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Expensive homes call for cheap home loans

Cheap home loans help you smash that mortgage debt faster. Right now on Finder, the lowest rate is 5.48%.

Swipe to see more loans
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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest20% min. depositOwner-occupier
Principal & Interest20% min. depositOwner-occupier
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.99%
Comp. Rate5.90%
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 PortableNo
Extra Repayments Yes
Interest Rate
5.99%
Comparison Rate
5.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to site
Principal & Interest 3Y Fixed30% min. depositOwner-occupier
Principal & Interest 3Y Fixed30% min. depositOwner-occupier
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate6.25%
Comp. Rate6.20%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.25%
Comparison Rate
6.20%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,082
Go to site
Principal & Interest20% min. depositInvestment
Principal & Interest20% min. depositInvestment
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.29%
Comp. Rate6.20%
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 PortableNo
Extra Repayments Yes
Interest Rate
6.29%
Comparison Rate
6.20%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,095
Go to site
Principal & Interest30% min. depositOwner-occupierOffset account
Principal & Interest30% min. depositOwner-occupierOffset account
Go to site
Product NameHomestar Star Classic Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.99%
Comp. Rate5.99%
Minimum Loan Amount$150,000
Maximum Loan Amount $2,000,000
Maximum Loan Term
Maximum LVR 70%
Loan Redraw FacilityNo
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.99%
Comparison Rate
5.99%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to site
Principal & Interest30% min. depositOwner-occupier
Principal & Interest30% min. depositOwner-occupier
Go to site
Product NameSt.George Basic Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.29%
Comp. Rate6.30%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.29%
Comparison Rate
6.30%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,095
Go to site
$2,000 cashback
Refinancers borrowing $250,000 or more could get a $2,000 cashback (Other terms, conditions and exclusions apply).
Principal & Interest10% min. depositOwner-occupierOffset account
Principal & Interest10% min. depositOwner-occupierOffset account
Go to site
Product NameBendigo Bank Express Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.01%
Comp. Rate6.14%
Minimum Loan Amount$5,000
Maximum Loan Amount $3,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.01%
Comparison Rate
6.14%
Fees
Application: $0
Ongoing: $10 per month
Monthly Payment
$3,004
Go to siteMore Info
Principal & Interest40% min. depositInvestmentOffset account
Principal & Interest40% min. depositInvestmentOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.34%
Comp. Rate6.59%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.34%
Comparison Rate
6.59%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,111
Go to site
Principal & Interest 3Y Fixed20% min. depositOwner-occupier
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 Rate6.35%
Comp. Rate6.26%
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 PortableNo
Extra Repayments Yes
Interest Rate
6.35%
Comparison Rate
6.26%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,115
Go to site
Principal & Interest40% min. depositOwner-occupier
Principal & Interest40% min. depositOwner-occupier
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.14%
Comp. Rate6.16%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.14%
Comparison Rate
6.16%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,046
Go to site
Principal & Interest 3Y Fixed20% min. depositInvestment
Principal & Interest 3Y Fixed20% min. depositInvestment
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate6.65%
Comp. Rate6.53%
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 PortableNo
Extra Repayments Yes
Interest Rate
6.65%
Comparison Rate
6.53%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,213
Go to site
Principal & Interest20% min. depositOwner-occupier
Principal & Interest20% min. depositOwner-occupier
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.19%
Comp. Rate6.21%
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 PortableNo
Extra Repayments Yes
Interest Rate
6.19%
Comparison Rate
6.21%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,063
Go to site
Principal & Interest40% min. depositOwner-occupierOffset account
Principal & Interest40% min. depositOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.14%
Comp. Rate6.39%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.14%
Comparison Rate
6.39%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,046
Go to site
Principal & Interest40% min. depositInvestment
Principal & Interest40% min. depositInvestment
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.34%
Comp. Rate6.36%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term
Maximum LVR 60%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.34%
Comparison Rate
6.36%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,111
Go to site
Principal & InterestInterest only 3Y Fixed5% min. depositOwner-occupier
Principal & InterestInterest only 3Y Fixed5% min. depositOwner-occupier
Product NameAustralian Mutual Bank Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest Interest Only
Interest Rate5.48%
Comp. Rate6.24%
Minimum Loan Amount$0
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.48%
Comparison Rate
6.24%
Fees
Application: $250
Ongoing: $0 p.a.
Monthly Payment
$2,836
Principal & Interest30% min. depositInvestmentOffset account
Principal & Interest30% min. depositInvestmentOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.34%
Comp. Rate6.59%
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 PortableNo
Extra Repayments Yes
Interest Rate
6.34%
Comparison Rate
6.59%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,111
Go to site
Principal & Interest30% min. depositOwner-occupierOffset account
Principal & Interest30% min. depositOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.14%
Comp. Rate6.39%
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 PortableNo
Extra Repayments Yes
Interest Rate
6.14%
Comparison Rate
6.39%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,046
Go to site
Principal & Interest 3Y Fixed30% min. depositInvestment
Principal & Interest 3Y Fixed30% min. depositInvestment
Go to site
Product NameMacquarie Bank Basic Fixed Home Loan
Interest Rate Typefixed rate
Repayment Type Principal & Interest
Interest Rate6.55%
Comp. Rate6.42%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityNo
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.55%
Comparison Rate
6.42%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,180
Go to site
Principal & Interest20% min. depositOwner-occupierOffset account
Principal & Interest20% min. depositOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.19%
Comp. Rate6.44%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.19%
Comparison Rate
6.44%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,063
Go to site
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Showing 18 of 18 results

