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Compare the best variable rate home loans

Variable rate home loans have lower interest rates and often come with great features like offset accounts. Compare variable home loan rates from 5.8%.

Our expert's top picks: Best variable home loans in April 2024


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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 & Interest10% min. depositOwner-occupier
Principal & Interest10% min. depositOwner-occupier
Go to site
Product Nameloans.com.au Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.04%
Comp. Rate6.06%
Minimum Loan Amount$50,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest Option
Loan Portable
Extra Repayments Yes
Interest Rate
6.04%
Comparison Rate
6.06%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,014
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 & 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 Rate6.15%
Comp. Rate6.17%
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
6.15%
Comparison Rate
6.17%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,050
Go to site
Principal & Interest10% min. depositOwner-occupierOffset account
Principal & Interest10% min. depositOwner-occupierOffset account
Go to site
Product Nameloans.com.au Solar Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate5.99%
Comp. Rate6.51%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,500,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest Option
Loan Portable
Extra Repayments Yes
Interest Rate
5.99%
Comparison Rate
6.51%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
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
Principal & Interest10% min. depositInvestmentOffset account
Principal & Interest10% min. depositInvestmentOffset account
Go to site
Product Nameloans.com.au Solar Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate6.19%
Comp. Rate6.58%
Minimum Loan Amount$50,000
Maximum Loan Amount $1,500,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest Option
Loan Portable
Extra Repayments Yes
Interest Rate
6.19%
Comparison Rate
6.58%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,063
Go to site
Principal & Interest20% min. depositInvestment
Principal & Interest20% min. depositInvestment
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.45%
Comp. Rate6.48%
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
6.45%
Comparison Rate
6.48%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,147
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 Rate6.15%
Comp. Rate6.40%
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
6.15%
Comparison Rate
6.40%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,050
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 & Interest5% min. depositOwner-occupierOffset account
Principal & Interest5% min. depositOwner-occupierOffset account
Product NameBorder Bank First Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.84%
Comp. Rate5.92%
Minimum Loan Amount$50,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.84%
Comparison Rate
5.92%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$2,950
More Info
Principal & Interest10% min. depositOwner-occupierOffset account
Principal & Interest10% min. depositOwner-occupierOffset account
Product NameUp Home Loan Variable Rate
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.95%
Comp. Rate5.95%
Minimum Loan Amount$50,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan Facility
Fixed Interest Option
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.95%
Comparison Rate
5.95%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,985
Principal & Interest5% min. depositOwner-occupierOffset accountSpecial Offer
Principal & Interest5% min. depositOwner-occupierOffset accountSpecial Offer
Product NameG&C Mutual Bank First Home Buyer
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.90%
Comp. Rate5.93%
Minimum Loan Amount$0
Maximum Loan Amount $5,000,000
Maximum Loan Term40 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan Facility
Fixed Interest OptionNo
Loan Portable
Extra Repayments Yes
Interest Rate
5.90%
Comparison Rate
5.93%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,969
Principal & Interest5% min. depositOwner-occupierOffset account
Principal & Interest5% min. depositOwner-occupierOffset account
Product NameG&C Mutual Bank Essential Worker Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.80%
Comp. Rate5.83%
Minimum Loan Amount$100,000
Maximum Loan Amount $5,000,000
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.80%
Comparison Rate
5.83%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,937
Principal & Interest10% min. depositOwner-occupierOffset account
Principal & Interest10% min. depositOwner-occupierOffset account
Product NameQantas Money Variable Home Loan
Interest Rate Typevariable
Repayment Type Principal & Interest
Interest Rate6.08%
Comp. Rate6.25%
Minimum Loan Amount$300,000
Maximum Loan Amount $3,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Interest Rate
6.08%
Comparison Rate
6.25%
Fees
Application: $345
Ongoing: $0 p.a.
Monthly Payment
$3,027
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.
Finder AwardPrincipal & Interest10% min. depositOwner-occupierOffset accountwith offset
Finder AwardPrincipal & Interest10% min. depositOwner-occupierOffset accountwith offset
Product NameTiimely Own Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.94%
Comp. Rate6.05%
Minimum Loan Amount$50,000
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
5.94%
Comparison Rate
6.05%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,982
Principal & Interest5% min. depositOwner-occupierOffset account
Principal & Interest5% min. depositOwner-occupierOffset account
Product NameG&C Mutual Bank Momentum Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate6.10%
Comp. Rate6.13%
Minimum Loan Amount$100,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Interest Rate
6.10%
Comparison Rate
6.13%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,033
Principal & InterestInterest only40% min. depositOwner-occupier
Principal & InterestInterest only40% min. depositOwner-occupier
Product NameAustralian Mutual Bank GumLeaf Basic Variable
Interest Rate TypeVariable rate
Repayment Type Principal & Interest Interest Only
Interest Rate5.89%
Comp. Rate5.96%
Minimum Loan Amount
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 60%
Loan Redraw Facility
Offset Account
Split Loan Facility
Fixed Interest Option
Loan Portable
Extra Repayments
Interest Rate
5.89%
Comparison Rate
5.96%
Fees
Application: $250
Ongoing: $0 p.a.
Monthly Payment
$2,966
More Info
Principal & Interest10% min. depositOwner-occupierOffset account
Principal & Interest10% min. depositOwner-occupierOffset account
Product Nameloans.com.au Green Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate5.99%
Comp. Rate6.51%
Minimum Loan Amount$50,000
Maximum Loan Amount $2,000,000
Maximum Loan Term30 years
Maximum LVR ≤90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Interest Rate
5.99%
Comparison Rate
6.51%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Interest only5% min. depositOwner-occupier
Interest only5% min. depositOwner-occupier
Product NameBank of Heritage Isle First Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Interest Only
Interest Rate5.84%
Comp. Rate5.91%
Minimum Loan Amount$50,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 95%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest Option
Loan PortableNo
Extra Repayments Yes
Interest Rate
5.84%
Comparison Rate
5.91%
Fees
Application: $545
Ongoing: $0 p.a.
Monthly Payment
$2,950
More Info
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Showing 20 of 20 results

