Compare best home loan rates

Compare mortgages and calculate mortgage repayments - Data last updated on 21 Jul 2018

Popular Home Loans

Promoted
Discount Offer Variable Home Loan ($200k-$700k)RewardsGet $1,000 cash into a USaver account when you apply for a loan of $200,000 or more (new or refinance). T&Cs apply.
Advertised rate
3.59%
Variable
Comparison rate*
3.59%
Monthly repayment
$1,135
Real Time Rating™

4.78 / 5

Compare
Promoted
Discount Variable Investment Loan (Principal and Interest) (LVR<80%)
Advertised rate
4.44%
Variable
Comparison rate*
4.49%
Monthly repayment
$1,258
Real Time Rating™

3.51 / 5

Compare
Variable Rate Home Loan (Principal and Interest) (Amounts < $750k, LVR 70%-80%)Cashback$900 cashback after your settlement
Advertised rate
3.54%
Variable
Comparison rate*
3.58%
Monthly repayment
$1,128
Real Time Rating™

4.9 / 5

Compare
Low Rate Home Loan with Offset (Principal and Interest) (LVR < 80%)
Advertised rate
3.64%
Variable
Comparison rate*
3.67%
Monthly repayment
$1,142
Real Time Rating™

4.88 / 5

Compare
Select Basic Home Loan (Principal and Interest) (Amounts < $500k, LVR < 80%)
Advertised rate
3.69%
Variable
Comparison rate*
3.70%
Monthly repayment
$1,149
Real Time Rating™

4.71 / 5

Compare
Premier Standard Variable Home LoanSpecialAvailable on new Premier home loan borrowings from $50,000 when applying by 31 July 2018
Advertised rate
3.69%
Variable
Comparison rate*
3.70%
Monthly repayment
$1,149
Real Time Rating™

4.59 / 5

Compare
IQ Basic Home Loan (Principal and Interest) (LVR < 70%)
Advertised rate
3.75%
Variable
Comparison rate*
3.76%
Monthly repayment
$1,158
Real Time Rating™

4.65 / 5

Compare
Special Low Variable Rate Home Loan (LVR < 80%)
Advertised rate
3.79%
Variable
Comparison rate*
3.79%
Monthly repayment
$1,163
Real Time Rating™

4.65 / 5

Compare
Basic Variable Rate Home Loan
Advertised rate
3.77%
Variable
Comparison rate*
3.81%
Monthly repayment
$1,161
Real Time Rating™

4.53 / 5

Compare
First Home Buyer Loan - 40 Year Term
Advertised rate
3.77%
Variable
Comparison rate*
3.81%
Monthly repayment
$1,161
Real Time Rating™

4.53 / 5

Compare
OMG Home Loan (Principal and Interest)
Advertised rate
3.79%
Variable
Comparison rate*
3.83%
Monthly repayment
$1,163
Real Time Rating™

4.55 / 5

Compare
Low Rate Home Loan with Offset (Principal and Interest) (LVR 80%-90%)
Advertised rate
3.84%
Variable
Comparison rate*
3.87%
Monthly repayment
$1,171
Real Time Rating™

4.61 / 5

Compare
Rate Buster High Lend 100% Offset Variable Investment Loan (Principal and Interest)CashbackReceive $750 cash back on loans between $250,000 and $749,999 and $1500 cash back on loans over $750,000
Advertised rate
3.89%
Variable
Comparison rate*
3.89%
Monthly repayment
$1,178
Real Time Rating™

4.53 / 5

Compare
IQ Basic Investment Loan (Principal and Interest) (LVR < 70%)
Advertised rate
3.99%
Variable
Comparison rate*
4.00%
Monthly repayment
$1,192
Real Time Rating™

4.26 / 5

Compare
UHomeLoan Fixed (Principal and Interest) 3 Years
Advertised rate
3.74%
Fixed - 3 years
Comparison rate*
4.01%
Monthly repayment
$1,156
Real Time Rating™

