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Compare Home Loans - Australia

Finding the right home loan to suit your needs can be a difficult process. Whether you are a first-time buyer or looking to refinance your existing home loan Savrr can help to ease your search with our comparison tables and tools.

Savrr.com is a trading name of Fair Comparison Pty Ltd. Comparison is powered by Fair Comparison Pty Ltd who don’t compare all providers in the market, or all products of those compared. Fair Comparison does not provide credit assistance or advice and may receive a fee if you click on, apply, or are approved, for a product.

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Showing home loans based on borrowing $300,000 over 25 years, repaying the principal & interest, showing both fixed and variable interest rate home loans for owner occupiers. With a LVR rate of 60%.
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  • Advertised Rate
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Savrr.com is a trading name of Fair Comparison Pty Ltd. Fair Comparison compares loan products from a range of banks and other financial or credit product providers and does not compare all products in the market or all product features. To filter the results, you will need to enter some basic information which will generate a comparison of products that fall within those parameters. The default ordering of products is based on the Comparison Rate. Fair Comparison do not take into account your objectives, financial situation or needs, or provide advice, assistance, or recommendations.

Product Image For Unloan - Variable Home Loan - Variable | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing between $10,000 and $10,000,000 | With Annual Discount

Unloan - Variable Home Loan

Variable | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing between $10,000 and $10,000,000 | With Annual Discount

Go To SiteMore Details

Advertised Rate

5.99% p.a.
Variable

Comparison Rate

5.90% p.a.
Variable

Repayment

$1,931.07
monthly

Application Fee

$0
one off

Loan To Value

80%

Valuation Fee

N/A

Ongoing Fee

$0
per month
A Variable rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.99% p.a. and a comparison interest rate of 5.90% p.a.
Product Image For Tiimely Home - Tiimely Own Home Loan - Variable | Owner Occupied | Principal & Interest | LVR up to 90% (with LMI) | Borrowing between $50,000 and $3,000,000

Tiimely Home - Tiimely Own Home Loan

Variable | Owner Occupied | Principal & Interest | LVR up to 90% (with LMI) | Borrowing between $50,000 and $3,000,000

Go To SiteMore Details

Advertised Rate

5.94% p.a.
Variable

Comparison Rate

5.95% p.a.
Variable

Repayment

$1,921.92
monthly

Application Fee

$0
one off

Loan To Value

90%

Valuation Fee

$0

Ongoing Fee

$0
per month
A Variable rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.94% p.a. and a comparison interest rate of 5.95% p.a.
Product Image For Tiimely Home - Tiimely Own Home Loan - Fixed | Fixed for 1 year | Owner Occupied | Principal & Interest | LVR up to 90% (with LMI) | Borrowing between $50,000 and $3,000,000

Tiimely Home - Tiimely Own Home Loan

Fixed | Fixed for 1 year | Owner Occupied | Principal & Interest | LVR up to 90% (with LMI) | Borrowing between $50,000 and $3,000,000

Go To SiteMore Details

Advertised Rate

5.84% p.a.
Fixed - 1 years

Comparison Rate

5.98% p.a.
Fixed - 1 years

Repayment

$1,903.67
monthly

Application Fee

$0
one off

Loan To Value

90%

Valuation Fee

$0

Ongoing Fee

$0
per month
A Fixed rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.84% p.a. and a comparison interest rate of 5.98% p.a.
Product Image For Homestar - Star Gold  - Variable | Owner Occupied | Principal & Interest | LVR up to 70% | Borrowing between $150,000 and $2,000,000

Homestar - Star Gold

Variable | Owner Occupied | Principal & Interest | LVR up to 70% | Borrowing between $150,000 and $2,000,000

Go To SiteMore Details

Advertised Rate

5.99% p.a.
Variable

Comparison Rate

5.99% p.a.
Variable

Repayment

$1,931.07
monthly

Application Fee

$0
one off

Loan To Value

70%

Valuation Fee

$0
per event

Ongoing Fee

$0
per month
A Variable rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.99% p.a. and a comparison interest rate of 5.99% p.a.
Product Image For Homestar - Star Essentials - Variable | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing between $150,000 and $2,000,000

Homestar - Star Essentials

Variable | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing between $150,000 and $2,000,000

Go To SiteMore Details

Advertised Rate

5.99% p.a.
Variable

Comparison Rate

5.99% p.a.
Variable

Repayment

$1,931.07
monthly

Application Fee

$0
one off

Loan To Value

80%

Valuation Fee

$0
per event

Ongoing Fee

$0
per month
A Variable rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.99% p.a. and a comparison interest rate of 5.99% p.a.
Product Image For Qudos Bank - No Frills Home Loan - Variable | Owner Occupied | Principal & Interest | LVR up to 70% | Borrowing more than $150,000