Finding the best variable rate home loan for you

Every month, our home loan experts analyse more than 50 home loan rates from our database to find our best home loan picks. We only select home loans that are suitable for a typical borrower, so we don't include loans that require enormous deposits or have extra eligibility requirements.

We then rank these loans, with a scoring system that awards a higher score for loans with the lowest rates and fewest fees.

All our picks are from lenders with whom Finder has a commercial partnership. The best home loan looks a little different for every borrower and our picks may not be the best option for your situation.

Why you can trust Finder's research

Rates
100+ rates compared
Expert
Analysis from the experts
Calendar
Picks updated monthly

Read our in-depth methodology

How to compare variable rate home loans

Consider these 5 things when choosing your variable rate home loan to get the best loan that works for you.

1. Interest rates

The interest rate will determine how much your repayments will be. The lower the rate, the better: noting that with a variable rate, the rate will fluctuate throughout the life of your loan and could go higher. Your overall repayments aren't dictated by the interest rates alone though.

2. Comparison rates

The comparison rate takes into account any additional fees and charges attached to the loan, meaning it provides a more accurate reflection of what you'll end up paying. Note that the comparison rate is always based on a loan value of $150,000, so while it's not always the most accurate reflection of your situation, it's a good guide.

3. Fees and charges

If the comparison rate is much higher, take a look at the fees and charges included. The key ones to watch out for are application fees, monthly or ongoing fees and settlement fees.

4. Loan purpose

Even the lowest rate on earth is not very useful if you have the wrong loan type. If you're looking to finance an investment property then you will need an investment loan. If you're buying or refinancing a loan for the home you live in then you need an owner-occupier home loan.

5. Loan features

Take a look at whether your variable rate home loan will come with features like an offset account or redraw facility. Even if you pay more for the benefit of having the features, you may end up saving money on your repayments from using them. Other features you might want to consider include the ability to make extra repayments, cashback offers and home loans packages.

If you have a variable loan, it's a great idea to also have an offset account. While that can mean extra costs, it allows you to offset your savings against your loan and can save a lot in a high-interest world.

