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.

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%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.

 

What is mortgage switching?

Mortgage switching, more commonly known in the industry as refinancing, is the act of moving from one home loan to another. This can be a move to a different loan from the same lender, or a new lender together.

People choose to refinance for a number of reasons, like:

Our mortgage refinance calculator can help you work out if it’s worth refinancing or not.

How much can you save by refinancing?

Refinancing to a home loan with a lower interest rate can potentially save you thousands of dollars over the life of a standard home loan. Even a slightly lower interest rate can make a huge difference. Let’s say you have $400,000, 30-year home loan with P&I (principal and interest) repayments, and you decide to refinance your home loan from 4.00% p.a. to a new interest rate of 3.50% p.a:

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%. If products listed have an LVR <80%, they will be clearly identified in the product name along with the specific LVR. The product and rate must be clearly published on the Product Provider’s web site. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term.

In this case, refinancing to a lower interest rate could save you more than $36,000 over your entire home loan.

You could also save more money by switching to a home loan with an offset account, or one with lower fees.

Mortgage refinance calculator

If you want to decide if refinancing your mortgage is worth it, our home loan refinance calculator is a good place to start.

To find out how much you could potentially save, enter the following info:

  • Your current interest rate
  • Your current loan balance
  • How long you have left on the loan
  • Your current repayment frequency (weekly, fortnightly or monthly)
  • Any fees you have (ongoing, discharge fees etc.)
Then, enter similar information for your desired new loan, as well as any potential introductory and revert rates and switching fees, if applicable.

By comparing different home loans with our mortgage refinance calculator, you’ll have a better idea of the savings on offer.

 

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 which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Credit Union Australia, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

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.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*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.

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