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.

 

Should I refinance my mortgage?

Refinancing a mortgage can be an effective way of moving from one home loan to a more suitable one for your needs. For example:

  • You might be paying too much in interest
  • You might be paying too much in fees
  • You might want a loan with better features
  • You might want to change home loan types, like from owner-occupier to investor, or from principal and interest to interest-only

Refinancing isn’t always an easy thing to do and it’s a big decision to make. Refinancing to the wrong home loan could cost you in the long run, while refinancing to a better one could leave you thousands of dollars better off.

That’s where our mortgage refinance calculator can help.

Refinance home loan calculator

For help deciding if refinancing your mortgage is worthwhile, Savings.com.au’s home loan refinance calculator could be a good place to start.

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

  • Current interest rate
  • Current loan balance
  • Remaining term (how many years you have left on the loan)
  • Current repayment frequency (weekly, fortnightly or monthly)
  • Any fees you have (ongoing, termination fees) or will have to pay on the new loan

Then, enter your new loan’s interest rate, as well as any potential introductory rate, and compare the results between the different loans so you can get an idea of whether it’s worth refinancing or not.

 

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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