixed for 2 years (special offer)

6.30% p.a. (2-year fixed)

  • Redraw
  • Application & valuation fee waived
  • Guarantor option available

80%

LCU - Savvy First Home Buyer Loan Variable

5.69% p.a. variable (3-year intro rate)

6.11% p.a.

  • 100% offset
  • No ongoing fees
  • Early repayment options without penalty

95%

HSBC - Home Loan Package Fixed

5.69% p.a., fixed for 4 years

6.37% p.a.

  • Additional repayments up to $10,000 allowed
  • Split loan option available
  • No establishment, valuation or settlement fee

80%

Police Credit Union - Owner Occupied Fixed

5.69% p.a., fixed for 3 years

7.02% p.a.

  • No annual or monthly fees
  • Additional repayments up to $20,000 allowed
  • Optional $2,500 low rate Extralite Visa credit card

80%

Regional Australia Bank - Fixed Home Loan

5.71% p.a, fixed for 3 years

5.87% p.a.

  • No monthly service fees
  • Split loan option
  • Discounted rate on Your Choice Visa credit card

60%

Regional Australia Bank - Introductory Basic Home Loan Variable

5.74% p.a. variable (3-year intro rate)

6.23% p.a.

  • Extra repayments allowed
  • Redraw facility
  • No monthly service fees

80%

Arab Bank Australia - The Basics Home Loan Variable

5.75% p.a. variable (special offer) - discount of 3.54% over the life of the loan

5.88% p.a.

  • Extra repayments allowed
  • Redraw facility
  • Loan portability available

60%

MOVE Bank - Everyday Home Loan Fixed

5.79% p.a, fixed for 3 years

5.95% p.a.

  • Additional repayments allowed
  • Redraw
  • No annual package fee

95%

BOQ - Owner Occupied Fixed Special Offer

5.79% p.a. (discounted 3-year fixed rate)

6.34% p.a.

  • Extra repayments up to $10,000 allowed
  • Eligible refinancers can get up to $2,000 cashback
  • Weekly, fortnightly or monthly repayments

90-95%

Illawarra Credit Union - The Works Package Fixed

5.79% p.a., fixed for 3 years

5.79% p.a., fixed for 2 years

6.91% p.a. (3-year fixed)

6.99% p.a. (2-year fixed)

  • No monthly fees
  • No annual credit card fee if you satisfy The Works Package conditions
  • Split loan option available

95%

Up Home - Owner Occupied Fixed

5.80% p.a., fixed for 5 years

5.80% p.a., fixed for 4 years

5.80% p.a., fixed for 3 years

5.89% p.a. (5-year fixed)

5.90% p.a. (4-year fixed)

5.91% p.a. (3-year fixed)

  • Low or no fees

90%

G&C Mutual Bank - Essential Worker Owner Occupied

5.80% p.a. variable

5.83% p.a.

  • Designed for frontline & essential workers (e.g. healthcare, law enforcement, education)
  • 100% offset account

95%

Reduce Home Loans - Eco Home Loan Variable

5.84% p.a. variable

5.89% p.a.

  • Additional repayments allowed
  • Redraw facility
  • No ongoing monthly fees

60-80%

Summerland Bank - Eco Home Loan Variable

5.84% p.a. variable (special offer)

5.89% p.a.

  • Additional repayments allowed
  • Redraw facility
  • Guarantor support

60%

Pacific Mortgage Group - Owner Occupied Variable

5.89% p.a. variable

5.89% p.a.

  • Extra repayments allowed
  • Redraw facility
  • No application, valuation or settlement fee

80-90%

The Mutual Bank - Budget Owner Occupied Variable Home Loan

5.89% p.a. variable

5.89% p.a.

  • Extra repayments allowed
  • Redraw facility
  • No application or monthly fee

80%

Australian Mutual Bank - Gumleaf Basic Variable

5.89% p.a. variable

5.96% p.a.

  • Additional repayments allowed
  • Redraw facility
  • No annual fee

60%

Queensland Country Bank - Rate Package Home Loan Fixed

5.89% p.a., fixed for 2 years

6.48% p.a.

  • Extra repayments allowed

80%

Arab Bank Australia - The Essentials Low Rate Home Loan

5.90% p.a. variable (discount of 3.49% off standard variable rate)

5.94% p.a.

  • Offset
  • Redraw facility
  • Loan portability

60%

The Mac Credit Union - Intro Basic Owner Occupied Variable

5.92% p.a. variable (2-year intro rate)

7.57% p.a.