4.28 / 5

Compare
Premium Plus Package Variable Rate Home Loan Special (Principal and Interest) (LVR < 95%)SpecialIncludes a discounted rate off the Premium Plus Package Variable Rate Tier 4 home loan when meeting certain eligibility requirements.
Advertised rate
3.64%
Variable
Comparison rate*
4.03%
Monthly repayment
$1,142
Real Time Rating™

4.74 / 5

Compare
My Life Fixed Rate Package 2 Years
Advertised rate
3.69%
Fixed - 2 years
Comparison rate*
4.04%
Monthly repayment
$1,149
Real Time Rating™

4.17 / 5

Compare
My Life Fixed Rate Package 3 Years
Advertised rate
3.85%
Fixed - 3 years
Comparison rate*
4.05%
Monthly repayment
$1,172
Real Time Rating™

4.13 / 5

Compare
Essential Home Loan ($100k+)SpecialStandard Establishment fee of $350 and Settlement fee of $250 waived
Advertised rate
4.04%
Variable
Comparison rate*
4.07%
Monthly repayment
$1,199
Real Time Rating™

4.21 / 5

Compare
OMG Investment Loan (Principal and Interest)
Advertised rate
4.04%
Variable
Comparison rate*
4.08%
Monthly repayment
$1,199
Real Time Rating™

4.15 / 5

Compare
Inv UHomeLoan Fixed 3 Years
Advertised rate
3.99%
Fixed - 3 years
Comparison rate*
4.44%
Monthly repayment
$1,192
Real Time Rating™

3.75 / 5

Compare
Professional Package Home Loan (Principal and Interest) ($250k-$500k)
Advertised rate
4.07%
Variable
Comparison rate*
4.45%
Monthly repayment
$1,204
Real Time Rating™

4.04 / 5

Compare
Real Deal Variable Home Loan (Principal and Interest) (Introductory)
Advertised rate
4.40%
Intro 36 months
Comparison rate*
4.62%
Monthly repayment
$1,289
Real Time Rating™

3.49 / 5

Compare
Discount Variable Home Loan
Advertised rate
4.64%
Variable
Comparison rate*
4.69%
Monthly repayment
$1,288
Real Time Rating™

3.17 / 5

Compare
Extra Investment Loan (Interest Only)
Advertised rate
5.18%
Variable
Comparison rate*
4.75%
Monthly repayment
$1,370
Real Time Rating™

2.12 / 5

Compare
Choice Package Tailored Home Loan (Principal and Interest) ($250k-$750k)
Advertised rate
4.39%
Variable
Comparison rate*
4.78%
Monthly repayment
$1,250
Real Time Rating™

3.55 / 5

Compare
3 Year Special Economiser Home Loan (Low Doc)
Advertised rate
4.29%
Intro 36 months
Comparison rate*
4.78%
Monthly repayment
$1,306
Real Time Rating™

3.44 / 5

Compare
Choice Package Tailored Home Loan Fixed (Principal and Interest) 5 Years
Advertised rate
4.09%
Fixed - 5 years
Comparison rate*
4.80%
Monthly repayment
$1,207
Real Time Rating™

3.89 / 5

Compare
Choice Package Tailored Home Loan Fixed (Principal and Interest) 3 Years
Advertised rate
3.94%
Fixed - 3 years
Comparison rate*
4.84%
Monthly repayment
$1,185
Real Time Rating™

3.7 / 5

Compare
Premier Package Low Doc Fixed Options Home Loan (Principal and Interest) 3 Years
Advertised rate
3.99%
Fixed - 3 years
Comparison rate*
4.85%
Monthly repayment
$1,192
Real Time Rating™

3.65 / 5

Compare
Extra Investment Loan - 4 Year Introductory Rate (Interest Only) (First Home Buyer)
Advertised rate
4.19%
Intro 48 months
Comparison rate*
4.85%
Monthly repayment
$1,331
Real Time Rating™

