How lenders calculate home loan interest

Lenders charge interest on your loan every day, using your interest rate and the loan amount to calculate your repayments.

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There are two parts to a mortgage repayment: the principal and the interest. You pay back both the money you borrow (the principal) and the interest (charged by the lender). This interest adds up to a huge chunk of money on top of your original loan amount – but the good news is, there are ways to save on interest and own you own home sooner.

From the Reserve Bank’s cash rate to the amount you borrow, there are several factors that affect the amount of your interest repayments. Let’s take a closer look at how home loan interest is calculated.

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How is home loan interest calculated?

Interest on your home loan is generally calculated daily and then charged to you at the end of each month. Your bank will take the outstanding loan amount at the end of each business day and multiply it by the interest rate that applies to your loan, then divide that amount by 365 days (or 366 in a leap year).

Home loan interest calculationAssuming you have an outstanding loan amount of $500,000 and an interest rate of 3% p.a., your interest repayment for one day would be calculated using the following formula:

($500,000 x 0.03) ÷ 365 = $41.10

At the end of the month, each daily interest charge is added together and then charged to your loan. To work out how much your interest repayments will be, input the details of your loan into our home loan interest calculator below.

What factors affect the amount of interest you pay?

The following factors will affect the amount of your interest repayments:

  • The home loan interest rate. This is the rate at which the bank charges you interest on the loan, such as 3% p.a. Some loans offer a reduced interest rate for an introductory period, which then reverts to the standard rate.
  • The Reserve Bank Official Cash Rate. The interest rate on your loan is based on the official cash rate set by the Reserve Bank of Australia on the first Tuesday of each month (except January). The official cost of borrowing can prompt lenders to charge a higher or lower amount of interest. The current cash rate can be found here.
  • The amount you borrow. The larger the sum you borrow from your bank, the more interest you will pay – but also, some banks offer discounted interest rates for larger loan amounts.
  • The outstanding loan amount. As you gradually pay off the money you borrow, you will be paying interest on a smaller loan amount and your interest payments will therefore slowly reduce. For example, your interest repayments when you first start paying off a $500,000 loan will be much larger than when you've paid off half of the principal amount, and interest is only payable on $250,000.
  • The number of days in the month. Most lenders calculate interest on home loans daily and then charge that interest to you each month. With this in mind, you could pay a smaller amount of interest in February (with 28 days in the month) than you do in March (with 31 days).
  • The loan term. The time you take to pay off your loan will affect the amount of interest you pay – paying your loan off over a shorter period of time will minimise your interest repayments.
  • Repayment frequency. Most lenders allow you to make repayments weekly, fortnightly or monthly, so the amount of interest you pay each time will vary depending on your repayment schedule. The more frequently you make repayments, the less interest you will pay on your loan. Use our bi-monthly calculator to see how your interest payments will vary depending on your repayment frequency.
  • Whether you have an offset account. Some home loans come with a linked offset account, which allows you to reduce the amount of interest you pay on your loan. For example, if you borrow $300,000 from the bank but you have $50,000 on a linked 100% offset account, you will only pay interest on $250,000.

Principal and interest vs interest-only

There’s another factor that can affect your regular home loan repayment amount: whether you are making principal and interest or interest-only repayments. Principal and interest repayments are the most common way to pay off a home loan, and they basically mean that one portion of your repayment goes towards paying off the amount you borrow and another portion goes to paying off the interest you owe.

However, some loans are designed to allow you to make interest-only repayments for a certain period, for example if you’re building a new home or if you’re a property investor with an investment mortgage. This allows you to reduce your regular repayment amount.

Susie’s Mortgage Repayments

How is home loan interest calculator case studyIn our hypothetical case study, Susie is borrowing $700,000 to buy a house. Like most borrowers, she wants to save as much money on interest repayments as she possibly can. After comparing home loans with 100% offset accounts, Susie decides to calculate just how much difference a 0.25% p.a. difference in interest rates could make to the total cost of a loan.

If she can find a loan with an interest rate of 3% p.a. on a 30-year loan term, her monthly principal and interest repayments will be $2,951. The total interest she will end up paying over the life of the loan is $362,442.

But if Susie finds a loan with a marginally lower interest rate of 2.75% p.a., her monthly repayments will be $2,858 – a saving of $93. The total interest over the life of the loan will be $467,051.29 — that’s a total interest saving of $33,480.

How to save interest on your home loan

Now that you know a bit more about how interest is calculated let's look at the ways you can actually pay less of it.

