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
AN EASY ONLINE APPLICATION

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

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

Yard Home Loan (Principal and Interest) (Special) (LVR < 70%)

  • Unlimited additional repayments
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
VariableMore details
WIN YOUR HOME LOAN INTEREST FREE

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

  • WIN your home loan interest free and save up to $1.1 million. Refinance by 29 October. T&Cs apply.
  • Refinance Only. Fast online application, refinance in minutes, not weeks.
  • No Nano fees, Free 100% offset sub account. Mobile app. Visa debit card & instant payments.
WIN YOUR HOME LOAN INTEREST FREE

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

  • WIN your home loan interest free and save up to $1.1 million. Refinance by 29 October. T&Cs apply.
  • Refinance Only. Fast online application, refinance in minutes, not weeks.
  • No Nano fees, Free 100% offset sub account. Mobile app. Visa debit card & instant payments.
VariableMore details
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

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

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

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

  • For a chance to win $100K towards your home loan, apply with Athena before Oct 31 & be approved by Dec 15
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
FixedMore details
ONLY A 5% DEPOSIT REQUIRED

Fixed Rate Home Loan (Principal and Interest) 3 Years

ONLY A 5% DEPOSIT REQUIRED
FixedMore details
NO ONGOING FEES

Basic Home Loan Fixed (Principal and Interest) (LVR 70%-80%) 3 Years

NO ONGOING FEES
FixedMore details

Home Advantage Fixed Home Loan 1 Year

FixedMore details

Fixed Rate Home Loan (Principal and Interest) (NSW and ACT only) 1 Year (LVR < 95%)

VariableMore details

Pepper Essential Home Loan (Prime) (Principal and Interest) (LVR < 55%)

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

Basic Home Loan Fixed 1 Year (LVR 70%-80%)

FixedMore details

Fixed Rate Home Loan 2 Years (LVR 80%-95%)

FixedMore details
NO UPFRONT OR ONGOING FEES

Basic Home Loan Fixed (Principal and Interest) (LVR < 70%) 3 Years

NO UPFRONT OR ONGOING FEES
VariableMore details
YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*

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

YOU COULD WIN $100k TO PAY DOWN YOUR LOAN*
VariableMore details

Great Rate Variable Home Loan (New Customers) (NSW, ACT & QLD only)

VariableMore details
NO ONGOING FEES

Basic Flyer Home Loan (Principal and Interest) (LVR 60%-70%)

NO ONGOING FEES
FixedMore details

Your Way Plus Fixed Home Loan 3 year (Principal and Interest) (LVR 60%-80%)

FixedMore details

Fixed Rate Home Loan (Principal and Interest) 1 Year

VariableMore details
FREE REDRAW FACILITY

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

FREE REDRAW FACILITY
VariableMore details

Yard Home Loan (Principal and Interest) (Special) (LVR < 80%)

  • Application completely online
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^

Yard Home Loan (Principal and Interest) (Special) (LVR < 80%)

  • Application completely online
  • Unlimited free redraws
  • Optional 100% offset can be added for $120 p.a.^
FixedMore details

Fixed Rate Home Loan (Principal and Interest) 3 Years (LVR > 80%)

FixedMore details

Tailored Home Loan Fixed (Principal and Interest) 4 Years

FixedMore details
ONLY A 5% DEPOSIT REQUIRED

Fixed Rate Home Loan (Principal and Interest) 2 Years

ONLY A 5% DEPOSIT REQUIRED

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. Rates correct as of September 25, 2021. View disclaimer.

 

Rent vs buy: Which is better?

There’s no real answer to this question, because, depending on the circumstances, renting a home can better for some people while buying a home may be better for others.

Rent payments are often lower than mortgage repayments, and there are fewer property maintenance costs to worry about. To secure a rental, renters only have to pay a bond as opposed to a hefty house deposit.

But on the home-buying side, you can have greater freedom to do what you want with the property, more security of living and most importantly, you’re building equity in a property that you actually own. It’s yours, and you could potentially sell it for hefty profit years down the road.

It might be the Australian dream to own a home of your own, but depending on the circumstances, you might actually be financially better off renting over a set period of time. Our rent vs buy calculator can help you work out what the better choice is for you.

Rent vs buy calculator

Our rent vs buy calculator will help you estimate your financial position when renting, compared to buying a house.

To use our rent vs buy calculator, you’ll need to enter following details:

  • Weekly rent
  • Your current savings
  • Your monthly savings
  • Your average annual rate of returns on your savings (if all of your savings is in cash and you don’t have any investments, like shares, you can just put your savings account interest rate)
  • The property purchase price and loan amount
  • The loan term
  • The loan interest rate
  • Any upfront and ongoing costs (for renting and buying)
  • Where your savings would go if you were buying a home (savings account or offset account?)
  • Assumed annual house price growth
  • The period of analysis

With these inputs, the calculator can give you a rough estimation of your future net worth as a renter compared to a buyer in the period of time you’ve chosen. Although it requires a lot of assumptions, this estimation will hopefully help give you a rough idea of whether you’re better off renting or buying a home.

 

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): Great Southern Bank, 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.