Finder makes money from featured partners, but editorial opinions are our own.

Compare no-fee home loans

Home loans with no ongoing fees can save you money. But it's important to make sure a loan also has a competitive rate and features that suit your needs.

{"visibility":"visibilityTable","ctaLabel":"Calculate","tableCode":"SAMPLE_COMPARISON_V2_TEMPLATE","nicheCode":"AUFHL","fields":[{"name":"LOAN_AMOUNT","value":"150000","options":"","label":"Borrowing amount","suffix":"$","useSuffixAsPrefix":true,"useDropDownOption":false,"tooltip":""},{"name":"PERIOD","value":"30","options":"","label":"Period","suffix":"years","useSuffixAsPrefix":true,"useDropDownOption":false,"tooltip":""}]}
Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest20% min. depositInvestment
Interest Rate
6.29%
Comparison Rate
6.20%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$929
Go to site
Principal & Interest20% min. depositOwner-occupier
Interest Rate
5.99%
Comparison Rate
5.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$900
Go to site
Principal & Interest40% min. depositOwner-occupierOffset account
Interest Rate
6.14%
Comparison Rate
6.39%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$914
Go to site
Principal & Interest20% min. depositOwner-occupier
Interest Rate
6.19%
Comparison Rate
6.21%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$919
Go to site
Principal & Interest10% min. depositOwner-occupier
Interest Rate
6.04%
Comparison Rate
6.06%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$905
Go to site
Principal & Interest 3Y Fixed5% min. depositOwner-occupier
Interest Rate
6.09%
Comparison Rate
6.15%
Fees
Application: $499
Ongoing: $0 p.a.
Monthly Payment
$909
Principal & Interest 2Y Fixed40% min. depositInvestment
Interest Rate
6.29%
Comparison Rate
6.65%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$929
Principal & Interest 4Y Fixed10% min. depositInvestment
Interest Rate
6.34%
Comparison Rate
6.34%
Fees
Application: $345
Ongoing: $0 p.a.
Monthly Payment
$934
Points offer
Borrowers can earn 100,000 Qantas points every year, for the life of the loan when they take out a home loan with Qantas.
Principal & Interest 1Y Fixed5% min. depositInvestmentOffset account
Interest Rate
6.14%
Comparison Rate
6.15%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$914
5Y Interest only10% min. depositOwner-occupier
Interest Rate
7.09%
Comparison Rate
6.47%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$1,008
Principal & Interest15% min. depositInvestment
Interest Rate
7.90%
Comparison Rate
7.92%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$1,091
Principal & Interest30% min. depositOwner-occupier
Interest Rate
6.14%
Comparison Rate
6.17%
Fees
Application: $300
Ongoing: $0 p.a.
Monthly Payment
$914
Principal & Interest20% min. depositOwner-occupier
Interest Rate
6.04%
Comparison Rate
6.04%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$905
More Info
Principal & Interest30% min. depositOwner-occupier
Interest Rate
6.59%
Comparison Rate
6.59%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$958
Principal & Interest 2Y Fixed20% min. depositOwner-occupier
Interest Rate
6.59%
Comparison Rate
7.64%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$958
loading
Showing 15 of 15 results

Can you really get a no-fee home loan?

Most home loans have a few fees. Lenders charge fees to cover the costs of processing applications, valuing a property or paying a conveyancer to handle settlement.

Some lenders charge a monthly fee for maintaining the loan account, especially if the loan has a 100% offset account.

But many lenders now charge minimal fees, and some genuinely charge no fees at all.

Cashback icon
A no-fee home loan can save you money...
But a loan with a lower interest rate will probably save you even more. Always consider a loan's fees, features and interest rate.

How much can you save with no ongoing fees?

If a home loan has an upfront application fee, it will probably cost you $400–$600. But a home loan with an ongoing monthly or annual fee could cost you thousands over the life of a loan.

Here's a simple example.

