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

Best variable rates – turn on the offset

Ready to ride the rate rollercoaster? Variable rates from 5.69% [checked daily].

What you need to know

  • Finder compares variable rates from across the market. From the big 4 banks to online lenders.
  • The best variable rate loans have low interest rates and low fees. An offset account is also a great money saving feature.
  • Most Australians choose variable over fixed rate. You can repay a variable rate faster, and refinance without fees.

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


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1 - 20 of 172
Name Finder Score Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Unloan logo
Principal & Interest20% min. depositOwner-occupierRefinance Only
Unloan logo
Principal & Interest20% min. depositOwner-occupierRefinance Only
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.5.90%
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
Finder score
9.1
Interest Rate
5.99%
Comparison Rate
5.90%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to site
loans.com.au logo
Principal & Interest10% min. depositOwner-occupier
loans.com.au logo
Principal & Interest10% min. depositOwner-occupier
Go to site
Product Nameloans.com.au Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.04%
Comp. Rate p.a.6.06%
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
Finder score
8.6
Interest Rate
6.04%
Comparison Rate
6.06%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,014
Go to site
Unloan logo
Principal & Interest20% min. depositInvestmentRefinance Only
Unloan logo
Principal & Interest20% min. depositInvestmentRefinance Only
Go to site
Product NameUnloan Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.29%
Comp. Rate p.a.6.20%
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
Finder score
9.1
Interest Rate
6.29%
Comparison Rate
6.20%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,095
Go to site
IMB logo
Principal & Interest30% min. depositOwner-occupier
IMB logo
Principal & Interest30% min. depositOwner-occupier
Go to site
Product NameIMB Budget Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.04%
Comp. Rate p.a.6.07%
Minimum Loan Amount$10,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Finder score
8.6
Interest Rate
6.04%
Comparison Rate
6.07%
Fees
Application: $449
Ongoing: $0 p.a.
Monthly Payment
$3,014
Go to site
$2000-$4000 cashback
Eligible refinancers can get up to $4,000 cashback when switching their loan to IMB. Loan value criteria applies. Other terms and conditions also apply.
Macquarie Bank logo
Principal & Interest20% min. depositOwner-occupier
Macquarie Bank logo
Principal & Interest20% min. depositOwner-occupier
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.19%
Comp. Rate p.a.6.21%
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
Finder score
8.4
Interest Rate
6.19%
Comparison Rate
6.21%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,063
Go to site
loans.com.au logo
Principal & Interest10% min. depositOwner-occupierOffset account
loans.com.au logo
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 Rate p.a.5.99%
Comp. Rate p.a.6.51%
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
Finder score
9.1
Interest Rate
5.99%
Comparison Rate
6.51%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to site
Greater Bank logo
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Greater Bank logo
Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only
Go to site
Product NameGreater Bank Great Rate Discount Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.04%
Comp. Rate p.a.6.05%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term
Maximum LVR 110%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Finder score
8.7
Interest Rate
6.04%
Comparison Rate
6.05%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,014
Go to site
Up to $2,500 cashback
Eligible refinancers can get up to $2,500 cashback depending on loan value. Full terms and conditions apply.
Bendigo Bank logo
Principal & Interest10% min. depositOwner-occupierOffset account
Bendigo Bank logo
Principal & Interest10% min. depositOwner-occupierOffset account
Go to site
Product NameBendigo Bank Express Variable Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.01%
Comp. Rate p.a.6.14%
Minimum Loan Amount$5,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 90%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityNo
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Finder score
9.1
Interest Rate
6.01%
Comparison Rate
6.14%
Fees
Application: $0
Ongoing: $10 per month
Monthly Payment
$3,004
Go to siteMore Info
Newcastle Permanent logo
Principal & Interest20% min. depositOwner-occupierOffset account
Newcastle Permanent logo
Principal & Interest20% min. depositOwner-occupierOffset account
Go to site
Product NameNewcastle Permanent Real Deal Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.09%
Comp. Rate p.a.6.13%
Minimum Loan Amount$150,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableYes
Extra Repayments Yes
Finder score
8.9
Interest Rate
6.09%
Comparison Rate
6.13%
Fees
Application: $595
Ongoing: $0 p.a.
Monthly Payment
$3,030
Go to siteMore Info
IMB logo
Principal & Interest20% min. depositOwner-occupier
IMB logo
Principal & Interest20% min. depositOwner-occupier
Go to site
