Compare variable home loan rates

Lender

Variable
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UNLIMITED REDRAWSSPECIAL OFFER
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
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AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
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100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
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ZERO APPLICATION FEESFEE FREE OFFSET
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
ZERO APPLICATION FEESFEE FREE OFFSET

Owner Occupier Accelerates - Celebrate (LVR < 60%) (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
Variable
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NO APPLICATION FEES
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
NO APPLICATION FEES

Yard Home Loan (Principal and Interest) (Special) (LVR < 80%)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
Variable
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NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.

Variable Home Loan (Principal and Interest)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
Variable
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$0 APPLICATION FEE
  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
$0 APPLICATION FEE

Budget Home Loan (Principal and Interest) (LVR < 80%)

  • We lower your rate based off how much you’ve paid down your loan
  • Automatic rate match
  • No upfront or ongoing fees
Variable
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100% FULL OFFSET ACCOUNT
100% FULL OFFSET ACCOUNT

Offset Package Home Loan (Principal and Interest) (LVR < 60%)

    Variable
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    NO UPFRONT OR ONGOING FEES
    NO UPFRONT OR ONGOING FEES

    Owner Occupier Accelerates - Evaporate (LVR 60%-70%) (Principal and Interest)

      Variable
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      GREAT INTEREST RATE
      • Option to add an offset for 0.10%
      • No monthly or ongoing fees
      • Unlimited redraws
      GREAT INTEREST RATE

      Smart Booster Investor Bundle (Principal and Interest)

      • Option to add an offset for 0.10%
      • No monthly or ongoing fees
      • Unlimited redraws
      Variable
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      NO UPFRONT OR ONGOING FEES
      • Option to add an offset for 0.10%
      • No monthly or ongoing fees
      • Unlimited redraws
      NO UPFRONT OR ONGOING FEES

      Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 80%)

      • Option to add an offset for 0.10%
      • No monthly or ongoing fees
      • Unlimited redraws
      Variable
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      UNLIMITED EXTRA REPAYMENTS
      UNLIMITED EXTRA REPAYMENTS

      Basic Home Loan (Principal and Interest) (LVR < 60%)

        Variable
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        THE MORE YOU PAY THE LOWER YOUR RATE
        THE MORE YOU PAY THE LOWER YOUR RATE

        Owner Occupier Accelerates - Liberate (LVR 70%-80%) (Principal and Interest)

          Variable
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          GREAT FLEXIBLE LOAN OPTIONS
          GREAT FLEXIBLE LOAN OPTIONS

          Basic Home Loan (Principal and Interest) (LVR 70%-80%)

            Variable
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            BUNDLE YOUR HOME LOAN AND YOUR INVESTMENT LOAN FOR MORE SAVINGS
            BUNDLE YOUR HOME LOAN AND YOUR INVESTMENT LOAN FOR MORE SAVINGS

            Yard Investor Bundle Loan (Bundled with Home Loan)

              Variable
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              GET A FULL OFFSET ACCOUNT FOR NO EXTRA COST
              • No upfront or ongoing fees
              • 100% full offset account
              • Extra repayments + redraw services
              GET A FULL OFFSET ACCOUNT FOR NO EXTRA COST

              Low Rate Home Loan - Prime (Principal and Interest) (Investment) (LVR < 60%)

              • No upfront or ongoing fees
              • 100% full offset account
              • Extra repayments + redraw services
              Variable
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              GET A DISCOUNTED GREEN RATE*
              • Low rate home loan with added benefits, add offset for 0.10%
              • Save thousands & make an environmentally conscious choice on your loan for homes less than 12 months old
              • Get a 7.0 star NatHERS rating or higher for up to 1.79% discount on your variable rate home loan T&Cs apply
              GET A DISCOUNTED GREEN RATE*

              Green Home Loan (Principal and Interest)

              • Low rate home loan with added benefits, add offset for 0.10%
              • Save thousands & make an environmentally conscious choice on your loan for homes less than 12 months old
              • Get a 7.0 star NatHERS rating or higher for up to 1.79% discount on your variable rate home loan T&Cs apply
              Variable
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              LIMITED TIME OFFER
              • Fast turnaround times, can meet 30-day settlement
              • No ongoing or monthly fees, add offset for 0.10%
              • Extra repayments + redraw services
              LIMITED TIME OFFER

              Smart Booster Home Loan Discounted Variable - 1yr

              • Fast turnaround times, can meet 30-day settlement
              • No ongoing or monthly fees, add offset for 0.10%
              • Extra repayments + redraw services

              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 May 22, 2022. View disclaimer.

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              What is a variable rate home loan?

