Best Home Loan Rates

Looking for the best home loan for you? Find competitive loans with low rates, low fees, 100% offset accounts and more.

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The best home loan differs for each borrower, but it should always combine a competitive interest rate, a loan type that matches your needs, features you will actually use and hopefully, low fees.

You can find a range of competitive mortgages in the table below or skip ahead to look at some of our top home loan picks.

loans.com.au Home Loan Offer

loans.com.au Smart Home Loan - (Owner Occupier, P&I)

2.63 % p.a.

variable rate

2.65 % p.a.

comparison rate

loans.com.au Home Loan Offer

The loans.com.au Smart Home Loan - (Owner Occupier, P&I) is a low rate loan with no upfront or ongoing fees and a fee-free redraw.

  • Interest rate of 2.63% p.a.
  • Comparison rate of 2.65% p.a.
  • Application fee of $0
  • Maximum LVR: 80%
  • Minimum borrowing: $50,000
  • Max borrowing: $1,000,000
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Loan purpose
Offset account
Loan type
Repayment type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
loans.com.au Smart Home Loan - (Owner Occupier, P&I)
2.63%
2.65%
$0
$0 p.a.
80%
Get a low variable interest rate and pay 0 application or ongoing fees with this convenient online lender.
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
2.59%
2.59%
$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.
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier, P&I)
2.29%
3.99%
$0
$395 p.a.
95%
Get discounts on a range of Commonwealth Bank products and enjoy the option of fee-free extra repayments during the fixed term. $2,000 cashback offer for eligible refinancers.
HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)
2.65%
2.66%
$0
$0 p.a.
80%
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.
State Custodians Low Rate Home Loan with Offset - LVR up to 60% (Owner Occupier, P&I)
2.49%
2.51%
$0
$0 p.a.
60%
A competitive rate with no application or ongoing fee. This loan is not available for construction.
IMB Budget Home Loan - Special LVR <=90% (Owner Occupier, P&I, NSW and ACT borrowers only)
2.78%
2.84%
$449
$0 p.a.
90%
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)
2.78%
2.79%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000. Eligible refinancers can receive a cashback of $2,000 or more.
Well Home Loans Balanced Fixed Home Loan - 2 Year (Owner occupier, P&I)
2.19%
2.46%
$250
$0 p.a.
90%
Low fee fixed mortgage with optional 100% offset account.
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
3.11%
3.12%
$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.
State Custodians Low Rate Home Loan with Offset - LVR up to 80% (Owner Occupier, P&I)
2.65%
2.67%
$0
$0 p.a.
80%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.
Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)
2.29%
2.91%
$300
$10 monthly ($120 p.a.)
80%
Buy your home and lock in a low rate for the first two years. Get a $2,500 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 28 August and settle by 30 October 2020.
ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)
2.49%
3.41%
$0
$395 p.a.
80%
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
UBank UHomeLoan - 1 Year Fixed Rate (Owner Occupier, P&I)
2.29%
3.12%
$395
$0 p.a.
80%
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
CUA Achieve Variable Home Loan - $500k+ (Owner Occupier, P&I)
2.73%
2.78%
$600
$0 p.a.
95%
Home buyers can get a competitive, low-fee variable rate plus a 100% offset account. Low deposit option available. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs.
Gateway Bank Low Rate Essentials Variable Rate Home Loan - Special offer LVR up to 80% and over $500k (Owner Occupier, P&I)
2.76%
2.79%
$0
$0 p.a.
80%
A competitive, flexible variable rate mortgage for home buyers borrowing above $500,000. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs.
Greater Bank Great Rate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)
2.19%
3.54%
$0
$0 p.a.
90%
Get one of the lowest rates on the market with this fixed rate mortgage. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.
Suncorp Home Package Plus Fixed - 2 Year Fixed Rate Special Offer $150k+ LVR ≤90% (Owner Occupier, P&I)
2.29%
3.32%
$0
$375 p.a.
90%
Eligible refinancers can receive a cashback of $2,000 or more.
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier, P&I)
2.29%
2.90%
$395
$0 p.a.
80%
A competitive fixed interest rate loan with no ongoing fees. Requires a 20% deposit.
Gateway Bank Low Rate Essentials Variable Rate Home Loan - Special offer LVR up to 80% and over $500k (Investor, P&I)
3.04%
3.07%
$0
$0 p.a.
80%
Investors with 20% deposits can get this flexible variable mortgage with low fees and a reasonable rate.
IMB Fixed Rate Home Loan - 2 Year Fixed (LVR 90% Owner Occupier, P&I, NSW and ACT borrowers only)
2.49%
3.15%
$449
$6 monthly ($72 p.a.)
90%
NSW and ACT customers only. 2 years fixed interest terms and free access to redraw facility online. Available with a 5% deposit.
UBank UHomeLoan - 1 Year Fixed Rate (Investor, P&I)
2.44%
3.57%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
ME Flexible Home Loan Fixed with Members Package - 3 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)
2.59%
3.39%
$0
$395 p.a.
80%
Get a low 3 year fixed rate with a 100% offset account and package discounts.
IMB Fixed Rate Home Loan - 3 Year Fixed (LVR 90% Owner Occupier, P&I, NSW and ACT borrowers only)
2.49%
3.10%
$449
$6 monthly ($72 p.a.)
90%
NSW and ACT customers only. 3 years fixed interest terms and free access to redraw facility online. Available with a 5% deposit.
Well Home Loans Balanced Variable - LVR 80% (Owner occupier, P&I)
2.47%
2.50%
$250
$0 p.a.
80%
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee.
CUA Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier, P&I)
2.69%
4.04%
$600
$0 p.a.
95%
Pay no ongoing fees and lock in your rate for 3 years to organise your budget. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs.
Well Home Loans Balanced Variable - LVR 90% (Owner occupier, P&I)
2.67%
2.70%
$250
$0 p.a.
90%
A very low variable interest rate for borrowers with a 10% deposit. Add a 100% offset account for $10 a month.
State Custodians Low Rate LOC - LVR up to 80% (Owner Occupier, IO)
2.90%
2.92%
$0
$0 p.a.
80%
A low-fee line of credit loan from an online lender. Unlock the equity in your home and make interest-only repayments with a competitive rate. This loan is not available for construction.
ME Flexible Home Loan With Member Package - LVR <=80% $400k up to $699,999 (Owner Occupier, P&I)
2.84%
3.29%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
IMB Fixed Rate Home Loan - 3 Years Fixed (LVR ≤90% Investor, P&I, NSW and ACT borrowers only)
2.74%
3.59%
$449
$6 monthly ($72 p.a.)
90%
NSW and ACT customers only. A 3 years fixed rate investor which allows extra repayments to be made.
ME Basic Home Loan - LVR <=80% (Owner Occupier, P&I)
3.17%
3.19%
$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.
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Finder's top home loan picks June 2020

