Compare Home Loan Interest Rates
Rates updated 14 September 2026 - Looking for a low-rate home loan? Savings.com.au compares 5,200 home loans from 100+ lenders, including some of Australia's best lenders.
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.80% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 80% |
| Promoted | Disclosure | ||||||||||
5.89% p.a. | 5.92% p.a. | $2,962 | Principal & Interest | Variable | $0 | $0 | 60% |
| Promoted | Disclosure | ||||||||||
5.98% p.a. | 5.98% p.a. | $2,991 | Principal & Interest | Variable | $0 | $395 | 80% | Disclosure | ||||||||||||
5.99% p.a. | 6.01% p.a. | $2,995 | Principal & Interest | Variable | $0 | $150 | 60% | Disclosure | ||||||||||||
6.19% p.a. | 6.19% p.a. | $3,059 | Principal & Interest | Variable | $0 | $360 | 95% | |||||||||||||
6.34% p.a. | 6.59% p.a. | $3,108 | Principal & Interest | Variable | $0 | $300 | 60% | Disclosure | ||||||||||||
6.39% p.a. | 6.39% p.a. | $3,124 | Principal & Interest | Variable | $0 | $160 | 60% | Disclosure | ||||||||||||
6.44% p.a. | 6.44% p.a. | $3,141 | Principal & Interest | Variable | $0 | $350 | 95% | Disclosure | ||||||||||||
6.04% p.a. | 6.08% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure |
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September Home Loan Rates & Deals
One of the lowest home loan rates in our database is currently 5.70% p.a. (comparison rate 6.06% p.a.*) from South West Slopes Credit Union Ltd with its Intro Discounted Standard Variable.
In the cashback space, imb Bank is offering a cashback deal of $2,000 for loans between $250,000 and $499,999; $3,000 for loans between $500,000 and $749,999; and $4,000 for loans of $750,000 and above.
Which lenders are offering some of the lowest rates on Savings.com.au?
| Home Loan Type | Lender & Product | Rate p.a. | Comp. Rate p.a.* | Max. LVR |
|---|---|---|---|---|
| Variable-rate Home Loan | South West Slopes Credit Union Ltd - Intro Discounted Standard Variable | 5.70% | 6.06% | 80% |
| Fixed-rate Home Loan | South West Slopes Credit Union Ltd - Intro Discounted Standard Variable | 5.70% | 6.06% | 80% |
| Refinance Home Loan | South West Slopes Credit Union Ltd - Intro Discounted Standard Variable | 5.70% | 6.06% | 80% |
| Investor Home Loan | Police Bank - Fixed First Home Loan PI 80% – 98% LVR (3 years) | 5.84% | 5.91% | 98% |
| Green Home Loan | Police Bank - Fixed First Home Loan PI 80% – 98% LVR (3 years) | 5.84% | 5.91% | 98% |
Home Loan Market Update
With three RBA rate hikes - unwinding all of last year's rate cuts - and potentially more to come, 2026 has been a tough year for Aussie mortgage-holders.
The RBA held the cash rate in August, but economists from CBA, NAB and ANZ are tipping another hike to happen in either September (NAB) or November (ANZ & CBA).
The average home loan rate for owner occupiers on the market is now around 6.25% p.a. but as you can see from the table above, there are plenty of lenders offering rates substantially lower than this.
Fixed rates might seem pretty tempting considering some economists expect further hikes this year but, bear in mind, fixed rates are typically set based on future expectations of rate movements, so such hikes may already be priced in.
Although, the surety of a fixed rate might provide a bit of comfort to you in these uncertain times.
Until next month 🫡
For more information on how we’ve selected these products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of 14 September 2026. View disclaimer
Are low home loan rates important?
Having a lower interest rate on your home loan is important given interest is the biggest source of a home loan's costs, with the typical borrower paying hundreds of thousands in interest over the life of a loan. So naturally, a loan with a lower interest rate can save you a lot of money. Allow us to demonstrate.
How much can you save with lower rate?
The table below shows the difference in monthly repayments for various loan amounts, plus the total interest cost savings over the life of the loan (assuming a 30-year loan term).
| Loan amount | 5.00% | 5.50% | Monthly savings at 5.00% | Total savings at 5.00% |
| $300,000 | $1,610 | $1,703 | $92 | $33,444 |
| $400,000 | $2,147 | $2,271 | $123 | $44,593 |
| $500,000 | $2,684 | $2,838 | $154 | $55,740 |
| $700,000 | $3,757 | $3,974 | $216 | $78,037 |
Calculations made via Savings.com.au's Home Loan Comparison Calculator.
What affects your home loan rate?
- Whether you're on a fixed or variable rate: If interest rates are expected to go down in the coming months, fixed rates tend to be lower than variable rates, since on one would fix knowing they could instead borrow at a rate that's likely to be reduced. When rates are expected to go up, fixed rates are generally higher than variable.
- Loan to Value Ratio: High LVR loans generally have higher interest rates to compensate the lender for the perceived added risk.
