Is 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
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
Start your comparison of home loans below
Rates last updated April 28th, 2017.
- IMB Essential Home Loan - LVR <=90% (Owner Occupier)
Comparative rate increases by 0.10% | Interest rate increases by 0.10%
April 5th, 2017
- Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier, P&I)
Interest rate increases by 0.10%
April 10th, 2017
- Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier Special Rate, P&I)
Interest rate is now 3.99%
April 24th, 2017
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.
How do I compare home loans?
First home buyers
Young professionals and families
Middle aged family
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.
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.