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Cheap home loans – rates from 5.38%

Whether you're looking for fixed or variable - these rates are updated daily.

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1 - 20 of 81
Name Finder Score Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
P&N Bank logo
Principal & InterestInterest only 2Y Fixed20% min. depositOwner-occupier
P&N Bank logo
Principal & InterestInterest only 2Y Fixed20% min. depositOwner-occupier
Go to site
Product NameP&N Bank Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest Interest Only
Interest Rate p.a.5.74%
Comp. Rate p.a.6.21%
Minimum Loan Amount$20,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan Portable
Extra Repayments No
Finder score
Interest Rate
5.74%
Comparison Rate
6.21%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,918
Go to site
Homeowners can lock in this competitive fixed rate for 2 years and make interest-only repayments.
Unloan logo
Principal & Interest20% min. depositOwner-occupier
Unloan logo
Principal & Interest20% min. depositOwner-occupier
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.5.90%
Minimum Loan Amount$10,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
5.99%
Comparison Rate
5.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to site
This loan comes with no application fee, no ongoing fees and no exit fees. The best news? Borrowers get a 0.01% rate discount for every year they hold the loan.
Greater Bank logo
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Greater Bank logo
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Go to site
Product NameGreater Bank Great Rate Discount Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.6%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 110%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
5.99%
Comparison Rate
6%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to site
Up to $2,500 cashback
Eligible refinancers can get up to $2,500 cashback depending on loan value. Full terms and conditions apply.
Newcastle Permanent logo
Principal & Interest20% min. depositOwner-occupierOffset account
Newcastle Permanent logo
Principal & Interest20% min. depositOwner-occupierOffset account
Go to site
Product NameNewcastle Permanent Real Deal Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.6.03%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
5.99%
Comparison Rate
6.03%
Fees
Application: $595
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to siteMore Info
$3,000 cashback offer
Eligible purchasers and refinancers can get $2,000 or $3,000 depending on loan value, as long as LVR is 80% or lower. Terms and conditions apply.
loans.com.au logo
Principal & Interest10% min. depositOwner-occupierOffset account
loans.com.au logo
Principal & Interest10% min. depositOwner-occupierOffset account
Go to site
Product Nameloans.com.au Solar Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.6.44%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,500,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest Option
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
5.99%
Comparison Rate
6.44%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to site
Macquarie Bank logo
Principal & Interest20% min. depositOwner-occupier
Macquarie Bank logo
Principal & Interest20% min. depositOwner-occupier
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.19%
Comp. Rate p.a.6.21%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
6.19%
Comparison Rate
6.21%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,063
Go to site
loans.com.au logo
Principal & Interest10% min. depositOwner-occupierOffset account
loans.com.au logo
Principal & Interest10% min. depositOwner-occupierOffset account
Go to site
Product Nameloans.com.au Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.04%
Comp. Rate p.a.6.08%
Minimum Loan Amount$50,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest Option
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
6.04%
Comparison Rate
6.08%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,014
Go to site
P&N Bank logo
Principal & InterestInterest only40% min. depositOwner-occupier
P&N Bank logo
Principal & InterestInterest only40% min. depositOwner-occupier
Go to site
Product NameP&N Bank & Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest Interest Only
Interest Rate p.a.6.13%
Comp. Rate p.a.6.16%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 60%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
6.13%
Comparison Rate
6.16%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,043
Go to site
This is a competitive, low-fee interest-only loan for borrowers with 40% deposits.
ANZ logo
Principal & Interest20% min. depositOwner-occupierOffset account
ANZ logo
Principal & Interest20% min. depositOwner-occupierOffset account
Go to site
Product NameANZ Plus Home Loan Variable Rate
Interest Rate TypeVariable
Repayment Type Principal & Interest
Interest Rate p.a.6.09%
Comp. Rate p.a.6.10%
Minimum Loan Amount$10,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
6.09%
Comparison Rate
6.10%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,030
Go to site
$2,000 cashback
Borrowers refinancing $250k or more to ANZ Plus before 31st March 2025 could get a cashback of $2,000. Excl. refinancers from ANZ or Suncorp. Other terms and conditions apply.
Ubank logo
Principal & Interest40% min. depositOwner-occupier
Ubank logo
Principal & Interest40% min. depositOwner-occupier
Go to site
Product NameUbank Neat Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.09%
Comp. Rate p.a.6.11%
Minimum Loan Amount$80,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
6.09%
Comparison Rate
6.11%
Fees
Application: $250
Ongoing: $0 p.a.
Monthly Payment
$3,030
Go to site
IMB logo
Principal & Interest20% min. depositOwner-occupier
IMB logo
Principal & Interest20% min. depositOwner-occupier
Product NameIMB Budget Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.04%
Comp. Rate p.a.6.07%
Minimum Loan Amount$10,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
6.04%
Comparison Rate
6.07%
Fees
Application: $449
Ongoing: $0 p.a.
Monthly Payment
$3,014
Up to $4K cashback
Eligible borrowers can get up to $4,000 cashback when buying or refinancing with IMB. Loan value criteria applies. Other terms and conditions also apply.
Unloan logo
Principal & Interest20% min. depositInvestment
Unloan logo
Principal & Interest20% min. depositInvestment
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.29%
Comp. Rate p.a.6.20%
Minimum Loan Amount$10,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
6.29%
Comparison Rate
6.20%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,095
Go to site
bcu logo
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
bcu logo
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
Go to site
Product NameBCU Fixed Rate Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.5.74%
Comp. Rate p.a.6.16%
Minimum Loan Amount$20,000
Maximum Loan Amount $2,500,000
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan Portable
Extra Repayments No
Finder score
Interest Rate
5.74%
Comparison Rate
6.16%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,918
Go to site
IMB logo
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
IMB logo
Principal & Interest 2Y Fixed5% min. depositOwner-occupier
Product NameIMB Fixed Rate Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.5.69%
Comp. Rate p.a.6.20%
Minimum Loan Amount$10,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
5.69%
Comparison Rate
6.20%
Fees
Application: $449
Ongoing: $6 per month
Monthly Payment
$2,902
Up to $4K cashback
Eligible borrowers can get up to $4,000 cashback when buying or refinancing with IMB. Loan value criteria applies. Other terms and conditions also apply.
Macquarie Bank logo
Principal & Interest 3Y Fixed30% min. depositOwner-occupierOffset account
Macquarie Bank logo
Principal & Interest 3Y Fixed30% min. depositOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package Fixed Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.5.55%
Comp. Rate p.a.6.22%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
5.55%
Comparison Rate
6.22%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$2,858
Go to site
Macquarie Bank logo
Principal & Interest 3Y Fixed20% min. depositOwner-occupier
Macquarie Bank logo
Principal & Interest 3Y Fixed20% min. depositOwner-occupier
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate p.a.5.65%
Comp. Rate p.a.6.06%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
5.65%
Comparison Rate
6.06%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,890
Go to site
Unloan logo
Principal & Interest20% min. depositOwner-occupier
Unloan logo
Principal & Interest20% min. depositOwner-occupier
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.5.90%
Minimum Loan Amount$10,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Finder score
Interest Rate
5.99%
Comparison Rate
5.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to site
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Showing 20 of 81 results

