Compare Home Loans From 1.99%

Compare home loan rates from a wide range of Australian lenders, and find mortgage offers that best suit your needs. Start your home loan comparison at RateCity for a smarter way to compare home loan rates.- Last updated on 07 Jul 2020

Mark Bristow

Discount Variable Home Loan

Make the move to UBank's award winning home loan

Advertised Rate

2.59%

Variable

Comparison Rate*

2.59%

Owner Occupier Discounted Variable Rate

No upfront or ongoing feesExtra repayments + redraw services

View Now

UBank terms and conditions

Negotiate a lower rate

Need some assistance? Speak to an Mortgage Expert mortgage broker

Discount Variable Home Loan

Make the move to UBank's award winning home loan

Advertised Rate

2.59%

Variable

Comparison Rate*

2.59%

Owner Occupier Discounted Variable Rate

No upfront or ongoing feesExtra repayments + redraw services

View Now

UBank terms and conditions

Compare popular home loans

Now showing 1 - 20 of 35 home loans

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Product	Advertised Rate	Comparison Rate*	Company	Monthly Repayment	Features	Go to site
Home Package Plus Cashback Refinance and get up to $3,000 cash bonus with an eligible Suncorp Bank Home Loan.	2.29% Fixed - 2 years	3.32%	Home Package Plus	$657	Redraw facility Offset Account Borrow up to 90% Extra Repayments Interest Only Owner Occupied	View Now	More details
Live-in Variable	2.39% Variable	2.40%	Live-in Variable	$665	Redraw facility Offset Account Borrow up to 90% Extra Repayments Interest Only Owner Occupied	View Now	More details
Star Essentials Home Loan special End of Financial Year Special - No Upfront fees	2.39% Variable	2.39%	Star Essentials Home Loan	$665	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	Enquire Now	More details
Super Saver special Limited time offer - Must be approved by 31 July 2020 to get this rate	2.19% Variable	2.19%	Super Saver	$650	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	View Now	More details
2 year Fixed Rate Home Loan special $2,000 cashback for refinancers who apply before 3 August 2020 and have their loan funded by 9 October 2020. Minimum refinance amount $250,000. Eligibility criteria applies.	2.29% Fixed - 2 years	3.99%	2 year Fixed Rate Home Loan	$657	Redraw facility Offset Account Borrow up to 95% Extra Repayments Interest Only Owner Occupied	View Now	More details
Real Deal Home Loan	2.72% Variable	2.76%	Real Deal Home Loan	$690	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	View Now	More details
Great Rate special Borrow up to 110% of the property value by asking your family to guarantee the home loan by using their property as security on your mortgage	2.79% Fixed - 5 years	3.33%	Great Rate	$695	Redraw facility Offset Account Borrow up to 90% Extra Repayments Interest Only Owner Occupied	View Now	More details
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Owner Occupier Loan Principal & Interest Variable Rate (Refinance Only)	2.59% Variable	2.55%	Owner Occupier Loan Principal & Interest Variable Rate (Refinance Only)	$680	Redraw facility Offset Account Borrow up to 70% Extra Repayments Interest Only Owner Occupied	View Now	More details
Cash Back Hero Variable Cashback Get between $1,000 to $10,000 as cashback on loans above $250,000. Available for new loans and refinancing.	2.59% Variable	2.59%	Cash Back Hero Variable	$680	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	View Now	More details
Smart Home Loan special Get one of the lowest variable interest rates on the market and pay no application or ongoing fees	2.63% Variable	2.65%	Smart Home Loan	$683	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	View Now	More details
Home Value Loan special Get a low variable interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.	2.65% Variable	2.66%	Home Value Loan	$684	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	View Now	More details
Back to Basics Home Loan Special Offer Cashback Refinance and get up to $3,000 cash bonus with an eligible Suncorp Bank Home Loan.	2.78% Variable	2.79%	Back to Basics Home Loan Special Offer	$694	Redraw facility Offset Account Borrow up to 90% Extra Repayments Interest Only Owner Occupied	View Now	More details
Yard Home Loan (Winter Special)	2.39% Variable	2.42%	Yard Home Loan (Winter Special)	$665	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	Enquire Now	More details
Yard Home Loan	2.66% Variable	2.69%	Yard Home Loan	$685	Redraw facility Offset Account Borrow up to 90% Extra Repayments Interest Only Owner Occupied	Enquire Now	More details
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Great Rate special Borrow up to 110% of the property value by asking your family to guarantee the home loan by using their property as security on your mortgage	2.94% Variable	2.95%	Great Rate	$707	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	View Now	More details
Premium Plus Package Variable Rate special Includes a discounted rate off the Premium Plus Package Variable Rate Tier 4 home loan	2.94% Variable	3.34%	Premium Plus Package Variable Rate	$707	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	View Now	More details
Investor Cash Back Hero	2.99% Variable	2.99%	Investor Cash Back Hero	$711	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	View Now	More details
Yard Investor Loan	3.02% Variable	3.05%	Yard Investor Loan	$713	Redraw facility Offset Account Borrow up to 90% Extra Repayments Interest Only Owner Occupied	Enquire Now	More details
Investor Variable Rate	2.99% Variable	2.99%	Investor Variable Rate	$711	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	View Now	More details
SmartFix Loan	2.79% Fixed - 1 year	3.23%	SmartFix Loan	$349	Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied	Enquire Now	More details

