Home Loan Deals

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.

Special home loans offers
SPECIALWaiver of standard valuation fees up to a max cost of $300 and document preparation fee of $150.
Flexi Options Fixed Investment Loan (Principal and Interest)

Available for Flexi Options loans lodged by 31 July 2019. Min loan amount of $250k.

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Expiry date: 27/09/2019
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SPECIAL2 year discounted fixed rate on Premier Package Home Loan for min loan amount $250k. Only for owner occupied loans with LVR 80% or less.
Premier Package Home Loan Fixed 2 Years (LVR < 80%) (Discounted)

Discounted Fixed Rate offer available for new loans only. Applications received from 23 August – 29 November 2019 and funded by 14 January 2020. To be eligible for the discounted rate you must receive a minimum of 2 months’ full income into your Bank First Everyday account as a salary credit and spend a minimum of $1000 using your Bank First card(s) within 3 months of the loan settlement date.

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Expiry date: 29/11/2019
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SPECIAL$0 Annual Fee
Ultra Plus Home Loan Fixed (Principal and Interest)

Fee waiver applicable for the life of the loan. New applications only.

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Expiry date: 30/12/2019
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SPECIALBorrow 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
Ultimate Variable Home Loan (Interest Only) (New Customer)

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Expiry date: Until Further Notice
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SPECIALStandard Establishment fee of $350 and Settlement fee of $250 waived
Essential Investment Loan

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Expiry date: Until Further Notice
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SPECIALEstablishment fee waived when borrowing more than $150k
Bank of Melbourne

And a $0 establishment fee if you borrow more than $150k when making Principal & Interest repayments

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Expiry date: Until Further Notice
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Cashback home loans offers
CASHBACKMake The Move - $1,000 cashback for refinance
myHome Package ($250k-$500k)

Refinance before 30th September 2019

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Expiry date: 30/09/2019
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CASHBACKReceive $1500 cashback for refinance applications received by 30 September 2019, with settlement before 28 December 2019. Restricted to 80% LVR and for owner occupier purposes only.
Mystery Deal Home Loan (Principal and Interest) (No Fee)

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Expiry date: 30/09/2019
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CASHBACK$2,000 cashback for refinances of eligible home loans to CommBank applied by 7th October 2019
Wealth Package Fixed Rate Investment Loan (Interest Only) 1 Year

For owner-occupied home loans with principal and interest repayments, investment loans and Viridian lines of credit. For refinancers that apply before 7 October 2019 and have their loan funded by 9 December 2019. Minimum refinance amount $250k. This offer is not available for Bridging Loans and owner occupied loans with interest only payments. Refinancing of an existing Commonwealth Bank or Bankwest home loan is ineligible for this offer. Only one cashback per eligible customer.

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Expiry date: 07/10/2019
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CASHBACKReceive $2,000 Cash Bonus when you take out a Home Package Plus home loan of $250k or more.
Home Package Plus Personal Variable First Home Buyer Special (Interest Only)

Apply by 13 December 2019, settle by 5 March 2020. Only for loan amount of at least $250k in new to bank lending with LVR of 90% or less. Back to Basics & Line of Credit / Access Equity is excluded, except when application is split with another eligible loan product of at least $250k. Refinancing of an existing Suncorp Bank home loan or pre-approvals are ineligible for the Cash Bonus. The Cash Bonus cannot be taken in conjunction with “Switch & Save” Offer or any other cash promotional offer, unless expressly stated otherwise. A limit of one payment of $2,000 will be made to a borrower and if there is more than 1 borrower one payment will be made to them jointly. Each borrower, whether individually or jointly, can only ever receive a payment of $2,000 once. If any of the borrowers have received a payment whether individually or jointly under the Cash Bonus previously then no further payments will be made. The $2,000 cash payment will be credited to the linked Everyday Options account which forms part of the Home Package Plus, within 30 days of the settlement date.

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Expiry date: 13/12/2019
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Reward home loans offers
REWARDEarn 100,000-200,000 bonus Velocity Points, when applying for new loan (LVR <90%) before 29th November 2019, where total new borrowings are >$300,000
Reward Me Home Loan Fixed (New Customer) (Principal & Interest)

1. All customers who apply and are approved for an eligible Virgin Money Reward Me Home loan with total new borrowings of $300,000 - $999,999 with LVR of 90% or below will receive 100,000 bonus Velocity Points after settlement. All customers who apply and are approved for an eligible Virgin Money Reward Me Home loan with total new borrowings of $1,000,000 or more with LVR of 90% or below will receive 200,000 bonus Velocity Points after settlement. Applications must be received between 2 September and 29 November 2019 (inclusive) and settle by 28 February 2020. Only one set of bonus Velocity Points will be credited per primary borrower, based on the total amount drawn at settlement across all loans and will be credited to the Primary borrower’s Velocity account only, up to 60 days after settlement. 2. 1,000 Velocity Points allocated for every full $10,000 drawn at settlement. For construction loans, Velocity Points are paid after first drawing. 3. 1,000 Velocity Points per loan account per month. 4. Anniversary Points, currently 30,000 Velocity Points, are paid on every 3 year anniversary of the settlement date provided total borrowings are greater than $50,000 (net of any balances held in a linked offset facility). Points are only paid once regardless of the number of split borrowings a customer has with us and they must be a continuous Reward Me Home Loan customer during the period.