Ongoing fee versus no ongoing fee

Let's compare 2 mortgages.

  • Loan 1. A basic home loan with an interest rate of 6.00% p.a. and a $400 application fee.
  • Loan 2. A package home loan with the same 6.00% interest rate. It has no application fee but does have a $250 annual fee.
Loan 1Loan 2
Interest rate 6.00% p.a.6.00% p.a.
Loan term 30 years30 years
Set-up fees $400$0
Ongoing fees (p.a.) $0$250
Total cost of fees over 30 years$400$7,500

In the end, the annual fee ends up being much more expensive over 30 years. Of course, a package home loan comes with other benefits, such as a credit card and offset account. So the fee may be worth it, depending on your needs.

How to compare home loans with no ongoing fees

  • Look at all the loan fees. A lender might waive monthly or annual fees but still charge fees for offset or redraw facilities, which might add to the cost of your loan.
  • Look at the interest rate. The interest rate has a much bigger impact on your loan costs than fees. A lower rate means lower interest charges. Compare the interest rate against other, similar loans to make sure you're getting a good deal.
  • Look at the loan's features. Paying less in fees is good. But you should consider other features that come with the loan. Using a home loan's offset account could help you save a lot in interest charges, outweighing the cost of fees. A loan that allows for additional repayments could help you get out of debt sooner.

What other home loan fees do lenders charge?

Aside from monthly service fees and application fees, lenders often charge:

  • Valuation fees. Lenders often get a professional valuation of your property before approving your loan.
  • Legal fees. Lenders often charge a fee to cover their legal costs during loan settlement.
  • Discharge fees. Some lenders charge you a fee when you end the loan contract.
  • Break costs. This fee only applies if you exit a fixed rate loan before the fixed period ends. Break fees can cost hundreds or thousands of dollars and depend on various factors including your loan size, how much is left on your fixed period and current variable rates.

Learn more about different mortgage fees

Other fees

While your lender won't charge these fees, there are other costs you'll pay when you settle the mortgage, such as your conveyancer's fee and a mortgage registration fee that your state or territory government charges.

Do all home loans have fees?

There are actually some home loans in Finder's database that have no fees at all.

Lenders that charge no fees

  • Unloan. This online lender charges no fees at all.
  • Up. A mobile-only lender (you have to use the Up app), Up has no fees on its home loans.
  • Athena. This online lender does not charge any fees.

There are many other lenders that have close to zero fees, but may charge a valuation fee if the valuation costs exceed a certain limit. Online lender Tic:Toc, for example, has a discharge fee when you end the home loan and a small monthly fee if you add an offset account.

More fee-free home loan questions answered

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.

More guides on Finder

  • 4 disadvantages of refinancing your home loan

    Refinancing your home loan can get you a better interest rate, adjust your loan term and take advantage of new features, but there are some things to look out for to make sure it's the right decision for you.

  • Compare some of the best home loan cashback offers

    Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.

  • Qantas Money Home Loans

    Get 100,000 Qantas Frequent Flyer points per year with a Qantas Money home loan, available for owner-occupiers and investors.

  • Funding bridging loans

    Funding offers competitive bridging loans for homeowners who want to buy their next property sooner.

  • Lendi Review

    Lendi is an online home loan platform that can help you compare and apply for mortgages online.

  • Average Australian mortgage statistics

    Our comprehensive guide to home loan statistics.

  • Compare low deposit home loans

    You may be able to get a low deposit home loan with just a 5% cash deposit. Here are the lenders who are more likely to lend you a 95% loan.

  • Compare investment home loan rates

    The best investor home loan rates that have been offered in years have hit the market. Compare investment property loan rates today.

  • Cheap home loans

    Find the cheapest home loan rates and learn how to decide which one best fits your needs and will save you the most money.

  • Best home loans with offset accounts

    What is an offset account? It can save you thousands in interest and help you own your home sooner.

Ask a Question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our 1. Terms Of Service and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site