How to compare home loans in 2017

Rates and Fees verified correct on April 28th, 2017

refinancing-home-loan_zps489b5737Is your home loan costing you too much? Here is how you can find out.

Comparing your home loan to others in the market is free and could save you thousands of dollars. A home is usually the most expensive asset you'll own and the average home loan is taken out over as long as 30 years. Combine that with interest calculations and ongoing fees and you'll find that you pay a significant amount of interest over the whole loan.

Use our table below to compare home loans using interest rates, comparison rates, application and annual fees and the maximum amount you can borrow in relation to your property value. You can also type in the amount in the calculator at the top of the table to see what your monthly repayments would be. If you'd like to find out more about the loan, click the 'More info' button, otherwise you can enquire directly with the lender by clicking 'Go to Site'.

Home Loan Offer

HSBC Home Value Loan - Resident Owner Occupier only

3.75 % p.a.

variable rate

3.77 % p.a.

comparison rate

Home Loan Offer

With the HSBC Home Value Home Loan enjoy a home loan with no application or ongoing fees. This loan is available for purchases or refinance.

  • Interest rate of 3.75% p.a.
  • Comparison rate of 3.77% p.a.
  • Application fee of $0
  • Maximum LVR: 80%
  • Minimum borrowing: $50,000
  • Max borrowing: $7,500,000
Go to site

Start your comparison of home loans below

Rates last updated April 28th, 2017.