Include all home loans products without View Now links

Data last updated on 7 Jul 2020

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Discount Variable Home Loan

Make the move to UBank's award winning home loan

Advertised Rate

2.59%

Variable

Comparison Rate*

2.59%

Owner Occupier Discounted Variable Rate

No upfront or ongoing feesExtra repayments + redraw services

View Now

UBank terms and conditions

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Home Loans

Cash rate held again, but home loan rates still falling

The Reserve Bank of Australia has again held the cash rate at a record low of 0.25 per cent today, however dozens of home loan lenders have still cut rates out of cycle in June.

Jul 7, 2020( 3 min read )

Home Loans

COVID-19 rewards borrowers, but savers feel the pain

The Reserve Bank is expected to leave the cash rate on hold at 0.25 per cent when it meets this afternoon. But RateCity data shows home loan and deposit rates have continued to tumble in the past month.

Jul 7, 2020( 3 min read )

Popular home loans Searches

Find popular home loans searches from a wide range of Australian. View All >

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Why is it important to compare home loans?

There are many reasons to compare home loans, and almost all of them benefit you in a positive way:

Are you missing out on home loan features or discounts because you haven't switched lenders in years?
Do you want some of the best home loan interest rates on the market?

With thousands of home loans available on the Australian market, it can be difficult to work out which home loan is best for you. With a home loan comparison, you can look at the interest rates, features and benefits of several different home loans side by side and get a better idea of the value they offer before making any decisions.

Whether you're after better rates or mortgage repayments lower than the Australian average, there are plenty of reasons to compare home loans with RateCity.

Start your home loan comparison now

How to compare home loans

Consider beginning your home loan comparison by asking yourself the following questions:

How much do you want to borrow? - The more you choose to borrow for your home loan, the higher the cost of repayments.
How much deposit can you afford? - Home loans with lower interest rates are more likely to require higher upfront security deposits. If your deposit is less than 20% of the property's value, you may be required to pay Lender’s Mortgage Insurance (LMI).
How long do you want your home loan term to be? - Many home loans have 30-year terms, though some can last for 25 years or less, or run for as long as 45 years. Generally, the longer your loan term, the less interest you’ll pay each month, but the more interest you’ll pay on the loan in total.
Are you buying as an owner-occupier or as an investor? - Investors are often charged higher home loan interest rates than owner-occupiers.
What features do you want in a mortgage? - The best home loan isn't always the one with the lower rate. Rather, the best home loan is the one you're happy with, and that may mean other features, such as allowing you to make extra repayments, supporting an offset account, or a redraw facility.

Once you've worked out some of your preferences, you can start to narrow down your list of potential home loan options for your mortgage comparison.

Will you need to pay LMI?

Lender's Mortgage Insurance could add a hefty sum to the overall cost of your home if you don't have a large enough deposit.