Types of variable home loan products

Most lenders offer multiple variable rate home loans. But which type is best for you?

  • Basic variable home loans. A basic variable loan has a lower rate than a lender's other products (usually) and doesn't come with as many features. If you want a simple variable rate loan with no offset account, a basic loan is a good option.
  • Introductory discount home loans. These loans (sometimes called honeymoon home loans) are often the lowest variable rate loans a lender offers. But after the initial discounted period, the rate will revert to a higher variable rate.
  • Package home loans. These loans let you combine your mortgage with a transaction account (usually an offset account) plus a credit card or other financial products. In exchange, you can get waived or discounted fees on the products and the convenience of having all your bank products in one place. The downside? You pay an annual package fee of several hundred dollars.
  • Standard variable home loans. Standard variable rates are a bit of a throwback. These are the benchmark variable rates used for home loans with the Big Four banks and some other lenders. Most lenders discount the actual rate you get or will recommend a similar loan with a lower rate.

What's the difference between fixed rate and variable rate home loans?

Variable rates

Variable rate mortgages

The interest rate on a variable rate home loan rises and falls depending on whether the lender decides to change the rate. This is normally in line with the Reserve Bank of Australia's cash rate. Lenders increased their variable rate loans 8 times in 2022 and another 5 times in 2023!

There are no break fees for exiting a variable rate loan early and these loans are much more likely to come with offset accounts or let you make extra repayments.

Fixed rate

Fixed rate mortgages

A fixed rate won't change during your fixed rate period (you can normally fix your interest rate for 1–5 years). This gives you certainty in knowing what your repayments will be. However, you may end up paying more than on a variable rate depending on how rates move.

Exiting a loan during the fixed period incurs a break cost. Depending on your loan size and how long you've fixed for, this can cost hundreds or even thousands of dollars.

Richard Whitten

I'm team variable interest rate all the way. I don't fix my rate and I don't bother with a split rate either. For me, the value of a variable rate loan's flexibility and getting the full benefit of an offset account is so important. I can refinance whenever I need without penalty and if I decide to sell or make a big change that requires a new loan, it's so much easier.
— Richard Whitten, money editor

The lowest variable rate vs the lowest fixed rate loan over time

This simple graph shows how the lowest variable rate loan has compared to the lowest fixed rate loan over the last few years.

Depending on whether interest rates are moving up or down, sometimes fixed rate loans can become lower than variable rates loans or vice versa.

Fixed vs variable rates: What are the differences?

Still unsure? Consider the split loan option

Australian borrowers don't have to pick between variable and fixed. Many lenders allow you to split your loan into fixed and variable portions.

How do I know if variable rates are going to rise or fall?

Lenders are free to move your variable interest rate up or down whenever they want. In practice, lenders move rates in response to wider market and economic conditions.

While you can't really predict rate changes perfectly, it is possible to get a good sense of which direction rates are moving in.

The Reserve Bank of Australia (RBA)

The Reserve Bank of Australia (RBA) sets the official cash rate each month. This is a benchmark for lenders to set interest rates on variable rate home loans.

The RBA lowers interest rates to stimulate economic growth and encourage spending. When inflation is high, the RBA raises rates to cool spending and drive prices down.

If the RBA changes the cash rate, it's a safe bet that lenders will change their own interest rates too.

Is it a good time to get a variable rate home loan?

The lowest variable home loan rate on Finder is 5.8%.

The average variable home loan rate on the market is 7.26%.

With rising rates, fixed rate home loans are often lower than variable rate home loans at the moment. Although this means you can lock in a slightly lower fixed rate, it may suggest lenders believe that variable rates will start to fall soon.

If you lock in a fixed rate home loan, you won't be able to take advantage if interest rates do fall down the track.

You can never really pick rate movements or beat the banks here. When deciding between fixed and variable it's more important to think about how comfortable you are with the current rate and whether you can afford more rate rises. Some borrowers value the certainty of fixing more than getting the absolute lowest rate.