Qudos Bank - No Frills Home Loan

Variable | Owner Occupied | Principal & Interest | LVR up to 70% | Borrowing more than $150,000

Go To SiteMore Details

Advertised Rate

5.99% p.a.
Variable

Comparison Rate

5.99% p.a.
Variable

Repayment

$1,931.07
monthly

Application Fee

$0
one off

Loan To Value

70%

Valuation Fee

N/A

Ongoing Fee

$0
per month
A Variable rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.99% p.a. and a comparison interest rate of 5.99% p.a.
Product Image For Greater Bank - Great Rate Home Loan - Discount Variable | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing more than $150,000

Greater Bank - Great Rate Home Loan

Discount Variable | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing more than $150,000

Go To SiteMore Details

Advertised Rate

5.99% p.a.
Variable

Comparison Rate

6% p.a.
Variable

Repayment

$1,931.07
monthly

Application Fee

$0
one off

Loan To Value

80%

Valuation Fee

N/A

Ongoing Fee

$0
per month
A Variable rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.99% p.a. and a comparison interest rate of 6% p.a.
Product Image For Family First - Standard Variable Rate Home Loan - Variable | Owner Occupied | Principal & Interest | LVR up to 95% (with LMI) | Borrowing more than $20,000

Family First - Standard Variable Rate Home Loan

Variable | Owner Occupied | Principal & Interest | LVR up to 95% (with LMI) | Borrowing more than $20,000

Go To SiteMore Details

Advertised Rate

5.94% p.a.
Variable

Comparison Rate

6.02% p.a.
Variable

Repayment

$1,921.92
monthly

Application Fee

$250
one off

Loan To Value

95%

Valuation Fee

$1,040
per event

Ongoing Fee

$0
per month
A Variable rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.94% p.a. and a comparison interest rate of 6.02% p.a.
Product Image For ING - Fixed Rate Home Loan - Fixed | Fixed for 5 years | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing between $50,000 and $3,000,000

ING - Fixed Rate Home Loan

Fixed | Fixed for 5 years | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing between $50,000 and $3,000,000

Go To SiteMore Details

Advertised Rate

5.84% p.a.
Fixed - 5 years

Comparison Rate

6.04% p.a.
Fixed - 5 years

Repayment

$1,903.67
monthly

Application Fee

$499
one off

Loan To Value

80%

Valuation Fee

N/A

Ongoing Fee

$0
per month
A Fixed rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.84% p.a. and a comparison interest rate of 6.04% p.a.
Product Image For Reduce - Basic Home Loan  - Variable | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing more than 250,000

Reduce - Basic Home Loan

Variable | Owner Occupied | Principal & Interest | LVR up to 80% | Borrowing more than 250,000

Go To SiteMore Details

Advertised Rate

5.99% p.a.
Variable

Comparison Rate

6.04% p.a.
Variable

Repayment

$1,931.07
monthly

Application Fee

$0
one off

Loan To Value

80%

Valuation Fee

$200
per event

Ongoing Fee

$0
per month
A Variable rate loan for Owner Occupiers repaying the Principal & Interest with an advertised interest rate of 5.99% p.a. and a comparison interest rate of 6.04% p.a.

Home Loans Guide

For most of us, buying a home is the most expensive transaction we’ll make. So, choosing a home loan can be stressful. But it shouldn’t be confusing. That’s why we put this guide together. It’s jam-packed with information to help you compare a range of home loans and pick a suitable one that could help you buy your dream home or investment property.

What is a home loan?

A home loan is a credit product that enables you to buy a property with money you don’t actually have. It’s a good thing home loans are available because without them, many of us would never be able to buy a home.

While they’re called home loans, they can be used to buy land or a property with a building on it. And that building could be a freestanding house, apartment, unit or some other kind of dwelling. You can use a home loan to buy a home you’ll live in (your principal residence), a holiday home, or an investment property (such as a rental for someone else to live in).

