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
SPECIALNo application fee for new customers. Offer only available for new customers till 31 October 2018.
Discount Variable Investment Loan (Interest Only)

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Expiry date: 31/10/2018
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SPECIALMeet with an Aussie Mortgage Broker and if you don’t think it was worth your while, claim a $100 EFTPOS gift card. Eligibility criteria and terms and conditions apply. See aussie.com.au/promotions for details.
Aussie

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Expiry date: 30/11/2018
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Cashback home loans offers
CASHBACK$1,000 cashback for new owner-occupier home loans submitted and approved by 2 Nov 2018. Min loan amount $400,000. Must open an Express Saver or Everyday Saver to receive $1,000 deposit.
Straightforward Home Loan

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Expiry date: 03/11/2018
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CASHBACKEnjoy $2,000 cashback when you refinance your eligible home loan to CommBank. Only available on owner-occupied home loans with principal and interest repayments, all investment loans and all Viridian lines of credit. Refinancing of an existing Commonwealth Bank or Bankwest home loan is ineligible for this offer. Apply before 30 Nov 2018 and have loan funded by 31 Jan 2019.
Commonwealth Bank of Australia

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Expiry date: 30/11/2018
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CASHBACK$1,500 cashback if you refinance from another financial institution, funded by 1 February 2019 with loan amount $250,000 or more and LVR at most 80%. Offer ends 30 November 2018.
Premium Plus Package Variable Rate Home Loan (Principal and Interest)

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Expiry date: 30/11/2018
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CASHBACKReceive $1,500 cashback for owner occupier or investor lending for aggregate new lending of $350k+ and for principal and interest repayments only, where LVR including LMI is less than 90%. Applications must be received by 30 November 2018.
Bankwest

Applies for refinance or purchase. Only one cashback per eligible customer

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Expiry date: 30/11/2018
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Reward home loans offers
REWARDEarn 20,000 Velocity points for every $100k drawn at settlement. Earn a further 1,000 velocity points every month. Earn a further 30,000 velocity points every three years.
Reward Me Home Loan (Interest Only)

Customers who apply and are approved for a Virgin Money Reward Me Home Loan, with an LVR of 90% or under, between 27 August 2018 and 30 November 2018 and settle by 28 February 2019 will now earn 20,000 Velocity Points for every $100,000 borrowed at settlement.

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Expiry date: 30/11/2018
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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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