Mortgage Comparison

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Own your own home sooner with a competitive mortgage

The Australian mortgage and home loan market is highly competitive. When you begin to research and compare, it may be a surprise to find out how many home loan lenders are in the market and how their terms and conditions could differ. For example, a lender might offer a great honeymoon interest rate but you'll often find that you end up paying a rate that could cost you a lot more in the long run.

Read on to find out how to compare home loan features and rates.

Today's mortgage comparison

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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
NAB Choice Package Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier) First Home Buyer Special
A special rate for first home buyers buying residential property and borrowing over $150K. 350,000 NAB Rewards Points offer also available. Conditions apply.
3.69% 4.92% $0 $395 p.a. 90% Go to site More info
3.69% 3.72% $0 $0 p.a. 80% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.48% $0 $375 p.a. 85% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time 2 year fixed rate for owner occupiers. Conditions apply.
3.64% 4.83% $0 $0 p.a. 95% Go to site More info
SCU Basic Variable Rate Home Loan
A basic home loan with a low interest rate and a redraw facility available. Take out a new SCU loan and enjoy $500 cash back on loans above $150k, terms and conditions apply.
3.77% 3.81% $200 $0 p.a. 95% Go to site More info
HSBC Home Value Loan - Resident Owner Occupier only
Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.
3.85% 3.90% $0 $0 p.a. 90% Go to site More info
State Custodians Low Rate LOC - LVR up to 80% (Owner Occupier)
No application fee and competitive interest rate to access the equity in your home.
3.69% 3.72% $0 $0 p.a. 80% Go to site More info
3.74% 3.74% $0 $0 p.a. 80% Go to site More info
3.59% 4.03% $500 $0 p.a. 95% Go to site More info
Community First Fixed Home Loan - 3 Years Fixed Owner Occupier special offer (New Loans only)
A limited time fixed rate special with no monthly or annual fees plus a 100% offset account.
3.69% 4.93% $600 $0 p.a. 95% Go to site More info
Bank Australia Premium Home Loan Package - LVR<=80% $700k + (Owner Occupier)
Enjoy the discounted interest rate with redraw facility and no ongoing fees.
3.82% 4.17% $0 $350 p.a. 80% Go to site More info
Aussie Optimizer Variable Rate - LVR <= 80% (Owner Occupier + P&I)
No application or ongoing fees and fee free extra repayments.
3.86% 3.87% $0 $0 p.a. 80% Enquire now More info
Beyond Bank Low Rate Special Home Loan
A special low variable rate for owner occupiers with 100% offset account and no application or ongoing fees.
3.83% 3.83% $0 $0 p.a. 70% Go to site More info
IMB Budget Home Loan - Special LVR <=80% (Owner Occupier and Principal & Interest only)
A special limited time offer for owner occupiers. An IMB Transaction Account must be opened with this loan.
3.84% 3.89% $445 $0 p.a. 80% Go to site More info
SCU My Life Fixed Rate Home Loan Package - 3 Years
Enjoy the same interest rate for 3 years fixed and borrow up to 95% LVR. Enjoy $500 cash back on new loans above $150k, terms and conditions apply.
3.69% 4.00% $0 $350 p.a. 95% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier, P&I)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.84% 4.22% $0 $395 p.a. 95% Go to site More info
State Custodians Low Rate LOC - LVR 80% to 90% (Owner Occupier)
Borrow up to 90% property value and pay no application fee.
3.79% 3.82% $0 $0 p.a. 90% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.84% 4.71% $600 $0 p.a. 95% Go to site More info
Bank Australia Basic Home Loan - Variable (Owner Occupier)
A competitive variable that allows borrowers to borrow a minimum of $100,000 with a $0 ongoing fee.
3.86% 3.90% $595 $0 p.a. 80% Go to site More info
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
Discounted rate available with family pledge loans. Family pledge loans require no LMI and no deposit. NSW, Qld and ACT only.
3.89% 3.89% $0 $0 p.a. 110% Go to site More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
A competitive budget rate without any unwanted bells and whistles.
3.97% 4.02% $445 $0 p.a. 90% Go to site More info
Bank Of Queensland Economy Home Loan - Variable (Owner Occupier)
A basic home loan with additional repayment options.
3.89% 4.04% $300 $10 monthly ($120 p.a.) 95% Go to site More info
Bank Australia Premium Home Loan Package - 2 Year Fixed (Owner Occupier) LVR < 80%
A discounted 2 year fixed rate loan with high maximum LVR and no application fee.
3.94% 4.35% $0 $350 p.a. 80% Go to site More info
QT Mutual Bank Mortgage Saver Home Loan
A low rate home loan with no application or ongoing fees. Note that to be eligible for this loan you must be QLD resident.
3.95% 3.95% $0 $0 p.a. 95% Go to site More info