Home loan features

Home loans generally consist of the following elements:

  • The principal or loan amount – this is the amount of money you’ll borrow to pay for the property you’re buying.
  • Various standard fees and costs – as with any other service, you have to pay for a home loan. Part of the way you pay for it is through a variety of fees and costs. The fees will vary from lender to lender, but you might be charged basic fees like an application fee, an account-keeping fee or other costs such as lenders mortgage insurance (which is typically charged if you’re borrowing more than 80 per cent of the value of a property and there is no guarantor).
  • Interest – your lender is taking on a risk and a range of expenses by lending you money, so it’ll charge you a regular fee for as long as you’re borrowing its money. The fee will be a percentage of the balance of your loan (the money you haven’t yet repaid). This fee is called interest.
  • Penalty fees – along with paying fees for the privilege of taking out a loan, you may also be charged fees if you fail to abide by the terms and conditions of your loan. For example, if you’re late paying a mandatory repayment, you could be charged a fee. Some fixed loans may also include fees if you repay your loan early or make extra repayments.

Some loans may also come with one or more special features, such as:

  • Redraw facility – a redraw facility enables you to withdraw extra repayments you’ve made if you have unexpected expenses. This may be handy because it means you can make more loan repayments to reduce the interest you owe without worrying that you might regret those payments if an emergency or unexpected opportunity arises.
  • Offset account – an offset account is a bank account that’s attached to a loan. When you have money in an offset account, the interest you owe is calculated based on your loan balance (what you haven’t repaid) minus what’s in your offset account. This is handy because it means you can reduce the interest you owe using every spare dollar you have, while retaining complete flexibility to use your money if and when you need to.
  • Repayment holiday – some lenders may allow you to take a break from repaying your loan for a specified period of time, usually for financial hardship. This may be handy if you stop working for a while due to illness or an injury. It's important to remember that your loan balance will grow during this time as the interest charges are added to your balance.
professional-property-manager-showing-house-plan-t-2022-12-16-07-07-04-utc
Pre-approval can help you plan your purchase, and helps show sellers you’re serious about buying.

Fixed vs variable home loan rates

There are several kinds of home loans, but all fall into one of two categories: fixed or variable rate home loans. (The exception to that rule is a split loan which applies a variable interest rate to part of the balance and a fixed interest rate to the rest)

To understand the difference between the two, you first need to understand how the Reserve Bank of Australia (RBA) affects interest rates in Australia.

The RBA generally meets 11 times a year (every month except in January). At the meetings, it sets the official cash rate, which along with other market factors, impacts the interest rate at which financial institutions borrow from each other. The RBA usually changes the cash rate in response to changing market conditions, like inflation and deflation.

Lenders often borrow money in order to offer you a loan. So, for them to make a profit, they charge an interest rate that’s higher than what they’re paying. As a result, lenders can create home loans with interest rates that they can change at any time (with a bit of notice to customers). Such loans are called variable rate loans.

Having your interest rate suddenly change on you may be a challenge for some borrowers. After all, it’s pretty hard to budget for the future if you don’t know what your expenses are going to be. But the situation can be more intimidating with home loans compared to other kinds of loans because most home loans have a period of 25-30 years. Can you imagine how much interest rates could change over 30 years?

Most lenders offer an alternative type of loan product with an interest rate that doesn’t change at all for a fixed period (usually between two and five years). That type of loan is called a fixed rate home loan.

How to calculate how much interest you’d have to pay

When you take out a home loan, your lender will tell you how much your repayments will be. But if you want to have an idea before you apply, there are numerous calculators on the web that will help do the (sometimes very complicated) maths for you and estimate the interest.

couple-celebrating-moving-to-house-2022-09-28-23-22-16-utc
An easy way to start is to get an idea of your borrowing power and compare a range of home loan options.

How much you need to save for a home deposit

Deposit requirements vary between lenders. Saving a deposit of at least 20 per cent of the purchase price of the property could save you from having to pay lenders mortgage insurance. And many lenders require you to have at least a 20 per cent deposit. However, some may require as little as 5% depending on the circumstances.

Apart from saving up a percentage of the purchase price of a property, you may also need to save enough to cover other costs associated with buying a house. Those costs might include:

  • Stamp duty, which is a government tax (however some first home buyers may be eligible for a partial or full waiver)
  • Removal costs
  • Fees to cancel utilities, internet and phone in your current home and get them connected at your new home
  • Building and pest inspection for the home you’re buying
  • Conveyancing fees (generally used to help transfer the property title into your name)
  • Home insurance (your lender will usually require this)

How much you can borrow with a home loan

Only the lender that approves your loan application can tell you exactly how much they’re willing to lend you (and different lenders might be willing to offer you different amounts). But you can get a good estimate by using any of the online borrowing power calculators published by banks and other lenders.