Example: Finding a low rate investment loan

Roy is a first-time investor who wants the lowest current home loan interest rate on the market. He has a deposit of $100,000 and wants a loan of $500,000. By selecting a loan term of 30 years using RateCity’s compare home loans function, he discovers more than 1000 potential loans available for comparison.

Roy previously asked his bank, one of the big four banks, about the cost of a home loan. During his home loan comparison, Roy discovers there are at least five lenders on RateCity that can shave up to $80 a month off what his bank offered, with interest rates below 4.2%. Over 30 years, that adds up to a significant saving of over $28,000.

Roy wants to know more about one of the loans on offer, due to its low rate and low fees. He clicks the ‘View Now’ button and is directed to the lender’s website, where he can find more information about their home loan offers, as well as the lender's contact details.

How to find the lowest home loan rates on RateCity

To see what current mortgage interest rates are available in Australia and find the lowest interest rates you're likely to be eligible for, start by following these steps:

Enter some basic home loan search details at RateCity, such as whether you’re an owner occupier or an investor; how much you plan to borrow compared to the property's total value, or; your preference between fixed and variable interest rates.
Use more search filters to further narrow down your list of home loans. The more details you can provide, the more precise your mortgage comparison search results can be.
Sort RateCity’s comparison table either by Advertised Rate (for interest rate only) or Comparison Rate (for the approximate cost of interest plus fees) to find the lowest available results for your home loan requirements.

Find the lowest home loan rates on RateCity

More ways to compare home loans

Learn about home loans	Compare low deposit home loans
Find cheap home loans	Interest only home loan comparisons
Australian low interest home loans	The best home loan rates around

What's considered a good interest rate on a home loan?

An interest rate of 4% or lower is generally considered to be a good home loan interest rate when making a mortgage rate comparison, though it's important to remember that the mortgage with the lowest rate may not be the best home loan for your unique needs.

Some low-interest home loans are quite simple, offering fewer extra features and benefits. The lowest interest rates in Australia may not be available to every borrower, due to the specific financial requirements of different lenders.

Australia's average home loan interest rate changes regularly, as mortgage offers are added to or removed from the market. Because every mortgage is different, you’ll need to decide what the best home loan is for your needs.

Working out how much extra you may need to pay in interest for home loans with additional features can help you get a better idea of the value they may be able to offer your household.

What are the best home loan rates, and how do I get them?

A great home loan rate is what you'll be after regardless of whether you're a first-home buyer, purchasing something new, or investing, but the best home loan rates are constantly changing.

Instead of focusing on the best home loan rates, consider looking for the best rates as they apply to your needs.

Everyone's needs are different, and so the best mortgage rates on RateCity might be great for someone with an excellent credit score, but unattainable for someone with a few marks here and there. This is called "borrowing power", and it can shift loan rates in positive and negative ways.

To get a gauge on what your borrowing power is like, look into your credit score and find out whether the best rates are possible for you.

Get your credit rating checked

How to customise your home loan comparison results

When you make a home loan comparison, you can enter your preferred mortgage features to help find an option that better suits your needs.

Firstly, think about if you want a variable rate loan or a fixed rate loan:

Variable rate home loans – Variable interest rates may increase or decrease during your mortgage term, often in line with changes to Australia's official cash rate, but sometimes independently, depending on your lender. If your lender passes on a rate cut, you could save money on your mortgage repayments, but if rates rise, you could find yourself paying more.
Fixed rate home loans – Home loan interest rates can sometimes be fixed for a limited time, often from one to five years. During this time, your mortgage repayments will stay the same, for simple and consistent budgeting. This can protect you from higher repayments if interest rates rise, but you could also miss out on savings if interest rates fall.
Split rate home loans - Some borrowers also choose to split their home loan interest rates between fixed and variable interest rates to lock in a bit of certainty in case of rate rises, while also making the most of low rates when they're available.

What will my stamp duty be?

Whether you're planning to live in a newly purchased home or are investing, stamp duty can hit you hard. Find out how much stamp duty you'll have to pay with RateCity's stamp duty calculator.

