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Owner occupied products interest rates

Loan typePrincipal & Interest rateInterest Only
Prime Home Loan (Min Deposit 30%)
3.44% p.a.
3.68% p.a. Comparison rate
n/a
Prime Home Loan (Min Deposit 40%)
2.44% p.a.
2.49% p.a. Comparison rate
n/a
Prime Home Loan (Min Deposit 35%)
2.44% p.a.
2.49% p.a. Comparison rate
n/a
Prime Home Loan (Min Deposit 25%)
2.64% p.a.
2.69% p.a. Comparison rate
n/a
Prime Home Loan (Min Deposit 20%)
2.64% p.a.
2.69% p.a. Comparison rate
n/a
Prime Home Loan (Min Deposit 15%)
2.99% p.a.
3.04% p.a. Comparison rate
n/a
Prime Home Loan (Min Deposit 10%)
3.29% p.a.
3.34% p.a. Comparison rate
n/a
Near Prime Home Loan (Min Deposit 40%)
3.24% p.a.
3.53% p.a. Comparison rate
n/a
Prime Self-Employed Home Loan (Min Deposit 40%)
3.39% p.a.
3.63% p.a. Comparison rate
n/a
Prime Self-Employed Home Loan (Min Deposit 35%)
3.44% p.a.
3.68% p.a. Comparison rate
n/a
Prime Self-Employed Home Loan (Min Deposit 25%)
3.49% p.a.
3.73% p.a. Comparison rate
n/a
Near Prime Home Loan (Min Deposit 35%)
3.49% p.a.
3.77% p.a. Comparison rate
n/a
Near Prime Home Loan (Min Deposit 30%)
3.49% p.a.
4.07% p.a. Comparison rate
n/a
Near Prime Home Loan (Min Deposit 25%)
3.69% p.a.
4.07% p.a. Comparison rate
n/a
Near Prime Home Loan (Min Deposit 20%)
3.69% p.a.
4.09% p.a. Comparison rate
n/a
Prime Self-Employed Home Loan (Min Deposit 20%)
3.99% p.a.
4.22% p.a. Comparison rate
n/a
Near Prime Self-Employed Home Loan (Min Deposit 35%)
3.94% p.a.
4.28% p.a. Comparison rate
n/a
Near Prime Self-Employed Home Loan (Min Deposit 40%)
3.94% p.a.
4.28% p.a. Comparison rate
n/a
Near Prime Self-Employed Home Loan (Min Deposit 30%)
3.94% p.a.
4.29% p.a. Comparison rate
n/a
Specialist Home Loan (Min Deposit 35%)
4.39% p.a.
4.67% p.a. Comparison rate
n/a
Specialist Home Loan (Min Deposit 30%)
4.49% p.a.
4.67% p.a. Comparison rate
n/a
Near Prime Home Loan (Min Deposit 15%)
4.29% p.a.
4.72% p.a. Comparison rate
n/a
Prime Self-Employed Home Loan (Min Deposit 15%)
4.54% p.a.
4.77% p.a. Comparison rate
n/a
Near Prime Self-Employed Home Loan (Min Deposit 25%)
4.59% p.a.
4.97% p.a. Comparison rate
n/a
Near Prime Self-Employed Home Loan (Min Deposit 20%)
4.59% p.a.
4.99% p.a. Comparison rate
n/a
Specialist Home Loan (Min Deposit 25%)
4.99% p.a.
5.37% p.a. Comparison rate
n/a
Specialist Home Loan (Min Deposit 20%)
4.99% p.a.
5.39% p.a. Comparison rate
n/a
Near Prime Self-Employed Home Loan (Min Deposit 15%)
5.39% p.a.
5.82% p.a. Comparison rate
n/a

Investment purpose products interest rates

Loan typePrincipal & Interest rateInterest Only
Prime Investment Loan (Min Deposit 30%)
2.59% p.a.
2.64% p.a. Comparison rate
n/a
Prime Investment Loan (Min Deposit 25%)
2.79% p.a.
2.84% p.a. Comparison rate
n/a
Prime Investment Loan (Min Deposit 20%)
2.79% p.a.
2.84% p.a. Comparison rate
n/a
Prime Investment Loan (Min Deposit 15%)
3.14% p.a.
3.19% p.a. Comparison rate
n/a

Home loan repayment calculator

Thinking about taking out a home loan with Bluestone? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bluestone home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.44%

Total interest payable

$0

Total loan repayments

$0

Contact a mortgage broker

Bluestone homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

Learn more about home loans

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

Does Australia have no cost refinancing?