Why you can trust Finder's home loan experts

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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.
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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 variable rate home loans

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20 Responses

    Default Gravatar
    KeithOctober 4, 2019

    We have a current Reverse Mortgage with Bankwest which was established several years ago. Can you tell me what the current rate is we would be incurring and if it is a Variable Rate and any hidden charges involved.

      Default Gravatar
      NikkiOctober 6, 2019

      Hi Keith,

      Thanks for getting in touch! It is helpful to know that while we compare variable rate home loans on our page, we do not have the actual current rate is per lender and in this case, Bankwest. It would be best to get in touch with your preferred lender to obtain more information on monthly repayments.

      Hope this clarifies! Feel free to reach out to us again for further assistance.

      Best,
      Nikki

    Default Gravatar
    NHAugust 30, 2018

    I am wanting to consolidate all my outstanding into my home loan. I also want to change my financial institution to have a better lower interest rate. Also will it be better to have variable or fixed with what I am wanting to do? Please can you help?

    Thanks

      AvatarFinder
      JoshuaAugust 30, 2018Finder

      Hi NH,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      Let me address your concerns one by one.

      1. I am wanting to consolidate all my outstanding into my home loan.

      You may want to consider refinancing to consolidate debt. This type of home loan allows you to pay out your credit card and personal loans under your mortgage. Instead of paying off multiple debts, you pay off all of your debts with one home loan repayment each month. This also means your debts are only charged at a home loan interest rate – which can be much lower than a credit card or personal loan interest rate.

      2. I also want to change my financial institution to have a better lower interest rate.

      Please refer to the guide I shared with you above. When you’re on the page, please refer to the table under the subheading “Which lenders offer debt consolidation options when refinancing?” By doing so, you will see different financial institutions that might be able to help you.

      3. Also will it be better to have variable or fixed with what I am wanting to do?

      While we can’t provide personalised recommendations, it would be a good idea to know the difference between fixed and variable home loans.

      On that page, you will know more about variable and fixed interest home loans, which include their advantages and disadvantages.

      Finally, please speak to a mortgage broker to help you explore your different options. They have the right skills and knowledge to ensure you make the right decision.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    SafiaOctober 17, 2017

    How many financial institution offer construction loans and what are things to look out for before choosing a financial institution.

      Default Gravatar
      MariaOctober 17, 2017

      Hi Safia,

      Thanks for reaching out to Finder.

      You may want to check out lenders from our Construction Loans page. It also includes tips and information on how to choose a construction loan and some other frequently asked questions which you can find at the bottom of the page.

      Before applying, please ensure that you meet the eligibility criteria and requirements and to read the details, as well as the relevant Product Disclosure Statements/ Terms and Conditions of the option before making a decision and consider whether the product is right for you.

      Once you’ve chosen a lender, you may click on “Go to Site” to be directed to their main website where you can start your application.

      Best,
      Maria

    Default Gravatar
    JamesAugust 3, 2017

    So I just re-financed my home to go to a cheaper rate at a diffrent bank and my property got valued at 600.000 when I only have 300,000 left on property so where does the other 300,000 go.can I take some for me and put in on top of the loan for eg: 50k for me then loan will be 350,000 instead of 300,000 since I don’t need the whole 600,000 to move over

      Default Gravatar
      LiezlAugust 3, 2017

      Hi James,

      Thanks for your question.

      The difference of $300,000 is your home equity which you can use for investment purposes or for a wide variety of reasons such as pay up-front university fees for your children, for an extended overseas holiday, or home repairs and cosmetic renovations. For more details, please feel free to read our guide on refinancing home loans.

      Cheers,
      Liezl

    Default Gravatar
    CarolJune 17, 2016

    Hi If I reach retirement age and still have a home loan of say $100000, what is the longest term you can pay interest only repayments?
    Thanks
    Carol

      AvatarFinder
      MarcJune 20, 2016Finder

      Hi Carol,

      thanks for the question.

      This will depend on the lender, as each will have its own unique lending criteria. It might be a good idea to consult a mortgage broker to find out the longest term available to you for your situation.

      I hope this helps,
      Marc.

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