The cheapest home loans have the lowest rates

The number one factor in determining a cheaper home loan is a low interest rate. The lower the interest rate, the cheaper your monthly home loan repayments will be.

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

Interest rate7.26%5.8%
Loan amount$607,963$607,963
Loan term30 years30 years
Monthly repayment$4,152$3,568
Monthly savingN/A$584
Annual savingN/A$7,008

As you can see, with the lower interest rate, you save $584 a month – or $7,008 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 rate currently available through Finder's partners.

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.

How do you find the lowest mortgage rates on the market?

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

Your interest rate update

On 07 May the official cash rate was held at:

4.35%

The lowest variable owner-occupier rate on the market is:

5.69%

Assuming the average owner occupier home loan size of $607,963 you would be making monthly repayments of:

$3,568

Are fixed or variable rate loans cheaper?

Right now, variable rate loans are a little higher than fixed rate loans. This is an indication that banks are expecting interest rates to start falling later this year and they are trying to entice customers to lock in a rate before that happens. Read more in our guide on the difference between fixed and variable rates.

Find lenders who offer the cheapest deals

To find the cheapest home loan, don't stick with the same bank you've used your whole life. Compare lenders big and small, and you'll quickly find there's a big difference between them.

Do online lenders have the lowest rates?

Online lenders, fintechs and small digital banks tend to have cheaper home loan rates than bigger banks. If you're not comparing rates from these lenders, you might miss some of the best deals on the market.

🔥Hot tip: Mortgage brokers are great at helping you find a home loan and handling mortgage paperwork. But they often don't have small online lenders in their panel of lenders, so you might miss out on a very low rate.

Don't count out the Big Four or your local credit union though

Online lenders are cheap, but it's a myth that the Big Four always have much higher rates. It's a very competitive market. There's often not much difference between a hot online deal and a big bank's lowest variable rate.

Many of the cheapest loans among Finder's partners (and the wider market) are from smaller banks and local credit unions. This is why you really have to compare as many lenders as you can.

Richard Whitten

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.
— Richard Whitten, Money editor

Why the cheapest home loan is the one that suits your needs

The cheapest home loan has the lowest interest 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

Look for a loan that lets you pay it off faster

Variable rate home loans typically let you make extra repayments. By paying more off your loan than the required monthly repayments, you get out of debt faster. This means you pay less interest.

Fixed rate loans are less likely to allow extra repayments.

Puzzle

Find a loan that matches your strategy

Owner-occupier home loans have the cheapest rates. But they're no good if you're a property investor because you need an investment loan. Make sure you compare loans that match your needs as a borrower.

Most borrowers want a principal-and-interest loan, but for some investors, an interest-only loan offers tax benefits.

Offset

Look for a loan with an offset account

Some home loans come with 100% offset accounts. This incredibly useful loan feature is essentially a bank account attached to your mortgage. But instead of earning interest, every dollar in the offset account reduces the interest your lender charges.

You still repay the same amount every month, but by putting money in your offset account, you end up finishing the loan faster. This saves you interest.

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. This keeps your monthly repayments as low as possible.

With a shorter loan term, of say, 25 years, your monthly repayments will be higher. But because you get out of debt 5 years sooner, it ends up cheaper in the long run because you pay less interest.

