Variable Rate Home Loans

Home loans with variable interest rates are usually the most competitive rates and they're easier to refinance. Compare offers from 2.77%.

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UBank Home Loan Offer

UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

2.84 % p.a.

variable rate

2.84 % p.a.

comparison rate

UBank Home Loan Offer

Apply for the UBank UHomeLoan Variable Rate and get a low rate plus no upfront or ongoing fees as well as unlimited redraws.

  • Interest rate of 2.84% p.a.
  • Comparison rate of 2.84% p.a.
  • Application fee of $0
  • Maximum LVR: 80%
  • Minimum borrowing: $200,000
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Rates last updated November 14th, 2019
$
Loan purpose
Offset account
Loan type
Repayment type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
2.84%
2.84%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
3.03%
3.04%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
2.88%
2.90%
$0
$0 p.a.
80%
Get one of the lowest variable interest rates on the market and pay 0 application or ongoing fees.
3.19%
3.22%
$600
$0 p.a.
90%
A competitive variable rate for PAYG home buyers. Available with a 10% deposit.
2.77%
2.78%
$0
$0 p.a.
80%
A very competitive variable rate mortgage for home buyers with a 20% deposit saved. Add an optional 100% offset account for a $10 monthly fee.
3.08%
3.42%
$0
$299 p.a.
80%
Get a 100% offset account and a competitive, variable interest rate, plus no application fee.
2.79%
2.83%
$600
$10 monthly ($120 p.a.)
70%
A very low variable interest rate for home buyers with a 30% deposit. This product has a 100% offset account.
2.79%
4.14%
$0
$400 p.a.
95%
$1,000 cashback when borrowing $250,000 or more. Conditions apply. Variable rate mortgage with a 100% offset account. Available with a low deposit. Southern Cross Credit Union home loans are only available to borrowers in Southeast Queensland and Northern NSW.
3.18%
3.24%
$449
$0 p.a.
90%
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
3.31%
3.32%
$500 (if over 80% LVR)
$0 p.a.
80%
A competitive variable mortgage for home buyers. This loan has flexible repayments and an optional redraw facility.
3.19%
3.21%
$0
$0 p.a.
80%
A competitive variable investor rate for borrowers with 20% deposits. Low fees, redraw facilities and repayment flexibility.
2.95%
2.99%
$500
$0 p.a.
95%
This mortgage combines a very sharp interest rate with a 100% offset account and it's available with a 5% deposit.
3.24%
4.14%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
3.19%
3.59%
$0
$395 p.a.
90%
New borrowers or refinancers can get a discounted rate with this package loan.
3.54%
4.44%
$600
$395 p.a.
95%
A package loan that offers discounts and a 100% offset account.
3.14%
3.28%
$0
$10 monthly ($120 p.a.)
80%
Get this loan with a 20% deposit and access a 100% offset account to save on interest. Eligible borrowers can earn Velocity Frequent Flyer Points, plus extra bonus points for a limited time.
2.99%
2.99%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule.
3.18%
3.32%
$0
$10 monthly ($120 p.a.)
80%
This flexible, competitive variable rate mortgage comes with a redraw facility. Eligible borrowers can earn Velocity Frequent Flyer Points, plus extra bonus points for a limited time.
3.24%
3.24%
$0
$0 p.a.
95%
$2,000 cashback for eligible refinancers. This flexible, basic home loan offers a very low rate and you only need a 5% deposit.
3.38%
3.38%
$0
$0 p.a.
80%
A competitive discounted variable rate home loan. 0.33%p.a. Discount Offer for new Owner Occupier Loans.
4.02%
4.40%
$0
$395 p.a.
95%
No application fee and 100% offset account.
3.74%
3.76%
$0
$10 monthly ($120 p.a.)
80%
A variable rate home loan with no application fees and the opportunity to earn Velocity points.
3.84%
4.16%
$0
$299 p.a.
80%
A low interest packaged variable loan with no application fee and no annual fee for the first year.

Compare up to 4 providers

How do variable home loans work?

A variable interest rate can change whenever the lender decides to raise or lower it. Lenders might lower the rate to attract customers or because their home loan funding costs have decreased. They may raise rates if their costs go up.

But in reality lenders aren't moving their variable rates up and down every week. And on average, variable rate mortgages tend to be cheaper than fixed rates. It's also easier to exit a variable home loan because there are no breaking costs (unlike with a fixed rate).

Variable rate mortgages are far more popular with Australian borrowers, taking up almost 80% of the home loan market (according to research from Mortgage Choice).

Fixed versus variable rates explained

The difference between fixed and variable mortgage rates boils down to stability versus flexibility. It's easier to get out of a variable home loan and refinance to another one. Here's a summary of the differences:

Variable ratesFixed rates
  • Watch your rate. You need to keep an eye on your interest rate and consider switching if it gets too high.
  • Less to worry about. You can "set and forget" your rate and never have to worry about it changing during the fixed period.
  • Lower fees. Variable loans often come with lower fees than their fixed rate equivalents.
  • Higher fees. Fixed rate loans often have higher fees.
  • Refinancing. It's easier to refinance a variable rate mortgage.
  • Refinancing. It's often harder to refinance to another loan during the fixed rate period because of fixed loan break costs.
  • Extra repayments. Most variable rates allow you to make extra repayments without paying fees, helping you end your mortgage faster.
  • Limited extra repayments. Most fixed rates don't allow you to make extra repayments.

