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Lender | Product | Interest Rate | Comparison Rate | Repayments | Features | Exit Fees | Upfront Fees | Ongoing Fees |
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Adelaide Bank | 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 | 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 | 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 |
Suncorp | Back to Basics Home Loan | Variable Rate: 6.14% 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: 6.14% Fixed Rate: 1 year Fixed Rate: 6.62% 2 Year Fixed Rate: 6.63% 3 Year Fixed Rate: 6.66% 5 year Fixed Rate: 5.26% | 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: $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 |
AMP | 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 | 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 | 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 |
Bankwest | 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 | 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 | 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: 7.73% 2 Year Fixed Rate: 7.63% 3 Year Fixed Rate: 7.58% 4 Year Fixed Rate: 7.52% 5 year Fixed Rate: 7.50% | 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 | 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 | 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 | 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: 7.02% 3 Year Fixed Rate: 6.93% 4 Year Fixed Rate: 6.91% 5 year Fixed Rate: 6.70% | 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 | 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 | 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 | Origin Standard Variable | Variable Rate: 6.79% Fixed Rate: 2 Year Fixed Rate: 7.39% 3 Year Fixed Rate: 7.39% | Variable Rate: 7.15% Fixed Rate: 2 Year Fixed Rate: 7.28% 3 Year Fixed Rate: 7.33% | 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 | 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: 7.05% 2 Year Fixed Rate: 7.00% 3 Year Fixed Rate: 6.97% 4 Year Fixed Rate: 7.00% 5 year Fixed Rate: 7.01% | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 |
Australian Mutual Bank - Owner Occupied Fixed | |
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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 |
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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 |
|
Maximum loan-to-value ratio (LVR) | 80% |
Police Bank - First Home Loan | |
Interest rate | 5.59% p.a., fixed for 3 years |
Comparison rate^ | 5.85% p.a. |
Features |
|
Maximum loan-to-value ratio (LVR) | 80-95% |
Regional Australia Bank - Fixed Home Loan | |
Interest rate | 5.66% p.a., fixed for 3 years |
Comparison rate^ | 5.91% p.a. |
Features |
|
Maximum loan-to-value ratio (LVR) | 60% |
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 |
|
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 |
|
Maximum loan-to-value ratio (LVR) | 80% |
People's Choice - Home Loan Package (First Home Buyer) | |
Interest rate | 5.69% p.a., fixed for 3 years |
Comparison rate^ | 6.37% p.a. |
Features |
|
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 |
|
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 |
|
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^ | 5.98% p.a. |
Features |
|
Maximum loan-to-value ratio (LVR) | 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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
Maximum loan-to-value ratio (LVR) | 60% |
BOQ - Owner Occupied Fixed Special Offer | |
Interest rate | 5.89% p.a. (discounted 3-year fixed rate) |
Comparison rate^ | 6.37% p.a. |
Features |
|
Maximum loan-to-value ratio (LVR) | 90-95% |
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
Maximum loan-to-value ratio (LVR) | 95% |
Interest rate | Comparison rate^ | Features | Maximum 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) |
| 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) |
| 80% |
Police Bank - First Home Loan | 5.59% p.a., fixed for 3 years | 5.85% p.a. |
| 80-95% |
Regional Australia Bank - Fixed Home Loan | 5.66% p.a., fixed for 3 years | 5.91% p.a. |
| 60% |
LCU - Savvy First Home Buyer Loan Variable | 5.69% p.a. variable (3-year intro rate) | 6.11% p.a. |
| 95% |
HSBC - Home Loan Package Fixed | 5.69% p.a., fixed for 4 years | 6.37% p.a. |
| 80% |
People's Choice - Home Loan Package (First Home Buyer) | 5.69% p.a., fixed for 3 years | 6.37% p.a. |
| 80% |
Police Credit Union - Owner Occupied Fixed | 5.69% p.a., fixed for 3 years | 7.02% p.a. |
| 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. |
| 60% |
MOVE Bank - Everyday Home Loan Fixed | 5.79% p.a, fixed for 3 years | 5.98% p.a. |
| 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) |
| 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) |
| 90% |
G&C Mutual Bank - Essential Worker Owner Occupied | 5.80% p.a. variable | 5.83% p.a. |
| 95% |
Reduce Home Loans - Eco Home Loan Variable | 5.84% p.a. variable | 5.89% p.a. |
| 60-80% |
Summerland Bank - Eco Home Loan Variable | 5.84% p.a. variable (special offer) | 5.89% p.a. |
| 60% |
Pacific Mortgage Group - Owner Occupied Variable | 5.89% p.a. variable | 5.89% p.a. |
| 80-90% |
The Mutual Bank - Budget Owner Occupied Variable Home Loan | 5.89% p.a. variable | 5.89% p.a. |
| 80% |
Australian Mutual Bank - Gumleaf Basic Variable | 5.89% p.a. variable | 5.96% p.a. |
| 60% |
BOQ - Owner Occupied Fixed Special Offer | 5.89% p.a. (discounted 3-year fixed rate) | 6.37% p.a. |
| 90-95% |
Queensland Country Bank - Rate Package Home Loan Fixed | 5.89% p.a., fixed for 2 years | 6.48% p.a. |
| 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. |
| 60% |
The Mac Credit Union - Intro Basic Owner Occupied Variable | 5.92% p.a. variable (2-year intro rate) | 7.57% p.a. |
| 95% |
Greater Bank - Great Rate Home Loan Variable | 5.94% p.a. variable (special offer) | 5.95% p.a. |
| 80% |
Tiimely Home - Livein Owner Occupied | 5.94% p.a. variable | 5.95% p.a. |
| 90% |
Community First Bank - Basic Home Loan Variable | 5.94% p.a. variable | 5.99% p.a. |
| 95% |
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 potential cuts later in 2024. Commonwealth Bank and Westpac have adjusted their forecasts to anticipate the first rate cut could happen in November, which coincides with the predictions made by ANZ and NAB. However, some economists suggest that we may not see any rate cuts until 2025 because inflation is not coming down fast enough.
Money.com.au’s home loans expert Mansour Soltani says: “While house prices have stabilised across the country, 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 rose by 4.3% in February 2024, according to the ABS latest lending indicators. It’s 13.2% 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 $598,624, according to the Australian Bureau of Statistics (ABS).
Home loan interest rates are either fixed, variable or split (a combination of the two).
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.
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 home loan is that you may not be able to make extra repayments or have access to extra features like redraw.
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:
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.
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).
“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
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 rate | 5.50% | 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 |
|
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.
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.
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.
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:
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 & interest | Interest-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 |
|
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.
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.
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.
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.
“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
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:
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.
When you apply for a home loan, be prepared to answer any of the following questions:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
The home loan that’s best for you will depend entirely on your goals and circumstances, but it should ideally have the trifecta:
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.
Your home loan repayments will depend on your loan amount, your interest rate, your loan term and how frequently you make repayments (monthly, fortnightly or weekly).
To help you understand what your repayment could be, we've compared the repayments on different loan amounts based on on loans from a wide range of lenders:
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.