  • Extra repayments allowed
  • Redraw facility
  • No monthly or annual fee

95%

Greater Bank - Great Rate Home Loan Variable

5.94% p.a. variable (special offer)

5.95% p.a.

  • Extra repayments allowed
  • Redraw facility
  • Apply by 31/05/24

80%

Tiimely Home - Livein Owner Occupied

5.94% p.a. variable

5.95% p.a.

  • Unlimited additional repayments
  • Redraw
  • 100% offset

90%

Community First Bank - Basic Home Loan Variable

5.94% p.a. variable

5.99% p.a.

  • Extra repayments allowed
  • Redraw facility
  • No monthly or annual fee

95%

Rates are current as of 02 April 2024. ^Warning: Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly repayments. Different loan amounts and terms will result in different comparison rates. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you. While this is an extensive list of the lowest-rate home loans in Australia, we can't guarantee that all loans available in the market are shown. We may earn a commission if you apply for a home loan from a provider via this page.

April 2024 home loan insights

  • The Reserve Bank of Australia’s next decision on the cash rate will be following its Board meeting on May 7th. Australia’s big four banks predict interest rates have peaked, with potential cuts later in 2024. Commonwealth Bank and Westpac predict that the first rate cut could occur in September, whereas NAB and ANZ suggest it may happen in November.

  • Money.com.au’s home loans expert Mansour Soltani says: “High interest rates are still impacting affordability. We’re seeing tighter lending criteria and stricter serviceability assessments from lenders across the board.”

  • At the national level, new loan commitments for first-home buyers dropped by 6.9% in January 2024, according to the ABS latest lending indicators. Although, it’s still 4.4% higher compared to a year ago. This suggests demand is still strong for this segment of the housing market, despite the high-interest rate environment.

  • The average new home loan in Australia is $615,178, according to the Australian Bureau of Statistics (ABS).

Australia's Money Matchmaker matching you with your best loans across multiple lenders
When comparing fixed rate home loans, the comparison rate factors in the rate that will apply to the loan once the fixed term ends, plus the loan fees. If you’re locking in a low fixed interest rate, make sure you have a plan for what happens when that rate ends.

Home loan comparison: Fixed vs variable interest rates

Home loan interest rates are either fixed, variable or split (a combination of the two).

  1. Variable rate home loan: The interest rate can fluctuate throughout the life of the loan. You can benefit from lower repayments when interest rates drop and you usually have more flexibility to make extra repayments on your loan to pay it off faster. The downside of a variable rate home loan is the unpredictability — if rates go up, so will your repayments. The majority of owner-occupier loans in Australia have a variable interest rate, according to the RBA.
  2. Fixed rate home loan: The interest rate on the loan is fixed for a period of time — typically between one and five years. This gives you certainty over your repayments during the fixed rate period and protection from sudden rate increases. The main downside of a fixed rate loan is that you may not be able to make extra repayments or have access to extra features like redraw.
  3. Split home loan: A portion of your home loan is fixed and the remainder is on a variable interest rate. This can give you the best of both worlds, the certainty of fixed rate repayments and the flexibility of a variable loan. You can choose your split, whether it’s 50/50, 60/40 or 70/30.

Compare fixed rate home loans for different durations:

How does LVR affect your home loan?

The loan-to-value ratio (LVR) is your loan amount as a percentage of your property's value. For example, if your loan amount is $800,000 and the property you’re buying is valued at $1 million (i.e. your deposit or the equity you have built up is $200,000), your LVR is 80%.

LVR is the most important metric lenders look at when deciding your interest rate. That’s why when you see a rate advertised, you’ll see ‘based on an LVR of X’ in the fine print. See this example from Ubank.

Ubank LVR rates screenshot

The lower your LVR, generally the lower your rate and vice versa. If your LVR exceeds 80% (which means you have less than a 20% deposit), you’ll have to pay lender’s mortgage insurance (LMI).

Mansour Soltani

“To get the best interest rate on your home loan, your LVR should be 60% or less. Every borrower should aim to lower their LVR to 60% as soon as possible. You can do this by paying down the mortgage when you can or by building the equity in your home by increasing its value.”

Mansour Soltani, Money.com.au's home loan expert

Home loan interest rates

Interest on a home loan is calculated daily but charged monthly based on the outstanding balance. To calculate how much you'll pay in interest per month, the formula is: (daily loan balance x interest rate) ÷ 365 = daily interest. The daily figures for the month are then added together to arrive at the monthly total.

