How to find the best mortgages in April 2019

Choosing the best mortgage is all about knowing what to look for.

Your mortgage will most likely be the single biggest financial commitment you ever make, so it’s important to get it right.

Choosing the best mortgage comes down to educating yourself on the factors that influence a home loan’s value. The process may seem intimidating, but once you know what to look for you can compare and choose the best mortgage with confidence. Read on to learn more or start comparing in the table below.

Compare some of Australia's best mortgages*

Rates last updated April 18th, 2019
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.59%
3.59%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
3.59%
3.57%
$0
$0 p.a.
80%
Low variable rate mortgage for owner occupiers looking to switch. Refinancers only.
3.59%
3.61%
$0
$0 p.a.
90%
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.
3.59%
4.54%
$300
$10 monthly ($120 p.a.)
90%
Home buyers can lock in a very competitive fixed interest rate for 2 years.
3.99%
3.98%
$0
$0 p.a.
80%
A competitive variable mortgage for investors looking to refinance. Principal and interest repayments. Refinancers only.
3.49%
3.49%
$0
$0 p.a.
80%
Get a very low variable rate and avoid large fees when buying a home. Requires a 20% deposit. Fee waivers for eligible refinancers.
3.64%
4.63%
$300
$10 monthly ($120 p.a.)
90%
Low fixed rate loan for home buyers. Available with a 10% deposit. 100% offset account attached.
3.69%
3.78%
$0
$0 p.a.
70%
Get a low interest rate and a mortgage with flexible, basic features. No application or ongoing fees. Requires a 30% deposit.
3.79%
3.79%
$0
$0 p.a.
95%
Competitive, flexible rate mortgage with simple features and low fees. Low deposit option available. VIC state wide only
3.59%
3.89%
$0
$0 p.a.
80%
Get a very low fixed rate with minimal fees and lock in your repayments for three years.
3.97%
3.99%
$0
$0 p.a.
80%
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
3.57%
3.58%
$0
$0 p.a.
90%
Get a very low interest rate and pay no application, settlement or valuation fees. Apply online for full approval in real time and add a 100% offset account for $10 a month. $1,000 cashback offer.
3.64%
3.66%
$0
$0 p.a.
90%
A simple mortgage with a competitive interest rate and no application or monthly fees. Borrow up to $2000000 from a convenient online lender.
3.87%
4.30%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
3.49%
4.58%
$0
$395 p.a.
90%
Loans over $150000 get a discount off an already low fixed rate. Available for NSW, QLD and ACT residents only.
3.67%
3.69%
$600
$0 p.a.
80%
Family guarantee option available. Enjoy flexible repayments and a low minimum loan amount.
3.69%
3.72%
$445
$0 p.a.
90%
NSW and ACT customers only. Get a special discount for a limited time when you open an IMB Transaction Account.
3.70%
3.70%
$0
$0 p.a.
70%
A low interest rate home loan with no application or ongoing fees.
3.69%
4.08%
$0
$395 p.a.
90%
A high maximum LVR home loan with redraw facility and additional payments. Get this mortgage with a 10% deposit.
4.09%
3.77%
$0
$0 p.a.
80%
Variable interest only mortgage for owner occupied refinancers. Refinancers only.
3.79%
3.79%
$0
$0 p.a.
80%
Access an offset account and pay no application or ongoing fees on this special variable rate for owner-occupiers.
3.74%
4.49%
$445
$6 monthly ($72 p.a.)
90%
NSW and ACT customers only. 3 years fixed interest terms and free access to redraw facility online.
3.59%
3.62%
$500
$0 p.a.
95%