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with no ongoing bank fees.
3.99% 4.08% $395 $0 p.a. 80% Go to site More info
3.99% 4.04% $600 $0 p.a. 90% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate package loan with flexible repayments options. NAB Rewards Points offer available, terms and conditions apply.
3.88% 4.95% $0 $395 p.a. 95% Go to site More info
CUA Fresh Start Basic Variable Home Loan - Owner Occupier
A basic mortgage with flexible repayments options.
3.99% 4.04% $600 $0 p.a. 90% Go to site More info
Australian Unity Kick Starter Home Loan
$0 ongoing service fees, maximum 80% LVR and a linked transaction account.
3.79% 3.82% $600 $0 p.a. 80% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive rate with redraw facility. NSW, QLD and ACT residents only.
3.99% 3.99% $0 $0 p.a. 85% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time fixed rate home loan with extra repayment abilities. Conditions apply.
3.74% 4.74% $0 $0 p.a. 95% Go to site More info
Bank of Queensland Fixed Rate Home Loan - 3 Year Fixed Rate Discount Rate $150k+ <80% LVR (Owner Occupier, P&I)
Special offer for new lending of $150k or more & under 80% LVR, this offer has been extended.
3.79% 4.44% $300 $10 monthly ($120 p.a.) 80% Go to site More info
ME Basic Home Loan - LVR <=80% Owner Occupier
A low variable rate loan with no application or ongoing fees.
4.09% 4.11% $0 $0 p.a. 80% Go to site More info
UBank UHomeLoan - 3 Year Fixed Rate (Investor)
Pay no ongoing fees on this investment loan fixed for 3 years.
4.09% 4.46% $395 $0 p.a. 80% Go to site More info
4.09% 4.09% $0 $0 p.a. 80% Go to site More info
4.13% 4.13% $0 $0 p.a. 80% Go to site More info
NAB Base Variable Rate Home Loan - Owner Occupier (P&I)
A competitive no frills home loan with no application fees for a limited time. NAB Rewards Points offer available, terms and conditions apply.
4.17% 4.21% $600 $0 p.a. 95% Go to site More info
ME Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
4.19% 4.82% $0 $0 p.a. 95% Go to site More info
IMB Essential Home Loan - LVR <=90% (Owner Occupier)
Get a discount on your rate and flexible repayment options with this loan.
4.19% 4.19% $0 $0 p.a. 90% Go to site More info
NAB Choice Package Variable Rate - $250k to $749,999 P&I (Owner Occupier)
A great variable package from NAB which includes offset and redraw features. No application fee.
4.47% 4.86% $0 $395 p.a. 95% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Standard Rate, P&I)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your home value.
4.34% 4.96% $0 $0 p.a. 95% Go to site More info
Australian Unity Health, Wealth and Happiness Package - (Owner Occupier)
Get a 0.60% discount on your rate, a 100% offset account and no ongoing fees.
3.99% 4.02% $600 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Standard Rate, P&I)
Get a short term fixed rate for that investment property with no application or ongoing fees.
4.34% 5.02% $0 $0 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 5 Year Fixed (Owner Occupier)
A competitive loan with flexible features. NAB Rewards Points offer available, terms and conditions apply.
4.59% 5.05% $0 $395 p.a. 95% Go to site More info
Australian Unity Wealth Builder Investor Package Home Loan - Variable
An investment loan with no ongoing fees and borrow up to 90% LVR.
4.19% 4.22% $600 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Years Fixed (Standard Rate, P&I)
Split your loan for free with one of the lowest fixed home loan rates.
4.44% 4.92% $0 $0 p.a. 95% Go to site More info
ANZ Simplicity PLUS Home Loan - Special Offer (Owner Occupier, P&I)
Enjoy a home loan with no application fee or ongoing fee.
4.03% 4.07% $0 $0 p.a. 95% Enquire now More info
3.88% 3.89% $600 $0 p.a. 90% Enquire now More info
St.George Basic Home Loan - Promotional Rate (Owner Occupier, P&I)
A no frills loan with a competitive rate and a maximum LVR of 95%.
3.88% 3.89% $0 $0 p.a. 95% Enquire now More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
A package home loan with fee free extra repayments available during the fixed term.
3.99% 5.01% $0 $395 p.a. 95% Enquire now More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cash back available for refinancers, conditions apply.
3.99% 5.04% $0 $395 p.a. 95% Enquire now More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years, P&I
A low interest rate home loan and competitive two year fixed rate.
3.88% 4.94% $0 $395 p.a. 95% Enquire now More info
Virgin Reward Me Variable Home Loan - LVR <= 80% ($750k+ Owner Occupier)
A variable rate home loan with competitive interest rate and flexible product features that can earn Velocity points.
3.79% 3.92% $0 $10 monthly ($120 p.a.) 80% Enquire now More info

Budget first, enquire later

You might be tempted to run off and start enquiring about mortgages right away. However, the first thing you need to do is draw up a budget to work out exactly how much money you can realistically allocate to pay for your mortgage.