  • Get the best rate. Shopping around for a better interest rate can save you thousands of dollars, you may want to even consider refinancing with your current lender or switching to a new lender.
  • Look for an offset account. Home loans with offset accounts allow you to reduce the principal amount that you need to pay interest on, by literally "offsetting" the loan principal with your savings. It's a powerful and free way to super-charge your mortgage repayments.
  • Make frequent repayments. The more frequently you make regular loan repayments, the less interest you will have to pay, as interest is calculated daily – so even paying weekly or fortnightly instead of a monthly can help you make headway.
  • Make extra repayments. The ability to make extra repayments without penalty can work strongly in your favour, as extra repayments off the principal loan amount now mean less interest you pay over the life of the loan.
  • Choose a shorter loan term. The longer you take to pay off your loan, the more interest you will end up paying. Remember, banks calculate interest on your loan amount daily, so choosing a 25-year loan term instead of 30 years can make a big difference to the amount of interest you pay overall.

5 tips to pay off your mortgage faster

Compare a range of mortgages from across the market

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Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

St.George Fixed Rate Advantage Package P&IHome 2Y Fixed≥ 20% Deposit

St.George Fixed Rate Advantage Package
1.94%
3.40%
  • App: $0
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$551.07
$3,000 refinance cashback
Borrowers with 20% deposits or equity can get this competitive fixed rate loan. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Other terms, conditions and exclusions apply). Refinancers Only.

HSBC Fixed Rate Home Loan Package P&IHome 2Y Fixed≥ 20% Deposit

HSBC Fixed Rate Home Loan Package
1.88%
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  • App: $0
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$546.6
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

Westpac Fixed Option Home Loan Premier Advantage Package P&IHome 2Y Fixed≥ 5% Deposit

Westpac Fixed Option Home Loan Premier Advantage Package
1.99%
3.48%
  • App: $0
  • Ongoing: $395 p.a.
$554.81
$3,000 refinance cashback
Lock in a low fixed rate for 2 years that allows you to make up to $30,000 in extra repayments and buy your home with a 5% deposit. $3,000 cashback for eligible refinancers. Apply by 31 August 2021. Terms and conditions apply.

UBank UHomeLoan Fixed P&IHome 3Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
1.85%
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Nano Variable Home Loans P&IHome≥ 25% Deposit

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1.99%
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$554.81
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Athena Variable Home Loan P&IHome≥ 40% Deposit

Athena Variable Home  Loan
1.99%
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loans.com.au Smart Booster Discount Variable Home Loan P&IHome≥ 20% Deposit

loans.com.au Smart Booster Discount Variable Home Loan
1.85%
2.21%
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Suncorp Home Package Plus Fixed P&IHome 2Y Fixed≥ 20% Deposit

Suncorp Home Package Plus Fixed
1.89%
2.85%
  • App: $0
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$547.35
Lock in a low fixed rate for 2 years. Available with a 20% deposit. Eligible new borrowers can get the annual package fee reimbursed for the life of the loan.

HSBC Home Value Loan P&IHome≥ 30% Deposit

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2.19%
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  • App: $0
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$3,288 refinance cashback offer
This competitive variable rate loan is available for borrowers with 30% deposits. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

Well Home Loans Balanced Fixed Home Loan P&IHome 1Y Fixed≥ 10% Deposit

Well Home Loans Balanced Fixed Home Loan
1.84%
2.01%
  • App: $250
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$543.64
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Greater Bank Great Rate Fixed Home Loan P&IHome 1Y Fixed≥ -10% Deposit

Greater Bank Great Rate Fixed Home Loan
1.69%
3.49%
  • App: $0
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$532.6
Get one of the lowest rates on the market with this fixed rate mortgage. NSW, QLD and ACT residents only.

86 400 Own Home Loan Fixed P&IHome 1Y Fixed≥ 20% Deposit

86 400 Own Home Loan Fixed
1.84%
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Westpac Flexi First Option Home Loan Home≥ 5% Deposit

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2.29%
2.72%
  • App: $0
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$3,000 refinance cashback
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St.George Basic Home Loan P&IHome≥ 20% Deposit

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2.49%
2.51%
  • App: $0
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$593.01
$3,000 refinance cashback
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Macquarie Bank Basic Home Loan P&IHome≥ 40% Deposit

Macquarie Bank Basic Home Loan
2.29%
2.29%
  • App: $0
  • Ongoing: $0 p.a.
$577.55
Apply for the Macquarie Bank Basic Home Loan - LVR ≤ 60% (Owner Occupier, P&I) and get a low variable interest rate, plus no application and ongoing fees. Requires a 40% deposit.