Let's break down 3 examples. These loans are all for the same amount borrowed, but 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.

As you can see, a longer loan term means cheaper monthly repayments. But a shorter loan means you pay less interest in the long run, making the whole loan cheaper.

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

While it's often easier said than done, 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. If your deposit is 20% of your property's value, then you can avoid the added expense of lenders mortgage insurance (LMI). Borrowers with small deposits usually have to pay this, which can add thousands of dollars to your loan costs.
  • You can unlock lower rates. Many lenders reserve their cheapest interest rate offers 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

free
We're free
You won't pay any more by taking out a home loan with us. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare loans.
expert advice
We're experts
We've researched and rated dozens of home loans as part of our Finder Awards. We provide unique insights and our in-house experts regularly appear on Sunrise, 7News and SBS News.
independent
We're independent
Unlike other comparison sites, we're not owned by a third party. That means our opinions are our own and we work with lots of home loan lenders, making it easier for you to find a good deal.
help
We're here to help
Since 2014, we've helped 150,000+ people find a home loan by explaining the nitty gritty details simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

Frequently asked questions about getting a cheap home loan

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75 Responses

    Default Gravatar
    dashJuly 10, 2022

    Hi. I just wanted to know is there any reason why Reduce home loans are no longer on your home loan comparison site ?

      AvatarFinder
      RichardJuly 13, 2022Finder

      Hi Dash,

      You can compare rates from Reduce home loans on this page.

      I hope this helps.

      Kind regards,
      Richard

    Default Gravatar
    HugoSeptember 14, 2021

    how can I get lown

      AvatarFinder
      SarahSeptember 16, 2021Finder

      Hi Hugo,

      You can apply for one of the loans on this page by clicking the green button that says ‘Go to site’. Once you arrive at the lender’s site, you should have all the information you need to apply.

      Cheers,
      Sarah

    Default Gravatar
    rixSeptember 12, 2019

    I have a house that is located in Perth WA and the mortgage is fixed for 2 more years. I would like to change to a lender that is offering less than 3% as the fixed rate of 4.5% can you advise me the safest way to go? mortgage is approximately $160,000 on a 3 year old new home 4 x 2

      Default Gravatar
      NikkiSeptember 13, 2019

      Hi Rix,

      Thanks for getting in touch!

      You may refer to our complete guide to refinancing your home loan to know how to get started. You can also refer to our list of refinancing home loans to compare your options. Our table should allow you to compare the features and benefits of each loan provider such as max loan rate, interest and etc. This way it will be easier for you to see which provider fits you best. Banks like HUME, Virgin, and Ubank offer interest rates of less than 3%. If you need further help, a quick guide on how to compare home loans is also stated on the page.

      A mortgage broker is the best person to reach out to see your options for refinancing. They can give you a multitude of options according to your situation. In the meantime, to give you an idea of how your monthly repayments will go, you may use our home loan calculator.

      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.

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

      Best,
      Nikki

    Default Gravatar
    IanJuly 24, 2019

    I have been looking into refinancing my property, but as it’s an acreage (60 ha), no lenders seem to be interested in me.

      AvatarFinder
      JeniJuly 24, 2019Finder

      Hi Ian,

      Thank you for getting in touch with Finder.

      There are lenders from our rural or hobby farm home loans guide. You can compare your options using our comparison table. When you are ready, press the ‘Go to site’ button to apply. You can also seek professional help from a mortgage broker since you’re having a hard time finding the right bank/lender.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    KeithApril 11, 2019

    I have just paid off my house worth approx $800-850k. I am looking at ways besides dying to assist my two children into getting into a property. Can you expand on the family pledge home loan as they both have not got a deposit or another product in which I can assist with them getting into the property market?

    Thanks.

      AvatarFinder
      JeniApril 13, 2019Finder

      Hi Keith,

      Thank you for getting in touch with Finder.

      You can assist your kids to get a deposit together. For example, the child saves 5% or 10% of a property’s value, and the parent can use the equity in their house to cover the other 10-15%. The child pays back the whole loan (including the amount guaranteed by the parent). Once the parent’s part of the deposit is repaid by the child, the parent/guarantor is usually free from any other debt even if the child can’t repay the rest. But the big risk is if the child can’t repay the loan (including deposit) the parent/guarantor may have to repay it.

      Please refer to our guarantor home loans guide for more details and to compare your options.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

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