Product NameIMB Budget Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.14%
Comp. Rate p.a.6.17%
Minimum Loan Amount$10,000
Maximum Loan Amount N/A
Maximum Loan Term30 years
Maximum LVR 80%
Loan Redraw FacilityYes
Offset AccountNo
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableYes
Extra Repayments Yes
Finder score
8.5
Interest Rate
6.14%
Comparison Rate
6.17%
Fees
Application: $449
Ongoing: $0 p.a.
Monthly Payment
$3,046
Go to site
$2,000-$4,000 cashback
Eligible refinancers can get up to $4,000 cashback when switching their loan to IMB. Loan value criteria applies. Other terms and conditions also apply.
HomeStar Finance logo
Principal & Interest30% min. depositOwner-occupierOffset account
HomeStar Finance logo
Principal & Interest30% min. depositOwner-occupierOffset account
Go to site
Product NameHomestar Star Classic Variable Rate Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.5.99%
Comp. Rate p.a.5.99%
Minimum Loan Amount$150,000
Maximum Loan Amount $2,000,000
Maximum Loan Term
Maximum LVR 70%
Loan Redraw FacilityNo
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionNo
Loan PortableNo
Extra Repayments Yes
Finder score
9.1
Interest Rate
5.99%
Comparison Rate
5.99%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$2,998
Go to site
Macquarie Bank logo
Principal & Interest30% min. depositOwner-occupierOffset account
Macquarie Bank logo
Principal & Interest30% min. depositOwner-occupierOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.14%
Comp. Rate p.a.6.39%
Minimum Loan Amount$150,000
Maximum Loan Amount $10,000,000
Maximum Loan Term30 years
Maximum LVR 70%
Loan Redraw FacilityYes
Offset AccountYes
Split Loan FacilityYes
Fixed Interest OptionYes
Loan PortableNo
Extra Repayments Yes
Finder score
8.9
Interest Rate
6.14%
Comparison Rate
6.39%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,046
Go to site
Macquarie Bank logo
Principal & Interest40% min. depositOwner-occupierOffset account
Macquarie Bank logo
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 Rate p.a.6.14%
Comp. Rate p.a.6.39%
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
Finder score
8.9
Interest Rate
6.14%
Comparison Rate
6.39%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,046
Go to site
Macquarie Bank logo
Principal & Interest20% min. depositOwner-occupierOffset account
Macquarie Bank logo
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 Rate p.a.6.19%
Comp. Rate p.a.6.44%
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
Finder score
8.8
Interest Rate
6.19%
Comparison Rate
6.44%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,063
Go to site
Macquarie Bank logo
Principal & Interest40% min. depositOwner-occupier
Macquarie Bank logo
Principal & Interest40% min. depositOwner-occupier
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.14%
Comp. Rate p.a.6.16%
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
Finder score
8.4
Interest Rate
6.14%
Comparison Rate
6.16%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,046
Go to site
Macquarie Bank logo
Principal & Interest20% min. depositInvestmentOffset account
Macquarie Bank logo
Principal & Interest20% min. depositInvestmentOffset account
Go to site
Product NameMacquarie Bank Offset Home Loan Package
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.45%
Comp. Rate p.a.6.70%
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
Finder score
8.8
Interest Rate
6.45%
Comparison Rate
6.70%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$3,147
Go to site
Macquarie Bank logo
Principal & Interest20% min. depositInvestment
Macquarie Bank logo
Principal & Interest20% min. depositInvestment
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.45%
Comp. Rate p.a.6.48%
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
Finder score
8.3
Interest Rate
6.45%
Comparison Rate
6.48%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,147
Go to site
loans.com.au logo
Principal & Interest10% min. depositInvestmentOffset account
loans.com.au logo
Principal & Interest10% min. depositInvestmentOffset account
Go to site
Product Nameloans.com.au Solar Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.19%
Comp. Rate p.a.6.58%
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
Finder score
9.2
Interest Rate
6.19%
Comparison Rate
6.58%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,063
Go to site
loans.com.au logo
Principal & Interest10% min. depositInvestment
loans.com.au logo
Principal & Interest10% min. depositInvestment
Go to site
Product Nameloans.com.au Variable Home Loan
Interest Rate TypeVariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.34%
Comp. Rate p.a.6.36%
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
Finder score
8.5
Interest Rate
6.34%
Comparison Rate
6.36%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,111
Go to site
Macquarie Bank logo
Principal & Interest40% min. depositInvestment
Macquarie Bank logo
Principal & Interest40% min. depositInvestment
Go to site
Product NameMacquarie Bank Basic Home Loan
Interest Rate Typevariable rate
Repayment Type Principal & Interest
Interest Rate p.a.6.34%
Comp. Rate p.a.6.36%
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
Finder score
8.5
Interest Rate
6.34%
Comparison Rate
6.36%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$3,111
Go to site
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Showing 20 of 172 results