Your interest rate will have a significant impact on your home loan repayments. Even a slightly lower rate could save you thousands of dollars more on your home loan.

Let’s compare a $800,000 home loan with an interest rate of 5.50% vs 6.00% over a 30-year term and principal and interest repayments. Neither home loan has an introductory rate or fees.

Interest rate5.50%6.00%

Loan amount

$800,000

$800,000

Loan term

30 years

30 years

Monthly repayments

$4,542

$4,797

Interest over the life of the loan

$835,232

$926,706

Difference over the life of the loan

  • Save $91,474

How to structure your home loan to save on interest

1

Increase the frequency of your repayments

Moving your repayments to fortnightly can shave years and tens of thousands of dollars in interest off your home loan. The sooner you chip away at the outstanding balance, the more interest you’ll save.

2

Increase your repayments by 5-10%

For example, increasing your weekly repayment on a $800,000 home loan with an interest rate of 6.00% over a 30-year term by just 5% ($55), could you save around $130,00 and shave three years off your home loan.

3

Use your offset account

Keep your household income and savings in your offset account to reduce your interest payable. On a $800,000 loan with a rate of 6.00%, if you have $30,000 in your offset account, you could shave more than two years off the life of the loan and save $135,946 in interest.

Principal & interest vs interest-only home loan repayments

Your home loan is made up of two parts: the loan principal (what you borrow) and the interest (not including fees). So, when you apply for a home, you'll generally have two repayment options:

  • Principal and interest repayments (P&I): You pay both the principal of your home loan and the interest. Your regular repayments will be higher, but you will pay less interest overall over the life of the loan. This is the most common type of loan repayment structure for owner-occupiers.
  • Interest-only repayments: You only pay the interest component of your loan for a set period (up to five years). This lowers your mortgage repayments during that period, but it means you'll pay more interest over the life of the loan. Interest-only loans are popular among investors because it can free up cash flow and the extra cost will be less of an issue if they can claim a tax deduction on the interest repayments.

Now, let’s compare how each repayment structure can impact the interest payable on a $800,000 home loan over a 30-year term. Neither home loan has fees.

Repayment type Principal & interestInterest-only (for five years)

Interest rate

6.00%

6.00%

Loan amount

$800,000

$800,000

Loan term

30 years

30 years

Monthly repayments during interest-only period

N/A

$4,000

Monthly principal & interest repayments

$4,796*

$5,154*

Total payments over the life of the loan

$1,726,706

$1,786,323

Interest over the life of the loan

$926,706

$986,323

Difference over the life of the loan

  • Save $59,617

Note: Monthly interest may change over time based on variable rate and loan balance*.

Types of home loans explained

A home loan to buy a property you want to live in. Owner-occupier home loans generally have lower interest rates.

A home loan to buy a property you want to rent out (called an investment property). Investment home loans generally have higher interest rates because investors are considered riskier borrowers compared to owner-occupiers.

A refinance home loan is a new loan you can take out to pay out your current mortgage. Refinancing may cost you money, so make sure you know the cost and can weigh it against the benefits before deciding.

A home equity loan allows you to borrow against the equity in your home.

A low deposit home loan allows borrowers (commonly first-home buyers) to buy a home with a 5-10% deposit, instead of the standard 20% of the property’s value most lenders require. This means you may have to pay LMI, unless you apply through a government scheme or with a guarantor.

A guarantor home loan works much like a standard home loan, but includes a guarantor with home equity to secure part of the loan. It can also be known as a no-deposit home loan.

A home equity line of credit allows you to borrow against your home equity.

A low doc home loan requires minimal documentation when you apply. It’s most commonly used by business owners or self-employed individuals who can’t provide the standard documents most lenders ask for, like payslips.

Designed for borrowers who want to build a home or investment property. A construction home loan functions a little differently than a regular home loan, allowing you to withdraw funds in stages as you need them to complete construction.

A bridging loan is a short-term loan designed to cover the financing gap between purchasing a new property and selling an existing one.

A home loan used by an SMSF to purchase an investment property.

A bad credit home loan allows borrowers with a bad credit score/credit history or those who’ve declared bankruptcy to secure a home loan and purchase property.

Home loan features

A 100% offset account is a transaction account linked to your main home loan account to reduce interest payable. The balance is offset against the outstanding balance of your home loan before interest is calculated. This is the best home loan feature to reduce your interest bill. Think of it like a high interest savings account, only instead of earning interest, you're avoiding it.