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Jodie Humphries Jodie
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Loan purpose
Offset account
Loan type
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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
HSBC Home Value Loan - Resident Owner Occupier only
Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.
3.75% 3.77% $0 $0 p.a. 90% Go to site More info
3.74% 3.74% $0 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate package loan with flexible repayments options. NAB Rewards Points offer available, terms and conditions apply.
3.98% 4.97% $0 $395 p.a. 95% Go to site More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
A competitive budget rate without any unwanted bells and whistles.
3.97% 4.02% $445 $0 p.a. 90% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.48% $0 $375 p.a. 85% Go to site More info
CUA Fresh Start Basic Variable Home Loan - Owner Occupier
A basic mortgage with flexible repayments options.
3.99% 4.04% $795 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier, P&I)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.94% 4.32% $0 $395 p.a. 95% Go to site More info
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
Discounted rate available with family pledge loans. Family pledge loans require no LMI and no deposit. NSW, Qld and ACT only.
3.89% 3.89% $0 $0 p.a. 110% Go to site More info
QT Mutual Bank Mortgage Saver Home Loan
A low rate home loan with no application or ongoing fees.
3.95% 3.95% $0 $0 p.a. 95% Go to site More info
Bank Australia Basic Home Loan - Variable (Owner Occupier)
A competitive variable that allows borrowers to borrow a minimum of $100,000 with a $0 ongoing fee.
3.86% 3.90% $595 $0 p.a. 80% Go to site More info
ING DIRECT Orange Advantage Loan - $150,000+ (LVR <= 80% Owner Occupier)
A competitive variable interest home loan offer from ING DIRECT.
3.89% 4.11% $0 $199 p.a. 80% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive rate with redraw facility. NSW, QLD and ACT residents only.
3.99% 3.99% $0 $0 p.a. 85% Go to site More info
3.89% 3.91% $0 $0 p.a. 95% Go to site More info
ME Basic Home Loan - LVR <=80% Owner Occupier
A low variable rate loan with no application or ongoing fees.
4.09% 4.11% $0 $0 p.a. 80% Go to site More info
IMB Accelerator Home Loan  - LVR <=80% $300k+ (Owner Occupier)
A two year discounted rate which reverts to an ongoing life of loan discount afterwards.
3.89% 4.59% $445 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time 2 year fixed rate for owner occupiers. Conditions apply.
3.89% 4.87% $0 $0 p.a. 95% Go to site More info
Bank Australia Premium Home Loan Package - 2 Year Fixed (Owner Occupier) LVR < 80%
A discounted 2 year fixed rate loan with high maximum LVR and no application fee.
3.94% 4.35% $595 $350 p.a. 80% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.84% 4.71% $600 $0 p.a. 95% Go to site More info
Australian Unity Kick Starter Home Loan
$0 ongoing service fees, maximum 80% LVR and a linked transaction account.
3.84% 3.87% $600 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time fixed rate home loan with extra repayment abilities. Conditions apply.
3.99% 4.80% $0 $0 p.a. 95% Go to site More info
Bank Australia Premium Home Loan Package - LVR<=80% $700k + (Owner Occupier)
Enjoy the discounted interest rate with redraw facility and no ongoing fees.
3.82% 4.17% $595 $350 p.a. 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Standard Rate, P&I)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your home value.
4.59% 5.00% $0 $0 p.a. 95% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Standard Rate, P&I)
Get a short term fixed rate for that investment property with no application or ongoing fees.
4.59% 5.05% $0 $0 p.a. 95% Go to site More info
UBank UHomeLoan - 3 Year Fixed Rate (Investor)
Pay no ongoing fees on this investment loan fixed for 3 years.
4.09% 4.46% $395 $0 p.a. 80% Go to site More info
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with no ongoing bank fees.
3.99% 4.08% $395 $0 p.a. 80% Go to site More info
ME Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
4.19% 4.82% $0 $0 p.a. 95% Go to site More info
Australian Unity Health, Wealth and Happiness Package - (Owner Occupier)
Get a 0.60% discount on your rate, a 100% offset account and no ongoing fees.
4.05% 4.08% $600 $0 p.a. 90% Go to site More info
4.09% 4.09% $0 $0 p.a. 80% Go to site More info
NAB Base Variable Rate Home Loan - Owner Occupier (P&I)
A competitive no frills home loan with no application fees for a limited time. NAB Rewards Points offer available, terms and conditions apply.
4.17% 4.21% $600 $0 p.a. 95% Go to site More info
Australian Unity Wealth Builder Investor Package Home Loan - Variable
An investment loan with no ongoing fees and borrow up to 90% LVR.
4.19% 4.22% $600 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Years Fixed (Standard Rate, P&I)
Split your loan for free with one of the lowest fixed home loan rates.
4.69% 4.99% $0 $0 p.a. 95% Go to site More info
NAB Choice Package Variable Rate - $250k to $749,999 P&I (Owner Occupier)
A great variable package from NAB which includes offset and redraw features. No application fee.
4.47% 4.86% $0 $395 p.a. 95% Go to site More info
IMB Essential Home Loan - LVR <=90% (Owner Occupier)
Get a discount on your rate and flexible repayment options with this loan.
4.19% 4.19% $0 $0 p.a. 90% Go to site More info
4.13% 4.13% $0 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 5 Year Fixed (Owner Occupier)
A competitive loan with flexible features. NAB Rewards Points offer available, terms and conditions apply.
4.59% 5.05% $0 $395 p.a. 95% Go to site More info
ANZ Simplicity PLUS Home Loan - Special Offer (Owner Occupier, P&I)
Enjoy a home loan with no application fee or ongoing fee.
4.03% 4.07% $0 $0 p.a. 95% Enquire now
3.88% 3.89% $600 $0 p.a. 90% Enquire now
St.George Basic Home Loan - Promotional Rate (Owner Occupier, P&I)
A no frills loan with a competitive rate and a maximum LVR of 95%.
3.88% 3.89% $0 $0 p.a. 95% Enquire now
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
A package home loan with fee free extra repayments available during the fixed term.
3.99% 4.99% $0 $395 p.a. 95% Enquire now
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cash back available for refinancers, conditions apply.
3.99% 5.04% $0 $395 p.a. 95% Enquire now
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years, P&I
A low interest rate home loan and competitive two year fixed rate.
3.88% 4.94% $0 $395 p.a. 95% Enquire now
NAB Choice Package Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier) First Home Buyer Special
A special rate for first home buyers buying residential property and borrowing over $150K. Conditions apply.
3.69% 4.92% $0 $395 p.a. 95% Enquire now
Virgin Reward Me Variable Home Loan - LVR <= 80% ($750k+ Owner Occupier)
A variable rate home loan with competitive interest rate and flexible product features that can earn Velocity points.
3.79% 3.92% $0 $10 monthly ($120 p.a.) 80% Enquire now

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Aussie can save you time and effort by helping you research, organise and apply for your home loan. They compare thousands of home loans to help find the right deal for you. Fill out the form on the left and an Aussie Mortgage Broker will meet you at a time of your choosing to discuss your needs and help you find the right home loan.