Key takeaways

  • The lowest rate on the market right now is a 3 year fixed rate of 4.99% offered by South West Slopes. The comparison rate is 6.15%.
  • You could save $8,556 a year by switching to the cheapest variable rate.
  • The cheapest rate might not be the best loan: look out for fees and features, and remember you might end up with a higher rate if you want to borrow above 80% of the property value.

How to compare the cheapest home loan rates

You’d think it was as simple as looking at the lowest number in the table, right? Well, it can be. But there are some things to watch out for that could make your cheap home loan…not so cheap.

1. Ok yes, look at the rate

The starting point is to always look at the rate. The lower rate, the lower your repayments.

2. But then look at the fees

Some loans lure you in with a cheap attractive rate, but then you find it piles on a huge fee to apply and another fee to pay each month as well. Your cheap rate now costs you more per month than the slightly higher interest rate with no fees.

3. Then have a little glance at the comparison rate

Comparison rates are normally based on loans of $150,000 so they’re not always helpful. But if the comparison rate is much higher than the actual interest rate, you can bet there are other costs driving your repayments up.

4. Don't forget to look at the features

It’s all well and good getting a low interest rate but if you’re sacrificing access to features that could save you money in the long run, it’s not worth it. Take an offset account, for example. Using an offset account will mean you pay down the loan faster because it reduces the amount of interest you need to pay.

The lower the interest rate the lower the repayments

The number one factor in determining a cheaper home loan is a low interest rate.

Let's compare 2 otherwise identical home loans with slightly different interest rates.*

Interest rate7.09%5.38%
Loan amount$641,416$641,416
Loan term30 years30 years
Monthly repayment$4,307$3,594
Monthly savingN/A$713
Annual savingN/A$8,556

As you can see, with the lower interest rate, you save $713 a month – or $8,556 a year.

*We're using the average owner-occupier home loan size from the ABS, the average variable rate loan in Finder's database of the full market and the lowest variable rate. The lowest variable rate for February is Bank Australia's clean energy home loan, and so may not be available to everyone.

Calculator
How much can you save with a cheaper home loan?
We calculated this by using our loan repayment calculator. Try it out for yourself and see how much you could save.

What are the lowest home loan rates on the market?

Every month, we analyse the rates in our database to create a list of the market's cheapest loans.

