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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NO APPLICATION FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
NO APPLICATION FEES

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

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
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NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.

Variable Home Loan (Principal and Interest)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
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100% FULL OFFSET ACCOUNT
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNT

Ocean Owner Occupied (Amounts < $1m, LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
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NO UPFRONT OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
NO UPFRONT OR ONGOING FEES

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

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
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$0 APPLICATION FEE
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
$0 APPLICATION FEE

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

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
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UNLIMITED EXTRA REPAYMENTS
UNLIMITED EXTRA REPAYMENTS

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

    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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    EASY DIGITAL APPLICATION
    • 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
    EASY DIGITAL APPLICATION

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

    • 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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    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

      Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 95%)

        Fixed
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        BORROW UP TO 95% OF PROPERTY VALUE
        BORROW UP TO 95% OF PROPERTY VALUE

        Fixed Rate Home Loan (Principal and Interest) 3 Years (LVR ≤ 80%)

          Variable
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          100% FULL OFFSET ACCOUNT
          100% FULL OFFSET ACCOUNT

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

            Variable
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            Simplicity PLUS Home Loan (Principal and Interest) (LVR < 80%) (New Customer)

              Variable
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              FREE REDRAW FACILITY
              FREE REDRAW FACILITY

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

                Variable
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                Smart Home Loan (Principal and Interest) (LVR < 80%)

                  Fixed
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                  USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER
                  • Make up to $20,000 additional repayments per fixed term
                  • Redraw available – lets you access any extra loan repayments you’ve made
                  • Choose to rate lock for 90 days (fee applies)
                  USE A MARKET LEADING APP TO HELP YOU PAY OFF YOUR LOAN SOONER

                  Own Home Loan Fixed (Principal and Interest) 1 Year (LVR < 80%)

                  • Make up to $20,000 additional repayments per fixed term
                  • Redraw available – lets you access any extra loan repayments you’ve made
                  • Choose to rate lock for 90 days (fee applies)
                  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 25, 2022. View disclaimer.

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                  More Home Loan Lenders

                  What is a home loan and how does it work?

                  A home loan or mortgage is a type of loan where real estate is used as the collateral. A home loan is used to finance the purchase of a home or investment property so you don't need to pay the entire amount upfront. The borrower then makes monthly repayments, with interest and principal, over a period of time usually between 25-30 years.

                  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.

                  Compare Home Loans

                  How to choose a mortgage

                  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.

                  However, there are some pros and cons for both offset and redraw to keep in mind.

                  Dominic Beattie

                  Dominic Beattie

                  Editor

                  Home loan interest rates starting to rise

                  Despite no cash rate changes from the RBA since November 2020, home loan interest rates have already begun to rise.

                  The latest RBA data (as at 31 January 2022) tells us the average advertised interest rate on new home loans is 2.50% p.a. for owner-occupiers and 2.80% p.a. for investors. These averages are 10-13 basis points higher than the respective lows of October 2021.

                  But as you can see from our comparison table, some lenders are still offering home loans at interest rates much lower than these averages. 

                  How can you save money on a home loan?

                  Australia’s competitive home loan market gives borrowers the freedom to shop around for better deals. Whether you're a first time buyer or an investor, borrowers should take advantage of the current historically low interest rates. Even a slightly lower interest rate could save you thousands over the life of your loan.

                  Are low interest rates important?

                  Let’s take one of the cheapest home loan rates in these tables and round it to 2.50%. Now let’s add an extra 1% to this home loan rate to get a home loan at 3.50%. This might seem high considering some of the rates seen here, but the reality is a lot of people are stuck on mortgages with rates even higher than this, and many don’t even realise it. And this extra 1% can make a huge difference. 

                  Let’s compare two 30-year home loans, at 2.50% p.a. and 3.50% p.a. Neither home loan has an introductory rate or upfront or ongoing fees. The table below shows the difference in monthly repayments for various loan amounts.

