Home Loan Finder – Compare Australian home loans

Last updated: 21 September 2018

Whether you're refinancing, investing or buying a home, we've helped thousands find the right mortgage.

Athena Home Loan Offer

Athena Variable Home Loan - Refinance (Owner Occupier, P&I)

3.09 % p.a.

variable rate

3.05 % p.a.

comparison rate

Athena Home Loan Offer

Apply for the Athena Variable Home Loan - Refinance (Owner Occupier, P&I) and get a low variable interest rate plus no upfront or ongoing fees as well as flexible repayments. Refinancers only.

• Interest rate of 3.09% p.a.
• Comparison rate of 3.05% p.a.
• Application fee of $0
• Maximum LVR: 80%
• Minimum borrowing: $100,000
• Max borrowing: $2,000,000

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More info

Home Loan Finder® lets you compare home loans from across the market, from the big banks to smaller lenders, credit unions and online providers. You can compare mortgage rates, read up on individual products, apply directly with lenders or contact a mortgage broker. Your home buying journey starts here.

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Your guide to finding a mortgage

• Different home loan types for every borrower
• How do I start comparing loans?
• What does a mortgage cost?

• Mortgage features explained
• How do I actually apply for a loan?
• More mortgage questions answered

Finding the right mortgage for every borrower

When comparing mortgages you really need to find a product that suits your plans, whether you're buying a home, an investment property, or looking to switch your current loan to a better one.

There are many more unique situations for borrowers. Check out some of our other in-depth guides and product comparisons:

How do I compare home loans?

When looking at mortgages the interest rate is very important. But there's a lot more to look at:

• Interest rate. A lower interest rate will keep your repayments down. It's also important to decide whether you want a fixed or variable interest rate. Variable rates are often lower and have more flexibility but your rate can go up (or down) at any time. Fixed rates let you budget your repayments more accurately because you know your repayments in advance.
• Repayment type. Most borrowers opt for principal and interest repayments, where you repay the principal (the money you've borrowed) plus interest together. Interest-only repayments delay the full cost of your loan as you only repay the interest at first. Interest-only loans are a good choice for some borrowers but you'll end up paying more in the long run.
• Features. Always compare a loan's features, such as offset accounts and redraw facilities. But don't get a loan with a higher rate and extra features if you don't really need them.
• Fees. Application, settlement and monthly fees can add to your mortgage costs. Be sure to factor them in, but remember that the interest rate matters more than fees in determining your costs.

How much do mortgages cost?

Your mortgage costs depend on the following factors:

• Your interest rate. The higher the rate the more you pay in interest. If you're borrowing a lot of money even a small difference in the rate can add hundreds or even thousands of dollars to your repayments.
• How much your property costs. The price of the property determines everything else.
• How much you're borrowing (and your deposit size). If you've saved up a large deposit you won't have to borrow as much, making your repayments lower. If you have a deposit below 20% of the property's value you may have to pay lenders mortgage insurance too.
• Fees. These may have less impact than the interest rate, but mortgage fees can add up. A loan's comparison rate can help you understand how fees and the interest rate affect your costs.
• Government charges. When buying a property you should factor in how much stamp duty costs. You may also have to pay other government charges.

To get a better understanding of how the interest rate and loan amount can affect your repayment costs use our mortgage repayment calculator below.

Check out all finder's home loan calculators here

What features can I get with a mortgage?

When comparing mortgages it's also important to look at the features that come with many loans.

• Extra repayments. Most loans today allow you to make additional repayments, helping you pay your loan off sooner.
• Redraw facility. A redraw facility lets you take out extra repayments you've made into your loan to spend as you need. This lets you access extra funds for emergencies or unforeseen expenses. A useful feature, but the more you money redraw the longer your loan will take to pay off.
• Offset account. An offset account is a transaction account which is linked to your loan. Any money deposited into the account offsets interest on your home loan. Imagine a loan of $100,000 which has an offset account with $10,000 in it. When interest is calculated on the loan, it’s only calculated on $90,000 because the $10,000 is offset for the interest calculation.
• Portability. A portable loan is one you can keep even when changing properties. It's convenient and saves you the need to refinance.

How do I actually apply for a loan?

The mortgage application process seems complex and scary. But once you break it down it's not that hard. Preparation is key:

• Is your credit file in order? Find out how to get a copy of your credit file and make sure there are no errors on it. If you have defaults or late repayments on your file, make sure you can explain them. Close any credit cards you're no longer using.
• Are you getting a joint loan? Think about how strong your relationship is with the other party. Changes to your relationship could make it hard if one party wishes to sell their part of the property.
• Are you eligible for the loan? Borrowers generally need to be over 18 years of age. There are other requirements too, but those depend on the lender. Some will want you to have a good credit rating. Others might not allow you to buy inner city apartments. Always read the eligibility criteria before applying.

If you provide all the required information, your lender can approve your loan in 2 - 3 business days. Some lenders even advertise that they will provide a decision in as little as 60 minutes. Remember that the more complicated an application, the longer approval can take.

Pre-approval explained

Pre-approval means your lender will "conditionally" approve you for a specific loan amount. It'll take into account your income, debts and liabilities when deciding this. It's usually extended for a few months, allowing you to look for a property with a bit more confidence. It's important to note that pre-approval conditions can differ depending on the lender. Read our expert explanation of pre-approval to find out what to look for.

What paperwork do I need to give my lender when applying for a home loan?

Your lender wants to work out whether or not you can afford a loan. They will ask for a lot of information from you, including:

• Personal details. Your full name, tax file number, driver's licence number or some other form of photo ID, phone number and address.
• Employment details. Your lender wants to know about your job, how long you've been in your position and and may even ask for your employer's contact information to confirm these details.
• Financial details. Your lender will want to know how much you earn and spend. They'll want to see recent payslips, as well as details of your expenses and debts including personal loans or credit cards.
• Information about your property. The exact paperwork required will depend on the type of property you're buying. You'll need to tell your lender the property address, the type of property, number of rooms and more.

If you need more information about mortgage applications, read our detailed guide to the home loan application process.

More guides and questions

If you need more specific help, check out some of our detailed guides to switching loans, buying a property, saving a deposit and much more:

Got more questions?

• Will my credit report impact my application? Your credit history is important when your lender evaluates your application. Lenders want borrowers who have a good track record of paying back credit cards and loans. This can be a good sign that they'll pay back their loan. Some lenders will auto-decline those with defaults. Others might give you a chance to explain them. Specialist lenders like Pepper, Bluestone Mortgages and Liberty consider borrowers with credit impairment issues. Be aware that they might raise the interest rate to accommodate the extra risk they're taking on.
• Can I switch from a fixed rate to a variable rate or vice versa? Most lenders will allow you to switch from a fixed rate to a variable rate or vice versa but some may charge a fee for this. If you're switching from a fixed rate loan, be aware that you'll usually have to pay a break cost.
• Can I negotiate a lower rate? The home loan market is competitive, so negotiating and asking for a better rate is a good idea. Before you do, make sure your credit file is in order and know what other offers are available in the market.
• Why does my lender need a valuation of my property? Your lender will want to get an independent valuer to find out what the value of your property is. They'll then use this valuation to work out how much they will lend to you.

Still confused? A mortgage broker can offer expert guidance to no cost to you

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.

Last updated: 21 September 2018
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