Greater Bank Great Rate Home Loan P&I≥ 40% Deposit

Greater Bank Great Rate Home Loan
2.39%
2.40%
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Discounted special offer. This competitive variable loan requires a 40% deposit.

Virgin Money Reward Me Fixed Rate Home Loan P&IHome 2Y Fixed≥ 20% Deposit

Virgin Money Reward Me Fixed Rate Home Loan
1.98%
2.66%
  • App: $300
  • Ongoing: $10 per month
$554.06
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 29 August 2021 and settle by 26 November 2021.

Well Home Loans Balanced Fixed Home Loan P&IHome 2Y Fixed≥ 10% Deposit

Well Home Loans Balanced Fixed Home Loan
1.95%
2.02%
  • App: $250
  • Ongoing: $0 p.a.
$551.82
A low fixed mortgage with an optional 100% offset account. Not available for construction purposes.

Nano Variable Home Loans P&IInvestment≥ 25% Deposit

Nano Variable Home Loans
2.29%
2.29%
  • App: $0
  • Ongoing: $0 p.a.
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Refinancers only. Investors can refinance this no-fee variable rate loan. You will need a 25% deposit. Fast online approval.

IMB Fixed Rate Home Loan P&IHome 3Y Fixed≥ 5% Deposit

IMB Fixed Rate Home Loan
1.97%
2.81%
  • App: $449
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$553.31
NSW and ACT customers only. 3 years fixed interest terms and free access to redraw facility online. Available with a 10% deposit.

homeloans.com.au Low Rate Home Loan with Offset P&IHome≥ 40% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.14%
2.16%
  • App: $0
  • Ongoing: $0 p.a.
$566.11
A competitive rate with no application or ongoing fees. This loan is not available for construction.

St.George Fixed Rate Advantage Package P&IInvestment 2Y Fixed≥ 20% Deposit

St.George Fixed Rate Advantage Package
2.24%
3.89%
  • App: $0
  • Ongoing: $395 p.a.
$573.72
$3,000 refinance cashback.
Investors can lock in a competitive rate for two years with this package loan. You will need at least a 20% deposit. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Other terms, conditions and exclusions apply). Refinancers Only.

loans.com.au Smart Booster Discount Variable Home Loan P&IHome≥ 20% Deposit

loans.com.au Smart Booster Discount Variable Home Loan
1.99%
2.47%
  • App: $0
  • Ongoing: $0 p.a.
$554.81
Home buyers can get a very low discounted variable rate for the first year. Requires a 20% deposit. Add an offset account for an additional 0.10% on your interest rate. Get your loan processed fast and settle within 30 days.

Well Home Loans Balanced Variable P&IHome≥ 20% Deposit

Well Home Loans Balanced Variable
1.99%
2.02%
  • App: $250
  • Ongoing: $0 p.a.
$554.81
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee.

Bank of Melbourne Advantage Package Fixed Home Loan P&IHome 2Y Fixed≥ 20% Deposit

Bank of Melbourne Advantage Package Fixed Home Loan
1.94%
3.40%
  • App: $0
  • Ongoing: $395 p.a.
$551.07
$3,000 refinance cashback
Get a competitive home loan rate for two years. Requires at least a 20% deposit. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Other terms, conditions and exclusions apply). Refinancers Only.

UBank UHomeLoan Fixed P&IHome 1Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
1.99%
2.33%
  • App: $0
  • Ongoing: $0 p.a.
$554.81
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.

Macquarie Bank Basic Fixed Home Loan P&IHome 3Y Fixed≥ 30% Deposit

Macquarie Bank Basic Fixed Home Loan
2.09%
2.28%
  • App: $0
  • Ongoing: $0 p.a.
$562.33
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Newcastle Permanent Building Society Premium Plus Package Fixed Rate P&IHome 3Y Fixed≥ 20% Deposit

Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.09%
3.58%
  • App: $0
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$562.33
$2,000 cashback for eligible refinancers borrowing $250,000 or more.

86 400 Neat Variable Home Loan P&IHome≥ 40% Deposit

86 400 Neat Variable Home Loan
2.19%
2.20%
  • App: $0
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$569.91
Get flexibility and the option to make unlimited extra repayments with this variable rate loan.

