How to compare home loans in 2017

Rates and fees last updated on

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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

HSBC Home Value Loan - Resident Owner Occupier only, P&I

3.65 % p.a.

variable rate

3.66 % 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 3.65% p.a.
  • Comparison rate of 3.66% p.a.
  • Application fee of $0
  • Maximum LVR: 90%
  • Minimum borrowing: $50,000
  • Max borrowing: $7,500,000
Go to site

Start your comparison of home loans below

Rates last updated October 24th, 2017
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Loan purpose
Offset account
Loan 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
3.65%
3.66%
$0
$0 p.a.
90%
Enjoy a low variable rate with no ongoing fees and borrow up to 90% of the value of the property.
3.64%
3.66%
$0
$0 p.a.
80%
A basic home loan with a competitive rate and low fees.
3.74%
3.74%
$0
$0 p.a.
80%
Combine a low variable interest rate and free redraw with no application or ongoing fees.
3.69%
3.72%
$0
$0 p.a.
80%
A low rate home loan with no ongoing fees.
3.74%
3.74%
$0
$0 p.a.
80%
A basic owner-occupier home loan with a low variable rate that requires a 20% deposit.
3.54%
3.56%
$0
$0 p.a.
80%
For new home buyers only. No refinance option. A low interest variable home loan with no application fee and free redraws.
3.49%
4.47%
$0
$375 p.a.
90%
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.65%
4.84%
$0
$395 p.a.
90%
A 2 years fixed platinum package that has $0 application and a loan redraw facility.
3.69%
4.86%
$0
$395 p.a.
90%
A special rate for first home buyers buying residential property and borrowing over $150K. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.97%
4.02%
$445
$0 p.a.
90%
Get a competitive rate without features you may not use.
3.83%
3.83%
$0
$0 p.a.
70%
A special low variable rate for owner occupiers with 100% offset account and no application or ongoing fees.
4.09%
4.12%
$0
$0 p.a.
80%
Access the equity in your home with a competitive interest-only rate and no application fee.
3.81%
3.81%
$0
$0 p.a.
80%
A home loan with a competitive rate and plenty of handy features.
3.79%
3.82%
$0
$0 p.a.
90%
Borrow up to 90% of property's value and pay no application fee.
3.64%
4.03%
$0
$395 p.a.
80%
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.84%
3.84%
$0
$0 p.a.
110%
Requires a family member to act as guarantor. Discounted rate available with family pledge loans. Family pledge loans require no LMI and no deposit. NSW, Qld and ACT only.
3.88%
4.89%
$0
$395 p.a.
95%
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.74%
3.89%
$0
$10 monthly ($120 p.a.)
60%
No application fees, a competitive variable rate and features such as a redraw facility and a 100% offset account.
3.86%
3.87%
$0
$0 p.a.
80%
Pay no ongoing fees on a competitive variable rate home loan.
3.74%
3.74%
$0
$0 p.a.
90%
A competitive variable rate with a redraw facility. NSW, QLD and ACT residents only.
3.79%
3.80%
$0
$0 p.a.
80%
A competitive rate with no ongoing monthly fees or application fees.
3.69%
3.69%
$0
$0 p.a.
80%
Enjoy a competitive variable interest rate, no application fee, limited annual fees and an offset account with redraws.
3.64%
4.83%
$0
$0 p.a.
90%
Owner-occupiers can lock in a competitive rate with no ongoing fees. Conditions apply.
4.09%
4.11%
$0
$0 p.a.
80%
A low variable rate loan with no application or ongoing fees.
3.69%
4.73%
$0
$0 p.a.
90%
A limited time fixed rate home loan with extra repayment abilities. Conditions apply.
3.99%
4.77%
$0
$0 p.a.
95%
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
3.94%
4.88%
$0
$0 p.a.
90%
Enjoy a low interest rate and borrow up to 90% (with LMI) of your property's value.
4.17%
4.21%
$600
$0 p.a.
95%
A competitive no frills home loan. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.94%
4.98%
$0
$0 p.a.
90%
Investors can take advantage of a short term fixed rate with no application or ongoing fees.
4.39%
4.78%
$0
$395 p.a.
95%
Package your home loan to get discounts on your interest rate and other financial products.
3.99%
4.80%
$0
$0 p.a.
95%
A low 3-year fixed rate with the option to split your loan for free.
4.19%
4.19%
$0
$0 p.a.
90%
Get access to a redraw facility and offset account without the annual fee.
4.59%
5.01%
$0
$395 p.a.
95%
A competitive loan with flexible features. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.03%
4.07%
$0
$0 p.a.
95%
Enjoy a basic home loan with a high LVR and no application or ongoing fees.
3.68%
3.69%
$600
$0 p.a.
90%
Get a low variable rate along with some important basic features.
3.78%
3.79%
$0
$0 p.a.
95%
A no frills loan with a competitive rate and a maximum LVR of 95%.
3.99%
4.99%
$0
$395 p.a.
95%
A package home loan with fee free extra repayments available during the fixed term.
3.85%
4.95%
$0
$395 p.a.
95%
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
3.88%
4.88%
$0
$395 p.a.
95%
Lock in a discounted fixed rate with a low service fee.
3.79%
3.92%
$0
$10 monthly ($120 p.a.)
80%
A competitive variable rate home loan with flexible features. You can earn 30,000 Velocity Points for every $100k you borrow (for a limited time, subject to eligibility requirements).

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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 a borrower might need in a particular stage of their 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 October 24th, 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
Mortgage Choice Home Loans
Mortgage Choice Home Loans
Mortgage Choice is one of Australia's largest independent broker services. They have over 28 lenders on their panel, including the big four banks. 28+ 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
Finsure
Finsure
Finsure has loan offers from over 35 lenders, including major brands, and will work to find a home loan that suits your property needs.
Over 35 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
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
Mobile Mortgages
Mobile Mortgages
The experts at Mobile Mortgages provide personalised service and will search and compare loans from over 30 lenders to find you the right home loan.
Over 30 lenders Enquire Now More info
Lindon Financial
Lindon Financial
Lindon Financial has over 100 years of combined experience in helping Australians find the best home loan for their situation. 40+ lenders 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

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

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.

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.

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

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 their commitments if they fail to maintain the security property, pay the rates, keep it insured, etc.

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

We sure do, please see our refinancing guide here.

These are common across packaged home loans.

The details on your electoral roll are 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.

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 23 October 2017 at 10:20am.

Bank Australia Basic Home Loan - Variable (Owner Occupier)

Pay no ongoing fees on a competitive variable rate home loan.

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

A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)

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

IMB Budget Home Loan - LVR <=90% (Owner Occupier, P&I)

Get a competitive rate without features you may not use.

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6 Responses

  1. Default Gravatar
    MirkoJuly 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
      MarcJuly 4, 2014Staff

      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
    MelFebruary 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
      MarcFebruary 19, 2014Staff

      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
    AdrianOctober 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
      MarcOctober 11, 2013Staff

      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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