No Cost Refinancing is an option available in the US where the lender or broker covers your switching costs, such as appraisal fees and settlement costs. Unfortunately, no cost refinancing isn’t available in Australia.

How does RateCity make money?

For details on how RateCity makes money, please see here.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

Does Australia have no-deposit home loans?

Australia no longer has no-deposit home loans – or 100 per cent home loans as they’re also known – because they’re regarded as too risky.

However, some lenders allow some borrowers to take out mortgages with a 5 per cent deposit.

Another option is to source a deposit from elsewhere – either by using a parental guarantee or by drawing out equity from another property.

How much information is required to get a rating?

You don’t need to input any information to see the default ratings. But the more you tell us, the more relevant the ratings will become to you. We take your personal privacy seriously. If you are concerned about inputting your information, please read our privacy policy.

How do you determine which home loan rates/products I’m shown?

When you check your home loan rate, you’ll supply some basic information about your current loan, including the amount owing on your mortgage and your current interest rate.

We’ll compare this information to the home loan options in the RateCity database and show you which home loan products you may be eligible to apply for.

 

How long can you fix a home loan rate for?

Most lenders should let you fix your interest rate for anywhere between one and five years. While rare, a few lenders may offer fixed rate terms for as long as 10 years.

Fixing your home loan interest rate for a longer term can keep your budgeting fairly straightforward, as you shouldn't have to factor in changes to your mortgage repayments if variable rates change, such as when the Reserve Bank of Australia (RBA) changes its rates at its monthly meeting. Additionally, if variable rates rise during your fixed rate term, you can continue to pay the lower fixed rate until the fixed term ends, potentially saving you some money.

Of course, a longer fixed term also means a longer length of time where you may have less flexibility in your home loan repayments. It’s also a longer period where you won’t be able to refinance your mortgage without paying break fees. If variable rates were to fall during this period, you may also be stuck paying a higher fixed rate for a longer period.

Can you borrow the deposit for a home loan?

Most lenders will want the majority of your home loan deposit to be made up of ‘genuine savings’ which is income earned from your job. While a small number of lenders may let you use a personal loan or a credit card to help cover the cost of your deposit, this may potentially cost you more in interest, and put your finances at higher risk.

If you haven’t saved a full deposit, it may be possible to effectively borrow the deposit for a mortgage with the help of a guarantor. This is usually a parent of other family member who guarantees your mortgage with the equity in their own property.

It may also be possible to borrow the money for a home loan deposit from a family member (e.g. the Bank of Mum & Dad) or a friend, provided you draw up a formal legal agreement to pay this money back, showing your mortgage lender that you’re taking responsibility.

How fast can you get a home equity loan?

Completing an application for a home equity loan may only take 20 to 30 minutes. It may take a lender anywhere from a day to a few weeks to process and approve your application. This may be affected by your financial situation, your level of equity, and whether or not your lender needs to organise an in-persona valuation of the property.

 Before you can apply for a home equity loan, you’ll need to build up some equity in your property. The more money you can put towards extra repayments to reduce your home loan principal, the faster you can increase your equity. Also, if property values in your area increase, this may help deliver an instant equity increase once your property has been valued.

How do I refinance my home loan?

Refinancing your home loan can involve a bit of paperwork but if you are moving on to a lower rate, it can save you thousands of dollars in the long-run. The first step is finding another loan on the market that you think will save you money over time or offer features that your current loan does not have. Once you have selected a couple of loans you are interested in, compare them with your current loan to see if you will save money in the long term on interest rates and fees. Remember to factor in any break fees and set up fees when assessing the cost of switching.

Once you have decided on a new loan it is simply a matter of contacting your existing and future lender to get the new loan set up. Beware that some lenders will revert your loan back to a 25 or 30 year term when you refinance which may mean initial lower repayments but may cost you more in the long run.

How do I save for a mortgage when renting?

Saving for a deposit to secure a mortgage when renting is challenging but it can be done with time and patience. If you’re on a single income it can be even more difficult but this shouldn’t discourage you from buying your own home.

To save for a deposit, plan out a monthly budget and put it in a prominent position so it acts as a daily reminder of your ultimate goal. In your budget, set aside an amount of money each week to go into a savings account so you can start building up the ‘0’s’ in your account.  There are a range of online savings accounts that offer reasonable interest, although some will only off you high rates for the first few months so be wary of this.

If you aren’t able to save a large deposit, you can consider ways of entering the market that require small or no deposits. This can include getting a parent to act as guarantor for your home loan or entering the market with an interest only loan.