Comparing home loan fees
Comparing home loan features
Look at a home loan's comparison rateHome loan rates on hold, policy proposals everywhere in April 2025
The RBA cut the cash rate by 25 basis points in February. Many lenders waited until March to pass these cuts on, but almost all of them have now done so (Virgin Money is the most notable exception and is not passing the cut on). But the RBA held the cash rate this month, and so rates will likely stay where they are for the moment. Right now the lowest variable rate in Finder's database is 5.44% and the average Australian home loan is now $665,978. Assuming a 30-year loan, you're looking at average monthly repayments of $3,757.
With the federal budget last month and an election in May, housing policy changes and proposals are flying thick and fast. The government has extended its Help to Buy Scheme, and the opposition is saying it will change serviceability requirements to make it easier for homebuyers to borrow more.
Updated by Finder's money editor, Richard Whitten on 1 April 2025.
Let us do the talking. We spoke to heaps of experts, brokers, banks and real humans to put 20+ hours into this guide. Our editors regularly talk to buyers, refinancers, investors and every one in-between to keep this information useful.
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i need help.
Hi there,
I’m not sure what kind of help you need? You might be eligible for a no-interest loan through Good Shepherd, worth up to $3,000. Otherwise, you can search our site for other opportunities to access lending.
Hope this helps!
I have a current mortgage with Bendigo Bank on fixed interest rate of 2.090% which expires in July.
I want to know my options when it expires.
Small mortgage which is due to be paid off in 2029.
None of your options seem to include this issue.
Can I speak with someone?
Hi Susan,
You have a couple of options. You could:
– Stick with Bendigo Bank and either roll over onto a variable rate loan option in July, or choose another fixed rate home loan.
– Refinance to a different bank, and choose either a fixed or variable rate.
Your eligibility to refinance depends on a number of things, including your age, income and loan amount. As a first step, it might be worth contacting your bank so they can let you know what their current rates and offers are, so you have an idea of what your repayments will be from July onwards. You can then compare this to other options in the mortgage market to see if you can get a better deal elsewhere.
Hope this helps!
Useless tool – no way to select weekly payments.
Hi Chris,
We appreciate your feedback.
Our tables contain quite a bit of information in them. In the interests of brevity, we currently allow you to compare home loans by monthly payments. If you’d like to know the estimated weekly payments, you can divide these estimates by 4.3. For instance, if the monthly estimate was $3,000, once you divide it by 4.3, the weekly amount would be $697.67.
Hope this helps, and thanks again for the feedback – we’ll explore whether this functionality can be added.
Many thanks
Sarah
I’d like speak to someone about refinancing a please?
Hi Michael,
If you already have a preferred lender, you can visit their website to submit an application and/or request to speak with their home finance representative.
Alternatively, you can speak with a professional mortgage broker to get personalised advice. You can call one of the mortgage brokers found on our page to schedule an appointment or search for a mortgage broker in your area on Google.
I hope this helps!
Richard
I am an Australian citizen returning to Australia after several years abroad. I will be entering into employment with the Australian branch of my existing employer with a new employment contract (but without a probation period). Can you advise limits to home loan borrowing upon arrival. e.g. is their a qualifying period for work/residence in Australia for lenders?
Hi JDM,
Thanks for your question!
All Australian citizens are eligible to apply for a home loan. This is one of the basic requirements. Others include age, income, and other unique requirements of the lender.
As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.
A mortgage broker is the best person to reach out to see your options for home loans. They can give you a multitude of options according to your situation. In the meantime, to give you an estimate of your monthly repayments, you can use our home loan eligibility calculator.
Hope this helped. Feel free to reach back out for further assistance.
Cheers,
Nikki