Every month we look at the loans in our database and select our top home loans for refinancers, investors and first home buyers.

To qualify, these products must feature in our monthly low rate roundup. While our picks are all products from lenders with whom Finder has a commercial relationship, they all have competitively low interest rates, plus loan-to-value ratios and minimum and maximum loan amounts that make them relevant choices for many borrowers. You may find products with lower interest rates elsewhere on the market, but we're confident our picks are quality options.

You can learn more about our selection methodology below.

Finder's home loan pick for refinancers: UBank UHomeLoan Variable Rate Discount Offer

  • Loan: UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
  • Interest rate: 2.59% p.a.
  • Comparison rate: 2.59% p.a.
  • Minimum deposit: 20%

UBank's main variable offer combines a competitive variable rate (one of the lowest around) with no fees. You'll need a 20% deposit, which makes this a good choice for refinancers.

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Finder's home loan pick for first home buyers: ING Fixed Rate Home Loan - 2 Year Fixed Rate

  • Loan: Fixed Rate Home Loan - 2 Year Fixed Rate (Owner Occupier with Orange Advantage)
  • Interest rate: 2.09% p.a.
  • Comparison rate: 3.77% p.a.
  • Minimum deposit: 5% (with LMI)

ING's Fixed Rate Home Loan - 2 Year Fixed Rate (Owner Occupier with Orange Advantage) combines one of the market's lowest rates with a maximum insured loan-to-value ratio of 95%. This means first home buyers can lock in a competitive rate for two years and get the loan with just a 5% deposit. Keep in mind that a deposit under 20% means you'll have to pay lenders mortgage insurance as well.

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More info

Finder's home loan pick for investors: State Custodians Low Rate Home Loan with Offset

  • Loan: Low Rate Home Loan with Offset - LVR up to 80% (Investor, P&I)
  • Interest rate: 2.9% p.a.
  • Comparison rate: 2.92% p.a.
  • Minimum deposit: 20%

State Custodian's Low Rate Home Loan with Offset is a variable investment loan that combines a low interest rate with a 100% offset account. This is an attractive combination for a savvy investor and it's why the product won a Finder Award in 2019.