You can also choose between making principal and interest repayments or interest-only repayments on your home loan:

Principal and interest (P&I) repayments – These home loan payments let you gradually repay the money you've borrowed while also covering your interest charges. While P&I repayments tend to be more expensive from month to month than paying interest only, they let you make steady progress towards clearing your debt, and can help to minimise the total interest you’re charged over the loan term.
Interest-only (IO) repayments - Some lenders allow you to delay repaying your debt and simply pay the interest charges for a limited time (generally between one and five years). This can help make your repayments more affordable in the short term, though you may end up paying more total interest over the loan’s full term as your repayments won’t be reducing the principal amount owing.

Learn more about home loans with the RateCity guide

Select your home loan features

After you’ve chosen your preferred type of home loan, interest rate and repayments, you can compare mortgages with some popular home loan features, such as an offset account, a redraw facility, or extra repayments.

Offset account - An offset account allows you to reduce the interest you pay by using money in a separate, but linked account to offset what you owe. For example, if you owe $300,000 but have $50,000 in an offset account, you’ll be charged interest as if you only owed $250,000, shrinking your repayments slightly.
Extra repayments - Some lenders allow you to make extra mortgage repayments if you have a good month, receive a one-off windfall, or find youself able to afford higher regular repayments. This can help you clear your loan balance more quickly, and reduce the total interest you’re charged on your loan.
Redraw facility - A redraw facility lets you withdraw any extra home loan repayments you’ve made if you need that money back in your pocket, which can be useful for covering unexpected expenses without having to take on more debt with a credit card or personal loan.

Offset? Redraw? What does all of this mean?

Home loan terms can be confusing, but RateCity is happy to answer any questions, so you won't be left wondering what the difference is between offset accounts and redraw facilties.

Choose your fees

One of the benefits when you compare home loans with a financial comparison website like RateCity is that as well as looking at home loan interest rates, you can also compare fees. High fees on a home loan can negate the impact of a low interest rate, so they’re important to consider.

Some of the fees you’re likely to encounter during your mortgage comparison include:

Upfront fees – These are the fees the lender will charge when you start your loan. They sometimes include establishment fees, conveyancing fees, stamp duty and Lender’s Mortgage Insurance (LMI). Upfront fees vary significantly between lenders.
Ongoing fees – These are the monthly or yearly fees your lender may charge for the upkeep of your loan.
Redraw fees – For some loans that feature a redraw facility, making a redraw may require paying a fee.
Discharge fees – At the conclusion of your loan, your lender may charge a termination fee to cover the administration costs.

Example: Flexibility seals the deal

Louise already has a home loan, but it doesn’t offer many benefits. She instead wants to refinance onto a loan where she can offset interest and make extra repayments once a year when she gets her tax refund. However, she doesn’t want to pay a high interest rate or high fees for those benefits.

To compare home loans, Louise enters her preferences at RateCity and finds there are a dozen loans through a home loan comparison with no ongoing fees, but many features. Even better, many of those home loans have interest rates lower than 4%, when at the moment she has a 4.5% interest rate. By switching, she stands to save more than $1600 a year.

	Current Home Loan	New Home Loan
Interest Rate	4.5%	4.0%
Loan Amount Owing	$500,000	$500,000
Remaining Loan Term	25 years	25 years
Monthly Repayment	$2779	$2639
Total Interest Paid	$333,749	$297,755
Total Loan Cost	$833,749	$791,755

Above examples are hypothetical and for illustrative purposes only. Calculation source: MoneySmart

Other types of home loans to compare

RateCity also allows you to compare less common types of home loans, such as low doc loans.

A low documentation loan is for borrowers who do not have the documents that are typically required to apply for a mortgage, such as:

Regular payslips
Steady employment history
Clean credit history

As a result, lenders often treat these customers as higher default risks, and decline their applications for standard home loans.

If you are in this position, it may be helpful to compare the low doc options on the market, as the current home loan interest rates on offer can vary significantly.

Find low documentation home loans in Australia

How much can I borrow?

Thinkinf of getting a loan? It's time to find out just how much a bank or lender will let you access.