We put every effort into ensuring information on Finder is accurate. This article was reviewed by James Millard from our Editorial Review Board as part of our fact checking process.

The lowdown on Finder Score

  • 9+ Excellent - These variable rate home loans offer low costs, coupled with a host of features, giving the best overall value.
  • 7+ Great - These home loans may have slightly higher interest rates or fewer features but overall, a competitive offering.
  • 5+ Satisfactory - Usually the home loans would offer above average rates. They may still include some competitive features.
  • Less than 5 – Basic - Higher costs and/or fewer features.

Tell me more about the variable rate home loan score

The Finder Score is an easy, data-driven way to judge home loans at a glance. Here's how:

  • Every month, our insights team analyses more than 7,000 home loans across 120+ lenders.
  • For the variable rate loan score, we only compare the loans in our database which have a variable interest rate.
  • We assess the most important features, rate them, and then combine them via a weighted methodology to create a simple score out of 10.

The Finder Score is designed by our insights and editorial team. We score home loans objectively, Finder's commercial partnerships don't affect the scores at all.

While the Finder Score hopes to help you with your financial decision-making, the right product may be different for your circumstances. So please consider what you want from your home loan before making any decisions.

Each home loan is put into a group with other loans of its type. Each product can only be put into 1 of 12 groups and are then compared with other products in that grouping.

  • The nitty gritty: how Finder Score is calculated

    The Finder Score examines the costs and features of each home loan. These are combined to create the final score.

    Frequent Flyers Points

    Cost Components (85% of overall score)Features Component (15% of overall score)
    Interest costsFull and Partials Offsets
    Upfront FeesExtra Repayments and Redraw
    Monthly/ Annual FeesLoyalty Discounts
    Cashbacks

    The cost of the home loan makes up 85% of the score. The other 15% is made up of features that come with the home loan.

    How to compare variable rate home loans

    Don't settle for a third-rate home loan. Make sure you get the best variable rate home loan deal by looking at 4 things:

    1. The interest rate

    The interest rate determines how expensive your repayments will be. The lower the rate, the better.

    2. Fees

    Most home loans have some fees, but some have almost none. The key ones to watch out for are application fees, monthly fees and settlement fees.

    3. Loan purpose

    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 your home then you need an owner-occupier home loan.

    4. Loan features

    Variable rate loans come with the most features. You can make extra repayments to pay the loan off faster. And most variable rate loans have a redraw facility too.

    Some variable rate loans have an offset account, which functions like a bank account. But instead of earning interest on the savings it reduces your loan's interest charges and gets you out of debt faster.

    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.

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

    • The lowest variable home loan rate right now on Finder is 5.69%.
    • The average variable home loan rate on the market is 7.48%.

    There's never really a "best" time to get a variable rate home loan. When rates are falling, variable rate loans can work out better.

    Fixed rate loans are great when rates are rising fast. That was the case in 2022–23. But now rates have stayed where they are for a while, and it is unclear whether the next move will be a rise or a fall.

    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.

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

    Variable rates

    Variable rate mortgages...

    • Go up and down over time. Lenders can change your rate at any time (usually when the RBA changes the official cash rate). Lenders increased their variable rate loans 8 times in 2022 and another 5 times in 2023!
    • Are flexible. You can repay a variable rate loan early or refinance and your lender won't charge any fees.
    • Usually have lower rates. Fixed rates are typically higher than variable rates (that's the price of certainty). But this isn't always the case.
    Fixed rate

    Fixed rate mortgages...

    • Won't change (for the fixed period). You can fix your rate for 1 to 5 years. And your repayments won't change during this time.
    • Turn into variable rates anyway. Once the fixed period ends you're back on a variable rate.
    • Are harder to break. Refinancing or repaying a fixed rate loan early comes with a break fee. This can cost thousands of dollars.

    Most borrowers go for a variable rate

    A variable rate loan is really about flexibility: paying the loan off faster via an offset account or extra repayments.

    And it's about being able to exit the loan or refinance without paying a break fee.

    Most Australian borrowers choose a variable rate. According to the AFG Index, just 1.6% of borrowers chose a fixed rate in the last 3 months.

    Still unsure? Consider the split rate 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.

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

    Fixed vs variable rates: What are the differences?

    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

    2024 Finder Awards winners

    Here are the variable rate home loans that won recognition at the 2024 Finder Home Loan Awards.

    Why you can trust Finder's home loan experts

    freeYou pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees. Guaranteed.
    expert adviceYou save time. We spend 100s of hours researching home loans so you can sort the gold from the junk faster.
    independentYou compare more. Our comparison tools bring you cheaper, better home loans from across the market.

    Frequently asked questions about variable rate home loans

    James Millard, Director of financial advice and mortgage broking firm Sufficient Funds stands as a trailblazer in Australian financial services. Combining a B.Comm, majoring in finance, almost two decades of financial expertise, and a unique entrepreneurial spirit, he leads his large team and clients with the philosophy that champions aligning financial decisions with personal values.

    His hilarious and deeply insightful book, Insufficient Funds, furthers his mission of empowering individuals through financial literacy with a relatable approach.

    Rebecca Pike's headshot
    James Millard's headshot
    To make sure you get accurate and helpful information, this guide has been edited by Rebecca Pike and reviewed by James Millard, a member of Finder's Editorial Review Board.
    Richard Whitten's headshot
    Editor

    Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

    Richard's expertise
    Richard has written 528 Finder guides across topics including:
    • Home loans
    • Property
    • Personal finance
    • Money-saving tips

    More guides on Finder

    Ask a question

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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

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      SafiaOctober 17, 2017

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

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        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

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      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

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        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

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      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.