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Average home loan interest rates
Compare a selection of current, competitive interest rates from our database and check the monthly interest rate averages from the ABS.
The Australian Bureau of Statistics tracks the monthly averages for fixed and variable interest rates. This is a useful way to look at broad changes in interest rates across the market, but the rates on finder.com.au are a better example of current market offers. It always pays to compare as much as you can.
Here are some current Australian mortgage rates
Here are some of the lowest mortgage interest rates available through finder.com.au. These are mostly principal and interest owner-occupier loans.
| Product | Interest rate | Comparison rate |
|---|---|---|
| UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I | 3.09% p.a. | 3.09% p.a. |
| loans.com.au Essentials - Variable (Owner Occupier, P&I) | 3.19% p.a. | 3.21% p.a. |
| HSBC Home Value Loan - (Owner Occupier P&I) | 3.27% p.a. | 3.28% p.a. |
| Tic:Toc Live in Loan Variable Rate - Principal & Interest | 2.99% p.a. | 3.13% p.a. |
| Yellow Brick Road Rate Smasher Home Loan | 3.7% p.a. | 3.7% p.a. |
| loans.com.au Package Special - 3 Year Fixed (Owner Occupier, P&I) | 3.19% p.a. | 3.43% p.a. |
| Well Home Loans Balanced Variable - (Owner occupier, P&I) | 3.07% p.a. | 3.09% p.a. |
| NAB Base Variable Rate Home Loan - Principal and Interest (limited time special offer for owner occupiers only) | 3.55% p.a. | 3.59% p.a. |
| Tic:Toc Live in Loan Fixed Rate - 1 Year (Owner Occupier, P&I) | 2.99% p.a. | 3.22% p.a. |
| ING Fixed Rate Home Loan - 1 Year Fixed Rate (Owner Occupier with Orange Advantage) | 3.75% p.a. | 4.45% p.a. |
Check out more detailed mortgage data on our home loans statistics page
The table above is just a small sample of current rates on the market. You can compare more below.Compare some of today's home loan rates
Hit "load more" to see the full comparison table.
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How much difference does a higher or lower interest rate make?
When you borrow money to finance the purchase of a home, banks don't just hand the funds out for free. Not only will you have to pay back the money you borrow, but you'll also have to repay the interest that accumulates on that principal amount.
When comparing home loans, checking out the current average home loan interest rate on this page gives you a quick and easy way to compare rates for different mortgages on the market at any given time.
Even a slight variation in interest rates can make thousands of dollars of difference over the life of a home loan. For example, let’s consider a $500,000 home loan with principal and interest repayments and a loan term of 25 years. The table below shows the overall cost of this loan with an interest rate of 3.75% p.a. and 4.00% p.a.
| Loan A | Loan B | |
|---|---|---|
| Interest rate | 4.00% p.a. | 3.75% p.a. |
| Loan amount | $500,000 | $500,000 |
| Monthly repayment amount | $2,639.18 | $2,570.66 |
| Total cost of loan | $791,755.26 | $771,196.80 |
| Total interest paid | $291,755.26 | $271,196.80 |
As you can see, the 0.25% p.a. lower interest rate of Loan B results in a saving of more than $20,000 across the 25-year loan term. That clearly demonstrates just how important it is to get a competitive interest rate. Use our home loan repayment calculator to see how a higher or lower interest rate could affect your mortgage repayments.
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Ask an Expert
Hi, I have a mortgage of $90,000 remaining could I change to another bank with this amount. I have a variable interest rate and receive a discount of 1.12% my rate being 4.15%. I would like to transfer to a bank with a more competitive rate.
Thank you.
Hi Allan,
Thanks for your inquiry.
Yes, you can change your mortgage to get better rates by doing a refinance home loan and you may refer to this page to get started. On the page you’ll find:
– a table that lists out the brands offering refinancing
– benefits of refinancing
– steps on refinancing
– average costs
– other refinancing FAQs
To get started comparing, enter the information needed on the three fields provided and click calculate. It will show the providers based on what you are filtering out (on the black bar). A mortgage broker is the best person to reach out to see your options for refinancing. They can give you a multitude of options according to your situation. In the meantime, to give you an estimate of your monthly repayments, you may use the calculator we have on this page.
Hope this helps!
Best,
Nikki