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How do I compare home loans?

1. Assess your personal and financial situation

Think about your current financial objectives and decide whether your current home loan is letting you achieve this. A common goal for most Australians is to own their home outright and then to use the asset in a way that works for them. As a general guide, here is a table reflecting a typical mortgage life cycle that the average borrower experiences. It explains what kind of home loan features you might need in a particular stage of your life.

Lifestage

Mortgage Features

Mortgage Type

First home buyers

Young professionals and families

Middle aged family

55+/retired

 

2. Think about any other extra features you'd like

3. Would you prefer to go through a mortgage broker or straight to the bank?

Choosing a mortgage broker

A mortgage broker is a certified home loan specialist who has access to a wide range of home loans from a panel of lenders. Typically you meet you with your mortgage broker in person and communicate what your financial objectives are along with your financial position. The mortgage broker then searches through their database to find a loan that is suitable for you. The good thing about using a broker is that you don't need to do the research yourself and the broker will take you from the research stage all the way to settlement.

You pay for your broker through the interest on the loan that they settle for you. If you're ready to use a mortgage broker, compare them in the table below.

Rates last updated April 28th, 2017
Details Features
Aussie Home Loans
Aussie Home Loans
Aussie is one of Australia's leading financial service providers, having won The Adviser’s Top Mortgage Broker award for the last 3 years. They charge no appointment fees and can meet at a time and place which suits you. Up to 20 lenders Enquire Now More info
eChoice Mortgage Brokers
eChoice Mortgage Brokers
When you do business with eChoice you will be given your own home loan manager to help you select a loan. 25 lenders Enquire Now More info
iConnect
iConnect
iConnect has hundreds of loans available through more than 40 lenders in Australia to choose from to find the home loan that is right for you. 40+ lenders Enquire Now More info
Pepper Money
Pepper Money
Pepper specialises in providing fair home loans to those who are credit impaired - from small defaults all the way up to discharged bankruptcies. Credit impaired home loans Enquire Now More info
Choosing your lender

You may assume that the big four banks in Australia are your best options, or the only options when it comes to choosing a home loan. In many cases, their interest rates are higher when compared to second tier institutions, credit unions or building societies.

Building societies and credit unions also provide a wide range of home loan products, some of which are known to give better value in comparison to the big four. This is because building societies and credit unions are mutual organisations, which means they don't have any shareholders. Their profits go directly back into the business for the benefit of it's customers, or members of the union.

Along with building societies and credit unions there are also some financial institutions that specialise in home loans, as well as online lenders. These can also provide value for money as their overheads tend to be very low, and this can often be reflected in their interest rates.


Frequently asked questions

Where can I find more information about split loans?

Our split home loans guide is a great place to find out more information on this feature.

Do I normally need to get a valuation when I refinance?

Generally, yes. Refinancing involves the process of leaving one loan and applying for another, so getting a new valuation done is part of the new home loan process.

How much of my income should I spent on my rent or mortgage?

Typically you should be spending around 20% of your household income on the mortgage or rent.

Can you get two home loans for the one house?

It is possible but it will involve two guarantees. Two people get a loan together and the banks will require that everyone who has an interest in the property to be on the title.

Do you have any information for first home buyers?

Our property exert Chris Gray has given some insights that you won't find anywhere else.

Is it possible for a guarantor to default?

It's generally not possible for a guarantor to 'default'. If the borrower defaults on the loan, then the lender will generally take possession of the guarantor's security. A guarantor can fail to meet its commitments if they fail to maintain the security property, pay the rates, keep it insured, etc.

Do you have a borrowing power calculator I can use?

Please use our borrowing power calculator to help give an indication of how much you can borrow.