HSBC Home Value Loan P&IHome≥ 10% Deposit

HSBC Home Value Loan
2.54%
2.55%
  • App: $0
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$596.91
A competitive value home loan with no ongoing fee.

Well Home Loans Balanced Fixed Home Loan P&IHome 3Y Fixed≥ 10% Deposit

Well Home Loans Balanced Fixed Home Loan
2.14%
2.06%
  • App: $250
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$566.11
A low 3 year fixed rate for home buyers. Add a 100% offset account with a $10 monthly fee. Not available for construction purposes.

Greater Bank Great Rate Fixed Home Loan P&IHome 2Y Fixed≥ 20% Deposit

Greater Bank Great Rate Fixed Home Loan
1.79%
3.35%
  • App: $0
  • Ongoing: $0 p.a.
$539.94
A discounted 2 years fixed rate for home buyers. Available with just a 10% deposit. Guarantor option available. NSW, QLD and ACT residents only.

Nano Variable Home Loans IOHome≥ 25% Deposit

Nano Variable Home Loans
2.49%
2.17%
  • App: $0
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$593.01
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Westpac Fixed Option Home Loan Premier Advantage Package P&IInvestment 2Y Fixed≥ 5% Deposit

Westpac Fixed Option Home Loan Premier Advantage Package
2.29%
3.97%
  • App: $0
  • Ongoing: $395 p.a.
$577.55
$3,000 refinance cashback
A competitive fixed rate loan for investors that allows you to make up to $30,000 in extra repayments. Principal and interest loans only. $3,000 cashback for eligible refinancers. Apply by 31 August 2021. Terms and conditions apply.

Athena Variable Home Loan P&IHome≥ 30% Deposit

Athena Variable Home  Loan
2.09%
2.02%
  • App: $0
  • Ongoing: $0 p.a.
$562.33
A low variable rate for owner occupiers with 30% deposits. No upfront or ongoing fees.

UBank UHomeLoan Variable Rate P&IHome≥ 20% Deposit

UBank UHomeLoan Variable Rate
2.34%
2.34%
  • App: $0
  • Ongoing: $0 p.a.
$581.39
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.

Newcastle Permanent Building Society Premium Plus Package Fixed Rate P&IHome 1Y Fixed≥ 5% Deposit

Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.19%
3.83%
  • App: $0
  • Ongoing: $395 p.a.
$569.91
$2,000 refinance cashback
Enjoy a competitive rate with no application fee for this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.

Suncorp Back to Basics Home Loan P&IHome≥ 20% Deposit

Suncorp Back to Basics Home Loan
2.44%
2.45%
  • App: $0
  • Ongoing: $0 p.a.
$589.12
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.

Bank of Melbourne Basic Home Loan P&IHome≥ 20% Deposit

Bank of Melbourne Basic Home Loan
2.49%
2.51%
  • App: $0
  • Ongoing: $0 p.a.
$593.01
$3,000 refinance cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get a $3,000 cashback (Other terms, conditions and exclusions apply). Refinancers Only.

homeloans.com.au Low Rate Home Loan with Offset P&IHome≥ 10% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.24%
2.26%
  • App: $0
  • Ongoing: $0 p.a.
$573.72
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.

Heritage Bank Fixed Rate Home Loan P&IHome 2Y Fixed≥ 5% Deposit

Heritage Bank Fixed Rate Home Loan
2.19%
4.23%
  • App: $600
  • Ongoing: $8 per month
$569.91
Get a fixed rate for two years and borrow up to 95%.

IMB Budget Home Loan P&IHome≥ 20% Deposit

IMB Budget Home Loan
2.48%
2.54%
  • App: $449
  • Ongoing: $0 p.a.
$592.23
A competitive variable rate for borrowers with 20% deposits saved. Available for NSW and ACT borrowers only.

Well Home Loans Balanced Fixed Home Loan P&IInvestment 3Y Fixed≥ 10% Deposit

Well Home Loans Balanced Fixed Home Loan
2.34%
2.36%
  • App: $250
  • Ongoing: $0 p.a.
$581.39
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homeloans.com.au Low Rate Home Loan with Offset IOInvestment≥ 20% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.69%
2.52%
  • App: $0
  • Ongoing: $0 p.a.
$608.71
A competitive rate with no application or ongoing fee. This loan is not available for construction.

UBank UHomeLoan Fixed IOHome 1Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
2.14%
2.35%
  • App: $0
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$566.11
A one year fixed rate offer with no ongoing bank fees.