Factors that could affect how much you can borrow include:

  • How many people are applying for the loan (is it just you, or are you applying with a partner or even several friends?)
  • Whether you have any dependents (children or adults who are financially reliant on you)
  • Whether you’re going to live in the home or buy it as an investment (investment loans generally have higher interest rates and may offer lower loan amounts)
  • Whether you’re buying an existing home or will build
  • The state you’re buying in (fees vary across the states and territories, as does the level of risk to the lender)
  • Your income and employment type
  • Your expenses
  • Any debts you may already have (like car loans and credit cards)
  • Your credit score
  • Your savings and credit history
  • The value of the property

How to apply for a home loan

The process of applying for a home loan is often fairly straightforward, even if it’s not necessarily quick or easy. First, you’ll fill in an application. As part of that process, you’ll need to provide ID to prove who you are, as well as proof of your income. You’ll also have to provide details of your expenses and dependents. Depending on your situation, you might also need to provide additional documents like a first home buyer grant application and/or documentation from a guarantor if you’re having someone acting as guarantor for the loan.

If you're refinancing to a better rate or a more suitable home loan you are likely to be asked for information relating to the property, along with the details of the existing mortgage.

Then there will be lots of paperwork to sign and other things to organise, as you’ll be organising your home loan at the same time as organising settlement of your home. So, your conveyancer will need to talk to your lender and vice versa.

One of the easiest ways to start the process is to get an idea of your borrowing power and start comparing a range of home loans. A home loan manager, consultant at the lender or mortgage broker may be able to assist with the process.

What is the best home loan?

Because of the variety of home loans available and the fact everyone is different, there’s no one best home loan out there.

All home loans have either fixed or variable interest (or a combination of both, which is also known as a split), but there are different types of loans within those categories. For instance, there are loans specifically for first home buyers and others for investors. And there are loans where you begin paying off the principal immediately and others where you start by only paying interest for a while. On top of that, some loans have redraw facilities, some have offset accounts, some have other special features and special offers and others are very ‘no frills’.

So, one way to help is to compare the different types of loans and pick the class of loan that best suits your situation. Once you’ve done that, you can compare a range of home loans to pick a suitable one for your needs.

Below, you’ll find a simple method to help the process of comparing home loans. We’ve also published dedicated guides for each type of home loan. Once you know which type of home loan will work best for you, you can couple the below with the additional questions in the class-specific guides to produce an easy-to-use guide for comparing home loans.

businessman-holding-house-keys-2022-11-11-18-32-12-utc
There are a range of factors which could impact how much you can borrow.

Suggested questions to ask when comparing home loans

  • What is the interest rate?
  • What is the comparison rate?
  • Is the interest rate fixed or variable? Or split?

Compare home loans like a pro

Answering these general questions could help you get a better understanding of the type of home loan you are looking for:

  • Why are you buying a property? Is it to live in (this is referred to as an owner-occupier home), to use as a holiday home or so you can generate rental income? There may be a loan type that’s geared to your purpose.
  • Is this going to be your first home? If so, there may be loans specifically for first home buyers.
  • Do you think the cash rate will go down, up, or stay the same? This may impact whether you decide to choose a fixed rate, variable rate or split rate home loan.
  • Do you have good reason to believe you will be able to make additional repayments throughout the life of the loan? If so, this might influence the type of loan you choose.
  • Initially, how much can you pay each month in repayments?
  • Are you buying an existing home or building a new one? Some lenders offer different loans for people who are building.
  • In the beginning, do you plan to pay principal and interest repayments or interest only repayments?
  • How much is the application fee?
  • Will the lender require you to pay lenders mortgage insurance?
  • What regular fees or other loan costs will you be charged?
  • Is there an early repayment fee?
  • What is the late payment fee?
  • Are there any other ad hoc fees?
  • Does the lender offer any perks? (E.g. the flexibility to redraw repaid funds)
  • Based on how much you want to borrow, how much you can repay each month, the fees and interest rate, what is the total amount payable to the bank over the term of the loan (the total cost of the loan)?
  • How does the bank or lender that’s offering the loan align with your personal values?

Home loan FAQs

Below are some questions you may have about Home Loans.

How much do you need for a home loan deposit?

Generally, you’ll need at least 20 per cent of the property purchase price plus other initial expenses such as stamp duty and conveyancing. However, in some cases you may be able to have a lower deposit, such as 5 per cent.

What is the first home buyer’s grant?

The first homeowner grant was introduced in 2000 to help Australians buy their first home. It’s a national program, administered and paid for by the states and territories (so you may find it referred to by a slightly different name in your area) that will give you a one-off grant if you’re eligible.

Several states also have additional schemes that provide further benefits to eligible people buying their first home. For example, many may waive stamp duty for some purchases.

What is a home loan comparison rate?