3.51 / 5

Compare
Choice Package Tailored Home Loan Fixed (Principal and Interest) (First Home Buyer Special) 2 YearsSpecialDiscount off the 2 years Package Fixed Rate (Principal and Interest) for a loan of $150k+ for first home buyers purchasing residential properties only
Advertised rate
3.69%
Fixed - 2 years
Comparison rate*
4.86%
Monthly repayment
$1,149
Real Time Rating™

3.62 / 5

Compare
Premier Package Low Doc Fixed Options Home Loan (Principal and Interest) 2 Years
Advertised rate
3.89%
Fixed - 2 years
Comparison rate*
4.88%
Monthly repayment
$1,178
Real Time Rating™

3.5 / 5

Compare
Breakfree Package Fixed Rate Home Loan (Low Doc) 3 Years
Advertised rate
3.99%
Fixed - 3 years
Comparison rate*
4.90%
Monthly repayment
$1,192
Real Time Rating™

3.64 / 5

Compare
Premium Plus Package Variable Rate Home Loan (Principal and Interest) (Amounts < $500k)
Advertised rate
4.57%
Variable
Comparison rate*
4.94%
Monthly repayment
$1,277
Real Time Rating™

3.23 / 5

Compare
Choice Package Tailored Home Loan Fixed (Principal and Interest) 1 Year
Advertised rate
3.89%
Fixed - 1 year
Comparison rate*
4.96%
Monthly repayment
$1,178
Real Time Rating™

3.26 / 5

Compare
Breakfree Package Fixed Rate Home Loan (Low Doc) 2 Years
Advertised rate
3.99%
Fixed - 2 years
Comparison rate*
4.96%
Monthly repayment
$1,192
Real Time Rating™

3.4 / 5

Compare
Choice Package Tailored Home Loan (Interest Only) ($250k-$750k)
Advertised rate
4.92%
Variable
Comparison rate*
4.96%
Monthly repayment
$1,330
Real Time Rating™

2.34 / 5

Compare
Premier Package Low Doc Fixed Options Home Loan (Principal and Interest) 1 Year
Advertised rate
4.09%
Fixed - 1 year
Comparison rate*
4.97%
Monthly repayment
$1,207
Real Time Rating™

3.18 / 5

Compare
Fixed Rate Home Loan (Low Doc) 3 Years
Advertised rate
4.14%
Fixed - 3 years
Comparison rate*
4.98%
Monthly repayment
$1,214
Real Time Rating™

3.2 / 5

Compare
Choice Package Tailored Home Loan Fixed (Interest Only in Arrears) 3 Years
Advertised rate
4.29%
Fixed - 3 years
Comparison rate*
4.98%
Monthly repayment
$1,236
Real Time Rating™

2.71 / 5

Compare
Choice Package Tailored Home Loan Fixed (Interest Only in Advance) 3 Years
Advertised rate
4.19%
Fixed - 3 years
Comparison rate*
4.99%
Monthly repayment
$1,221
Real Time Rating™

2.81 / 5

Compare
Choice Package Tailored Home Loan Fixed (Principal and Interest) 4 Years
Advertised rate
4.59%
Fixed - 4 years
Comparison rate*
5.01%
Monthly repayment
$1,280
Real Time Rating™

3.06 / 5

Compare
Breakfree Package Fixed Rate Home Loan (Interest Only) 2 Years
Advertised rate
4.49%
Fixed - 2 years
Comparison rate*
5.04%
Monthly repayment
$1,265
Real Time Rating™

2.84 / 5

Compare
Choice Package Tailored Home Loan Fixed (Interest Only in Advance) 2 Years
Advertised rate
4.19%
Fixed - 2 years
Comparison rate*
5.06%
Monthly repayment
$1,221
Real Time Rating™

