Talk to a Mortgage Expert - Cheap Home Loans from 2.95%

Find home loans from a wide range of Australian lenders that best suit your needs, whether you're investing, refinancing or looking to buy your first home. Compare interest rates, mortgage repayments, fees and more. - Last updated on 13 Aug 2020

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Product
Advertised rate
Comparison rate*
Monthly repayment
Company
Features
Real Time Rating™
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Home Value Loan
Advertised rate
2.95%
Variable
Comparison rate*
2.97%
Monthly repayment
$1,415
HSBC
Home Value Loan
Features
Redraw facility
Offset Account
Borrow up to 90%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.41 / 5

More details

Mortgage Simplifier
Advertised rate
3.03%
Variable
Comparison rate*
3.06%
Monthly repayment
$1,427
ING
Mortgage Simplifier
Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.26 / 5

More details

Discount Variable
Advertised rate
3.07%
Variable
Comparison rate*
3.12%
Monthly repayment
$1,434
Heritage Bank
Discount Variable
Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.18 / 5

More details

Home Advantage Package
Advertised rate
2.99%
Fixed - 3 years
Comparison rate*
3.59%
Monthly repayment
$1,421
Heritage Bank
Home Advantage Package
Features
Redraw facility
Offset Account
Borrow up to 95%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.16 / 5

More details

Orange Advantage
Advertised rate
3.08%
Variable
Comparison rate*
3.42%
Monthly repayment
$1,435
ING
Orange Advantage
Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.25 / 5

More details

Reward Me Variable Rate Home Loan
Advertised rate
3.23%
Variable
Comparison rate*
3.39%
Monthly repayment
$1,459
Virgin Money
Reward Me Variable Rate Home Loan
Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.1 / 5

More details

Liberty SuperCredit
Advertised rate
5.80%
Variable
Comparison rate*
6.22%
Monthly repayment
$1,896
Liberty Financial
Liberty SuperCredit
Features
Redraw facility
Offset Account
Borrow up to 80%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

1.23 / 5

More details

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Basic Home Loan
Advertised rate
2.89%
Fixed - 3 years
Comparison rate*
3.04%
Monthly repayment
$1,406
Macquarie Bank
Basic Home Loan
Features
Redraw facility
Offset Account
Borrow up to 70%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.14 / 5

More details

Back to Basics Home Loan
Advertised rate
3.03%
Variable
Comparison rate*
3.04%
Monthly repayment
$1,427
Suncorp Bank
Back to Basics Home Loan
Features
Redraw facility
Offset Account
Borrow up to 90%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

4.35 / 5

More details

SmartSaver Loan
Advertised rate
3.09%
Fixed - 5 years
Comparison rate*
3.11%
Monthly repayment
$1,437
Adelaide Bank
SmartSaver Loan
Features
Redraw facility
Offset Account
Borrow up to 95%
Extra Repayments
Interest Only
Owner Occupied
Real Time Rating™

3.99 / 5

More details

Get the right home loan for your budget

features

Interest rates

A variety of interest rate options are available, from variable rates offering flexibility, to fixed rates for simpler budgeting, and split rates offering the best of both worlds. Remember that as well as interest charges, you’ll also have to pay home loan fees – check the Comparison Rate for an indication of each loan’s total cost.

features

Deposit size

While home loans traditionally require a deposit of 20% of the property value, some lenders let you borrow with a deposit of just 10% or 5%. Keep in mind that a mortgage with a Loan to Value Ratio (LVR) higher than 80% (e.g. a deposit smaller than 20%) may require you to pay Lender’s Mortgage Insurance (LMI) as an extra cost.

features

Features

If your mortgage comes with an offset account, you can use money saved in this account to reduce your interest charges. And if your lender allows you to make extra repayments onto your home loan, a redraw facility will let you withdraw some of these funds in case you need them.

What do you want a home loan for?

Buying a home

Owning your own home may be the Australian dream, but it’s not always easy to make this dream come true. By comparing the available home loan options, and choosing a mortgage that suits your personal finances, you can manage your home loan repayments while minimising mortgage stress.

Owner occupiers often enjoy lower home loan interest rates than investors, as many lenders feel that people keeping a roof over their heads are less likely to default on their mortgage repayments. And if you choose a home loan with a suitable set of features, you may be able to manage your repayments, pay less in interest, or fully pay off your mortgage ahead of schedule.

Buying an investment property

While there are no guarantees, investing in property is often considered less volatile than the share market or other ventures. There are several ways a clever property investor can generate a return on their investment, including receiving rental yield from tenants, or enjoying capital growth over time.

Because of the higher average interest rates for investor loans compared to owner occupier loans, as well as government regulations around investment lending, it’s important to compare investment mortgages carefully before making an application. Consider the fees and features as well as the interest rates, to work out which loan will be right for your investment strategy.

^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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