                  Loan amount 2.50% 3.50% Monthly savings at 2.50% Total savings at 3.50%
                  $300,000 $1,185.36 $1,347.13 $161.77 $58,238.52
                  $400,000 $1,580.48 $1,796.18 $215.7 $77,649.22
                  $500,000 $1,975.60 $2,245.22 $269.62 $97,062.85
                  $700,000 $2,765.85 $3,143.31 $377.46 $135,889.13

                  Calculations made via Savings.com.au's Home Loan Comparison Calculator.

                  The more you borrow the more you pay in interest, and even a small difference in interest rates can add extra tens of thousands if not hundreds of thousands to the overall cost of your home loan.


                  How to find a good home loan interest rate

                  If you are willing to switch or are just entering the market, then articles such as this one would be a good place to start. And if this isn’t doing it for you, a quick five-minute Google search unveils an entire world of information at your fingertips.

                  If you don’t have the time or don’t trust yourself to find a good home loan, then a mortgage broker can do that for you. Bear in mind they might not necessarily get you the lowest rate on the market, but can guide you through the home buying process more quickly and more efficiently. 

                  If you do decide to go it alone, here are a few things to look for in a home loan interest rate: 

                  • Does it have an introductory rate? Many ‘low rate’ loans actually have introductory rates with higher revert rates 
                  • If it’s a fixed rate, what’s the break cost? Refinancing from a fixed rate home loan can be expensive, so check the fees on the loan before committing 
                  • What are the fees in general? A low advertised rate can have a high comparison rate, due to high ongoing and upfront fees
                  • Can you make extra or more frequent repayments? Making home loan repayments more frequently can shave thousands of dollars off your overall loan cost
                  • Is it interest-only? Interest-only loans can be much cheaper to start with, but once the interest-only period ends repayments can skyrocket.

                  How long will low interest rates remain?

                  Don’t expect Australia’s cash rate to reach those lofty heights of 5% or higher anytime soon. While there’s never a guarantee that interest rates will stay low forever, the evidence seems to suggest that unless there are major changes, low interest rates are set to stay for the next few years. The Reserve Bank Governor Philip Lowe said as much in 2020 during the coronavirus pandemic, saying that deflationary pressures and large shortfalls in potential economic activity meant interest rates would stay low for “an extended period of time”.

                  "I think it's likely we're going to see interest rates at their current level for years," he said.

                  "We do face a world where there'll be a shadow from the virus for quite a few years. People will be more risk-averse, they won't want to borrow, in Australia we're going to have lower population dynamics."

                  Deloitte Access Economics meanwhile sang a similar tune.

                  “Globally and locally, interest rates will be nailed to the floor for years,” partner Chris Richardson said.

                  “That’s because this is a big recession, inflation is as dead as a doornail, governments will bow out of their support, leaving it up to central banks to repair economies, economies are more accident-prone than ever before, so central banks will be super cautious and, finally, because interest rates are more powerful than ever.”


                  What’s happening with interest rates?

                  The official Reserve Bank cash rate is set at 0.10% (its lowest ever level ever), and has been for some months. It’s also looking unlikely to go higher or lower for some time, with the Reserve Bank indicating it has no appetite for negative interest rates, and there would be no increase to the rate until inflation is between 2-3% and progress towards full employment has been reached.

                  This, of course, means home loan rates are at record lows, with many if them now sub-2% p.a, but it also means savings account and term deposit rates are extremely low too. Good news for most borrowers, not so much for savers.

                  What to do if your bank is not reducing interest rates?

                  If your lender hasn’t passed on one or more of the recent cash rate cuts to your home loan, you could try negotiating with them or consider refinancing to a different lender. There are many, many lenders on the market these days, and with rates at such historic lows, there’s plenty of competition among lenders for your business.

                  Refinancing your home loan to a lower interest rate could save you hundreds of dollars a year and tens of thousands over the life of your loan.


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