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 be 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. *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. Rates correct as of June 29, 2022. View disclaimer.
How our home loan comparison works
At Savings.com.au, we compare home loans from some of Australia's biggest and most notable retail banks, non-banks and customer-owned banks. Here you can compare mortgages:
With our home loan comparison tables, you can compare the advertised interest rates, the home loan comparison rate (a better reflection of the loan's true cost), and what the minimum monthly repayments are based on the selected loan size.
Here are some of the top things to consider when choosing a home loan:
Interest rate
Interest represents the biggest cost of a home loan, so the lower the interest rate, the better. You also need to consider whether you want the certainty of a fixed-rate, the flexibility of a variable-rate, or a bit of both with a split-rate. Also watch out for introductory rates.
Loan Purpose
Home loan availability and interest rates differ depending on what you intend to use the mortgage for - is it for residing (owner-occupier), investing, refinancing or building?
Fees
Home loans can come with a variety of one-off and ongoing fees, such as establishment fees and annual fees. It can be hard to compare all these fees, but here’s a quick tip - use the comparison rate as a guide.
A home loan with high fees will often have a comparison rate that’s much higher than its advertised interest rate.
Features
Home loans with features like offset accounts or redraw facilities can be very useful. These features can allow borrowers to save interest by putting extra money towards their home loan, but also provide them with the flexibility to access those funds when necessary.