Heritage Bank Discount Variable Home Loan P&IHome≥ 20% Deposit

Heritage Bank Discount Variable Home Loan
2.59%
2.64%
  • App: $600
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$600.83
Family guarantee option available. Enjoy flexible repayments and a low minimum loan amount.

UBank UHomeLoan Fixed P&IInvestment 1Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
2.14%
2.71%
  • App: $0
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$566.11
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.

Heritage Bank Advantage Package Fixed P&IHome 1Y Fixed≥ 5% Deposit

Heritage Bank Advantage Package Fixed
2.39%
3.15%
  • App: $0
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$585.25
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homeloans.com.au Low Rate Home Loan with Offset IOInvestment≥ 40% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.59%
2.42%
  • App: $0
  • Ongoing: $0 p.a.
$600.83
This competitive variable rate loan is for investors who want interest-only repayments. You will need a 40% deposit.

Macquarie Bank Offset Home Loan Package P&IHome≥ 40% Deposit

Macquarie Bank Offset Home Loan Package
2.29%
2.57%
  • App: $0
  • Ongoing: $0 p.a.
$577.55
A sharp variable rate with low fees for borrowers with 40% deposits or refinancers with equity in their properties. Refinancers can switch with a convenient digital application.

loans.com.au Smart Booster Discount Investor Variable Home Loan P&IInvestment≥ 20% Deposit

loans.com.au Smart Booster Discount Investor Variable Home Loan
1.99%
2.71%
  • App: $0
  • Ongoing: $0 p.a.
$554.81
If you have an owner occupier loan with loans.com.au you can also get this very low rate variable mortgage for your investment property. Principal and interest repayments. Add an offset account for an additional 0.10% on your interest rate. Get your loan processed fast and settle within 30 days.

homeloans.com.au Low Rate Home Loan with Offset P&IInvestment≥ 10% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.74%
2.76%
  • App: $0
  • Ongoing: $0 p.a.
$612.67
Access a fee-free offset account and a special interest rate for investors. This loan is not available for construction.

Macquarie Bank Basic Fixed Home Loan P&IHome 3Y Fixed≥ 20% Deposit

Macquarie Bank Basic Fixed Home Loan
2.19%
2.34%
  • App: $0
  • Ongoing: $0 p.a.
$569.91
Borrow up to $5,000,000 with this basic 3 years fixed rate home loan. Refinancers can switch with a convenient digital application.

homeloans.com.au Low Rate Home Loan with Offset P&IInvestment≥ 20% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.39%
2.41%
  • App: $0
  • Ongoing: $0 p.a.
$585.25
This investment loan keeps fees low, has a sharp interest rate and comes with a 100% offset account. This loan is not available for construction.

IMB Budget Home Loan P&IHome≥ 5% Deposit

IMB Budget Home Loan
2.68%
2.74%
  • App: $449
  • Ongoing: $0 p.a.
$607.92
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.

Newcastle Permanent Building Society Real Deal Home Loan P&IHome≥ 20% Deposit

Newcastle Permanent Building Society Real Deal Home Loan
2.59%
2.63%
  • App: $595
  • Ongoing: $0 p.a.
$600.83
$2,000 refinance cashback
$2,000 cashback for eligible refinancers borrowing $250,000 or more.

UBank UHomeLoan Variable Rate P&IInvestment≥ 20% Deposit

UBank UHomeLoan Variable Rate
2.74%
2.74%
  • App: $0
  • Ongoing: $0 p.a.
$612.67
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required.

Virgin Money Reward Me Variable Home Loan P&IHome≥ 40% Deposit

Virgin Money Reward Me Variable Home Loan
2.49%
2.66%
  • App: $300
  • Ongoing: $10 per month
$593.01
$3,000 refinance cashback.
A variable rate loan for owner occupiers with a 40% deposit (or equity) borrowing under $500,000. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 29 August 2021 and settle by 26 November 2021.

homeloans.com.au Low Rate Home Loan with Offset P&IInvestment≥ 40% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.29%
2.31%
  • App: $0
  • Ongoing: $0 p.a.
$577.55
A competitive rate with no application or ongoing fee. This loan is not available for construction.

IMB Fixed Rate Home Loan P&IHome 2Y Fixed≥ 5% Deposit

IMB Fixed Rate Home Loan
1.97%
2.88%
  • App: $449
  • Ongoing: $6 per month
$553.31