              A variable rate home loan is a home loan where your interest rate will change with the market. This means your interest rate can rise or fall over the term of your loan. These home loans usually come with features that allow you to pay off your loan sooner like extra repayments or offset accounts.

              Why should you get a variable interest rate? 

              In Australia, most home loan borrowers have a variable interest rate on their mortgage as opposed to a fixed-rate. Variable interest rates can move up or down at any time, but they generally move in sync with Australia’s cash rate, which is controlled by the Reserve Bank (RBA). For example, when the cash rate is cut, there’s a good chance your lender will also cut the interest rates on its variable home loans, which could include the interest rate you’re paying. Conversely, your interest rate can rise if a lender decides to increase rates, so variable rates can be a blessing and a curse. 

              Variable-rate loans might be preferable to fixed-rate loans if you think interest rates are going to fall. But when lenders expect a future cash rate cut, some may offer some tantalisingly-low fixed rates to tempt more people into fixing their home loan rate. If you were to go with a fixed-rate, you’ll miss out on any rate cuts over your fixed-term. Remember that lenders normally have a good idea of which way interest rates are moving, and price their home loans accordingly. 

              Variable loans also tend to be more flexible than fixed-rate home loans, with many offering appealing features like offset accountsredraw facilities and the ability to make extra repayments. Such features can help you to save on interest and pay off your loan earlier.  

              Check out our page on current interest rates to see what the RBA cash rate is when you're reading this, as this can give you a good idea of whether rates are likely to be increased or decreased any time soon. 


              Interest-only vs principal and interest

              There are generally two types of home loan repayment which we’ve shown in the tables above: principal and interest and interest-only. 

              Interest-only (IO) loans delay the repayment of the borrowed amount on the loan, also known as the principal. If you borrow $400,000 for a $500,000 house, that $400,000 is the principal. With an interest-only loan, you only have to pay the interest on that principal for a set period of time, normally up to five or 10 years depending on the lender. 

              This can make interest-only loans much cheaper during the interest-only period, as a significant portion of your overall repayments are missing. This makes them popular with investors too, as the interest component of home loan repayments are tax-deductible as an investment expense

              But as you can see in our example below, IO loans can be more expensive overall, since you still have to repay that initial principal, just in a shorter period of time. This means your repayments after the expiry of the interest-only period will usually be much higher. 

              The table below shows the difference in monthly and total repayments of an IO and P&I home loan, based on a 30-year loan of $400,000 at an interest rate of 3.00% p.a. 

               

              Loan amount

              Monthly repayment during IO period

              Monthly repayment after IO period

              Total cost (principal & interest) of the loan

              P&I loan 

              $400,000

              N/A

              $1,686

              $607,109

              IO loan

              $400,000

              $1,000

              $1,897

              $629,054

              Total cost difference

              N/A

              N/A

              +$211

              +$21,945

              Calculations made via Savings.com.au's Interest-Only Home Loan Calculator.

              Interest-only home loans could be summed up as ‘less now, more later’.

              Savings.com.au’s two cents

              Why pay extra tens of thousands because you can’t be bothered to switch to or find a cheaper home loan? Look around for a good rate – there are plenty of them out there so there’s no reason to not spend a small amount of time comparing loans or even checking in with a mortgage broker.

              You can also keep up with the latest home loan rate movements by checking our home loan news page.

              Frequently Asked Questions

              One of the easiest ways to compare variable home loan rates is by using a home loan comparison table, which you’ll find on this website. With a comparison table, the rates and features of a number of different home loans are clearly visible in one place. From here, you could choose to do some further research by going to the lender’s website and learning more about the home loan’s specific features.

              When comparing variable interest rates it’s important that you look at both the advertised rate and the comparison rate, because the comparison rate is designed to reflect the home loan’s extra costs, such as upfront and ongoing fees. A home loan with a low advertised rate but a high comparison rate is likely to come with high fees.

              An attractive perk of using a variable rate home loan is the flexibility that’s available to you. Unlike fixed rate home loans, many variable rate home loans allow you to make unlimited extra repayments. This can help you pay off your home loan faster, which means that you’ll likely save on interest charges over time. Additionally, some variable rate home loans will come with features like an offset account, redraw facility, flexible repayment schedules, ability to pay off the loan early without fees, ability to refinance without breaking your agreement, and more.

              If you have a variable rate home loan, you can pay it off early by making extra or early repayments. Paying off your variable rate home loan early means you'll save money on interest, and you won't be slapped with early break fees.

              Variable rate home loans can vary depending on the lender. Some lenders will offer features like an offset account, while others may only allow you to make extra repayments. Some offset accounts will be 100% offset accounts, while others may only be 50% offset accounts. Ultimately, while a variable interest rate works the same way in principle, the rate itself may be different between lenders as well as the mortgage’s accompanying features.