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More info

How did we choose our best home loans picks?

All the products in our top picks must meet the following criteria:

  • Mortgages have a minimum loan amount of $200,000 or lower and a maximum loan amount of at least $500,000 (meaning that the average borrower will be eligible for the loan).
  • Our first home buyer picks must be principal and interest loans with loan-to-value ratios above 80%, making them useful products for borrowers with low deposits.
  • Our refinance home loan picks must be principal and interest rates but can have loan-to-value ratios below 80% (because refinancers already have a deposit in the form of equity).
  • Our investor picks must be available for property investors.
  • We examine both fixed and variable interest rate products for all picks. Because while everyone wants a lower interest rate, deciding between fixed and variable depends on the individual borrower.

Your individual circumstances and financial needs may differ from other borrowers, so always research widely and choose a product that suits your circumstances.

How do I get the best deal on a home loan?

Couple with the keys to their new home. There are three things every borrower needs to look at when hunting for the perfect home loan: rates, fees and features.

The lower the rate, the better

The best home loan will always have a low interest rate. The interest rate determines your borrowing costs, and the lower the rate, the less interest you pay each month. Anyone looking for the best home loan deal needs to start with the rate.

Here's how it works. Let's say your loan amount is $500,000. You choose a variable rate with a 30-year loan term and principal-and-interest repayments (this means you repay the loam amount plus interest at the same time). Here's what your monthly repayments look like with differing interest rates:

Interest rateMonthly repayment
4.00%$2,387
3.75%$2,315
3.50%$2,245
3.25%$2,176
3.00%$2,108
2.75%$2,041

But there's more to a good home loan than the interest rate.

Avoid big fees

A home loan that hits you with multiple fees is probably going to cost you more than you realise over time. There are one-off, upfront fees such as application or settlement fees. Some home loans charge an ongoing monthly or annual fee.

Most of the time these fees seem small in comparison to your repayments, but they do add up. And because many home loans have minimal fees, it's better to avoid fees if you can.

Check a loan's comparison rate to get a better idea of the added cost of fees.

The right loan type for your strategy

It's important to get the right kind of home loan. If you're a property investor then you need an investment loan. You won't be able to apply for an owner-occupier loan.

You also need to look at your repayment type. Most borrowers go for principal-and-interest loans, where you borrow money and repay it, plus interest. This is the safest way for most borrowers.

But you can also consider an interest-only loan. With this repayment type, you only pay the interest charges at first. But you'l need to repay the full amount later. It costs you less in the short term and more in the long run. It's a popular option for investors, but some home buyers choose it to.

Mortgage features you need

Home loans with added features can offer you more flexibility in how you manage your loan and make repayments:

  • Offset accounts can help you cut down your interest repayments.
  • Package loans let you bundle your mortgage with other financial products (like transaction accounts and credit cards) for convenience and discounts.
  • Redraw facilities let you take out extra money you've paid into your mortgage to use in emergencies.
  • Loan portability lets you move your home loan from one property to another without refinancing.

The best home loans for different types of borrowers

Once you've understood the basics you need to look more closely at your own specific needs. To find the best home loan for you, consider these questions:

Finding the best mortgages for different borrowers

Here are several scenarios featuring different borrowers. They're all looking for the best loan, but they all need something a little different.

The cash-strapped first home buyers

Sarah and Ted are in their late 20s and currently renting. They've saved up $100,000 but because they live in Sydney this isn't a very big deposit.

The best home loan for this young couple:

  • Has a low interest rate. They cannot afford massive repayments.
  • Is a low deposit loan. They probably haven't saved a 20% deposit so they'll need a loan with a maximum insured LVR of 90 or 95%.
  • Has a guarantor option. Alternatively, Sarah's parents may be willing to guarantee a portion of their deposit. So a loan that allows for guarantors is a great option.

With these criteria, Sarah and Ted find a low rate loan with a high LVR. They ask their lender if it accepts guarantors, which it does. Sarah's parents guarantee 15%, so they only need a 5% deposit and they can avoid paying lenders mortgage insurance. The loan they choose does come with a hefty application fee, but they decide it's worth paying because everything else about the loan is perfect for them.

The cautious investor

Margaret is currently paying off her home. She wants to buy a unit as an investment. She has $400,000 in equity and will use a line of credit loan to cover her deposit. But she'll need a loan to buy the unit. She is less concerned with fast capital growth and more concerned with long-term income from rent.

