This tool gives general information only. It doesn't take your objectives, financial situation or needs into account, and it isn't a recommendation to switch or stay. Repayment figures are estimates that ignore fees, offset balances, redraw and any lender-specific conditions. Consider whether the information is right for you before acting on it.
Why it matters
The numbers behind the roast
6.2%
Average home loan rate
This is the average interest rate across active owner-occupier variable home loans according to the RBA.
This is the number of mortgage holders who say they can't switch to a better rate.
The most common reasons: income is too low and expenses too high (22%), on a fixed rate (13%), not enough equity (11%) and not knowing how to switch (9%).
Finding a good home loan isn't just about picking the lowest advertised rate. Fees and features can make a big difference to what you actually pay over the life of your loan.
A lower mortgage rate could save you thousands, but only if you're comparing loans properly.
Here's what to look out for:
Check the fees. Don't just look at the rate. Check the upfront application fee and any ongoing annual fees, as these can quickly add to the cost of your loan.
Think about the features you'll actually use. An offset account, flexible repayments or other features can be worth paying a little more for, depending on how you manage your mortgage.
Use Finder Score as a shortcut: We've ranked all the home loans based on rates, fees and features using the Finder Score, so you can compare loans in seconds. Check out our guide to get started
We get it, though. Comparing home loans can be tricky when you don't know what counts as a good rate.
That's why we analyse all the loans in our database to find the most competitive rates each month.
The graph below shows the market's lowest* fixed and variable rates for home buyers and investors.
Want to get a better rate after the roasting?
Stop nursing your wounded pride and start nursing a better deal instead.
It's our (loving) way of holding your home loan up to the light. Pop in your rate and we'll compare it to the average and the best rates on Finder, then tell you exactly how it stacks up, no sugar-coating.
Only as mean as your rate deserves. If you're on a cracker of a deal, we'll hype you up. If your bank's been taking the mickey, well, bring tissues.
Then congrats, you've dodged the roast and earned a gold star. Doesn't mean you shouldn't check if there's something even better out there, though.
We stack your rate up against the average and best rates listed on Finder and generate your verdict on the spot. No signup, no small talk, just the truth.
Both. Once you've been roasted (gently or otherwise), we'll point you towards better options so you can go from "roasted" to "toasted," as in, toasting your new rate.
Absolutely. Nothing says "I care about you" like telling a mate their interest rate is a crime against their bank balance.
Nope, we're just using your rate to run the comparison, not selling it to your bank so they can call you.
Time for a very Australian rite of passage: check your last home loan statement, log into internet banking, or brace yourself and call the bank.
Sources
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