2.56 / 5

Compare
Choice Package Tailored Home Loan Fixed (Interest Only in Arrears) 2 Years
Advertised rate
4.29%
Fixed - 2 years
Comparison rate*
5.06%
Monthly repayment
$1,236
Real Time Rating™

2.49 / 5

Compare
Fixed Rate Home Loan (Low Doc) 3 Years
Advertised rate
4.14%
Fixed - 3 years
Comparison rate*
5.07%
Monthly repayment
$1,214
Real Time Rating™

3.21 / 5

Compare
Fixed Rate Home Loan (Low Doc) 2 Years
Advertised rate
4.04%
Fixed - 2 years
Comparison rate*
5.14%
Monthly repayment
$1,199
Real Time Rating™

2.93 / 5

Compare
Choice Package Tailored Home Loan Fixed (Interest Only in Arrears) 5 Years
Advertised rate
4.99%
Fixed - 5 years
Comparison rate*
5.14%
Monthly repayment
$1,341
Real Time Rating™

2.08 / 5

Compare
Fixed Rate Investment Loan (Principal and Interest) 2 Years
Advertised rate
4.09%
Fixed - 2 years
Comparison rate*
5.15%
Monthly repayment
$1,207
Real Time Rating™

2.84 / 5

Compare
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Best home loan rates

Getting the best interest rate for your home loan is an important consideration because the lower your interest rate, the less your repayments will be month to month. While this is important, it’s also essential to consider the comparison rate on your home loan as it includes any hidden fees and charges that can often be included in a product. The comparison rate also makes it easy to compare different products side-by-side - apples for apples.

Interest rate

The interest rate on your home loan is the percentage of interest you pay on the amount you owe the bank. The lower the rate, the less your repayments will be.

If you have a variable home loan, this interest rate will be decided by your lender and depend on a range of factors such as market conditions, the RBA cash rate and other considerations. Be aware that banks can lift or drop rates at any time so while you might be on a good rate initially, it’s important to keep an eye on what rate you are on and what other lenders are offering over the life of your loan.

If you choose a fixed-rate home loan instead, the interest rate will remain the same for the fixed term period you choose (typically between 1 and 5 years). Keep in mind that even though you might have chosen the best interest rate on the market at the time, your fixed home loan rate might not be so attractive if the cash rate drops and your bank follows suit. Conversely, if your bank’s variable rate rises in this time it might put you ahead.

Before you sign up to a fixed rate loan it’s a good idea to understand what features it does and doesn’t include, such as the ability to make extra repayments, as these products can sometimes be less flexible than their variable counterparts. Additionally, find out what the fees and charges are applicable over the life of your loan, including the revert rate after your fixed term expires, as this can often be higher than market rate.

Comparison rate

A comparison rate is different to an interest rate because it factors in the other expenses associated with your home loan including most of fees and charges you could incur, and the revert rate if there is an introductory period. For this reason it is a useful tool for deciding between loans that may have a similar advertised interest rate but in reality will cost you different amounts over the life of your loan.

Revert rate

The revert rate of a home loan is the interest rate you will pay on your loan following the introductory or fixed term period. While not all loans have a different interest rate for the introductory period it is advisable to pay close attention to the ones that do before signing up.

These loans may have an advertised interest rate that appears to be the best home loan rate available but the revert rate may be a lot higher than other loans on the market and as a result, make the product less cost effective in the long run.

Choosing a home loan

If you are ready to start comparing and choosing a home loan the comparison table on RateCity is a good place to start. You will be able to look at the interest rate, comparison rate and fees of different mortgages side by side to find some of the best deals available.

*The phrase ‘some of the best’ is not a recommendation or rating of products. This page compares a range of home loans from selected providers, not all products or providers are included in the comparison. No home loan is one size fits all. The best home loan for you will not be the best home loan for someone else. As a result, it's worth getting advice on whether a product is right for you before committing. 
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FAQs

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Call RateCity 1300 001 153

^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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