- RBA cash rate: The Reserve Bank of Australia sets the rate banks charge when lending to one another. Variable home loan rates generally fluctuate directly in line with the cash rate while fixed rates tend to change based on the direction markets expect the cash rate to head in the near future.
- Fees: Some products have low rates but charge high fees. This is one of the reasons why it's so important to check the comparison rate as well as the advertised rate when comparing home loans.
How to find the cheapest or best home loan interest rate for you
Securing the lowest interest rate on a home loan is easier said than done, with the lowest rates typically reserved for borrowers with strong credit ratings and loan-to-value ratios (LVRs) of 60% or less. You may also find the loans with the lowest interest rates don't particularly suit your needs or have the features and level of customer support that you're after.
For instance, the lowest-rate loan on the market might be a fixed-rate loan with limited features offered by a small regional bank. However, you might instead be after a variable-rate loan with an offset account from an online lender boasting the latest fintech tools (e.g. mobile apps, speedy loan application software).
Look for a low comparison rate
A home loan comparison rate is a rate lenders are legally required to display alongside advertised interest rates on home loans to give borrowers a truer reflection of a loan's cost - taking things like fees and revert rates into account. They essentially make home loans easier to compare (hence the name). So seek out loans with low comparison rates because they're more likely to have a low interest rate and low fees.
Home Loan FAQs
A home loan is a sum of money that's borrowed from a lender to finance the purchase of a home or investment property. The borrower repays this debt with interest in regular instalments over an agreed term, typically 25-30 years. To provide the lender with security, the property is held by the lender as collateral until the loan is paid off - an arrangement known as a mortgage.
The principal amount is the amount you borrow from the lender, and pay back over time - plus interest. Your repayments typically include both principal and interest payments (unless it's an interest-only loan).
- Make more frequent weekly or fortnightly repayments
- Make extra repayments
- Consider refinancing your home loan to a lower interest rate
- Consider an offset account
- Pay off the principal
Equity in a home is the difference between the value of your home and how much you owe on the mortgage. For example, if your property is worth $500,000 and you still owe $300,000, your equity is $200,000. Our equity calculator can help you work out how much equity you have in your property.
The home loan application process can be quite lengthy but isn't too complicated. It will generally involve the following steps:
- Save for a deposit
- Find your perfect home or getting pre-approval first
- Gather your required documents
- Compare home loan providers
- A preliminary assessment by the lender
- Submit your application to the lender
- The lender completes a property valuation
- The lender approves or rejects the loan
- The lender sends you an offer
- The loan is settled and the funds are advanced to you.
Read our home buying checklist for a complete breakdown of everything you need to know.
Fixing your home loan can be good for those who need cash flow certainty, which is why many investors and first-time buyers choose them. If interest rates are very low, locking in that low rate before they rise can be a good idea. However, that can also backfire if interest rates drop even further, as those changes only apply to variable home loans, not fixed home loans. It can also be harder to repay a fixed loan early as you will have to pay significant break costs for terminating the fixed-rate period.
If your current lender can't offer you what you need anymore, it may be time to refinance your home loan. Shop around and compare new home loans, calculate the costs of switching and consider the length of the new loan. Once you’ve found the ideal loan, apply through the lender and exit your old home loan.
A comparison rate helps you work out the true cost of a loan by combining the interest rate plus a number of fees and charges you can expect to pay over the life of the loan into a single percentage figure. If there is a big difference between the advertised rate and the comparison rate on a product, it probably means there are significant establishment or account-keeping fees.
How much you can borrow for a home loan will depend on many factors such as your income, your savings history, your monthly living expenses, and any outstanding debt you may have. However, it is generally recommended that you borrow no more than 80% of the value of the property, meaning you must have at least a 20% deposit saved. Use our calculator to work out how much you can borrow.
A redraw facility is a home loan feature that allows borrowers to withdraw extra repayments they have made on their home loan. Redraw facilities are useful if you want to reduce your loan amount as quickly as possible, while being able to access those funds at some point in the future should a financial emergency or other situation arises where you may need that money (like a renovation).
Chat with AI about this pageAn offset account is a transaction account linked to your home loan where the money stored in the account is ‘offset’ against your home loan debt when interest is calculated, reducing the amount of interest charged on your loan.
To be eligible for a home loan, you must have:
- A deposit (at least 5%)
- A good credit history
- A stable income
- A regular savings history
- No significant debts
- At least two forms of identification, one of which must be photo ID
- Bank statements and payslips
- Council rates for any other properties you own
For other relevant documents, see the Home Loan's 101
The amount needed for a house deposit varies, but you'll usually need at least 5% of the property's value, which is an LVR (loan-to-value ratio) of 95%. To avoid paying Lenders Mortgage Insurance (LMI) most lenders will require you to provide a deposit of 20% of the property's value.
The time it takes for a lender to approve your home loan can differ from lender to lender, but it generally takes anywhere between four to six weeks. You can speed up your home loan approval by ensuring you meet all the borrowing criteria, have all your paperwork ready and correctly fill out the application form, have a good savings and credit history, and get pre-approval.
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