The best loan for Margaret:

  • Is an investment loan. She cannot purchase an investment property with an owner-occupier loan.
  • Has a competitive interest rate. Investment loans have higher interest rates, so she needs to shop around for the best deal.
  • Has limited features. As Margaret doesn't have much left in savings she isn't able to put money into an offset account. So she doesn't need a full-featured loan.

Margaret talks to a mortgage broker who helps her organise the line of credit loan and an investment loan.

The ripped-off refinancer

David is paying off a $1 million mortgage. He hadn't looked at his interest rate in a while and was shocked to learn that the rate has jumped well above 4.00%. His current loan is a basic, no-frills variable loan without many extra features.

David wants to refinance to a loan that:

  • Has a much lower interest rate. This could save David thousands of dollars a year.
  • Has low fees. David's current mortgage has a hefty discharge fee. He wants to switch to a mortgage that doesn't slug him with more costs.
  • Has an offset account. David has managed to put away a bit of extra money while making repayments. He wants to put this cash into an offset to lower his interest repayments.

David finds a low-fee variable rate home loan that has a 100% offset account. While his previous rate was around 4.00% his new rate is less than 3.00%. He's now paying less interest each month. Crucially, however, David refinances to a reduced 20 year loan term (his previous loan was a 30 year loan and he was 10 years into it). This makes his repayments a little higher but ensures he will stay on track to be debt-free faster. This works out to be cheaper in the long run.

The above scenarios are generalised examples only.

Need more help? Talk to a broker

Finding the right home loan can take a lot of time and energy. Mortgage brokers are professionals who compare home loans from a wide panel of lenders. They can find you a product that matches your financial needs and property strategy and also help you with your application.

Talk to a qualified mortgage broker today.

Compare more home loan options here

Home Loan Offers

Important Information*
Logo for UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
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 2.59% p.a. and a 2.59% p.a. comparison rate.

Logo for HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)
HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)

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

Logo for ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)
ME Flexible Home Loan Fixed with Members Package - 2 Year Fixed Rate LVR <= 80% (Owner Occupier, P&I)

Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

Logo for Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR<=90% Incl. LMI (Owner Occupier, P&I)

Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000. Eligible refinancers can receive a cashback of $2,000 or more.

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114 Responses

  1. Default Gravatar
    SueMarch 4, 2020

    I have a home loan for my current property around 300k. If i rent out that home rental income enough for pay capital& interest. If i want to buy another property, is it for borrowing power calculation is it total income alone
    Used or bank use only % of my current income?

    • Default Gravatar
      NikkiMarch 5, 2020

      Hi Sue,

      Thanks for your comment and I hope you are doing well. To answer your question about rental income being considered for borrowing power, if the property has tenants and regular income the lender will probably take it into consideration when looking at borrowing power, but it’s worth checking with a lender before applying with them. Some lenders may only take 80% of your rental income as part of your borrowing power.

      As a friendly reminder carefully review the terms and conditions and the product disclosure statement of the lender before applying. You may also contact your lender of choice should you have any questions about their loan requirements.

      Hope this helps and feel free to reach out to us again for further assistance.

      Best,
      Nikki

  2. Default Gravatar
    angelesApril 24, 2019

    hi,im looking for a low deposit home loan asap

    • Avatarfinder Customer Care
      JohnApril 25, 2019Staff

      Hi Angeles,

      Thank you for reaching out to Finder.

      If you are looking for low deposit home loan providers, look at the “Max LVR” portion of the comparison table we are on. The higher the Max LVR, the lower your deposit would be. An example is: For a Max LVR of 80%, you provide 20% deposit on it. Hope this helps! If you wish to ask assistance real time, you could chat with us via the chat button on the page.

      Cheers,
      Reggie

  3. Default Gravatar
    MarkJuly 1, 2018

    I am 20 yrs old trying to go for my first house I work full time and I don’t have too much saved up yet in my opinion so where do I get started?

    • Avatarfinder Customer Care
      JoshuaJuly 1, 2018Staff

      Hi Mark,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      It’s nice to know that you’re planning to buy your first house at a very young age. As a general rule, you need to save at least 10% of the property value. This can give a 5% buffer (for a maximum 95% LVR loan) to pay costs such as stamp duty and LMI onto the principal of the loan.

      Ensure that there is a high likelihood that you’ll qualify for a home loan before you apply. The way the credit system works, each application for credit is recorded against your name. Multiple entries in a short space will more than likely lead to rejection. Other factors that lenders may consider to assess your eligibility are your income, assets, liabilities, employment and credit history.

      Moreover, you mentioned that you are a first-time home buyer. In this case, you may want to read this guide: “The state-by-state guide to the First Home Owners Grant.”

