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.

 

There are a lot of ways you can save money on your home loan. You can increase your regular repayments or add an extra lump sum payment, for example. Home loans are a long commitment, often lasting as long as 25 to 30 years, possibly more, and costing hundreds of thousands of dollars at least.

Another way you can potentially save money on your home loan is to pay your mortgage weekly or fortnightly, instead of monthly.

Paying mortgage weekly vs monthly

This is because by paying your mortgage weekly (or biweekly) instead of monthly, you could trick yourself into paying more off your mortgage each year. For instance, if you were making monthly repayments of $1,000, you’d be repaying $12,000 a year. But if you switched to fortnightly payments of $500 (half your monthly payment) or weekly payments of $250 (a quarter of your monthly repayment), you’d be repaying $13,000 a year, as different months have different numbers of days. We have more information on how weekly and fortnightly vs monthly home loan repayments work here.

Our home loan repayment frequency calculator can show you how much you could save by repaying your home loan weekly or fortnightly instead of monthly. Not every loan allows more frequent repayments, so compare home loans to find one that does if this is what you want to do, and check out some of our other home loan calculators to see how else you can save.

 

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.

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Overview

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