Are you within your budget?

You should draw up a budget on paper as it will give you a better picture of your financial situation. The good news is that it isn't hard to do. All you have to do is make note of all your earnings after tax as well as those of your partner. Then, check what your monthly spending is, which could include fixed costs that need to be covered including food, rent, power, water, credit cards and so on as well as other types of expenses like entertainment, fuel, parking and savings.

Once you've completed your budget you will know what your financial situation is and will have a better idea of what to look for when studying mortgage comparison sites.

Different types of home loans

Once you start shopping around for a home loan, you will discover that there are different types of mortgages available. Before you compare them, it's important you are aware of the most common types of loans, which will enable you to make an informed decision.

A variable interest rate loan features an interest rate that can rise or fall depending on market conditions and the official cash rate set by the Reserve Bank of Australia.

A basic variable loan usually features a lower rate than a standard loan because it often lacks some of the features offered on standard variable rate loans.

A fixed rate home loan is one where the interest rate is fixed for a set period of time, which usually varies between one and five years, but can be longer depending on the lender. Once the fixed rate period is up, the rate reverts to a variable rate, or your lender may offer the opportunity to fix for another period of time.

These home loans sometimes lack the features and flexibility of variable rate loans, but offer certainty that your repayments won't change for the term of the fixed rate.

Split loans combine both fixed rate and variable rate loans in a single loan. This allows you to fix a portion of the loan while the rest remains subject to variable rates. The advantage of a split loan is that it offers a certain level of flexibility but it still allows you to hedge your bets and budget more easily since you know how much at least a portion of your repayment will be over the fixed rate period.

Package loans allow you to group a number of banking products together. They usually offer discounts on home loan interest rates, fees and other banking products in exchange for an annual fee.

A line of credit works allows you to borrow against the equity you have in your property. Equity is the difference between the value of your property and the remaining balance on your home loan.

This type of home loan doesn't require a set repayment every month like a standard mortgage does. You will receive a credit limit from your lender which you can use for purchases. Interest is charged on the amount of credit you use.

Low-doc home loans a solution for people who are self-employed and want to purchase a home. They require different documentation from standard home loans.

If you've had credit misadventures in the past, it could make applying for a mortgage troublesome. However, there are some lenders out there who will still work to get you a home loan. It is important to keep in mind that the interest rates may be higher than other loans.

Other factors to consider in your comparison

Besides the type of loan, you also should compare both interest rates and fees.

  • Interest Rates

    The interest rate is the biggest cost associated with your loan, which is why you really need to shop around to find the best rate which matches your loan type. Remember, though, that the interest rate isn't the only cost associated with a home loan.

  • Don't forget the fees

    When shopping for a home loan, most people tend to focus on the interest rate and while it is an essential component that needs to be evaluated, it's definitely worth checking out what other fees you might be charged. You need to look at annual fees, exit penalties, mortgage insurance, ongoing account maintenance fees, valuation fees, application fees and more.

    Look at these fees very carefully because they can have a significant impact on your loan and you could end up paying thousands of dollars in fees that you could have avoided. For example, some home loans will charge a fortune if you want close out your loan early to refinance, which would nullify any benefits you might gain from a new loan with a lower interest.

What you can do to get the best possible rate

There are certain things you can do to make sure you get the best possible rate on your home loan:

Most lenders will require proof that you are financially responsible. This means that you are going to have to provide proof that you have some savings. By putting your savings up as a down payment, you are also taking on some of the risk, which makes most lenders more comfortable about giving you a loan with a more attractive rate. A good savings history also demonstrates to a lender that you have financial discipline.

It's worth checking your credit file before you apply for a home loan so you don't run into any nasty surprises. Generally, a better credit score will improve your chance of being approved for a competitive rate.

You need to do your research and find out which type of loan is best suited to your needs and what the best type of property is for you. Once you know exactly what you are looking for, it's much easier to find a home loan with an attractive rate.

Take your time and do the research

If you take the time to do your research and study all the home loan offers available on the market, you will find it much easier to find the ideal mortgage for your particular situation.

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Related Posts

HSBC Home Value Loan - Resident Owner Occupier only

Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.

NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)

A fixed rate package loan with flexible repayments options. NAB Rewards Points offer available, terms and conditions apply.

IMB Budget Home Loan - LVR <=90% (Owner Occupier)

A competitive budget rate without any unwanted bells and whistles.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)

Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.

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