This mortgage combines a very sharp interest rate with a 100% offset account and it's available with a 5% deposit.
3.72%
3.72%
$0
$0 p.a.
110%
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, Qld and ACT only.
3.69%
4.21%
$0
$10 monthly ($120 p.a.)
90%
Get a low discounted rate for 2 years plus a 100% offset account. And you can get the loan with a 10% deposit.
3.81%
3.81%
$0
$0 p.a.
70%
A simple mortgage with no application or ongoing fees that has extra repayments plus split and redraw options. Requires a 30% deposit.
3.90%
3.90%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a free redraw facility with this innovative online lender.
3.69%
3.83%
$0
$10 monthly ($120 p.a.)
80%
Earn Velocity Frequent Flyer Points on your mortgage (subject to eligibility requirements). Plus, access a 100% offset account to save on interest.
3.68%
3.70%
$0
$0 p.a.
80%
A competitive variable rate mortgage for owner occupiers that comes with a no fee debit card with a $5,000 limit.
3.86%
3.86%
$0
$0 p.a.
80%
Low fee loan with extra repayments. Pay no application and ongoing fees and take advantage of split and redraw options.
3.74%
4.01%
$395
$0 p.a.
80%
A competitive fixed interest rate product with no ongoing bank fees.
3.69%
3.90%
$0
$10 monthly ($120 p.a.)
90%
Get Velocity Frequent Flyer Points at settlement, monthly and every three years, plus the option to make up to $10,000 a year in extra repayments.
3.69%
4.09%
$600
$395 p.a.
95%
Get interest rate discounts and waived fees on this package loan with a 100% offset account. $500 cashback offer for first homebuyers borrowing over 80% and paying LMI.
3.85%
4.18%
$500
$0 p.a.
95%
Apply for Easy Street fixed rate home loans and get a competitive loan with a fixed interest rate.
3.76%
3.96%
$0
$0 p.a.
70%
Enjoy all the benefits of the Basic Home Loan and take advantage of an offset account.
3.78%
3.92%
$0
$10 monthly ($120 p.a.)
80%
Borrow up to $500000 and earn Velocity Frequent Flyer Points (terms and conditions apply).
3.81%
4.06%
$0
$248 p.a.
70%
Borrowers with a 30% deposit can get this competitive rate. Cut down on interest costs with a 100% offset account.
3.69%
3.69%
$0
$0 p.a.
95%
A low deposit mortgage with a competitive rate and plenty of flexibility. QLD residents only. Eligible borrowers can get a 15% discount on home and contents insurance for the life of their loan.
3.97%
3.99%
$0
$0 p.a.
80%
Package your owner occupied loan with investment loan and receive a discounted investment rate. 100% offset account included.
4.10%
4.10%
$0
$0 p.a.
70%
Investors with a 30% deposit can get this low rate loan to fund their property portfolio. Take advantage of split and redraw facilities.
4.34%
4.34%
$0
$0 p.a.
80%
Investors get a 100% offset account and pay no application or ongoing fees on this loan from an innovative online lender.
3.72%
3.73%
$0
$0 p.a.
90%
New customers can get a discounted variable rate and a fee-free redraw facility. NSW, QLD and ACT residents only.
3.99%
3.99%
$0
$0 p.a.
80%
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required.
3.76%
3.76%
$0
$0 p.a.
70%
Get a discount for keeping your LVR at 70% or below with this innovative online lender.
3.89%
4.90%
$0
$0 p.a.
80%
Get a low fixed rate and pay no application or ongoing fees.
3.74%
4.56%
$0
$395 p.a.
90%
A fixed rate loan with a 100% offset account and the option to make additional repayments. Loans over $150000 receive a discounted rate. NSW, QLD and ACT residents only.
3.99%
4.62%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
4.29%
4.30%
$0
$0 p.a.
95%
A competitive 3-year fixed rate loan with a high max insured LVR.