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Expiry date: 29/11/2019
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Everything you need to know about home loan deals

Taking out a mortgage is a massive financial commitment. But you can ease the pain by snaring a special home loan deal.

Many people don’t realise that banks, credit unions, building societies and non-bank lenders frequently offer short-term home loan deals.

Why? It’s because the mortgage market is so competitive, with more than one hundred lenders offering several thousand products. Given how crowded the market is, lenders often feel like the only way they can get people’s attention is to entice them with home loan deals.

To put it another way, some lenders are so hungry to sign on new customers that they will literally buy your business.

All lenders play the game

Some people might assume that only smaller lenders would resort to offering home loan deals.

However, that’s not the case. Even the big four banks – ANZ, Commonwealth Bank, NAB and Westpac – which dominate the mortgage market, feel like they need to play the specials game.

That highlights just how competitive Australia’s home loan industry has become.

There are always home loan deals available, if you know where to look.

Different types of home loan deals

Not all home loan deals are created equal. Of course, some are more generous than others. But they can also be structured very differently.

Here are the five main types of home loan deal:

  1. Rate cuts

Lenders might try to entice you by offering you a reduced home loan rate. This might be a temporary reduction that is withdrawn after, say, one or two years, or a permanent reduction that applies for the life of the loan.

  1. Fee reductions

Lenders might also promise to reduce or eliminate certain fees if you sign up for a mortgage. This might save you up to $1,000.

  1. Cashback offers

Some lenders hand out rebates, which can be worth more than $1,000. Borrowers can use this money to help pay for any establishment fees, valuation fees, settlement fees, legal fees and lenders’ mortgage insurance charges.

  1. Rewards points

Other lenders hand out credit card rewards points, which can also be worth more than $1,000.

  1. Gifts

The other popular type of home loan deal is sign-on gifts. These can include EFTPOS cards, iPads, shopping vouchers and even holidays.

Conditions always apply

There are two important points to remember when it comes to home loan deals. First, you don’t get something for nothing, so you might have to ‘pay’ for a lower rate with higher fees, or you might have to ‘pay’ for a free gift with less flexible repayment terms.

Second, conditions always apply for home loan deals. The most common condition is that you have to be a new customer (as opposed to an existing customer moving from one of the lender’s products to another). Other conditions might include:

  1. Your loan needs to be of a certain value – e.g. more than $300,000 or less than $750,000
  2. Your loan needs to be of a certain type – e.g. investment
  3. Your loan needs to have a certain structure – e.g. principal and interest
  4. Your loan needs to have a certain loan-to-value ratio (LVR) – e.g. no higher than 80 per cent or between 50 and 70 per cent
  5. Your loan needs to be bundled with other products – e.g. a credit card or savings account

A regular offer can beat a special deal

Anyone who’s planning to take out a mortgage or who is thinking about refinancing should be on the lookout for home loan deals.

However, it would be a mistake to assume that one lender’s special deal must always be better than another lender’s regular offer.

There are a lot of credible lower-profile lenders out there that regularly outperform higher-profile lenders in terms of price and service – even when those rivals have special deals.

So once you’ve explored RateCity’s home loan deals page, you should also visit RateCity’s home loan comparison page. This is a place where you can check out almost 4,000 loans, comparing them in terms of interest rate, fees, features and minimum deposit. You can also take advantage of RateCity’s Real Time Ratings™ tool, which offers a personalised home loan ranking calculated just for you.

Once you’ve done that, you might discover a regular offer that is superior to any of the short-term home loan deals.

Don’t be afraid to ask for a better deal

Borrowers and refinancers shouldn’t just be on the lookout for existing home loan deals – they should also try to manufacture their own.

Many Australians don’t realise that lenders will often hand out spontaneous home loan deals – provided you ask.

Why? It’s because the mortgage market is so competitive. If lenders think you might take your business elsewhere, there’s a chance they’ll sweeten an existing deal by offering you any combination of rate cuts, fee reductions, cashback offers, rewards points and gifts.

Don’t let these lenders pressure you into accepting spontaneous home loan deals on the spot. You should ask for the deal in writing and say you’d like time to discuss it with your family. Alarm bells should ring if the lender insists that this is a now-or-never offer. That could be a sign that the lender expects that you’re going to shop around – and find a superior offer. The lender should have no problem with giving you time if it’s confident about the quality of its offer.

Another point worth mentioning is that you shouldn’t feel embarrassed about asking a lender to give you a better deal. Lenders get asked this question all the time; it might feel strange to you but it’s standard for them. The worst that can happen is that the lender says no.

^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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