Many home loans offer the option to make additional repayments on top of your minimum mortgage repayments. This allows you to pay down your principal loan faster and save on interest.

Allows you to withdraw any extra repayments you've made on your home loan. You can use your redraw facility for any reason, including emergencies, investments, or other expenses.

You can learn more in our guide to comparing redraw to an offset account.

The ability to transfer your home loan to another property without incurring fees. This saves you the hassle of refinancing if you move home and allows you to keep your fixed rate without break costs.

This is an option to pause your home loan repayments that’s offered by some lenders. This allows you to temporarily suspend or reduce your regular loan repayments, but it will increase your future repayments as accrued interest will be added (capitalised) to your home loan balance.

Switching to interest-only payments reduces your repayment amounts for a set period.

Some lenders offer cashback deals as incentives to refinance your home loan and attract new customers

Keep in mind some home loan features come with extra fees. Make sure to weigh up fees against the benefits the feature provides.

Home loan fees

This is an upfront fee to set up your home loan. It’s also known as a loan processing fee or establishment fee.

Monthly service fees cover the cost of maintaining your loan.

A yearly fee charged on a package home loan.

These fees cover the lender’s costs for legal paperwork, property valuation and settlement.

You might pay an exit fee (or a discharge fee) when you pay your mortgage in full. Early exit fees or break costs apply when you pay off your home loan early.

Some loans charge a fee to use certain features like your redraw facility or additional repayment option.

Should you use a mortgage broker for your home loan comparison?

Mortgage brokers facilitate the majority of new residential home loans in Australia. A good mortgage broker takes the guesswork out of doing a home loan comparison and may even be able to get you a more competitive rate. Just bear in mind they usually don't work with all lenders in the market.

Make sure your mortgage broker gives you 3-5 lender options, and get them to explain why they chose these lenders specifically.

Mansour Soltani

“If you’re refinancing or purchasing a new home and your LVR is less than 70% (in other words you have a deposit or equity of at least 30%), you should be able to get better than the advertised price, especially if your loan amount is under $1 million. Usually, the lender will shave 10-15 basis points off the advertised rate and if they don't, ask why."

Mansour Soltani, Money.com.au's home loan expert

How to apply for a home loan

The home loan application process is similar across lenders and typically looks like this:

Gather your supporting documents: Collect all necessary documents the lender may ask for, including:

  • Proof of income (e.g. pay slips, tax returns)
  • Identification documents (e.g. passport, driver's licence)
  • Bank statements
  • Details of your assets and liabilities

Complete the lender’s home loan application form: You’ll be asked to provide information about your finances, deposit or equity (if you’re refinancing) and the type of property you want to buy. Based on this information, your lender will estimate how much you can borrow and at what rate. A lending specialist may call you to discuss your application and the fine print.

Conduct a credit assessment: Your lender will conduct a credit check with an external bureau like Equifax or Experian. They will also review your credit history, income, expenses, and existing debts. Your lender should ask for permission before conducting a formal credit check.

Get conditional approval: You will be asked to submit all your supporting documents at this stage. Once the lender has established your financial position and borrowing capacity, you may get conditional approval (pre-approval).

Property valuation: Your lender will arrange for a valuation of the property you want to buy to determine its market value and your LVR. This could involve either a physical inspection of the property by an independent valuer or a digital valuation using recent sales data from CoreLogic for the area. An LVR higher than 80% will generally mean you need to pay for lender’s mortgage insurance (LMI).

Get a loan offer: If your application is approved, your lender will issue you a formal loan offer detailing the terms and conditions of the loan, including your rate. Review the loan offer carefully with your conveyancer and sign it if you accept the terms.

Settlement: Your lender will finalise your loan through to settlement and disburse the funds to the seller. Your conveyancer should manage the transfer of your home loan registration and property title.

Questions your lender will ask you when you apply for a home loan

When you apply for a home loan, be prepared to answer any of the following questions:

  • Are you taking out a new loan or refinancing?
  • Are you a first-home buyer?
  • Do you have at least a 20% deposit or equity?
  • Are you looking to live in the property or rent it out?
  • Do you have a self-managed super fund (SMSF)?
  • What’s your employment status?
  • Do you have any dependents?
  • Where is the property located?
  • How much do you want to borrow?
  • What kind of interest rate do you want (e.g. fixed rate, variable rate or split rate)?
  • What’s your preferred repayment type (e.g. principal and interest or interest-only)?
  • Do you have a good credit score?
  • Do you have any outstanding debts?
  • What assets do you own (e.g. a car or shares)?
  • Are you applying with the help of a guarantor?