Compare up to 4 providers

* The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our Site, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

What’s the best mortgage for me?

The best mortgage for you depends largely on your circumstances and goals, but there are a few factors to consider. These factors will determine how well a home loan product suits you.

Interest rates

Interest rate is the home loan feature most people pay attention to when deciding the best mortgage for them. This is no surprise, because your mortgage interest rate is the single biggest factor determining the price you’ll pay over the life of your home loan.

It’s easy to compare mortgages by interest rate, but you’ll have to dig a bit deeper to determine if a home loan product is the best mortgage for you. There are a few things you’ll have to keep in mind.

Fixed or variable?

When you’re deciding on a mortgage, one of the first decisions you’ll need to make is whether to choose a fixed or a variable interest rate.

A fixed rate is locked in for a predetermined period of time, generally from one to five years. During this time, your rate will remain the same even if interest rates in the broader market fluctuate.

This means your repayments won’t change, which makes budgeting for your mortgage repayments simple. However, it also means you won’t benefit from any rate cuts. You also won’t be able to exit your home loan before the fixed rate period ends, unless you pay some significant break costs.

A variable rate mortgage is one in which the rate can change at any time. Rates change for a variety of reasons, including bank funding costs, the monthly Reserve Bank cash rate decision and competitive pressures.

Variable rate home loans mean you’ll see your repayments reduce if interest rates fall, but you’ll see them increase should rates rise. These loans do tend to offer more flexibility, however, and allow you the option to refinance without paying break costs.

There’s no right or wrong answer with fixed versus variable loans. It all depends on your own goals and priorities.

Watch: fixed versus variable loans explained

Pay attention to the comparison rate

When you’re comparing mortgage interest rates, make sure to have a good look at the comparison rate. A comparison rate gives a clearer indication of what you’ll actually pay for a home loan.

A comparison rate takes the loan’s interest rate, adds in fees and then expresses this as a percentage. Some loans with an attractive-looking interest rate could actually carry high ongoing fees, meaning they’re not the great deal they appear to be at first glance. Paying attention to the comparison rate will give you a clearer picture of a mortgage product’s true value, and help you avoid nasty surprises.

Look for revert rates

Some mortgage products also advertise rock-bottom interest rates for a limited time before reverting to a higher rate. These loans are often called introductory rate home loans.

This doesn’t mean you should avoid introductory rate home loans. They can be great mortgage products with incredibly low rates. It does mean, however, that you’ll want to pay attention to what’s known as the revert rate.

The revert rate is the higher interest rate the loan will revert to when the introductory period ends. You should be able to find this rate in a home loans key facts sheet, or you can ask your lender.

One way to get a good idea of an introductory rate home loans revert rate is to pay attention to the comparison rate. The comparison rate takes into account the loan’s revert rate. That means if you find an introductory rate home loan with a comparison rate much higher than the advertised rate, you can be fairly certain it will revert to a high rate at the end of the introductory period.

Features

The best mortgage for you could also be one that includes helpful features. Home loans aren’t all created equal, and some offer features that can give you much more control over your mortgage.

For instance, an offset account allows you to reduce the amount of interest you pay, and potentially shave years off your mortgage. It does this by providing a linked transaction account that offsets your home loan balance. This means that if you have a $500,000 home loan with $50,000 in an offset account, you’re only charged interest on $450,000.

A redraw facility allows you to access any additional funds you’ve paid on your mortgage. If you’ve managed to make extra repayments and gotten yourself ahead, a redraw facility will allow you to withdraw those funds.

A split facility can also be a handy feature to give you access to more than one mortgage product. A split facility allows you to split your mortgage between different products. For example, you could choose to have a portion of your home loan on a fixed rate and a portion on a variable interest rate.

Features can help you take more control of your mortgage, and can save you some serious money in the long-term. However, many of these features also come with associated fees. Before choosing a mortgage packed with features, make sure you’ll actually use the features you’re paying for.

Comparing the best mortgages

Now that you know what to look for, you can compare mortgages to find the best mortgage for you. Take the time to look for mortgage products that offer the right mix of rates and features to suit your situation and help you achieve your financial goals.

Use the table above to compare mortgages, and you’ll be well on your way to finding the right product for you.

Not what you're looking for? Compare more home loans here

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Home Loan Offers

Important Information*
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 3.59% p.a. and a 3.59% p.a. comparison rate.

HSBC Home Value Loan - (Owner Occupier P&I)

Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.

loans.com.au Essentials - Variable (Owner Occupier, P&I)

A competitive interest rate home loan with interest only options. Interest rate 3.64% p.a.
comp rate of 3.66% p.a.

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