Home loan comparison

Buying a home or looking to refinance? The table below features home loans
with some of the lowest interest rates on the market for owner occupiers.

Lender
Advertised rate Comparison rate* Monthly repayment Rate TypeOffsetRedrawOngoing FeeUpfront FeesLVRLump Sum RepaymentAdditional RepaymentsPre-approval

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
VariableMore details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
FixedMore details
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

Fixed Home Loan 1 year (Principal and Interest) (LVR < 80%)

  • Make up to $20,000 additional repayments per fixed term
  • Redraw available – lets you access any extra loan repayments you’ve made
  • Choose to rate lock for 90 days (fee applies)
VariableMore details
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
REFINANCE IN MINUTES, NOT WEEKS

Nano Home Loans Variable Owner Occupied, Principal and Interest (Refinance Only)

  • No application or ongoing fees.
  • 100% free offset sub account.
  • Fast online application, approval in minutes not weeks.
  • Mobile app, Visa debit card, Apple and Google Pay
  • Refinance loans and variable rates only.
VariableMore details
No ongoing feesFree redraw facility

Live-in Variable Loan (Principal and Interest)

No ongoing feesFree redraw facility
VariableMore details
FREE REDRAW FACILITY
  • Application completely online
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
FREE REDRAW FACILITY
VariableMore details
NO ONGOING FEES

Budget Home Loan (Principal and Interest) (LVR < 80%)

NO ONGOING FEES
VariableMore details
100% FULL OFFSET ACCOUNT

Offset Package Home Loan (Principal and Interest) (LVR < 60%)

100% FULL OFFSET ACCOUNT
VariableMore details

Basic Variable Owner Occupier Principal & Interest (LVR ≤ 80%)

VariableMore details
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEES

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
VariableMore details
NO ONGOING FEES100% FULL OFFSET ACCOUNTFREE REDRAW FACILITY

Ocean Owner Occupied (LVR < 60%)

NO ONGOING FEES100% FULL OFFSET ACCOUNTFREE REDRAW FACILITY
FixedMore details
No ongoing feesFree redraw facility

Live-in Fixed Loan (Principal and Interest) 1 Year

No ongoing feesFree redraw facility
FixedMore details

Fixed Home Loan 1 year (Principal and Interest) (LVR 80%-85%)

VariableMore details
100% FULL OFFSET ACCOUNT

Offset Package Home Loan (Principal and Interest) (LVR 70%-80%)

100% FULL OFFSET ACCOUNT
VariableMore details
NO UPFRONT OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)

NO UPFRONT OR ONGOING FEES
FixedMore details
  • Easy, digital application process
  • Market leading app to help you pay off your loan sooner
  • No on-going fees
VariableMore details
UNLIMITED EXTRA REPAYMENTS

Basic Home Loan (Principal and Interest) (LVR < 60%)

UNLIMITED EXTRA REPAYMENTS
FixedMore details

Fixed Rate Home Loan 3 Years (LVR 80%-95%)

FixedMore details

Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR < 80%)

VariableMore details
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 1yr

  • Fast turnaround times, can meet 30-day settlement
  • No ongoing fees
  • Extra repayments + redraw services
LIMITED TIME OFFER

Smart Booster Home Loan Discounted Variable - 1yr

  • Fast turnaround times, can meet 30-day settlement
  • No ongoing fees
  • Extra repayments + redraw services
FixedMore details

Tailored Home Loan Fixed (Principal and Interest) 2 Years

FixedMore details

Premier Package Fixed Options Home Loan (Principal and Interest) 1 Year

VariableMore details

Extra Home Loan (Principal and Interest) (LVR < 70%)

VariableMore details
AN EASY ONLINE APPLICATION
  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
AN EASY ONLINE APPLICATION
VariableMore details
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • Easy, digital application
  • No on-going fees
  • Market leading app to help you pay off your loan sooner
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • Easy, digital application
  • No on-going fees
  • Market leading app to help you pay off your loan sooner
VariableMore details
NO UPFRONT OR ONGOING FEES

Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)

NO UPFRONT OR ONGOING FEES
VariableMore details
100% FULL OFFSET ACCOUNT

Offset Package Home Loan (Principal and Interest) (LVR 60%-70%)

100% FULL OFFSET ACCOUNT

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of January 17, 2022. View disclaimer.

 

What is an interest-only mortgage?

Interest-only (IO) loans are home loans which delay the repayment of the borrowed amount (the ‘principal’) for a fixed term, usually three to five years. This means for a short period of time, you only have to repay the interest component of the home loan, before it reverts to both principal and interest (P&I) repayments.

Why switch to an interest-only home loan?

Interest-only home loans can be described as “less now, more later” in that your repayments for a few years will be significantly lower, but will be higher than usual once the interest-only period ends. They’re particularly attractive to investors, who can tax-deduct the interest repayments.

As an example of how interest-only loans can be cheaper now, but more expensive later, let’s look at a $400,000 home loan with a 4.00% p.a. interest rate over 30 years:

  • With a 5-year IO period, monthly repayments would be $1,333 before reverting to $2,111 for the remaining 25 years
  • With a simple P&I loan, the monthly repayments remain constant at $1,910

The IO loan will cost the borrower $313,400 in total interest, while the P&I option will cost around $287,500 - a difference of nearly $30,000.

Read here to learn more about the pros and cons of interest-only home loans.

To work out how much your repayments will be with an interest-only home loan, use an interest-only loan calculator.

Interest-only mortgage repayment calculator

Savings.com.au’s interest-only home loan calculator can allow you to compare interest-only home loans with principal and interest loans, to see how much you could save in the short-term in exchange for greater long-term expenses.

All you need to do to use to our interest-only home loan calculator is:

  • Input your desired interest rate
  • Input the loan term (length) and the interest-only term
  • Input the loan amount and the repayment frequency

You can then compare this to a different home loan, and hopefully find the right loan for you.

 

Home loan news


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.