      Finally, if you want to know more about the things you need in a loan when buying your first home, please click this link.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  4. Default Gravatar
    HelenNovember 23, 2017

    I am 48. Never had a loan for anything as I believe you don’t get unless you have. I am entitled to the first home owners grant. Currently I’m on a sickness benefit but looking for work down the track. I’ve been looking at rentals but if I can buy my own home rather than pay someone elses off I don’t see why not to go for it. Where do I stand ?

    • Avatarfinder Customer Care
      JudithNovember 24, 2017Staff

      Hi Helen,

      Thanks for reaching out to us. I hope all is well with you today.

      As we are a comparison website and general information service, I am unable to recommend or suggest a specific option for you, as it would entirely depend on your needs.

      You may check a list of home loan options on this page.

      To improve your chances of getting approved for a loan, please ensure that you meet the eligibility criteria and requirements of the loan option or lender and make sure to read the details, as well as the relevant Product Disclosure Statements / Terms & Conditions of the loan option before making a decision and consider whether the product or option is right for you.

      I hope this helps.

      Cheers,
      Judith

  5. Default Gravatar
    trentAugust 27, 2017

    can I obtain a home loan for a farm which is 42 ha which I intend to develop it has a home on it I am looking for 400;000 and I have 170,000

    • Default Gravatar
      DanielleAugust 28, 2017

      Hi Trent,

      Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

      You are on the right page. You may customize, review, and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Enquire Now” button.

      I hope this helps.

      Cheers,
      Danielle

  6. Default Gravatar
    patApril 17, 2017

    Looking at Low Doc Loan max borrowing on my property current value around 1.1 million I am self employed what can you offer Pat

    • Avatarfinder Customer Care
      DeeApril 18, 2017Staff

      Hi Pat,

      Thanks for your question.

      You may compare low doc home loans on this page. The maximum amount that you can borrow depends on the LVR of the home loan product you are getting.

      Cheers,
      Anndy

  7. Default Gravatar
    JamilJune 26, 2016

    If I am eligible to borrow 450k home loan for 30 years, what would be minimum repayment per week?

    • Avatarfinder Customer Care
      MarcJune 27, 2016Staff

      Hi Jamil,
      thanks for the question.

      You can find out what your loan repayments would be for different loan rates using our loan repayment calculator.

      I hope this helps,
      Marc.

  8. Default Gravatar
    DegsyJanuary 22, 2016

    What is the “advertised rate”? And “comparison rate”? And what is the difference?

    • Avatarfinder Customer Care
      MarcJanuary 22, 2016Staff

      Hi Degsy, the advertised rate is a interest rate charged for a home loan, and it’s decided by your lender. It’s used to work out what your loan repayments will be.

      The comparison rate is the advertised rate including some of the fees of the home loan (The application fee and any ongoing monthly fees for example), and is accurate for the example of a $150,000 loan over 25 years. By law, comparison rates must be included on all home loan advertisements, as it gives you a way to see what the actual cost of a home loan is because of the inclusion of these fees.

      You can find out more about it in our comparison rate guide.

      I hope this helps,
      Marc.

  9. Default Gravatar
    TonyAugust 20, 2015

    Will I be able to borrow with my Income being from Income protection payments

    • Avatarfinder Customer Care
      BelindaAugust 21, 2015Staff

      Hi Tony,

      Thanks for your enquiry.

      Generally, income protection insurance is designed to help you cover expenses, such as mortgage repayments, in the event that you are unable to work due to injury or illness. Please note that your ability to service a mortgage using this benefit will depend on the type of cover that you have, but most policies provide up to 75% of your monthly income.

      As lenders have different eligibility criteria to qualify for home loans, it would be best to contact the lender directly to see whether you can borrow using the benefit from your income payments.

      Thanks,
      Belinda

  10. Default Gravatar
    steveMay 31, 2015

    What is the difference beteen the interest rate and the comparison rate?

    • Avatarfinder Customer Care
      BelindaJune 1, 2015Staff

      Hi Steve,

      Thanks for your enquiry.

      The interest rate is the percentage of your home loan that you’ll end up paying in addition to the original loan amount.

      Whereas the comparison rate is a percentage amount calculated by adding together the interest rate plus any additional fees or charges associated with the loan. The figure is then converted into a percentage to reflect the true cost of the home loan.

      If you compare home loans based on the comparison rate, you’ll get a more accurate idea of the true cost of the loan.

      I hope this clarifies things for you.

      Thanks,
      Belinda

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