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.

 

Refinancing can be valuable for homeowners and investors, particularly if they’re paying too much for their home loan. But refinancing isn’t always free, and will often come with costs.

How much does it cost to refinance?

Fees differ from loan to loan, but here are the most common fees you might be expected to pay when refinancing:

  • Application fee: Usually up to $1,000
  • Valuation fee: Up to $600
  • Discharge fee: Anywhere from $200 up to $1,000
  • Break fee: If you’re on a fixed-rate loan, break fees can cost thousands of dollars (cost depends on how long left on the fixed term and the size of the loan - you’ll need to ask your lender)
  • Settlement fee: Anywhere from $100 to $600
  • Registration fee: $100-$180 (Varies by State and Territory)
  • Exit fees (for loans taken out before July 2011): $0-$7,000
All up, these fees can easily add up to thousands of dollars.

Refinancing costs calculator

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

By entering the following information for your existing loan and new loan, you can get a rough idea of how much you’ll need to pay to get your new loan:

  • Current property value
  • Current loan balance
  • Your state of residence
  • Any fees your lender charges for leaving (discharge fees, settlement fees etc.)
  • Any fees the new lender might charge when you join (valuation fees, legal fees, application fees etc.)

 

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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