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.
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:
Our home loan total cost calculator can help you work out how much a mortgage will really cost you.
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.
There are a few “upfront costs” to factor in before you even start paying the mortgage, such as:
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.
As well as upfront costs, ongoing costs exist, and can include things like:
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.
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.
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:
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.