Do you have a refinancing guide that I could read?

We sure do, please see our refinancing guide here.

Can I get a home loan that has an offset account and a credit card?

These are common across packaged home loans.

Does my principle place of residence affect my details on the electoral roll?

The details on your electoral roll is not affected if you own real estate. However, what matters is the address under your name on the electoral roll. Your address states where your electorate is - if you're not sure, please call the AEC for confirmation.

My construction loan just expired - how is this possible?

Depending on the terms and conditions you've agreed to, you generally have up to three months to draw down on your construction loan. If this period has expired, nothing has changed financially and you should be able to resubmit all the documents to the lender.

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This page was last modified on 25 April 2017 at 10:52am.

HSBC Home Value Loan - Resident Owner Occupier only

Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.

NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)

A fixed rate package loan with flexible repayments options. NAB Rewards Points offer available, terms and conditions apply.

IMB Budget Home Loan - LVR <=90% (Owner Occupier)

A competitive budget rate without any unwanted bells and whistles.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)

Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.

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6 Responses to How to compare home loans in 2017

  1. Default Gravatar
    Mirko | July 4, 2014

    Hi,
    I’m looking for a home loan to buy a house. I have two children that I have half the time in a shared care situation from a previous marriage, and one child with my current partner.
    Repayments seem to spike drastically the more dependants you have, and the company I spoke to yesterday would see me as having three dependents, instead of 2, which is technically the amount of children I am responsible for, due to the shared care situation.
    I was told that depending on the mortgage insurance, some will take this into account but others won’t. Which home loan companies will?

    And another question, I understand that families with more dependents have more outgoing expenses. So why make repayments higher? Is it simply a disincentive to make them take a smaller loan?

    • Staff
      Marc | July 4, 2014

      Hi Mirko,
      thanks for the question.

      We’ve conducted a small comparison of the different mortgage insurance companies Australian lenders use. As you can see, by trying a different home loan lender who uses a different insurance provider to the one you have sought an application with could prove useful, but be careful that you don’t make too many applications in one time, as this may present a red flag on your credit file to potential lenders.

      Your repayments shouldn’t rise because of your number of dependents. Your repayments for a home loan are worked out using your loan term and interest rate. That means your lender will work out a repayment which, given the interest rate you’re paying, will see you pay your loan off within the loan term you’ve selected. Dependents can affect the total amount your lender will lend you, as dependents are seen as part of your outgoings as you mentioned,

      It might be helpful to seek the services of a mortgage broker, as they might be able to suggest particular lenders who might suit your circumstances more than others.

      I hope this helps,
      Marc.

  2. Default Gravatar
    Mel | February 18, 2014

    I have inherited a 1/4 of a property.

    One of the 4 wants to be bought out , so a loan will be needed.This is my first property I will be part owner of, and the same stands for the 2 others that will be also sharing the loan.

    Please advise what would be the best type of loans to look at, approx $200,000.

    Also can the first homebuyers grant come into play as 2 out of the 3 owners will be residing at the owned home?

    Please shine some light on this for me!

    • Staff
      Marc | February 19, 2014

      Hi Mel,
      thanks for the question.

      We’ve written a section on first home buyer loans which discusses the options available for those getting their first loan.

      It should be noted that to be eligible for the First Home Owner grant you’ll need to satisfy the eligibility requirements. These are listed on our guide page here.

      I hope this helps,
      Marc.

  3. Default Gravatar
    Adrian | October 10, 2013

    I have a NAB credit card I wish to clear as soon as possible Int rate about 20 percent What is the cheapest way to clear this debt over say 2 years

    • Staff
      Marc | October 11, 2013

      Hello Adrian,
      thanks for the question.

      I’m not authorised to give personal advice but here are a few general ways to reduce credit card debt.

      1. Carry out a balance transfer to a card which offers a lower interest rate. This way credit card debt can be paid off without the high interest rate. There’s a video about this which explains how it all works.

      2. Pay as much as you can towards your debt each month to reduce the balance.

      3. Choose a debt pay off strategy such as the debt snowball strategy and pay off your balances.

      I hope this helps,
      Marc.

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