Variable loans are more likely to have features like redraw and offset accounts, although this really depends on the product.

Read more on fixed versus variable rates

How do I compare variable rate loans?

Consider the following factors when comparing variable home loan rates:

  • Interest rates. A lower interest rate means lower repayments. It's the most important aspect of a home loan. Use a repayment calculator to find out what your repayments will look like with the given interest rate.
  • Fees. A variable rate home loan can come with a range of fees. If the loan works for you and the interest rate is low, a few fees aren't so bad. But if you can avoid fees then why pay more?
  • Features. If you will actually use them, a variable loan's features can be useful. If you have extra savings you might want a loan with an offset account. If you want a home loan that allows you to make unlimited additional repayments, you might want to look for home loans with a free redraw facility.
  • Product types. Most variable rate loans are either basic or full-featured. A basic variable rate loan is usually a lender's most competitive rate but the mortgage may not have features like offset accounts or redraw facilities. More full-featured loans with offset accounts often have higher rates (but not always). There are also package loans that are combined with a credit card and savings account from the same lender and introductory or honeymoon rates, which start very low but will go higher later.

If you're looking for a more specialised type of variable home loan like some of the ones listed above, you should consider contacting a mortgage broker to get some free, expert guidance.

Compare more home loan options here

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Home Loan Offers

Important Information*
Logo for UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 2.84% p.a. and a 2.84% p.a. comparison rate.

Logo for Athena Variable Home Loan - Refinance (Owner Occupier, P&I)
Athena Variable Home Loan - Refinance (Owner Occupier, P&I)

Owner occupiers looking to refinance can get one of the lowest rates in the market with this variable rate mortgage. $0 application fee and $0 ongoing fees. Refinancers only.

Logo for Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)
Virgin Reward Me Fixed Rate Home Loan - 2 Year $300k+ Special offer (Owner Occupier, P&I)

Buy your home and lock in a low rate for the first two years. Available with a 10% deposit. Earn Velocity Frequent Flyer Points at settlement, monthly and every three years, plus extra bonus points for a limited time.

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20 Responses

  1. 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.

    • Avatarfinder Customer Care
      NikkiOctober 6, 2019Staff

      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

  2. 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 Customer Care
      JoshuaAugust 30, 2018Staff

      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 your home loan 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. To learn more, please read this guide.

      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 the two. We have a guide to help you with this.

      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

  3. 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,

      You may want to check out lenders on this page on Construction Loans.

      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

  4. 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. You may find our guide on home loan refinancing on this page helpful.

      Cheers,
      Liezl

  5. 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 Customer Care
      MarcJune 20, 2016Staff

      Hi Carol,
      thanks for the question.

      This will depend on the lender, as each will have their 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.

  6. Default Gravatar
    JonSeptember 30, 2014

    Hi, how do i search for interest only loans?

    • Avatarfinder Customer Care
      ShirleyOctober 1, 2014Staff

      Hi Jon,

      Thanks for your question.

      Please see this page for a comparison of interest free home loans.

      For future reference, you can use the search tool (with the magnifying glass) on the top right hand corner of this page to search for certain comparisons.

      Cheers,
      Shirley

  7. Default Gravatar
    JeffAugust 19, 2014

    My bank charges 5.98% variable rate , am I in my right to ask for a better rate like other lenders are give. We have a offset account and does that make difference.

    • Avatarfinder Customer Care
      MarcAugust 20, 2014Staff

      Hi Jeff,
      thanks for the question.

      You’re completely within your rights to ask for a better rate, and starting a comparison of what else is out there in the market already is a great place to start. If you let your lender know that you’re unhappy with your rate and thinking of refinancing, there’s a range of incentives they can offer for you to stay, including cash and decreased rates. It never hurts to ask.

      I hope this helps,
      Marc.

  8. Default Gravatar
    MeganJuly 11, 2014

    If I choose a variable loan am I locked into that loan for a certain amount of time or can I opt out or change my loan whenever I choose???

    • Avatarfinder Customer Care
      ShirleyJuly 14, 2014Staff

      Hi Megan,

      Thanks for your question.

      It usually depends on the home loan you’ve committed to. Some lenders could charge a break fee if you leave the loan early and some may not charge this fee when you’ve stayed with the loan for a certain period of time.

      You can check these fees by clicking on the ‘fees’ tab on our home loan reviews, and you can check the PDS of the product to see how long you may need to commit to the loan.

      Generally variable rate home loans are more flexible than fixed rate home loans in terms of exiting – best of luck!

      Cheers,
      Shirley

  9. Default Gravatar
    kateAugust 6, 2013

    my home has just been valuaterd at 800000
    what is the most i can borrow and best interest rate

    • Avatarfinder Customer Care
      ShirleyAugust 6, 2013Staff

      Hi Kate,

      Thanks for your comment.

      Please use our borrowing power calculator to give you an indication. You can then compare our featured home loans on this page.

      Cheers,
      Shirley

  10. Default Gravatar
    jkJune 26, 2013

    i want to take combination of fixed and variable home loan for 30 yrs. loan amount over $350000.

    what is the maximum period for fixed rate i can opt for in this scheme. i want to split amount in 50 – 50 %.

    thanks and regards

    jk

    • Avatarfinder Customer Care
      ShirleyJune 26, 2013Staff

      Hi Jk,

      Thanks for your comment.

      After you’ve chosen a loan that you think might be suitable for you, our review will state the maximum period that you can fix or split your interest rate.

      Cheers,
      Shirley

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