The lowest variable interest rate in Finder’s database is 5.38%

The lowest fixed interest rate in Finder’s database is 5.14%

The cheapest rates over time.

What are the cheapest home loans at the big 4 in February 2025?

Interest rates can change depending on your circumstances, but as a guide, here are the cheapest home loans from the big 4.

BankCheapest Fixed RateCheapest Variable Rate
ANZ5.74%6.09%
CBA6.04%6.15%
NAB5.84%6.44%
Westpac5.89%6.74%

The Big 4 have joined other lenders in dropping their fixed rates, so they offer much more competitive rates than they did a few months ago. But it's important to remember you'd be locked into those rates, when it's widely predicted rates will start falling this year.

The lowest variable rates by the big 4 are from ANZ and CBA which are both from their digital loan offerings launched this year: ANZ Plus Home Loan and CBA's Digi Home Loan.

Richard Whitten's headshot

"I wanted to make sure I have one of the cheapest home loans on the market. So I found an online lender with a consistently low interest rate (I should know, I check rates every month). But I also made the sure the loan had an offset account. For me, being able to build up savings in the offset account speeds up my loan and cuts down my overall interest charges dramatically. This makes the loan much cheaper in the long run."

Money Editor

What to look for in a cheap home loan

At a very basic level, the cheapest home loan is the one with the lowest rate. But every borrower has different needs. So beyond a low rate, you need to get a loan that actually helps you achieve your property goals and financial needs.

Speed

A loan you can pay off asap

Home loans are normally taken out for 30 years, but the sooner you can repay the more you'll save! Most variable rate home loans allow you to make extra repayments and pay the loan early.

Fixed rate loans are less likely to allow extra repayments and will probably charge a break fee if you do repay early.

Puzzle

A loan that matches your strategy

The cheapest home loans are likely owner-occupier loans, but if you're buying an investment property they won't help you. You might also want an interest-only loan for the tax benefits if you're an investor.

Offset

A loan with an offset account

The money you'll save by using an offset account may very well mean you end up paying less than if you went for a lower rate without an offset account. Check out our guide on offset accounts to see if it could help you.

If I had to credit just one thing with helping me repay my home loan in just 7 years, I'd say it was an offset account. This is a debt-busting secret weapon. You should keep every cent to your name in one of these – we're talking your savings for everything, your emergency cash stash and even your salary. You'll likely save tens of thousands of dollars and shave years off your time in debt.

Nicole Pedersen-McKinnon

Nicole Pedersen-McKinnon
Freelance finance journalist

3 extra tips to help you save money on your home loan

1. Choose your loan term carefully

Most borrowers choose 30-year loan terms.

If you picked a shorter loan term your monthly repayments would be higher, but you'd pay off your loan 5 years earlier, saving thousands in interest.

Let's look at 3 examples where the loan term changes:

Loan term30 years25 years20 years
Interest rate6.00%6.00%6.00%
Loan amount$600,000$600,000$600,000
Monthly repayment$3,598$3,866$4,299
Total cost*$1,295,030$1,159,743$1,031,611

*Total cost here refers to the amount of interest you pay over the life of the loan, plus the principal.

2. Find a loan with lower fees

Some lenders charge multiple loan fees that can add up to hundreds of dollars. But other lenders charge basically no fees at all (you still have to pay government fees like a mortgage registration fee).

If 2 loans have identical interest rates and features, the one with fewer fees will be the cheapest home loan.

3. Save a bigger deposit

Easier said than done, of course. But saving a bigger deposit means borrowing less money. And that instantly makes your home loan cheaper.

It saves you money in other ways too:

  • You can avoid lenders mortgage insurance. LMI is paid if you have less than a 20% deposit.
  • You can unlock lower rates. Many lenders offer lower interest rates for borrowers with a deposit of 20% or more.

Watch: How to find a lower home loan rate

Why you can trust Finder's home loan experts

helpLet 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.
freeRates obsessed - We track big banks, small banks, credit unions and digital banks because even 1 decimal place could save you big bucks (without getting annoying calls!).
independentReady when you need it - Lending rates verified from 180+ products day and night. Whether you've remembered you need to refinance at 3am or live at an auction - our rates are up-to-date.

Frequently asked questions about getting a cheap home loan

What is Finder Score?

The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.

Read the full Finder Score breakdown

Rebecca Pike's headshot
John Pidgeon's headshot
To make sure you get accurate and helpful information, this guide has been edited by Rebecca Pike and reviewed by John Pidgeon, a member of Finder's Editorial Review Board.
Richard Whitten's headshot
Money Editor

Richard Whitten is Finder’s Money Editor, with over seven years of experience in home loans, property and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise
Richard has written 581 Finder guides across topics including:
  • Home loans
  • Property
  • Personal finance
  • Money-saving tips