What to do after you get your home loan

The work continues after your home loan settlement and home purchase. Generally, you should do a thorough home loan check every couple of years to ensure you’re still on a competitive rate and that your loan still meets your changing needs. If not, you can refinance your home loan.

Your mortgage broker should review pricing with your lender every 12 months. You can refinance your home loan with your current lender or another bank.

10 home loan tips for first-home buyers

1

Give yourself time to save for a deposit

Save a larger deposit if you can, as this can increase your chance of getting your home loan approved and your borrowing capacity. You need at least a 20% deposit to avoid paying LMI, but some lenders accept home loan applications with a 5-10% deposit if you are applying through a government first-home buyer scheme.

2

Check out government first-home buyer schemes

There are various federal and state government initiatives available that help eligible first-home buyers get on the property ladder sooner. Check out the First Home Guarantee (FHBG) and your state government’s website for first-home buyer grants and stamp duty concessions.

3

Tidy up your finances

Assess your income, expenses, and existing debts. Can you rein in your spending and pay off smaller debts? Every $10,000 of debt you clear can increase your borrowing capacity by $50,000. Most lenders want to see a track record of responsible spending and three months of living expenses to ensure you can comfortably repay your home loan.

4

Check your credit score

Get a free copy of your credit report and work on improving your credit score if necessary. A higher credit score can mean you’re eligible to apply with more lenders and may open up better loan offers.

5

Set a budget

Calculate your current living expenses and work out a budget that includes home loan repayments if you’re approved for a home loan. As a general rule, home loan repayments should ideally be less than 30% of your household’s gross income. Paying more than this amount can lead to mortgage stress.

6

Do your home loan research

Take the time to learn about home loans, interest rate types, fees, repayment structures, etc. Learn the home loan terminology to understand everything your lender discusses during your loan application.

7

Consider a mortgage broker

You may have a better chance of getting a home loan approved if you work with a mortgage broker. A broker can also help with your property search by running reports on the properties and suburbs you're looking at.

8

Understand the additional costs

There are a lot more costs involved when buying your first home than just the mortgage. You'll need to factor in upfront costs like your deposit, LMI (if applicable), stamp duty, conveyancing fees, insurance, etc.

9

Gather your paperwork

Prepare all your necessary documents like proof of income (e.g. payslips), bank statements, and details about your assets and liabilities. These will be required for the home loan application process.

10

Get pre-approval

Submit an online application for pre-approval to get an indication of how much you can borrow for a home loan based on the information you provide. You can then choose to proceed with the application or keep shopping around.

Home loan FAQs

A home loan or mortgage is used to finance a home or investment property. Home loans are usually 'secured' against the property you're buying. You can choose between a variable or fixed rate. Mortgage terms in Australia range up to 30 years.

The minimum eligibility requirements for a home loan include:

  • Australian citizenship or permanent residency (or married or in a de facto relationship with an Australian citizen or permanent resident)
  • You must be over 18 years of age
  • Meet the minimum income requirements
  • Have a deposit or equity to contribute towards the purchase
  • A good credit history

The home loan that’s best for you will depend entirely on your goals and circumstances, but it should ideally have the trifecta:

  1. A competitive interest rate
  2. Features you want or need (e.g. offset, redraw, additional repayments)
  3. Affordable fees

How much you can borrow with a home loan will depend on how much of a deposit you have (or equity in your existing property if you’re refinancing), plus your income, expenses, liabilities (including outstanding debts) and if you have any existing assets like an investment property with equity. To assess your borrowing capacity, lenders will consider your financial situation and credit profile.

There are hundreds of home loan lenders in Australia, including retail banks (like the Big Four banks), credit unions, non-bank lenders and mortgage brokers. Each type of lender has pros and cons to be aware of. The majority of home loans are taken out through retail banks, while non-bank lenders may offer more competitive rates and specialist products. Meanwhile, mortgage brokers can help borrowers find home loans with different lenders and get paid a commission for the products they sell.

Home Loans guides and resources

What's the next step on your property journey? Our home loan guides will help you navigate the road ahead, whether you're buying, building or looking to save on an existing loan.

Written by

Megan Birot Money.com.au writer

Senior Finance Writer

Megan Birot

Reviewed by

Mansour Soltani home loan expert

Home Loans Expert

Mansour Soltani

AS FEATURED IN