A home loan’s comparison rate is intended to give you an estimate of how much a loan will cost you when you take into account interest and other fees. Comparison rates are calculated based on a 25-year loan of $150,000 and include most fees like establishment fees and monthly or annual fees. They don’t include things like late payment fees.

Comparison rates are useful because some loans have lower interest rates than their competitors but charge higher fees to compensate. Before comparison rates were introduced, that meant some people may have ended up paying more for a loan because they saw a lower interest rate.

What does LVR mean for home loans?

LVR stands for loan-to-value ratio. It’s calculated by dividing the amount you need to borrow by the lender’s valuation of the property, and then expressing the result as a percentage. It’s important to note that the calculation relies on what the lender believes the value of the property is not on the sale price of the property. Much of the time those values will be the same, but that’s not always the case.

The LVR is important because lenders will generally require you to pay lender’s mortgage insurance if your LVR is more than 80 per cent and you don’t have a guarantor or access to funding via initiatives such as the First Home Guarantee.

How do you get approved for a home loan?

To be approved for a home loan, you’ll need to submit an application and satisfy your prospective lender that you’ll be able and willing to repay the loan. The lender will also need to be satisfied that they’ll be able to sell the property to recover some of their losses if you don’t repay your loan.

When can you refinance a home loan?

Technically, you can refinance your home loan at any time after you’ve settled the property with the loaned amount. However, depending on the loan you choose there may be break fees to refinance the loan. There can be other fees for switching providers which you should check with your lender.

Refinancing a home loan is usually best done when there’s a clear financial benefit to switching to another loan.

Also, if you’re interested in refinancing because you’re moving to a new property and haven’t yet paid off your existing home loan, you may be able to change this over with your existing lender instead of actually taking out a new loan.

Home Loans Articles

Do you qualify for a lenders mortgage insurance waiver for professionals?

Did you know your job could save you thousands on your home loan via an LMI waiver? But who’s eligible?

How do you borrow against home equity for a home loan?

If you’re already a homeowner, there could be another way you can access funds you might not have considered.

Why are bank interest rates different to the RBA cash rate?

When the Reserve Bank sets the official cash rate, some banks pass on the full rate change, while others don’t. Why not? We explain.

Why do interest rates rise with inflation?

You probably know that when inflation increases, interest rates often rise soon after. But how does it work and what does that mean for you? Let’s take a look.

Fixed rate home loan vs variable rate home loan

Variable rates can change with the market, and a fixed interest rate can provide repayment certainty. But did you know you could have a mix of both fixed and variable interest rates on your home loan?

How to refinance a home loan in Australia

Creating more wiggle room in the household budget is one reason some borrows might consider refinancing a mortgage. Here’s some key things to consider before you do.

Home Loans Providers

Find a list of our home loan providers and compare the products that they offer.
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Savrr Comparison & Discount Codes
Savrr.com is a trading name of Fair Comparison Pty Ltd. The 'compare' pages of this website are provided by Fair Comparison Pty Ltd (ABN 48 647 552 958, credit representative number 530417) as a credit representative of QED Credit Services Pty Ltd (Australian Credit Licence 387856) to compare a range of credit card, home loan, personal loan, and car loan products. Fair Comparison Pty Ltd may receive a fee if users click through, apply and/or successfully acquire a loan or credit card product from or through a product provider.
Fair Comparison provides information relating to credit products offered by banks and other credit providers. We are not providers of loan, credit, or any other financial products. While we aim to provide information about a variety of products, we do not provide information about all products or product features available to consumers - there may be alternative options available elsewhere. We do not recommend or assist you to apply for specific products. Should you choose to apply for a product which is listed, you will deal directly with the provider of the product or its broker/representative. We aim to provide useful and up to date information, but you should always carefully check product information with the product provider prior to applying for or taking out a credit product. If you are unsure, you should seek clarification from the product provider or independent financial advice.
Savrr.com is a trading name of Fair Comparison Ltd. The ‘compare’ pages of this website are provided by Fair Comparison Ltd to compare a range of online trading platforms and products. Fair Comparison Ltd may receive a fee if users click through, apply and/or successfully apply for an online trading account or product.
Fair Comparison provides information relating to online trading platforms. We are not providers of loan, credit, or any other financial products nor are we an investment broker. While we aim to provide information about a variety of platforms or products, we do not provide information about all platforms or products available to consumers - there may be alternative options available elsewhere. We do not recommend or assist you to apply for specific platforms or products. Should you choose to apply for a platform or product which is listed, you will deal directly with the platform or its broker/representative. We aim to provide useful and up-to-date information, but you should always carefully check information with the platform provider prior to opening an account or making a financial decision. If you are unsure, you should seek clarification from the platform or independent financial advice.