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.


How much will a mortgage cost me

To answer this simply, a lot. Hundreds of thousands of dollars, usually. To answer in a more detailed fashion, a home loan will cost more than just the purchase price of the property. You’ll also need to pay:

  • Interest on the loan
  • Upfront home loan and property buying fees
  • Ongoing home loan fees

Our home loan total cost calculator can help you work out how much a mortgage will really cost you.

Interest on the loan

This will likely be the largest home loan cost. Even the lowest home loan interest rates on the market can add hundreds of thousands of dollars to the total cot of a home loan.

Upfront costs

There are a few “upfront costs” to factor in before you even start paying the mortgage, such as:

  • The deposit
  • The establishment fee
  • Lenders Mortgage Insurance (LMI)
  • Transfer fees
  • Settlement fees
  • Application fees
  • Discharge fees

And more. Not all of these are applicable, but in general, the different property buying costs can cost up to 5% of the property’s value.

Ongoing costs

As well as upfront costs, ongoing costs exist, and can include things like:

  • Annual loan fees
  • Redraw and offset account fees
  • Property maintenance costs
  • Insurance
  • Council rates and strata fees

In addition to ongoing fees, there can be hidden home loan fees like discharge fees if you switch to a different home loan.

You need to factor these costs into the total cost of a home loan too.

Home loan total cost calculator

If you want to know the true cost of your home loan over the years after factoring all of these things in, then enter each of them where applicable into our total home loan cost calculator to find out. This can give you a better idea of whether you can truly afford a certain mortgage or not - you might instead feel it’s better to wait till you’ve saved a bigger deposit, or to look around for a cheaper interest rate.


Home loan news


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.