Home Loans Frequently Asked Questions
Compare loans and calculate mortgage repayments
How does RateCity make money?
How do I determine the value of my property?
Here we are asking you to estimate only. It’s often hard to get an accurate estimate of your property value.
Some real estate websites such as Domain, Realestate.com.au and Onthehouse will give you an estimate. However, be aware that a bank valuer might assume a lower estimate, so it can be a good idea to make your estimate slightly lower.
If you do apply to refinance, the lender might send a valuer out to your home, so it is worth being prudent.
Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?
No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.
However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.
What is the Home Loan Rate Promise?
The Home Loan Rate Promise is RateCity putting its money where its mouth is. We believe that too many Australians are paying too much for their home loans. We’re so confident we can help Aussies save money, if we can’t beat your current rate, we’ll give you a $100 gift card.*
There are two reasons it pays to check your rate with the Home Loan Rate Promise:
- You can find out how much you could save on your home loan by switching to a loan with a lower interest rate
- If we can’t beat your current rate, you can claim a $100 gift card with our Home Loan Rate Promise*
Are you REALLY giving away a million bucks?
We are giving away, for one lucky entrant, the chance to win $1 million. Here’s how it will work:
On 21 May 2020, one winner will be drawn from all the entries. This winner will then get a one in 200 shot at winning one million dollars. Even if they’re unlucky and don’t win the one million, they’ll still leave $5000 richer.
Am I guaranteed to be approved for all the loans I’m shown?
No. While we will do our best to show a list of loans that may suit your needs, if you choose to apply to refinance, it is up to the lender to approve or disapprove your loan based on your individual circumstances, after you have submitted all your paperwork.
This can sometimes take up to 30 days, so it is important to find out exactly what the criteria is for the loan, and what you need in terms of paperwork. RateCity does not make any suggestions taking into account your personal and individual needs.
How do you calculate how much you could save with a lower rate?
To work out how much you could save, we run the home loan details you’ve provided through our database, and search for similar home loan options that we think would be suitable for you.
We then calculate the costs of these loan options over 15 years (to keep our calculations consistent) and compare them to the cost calculations for your current home loan.
What happens if I don’t know my monthly repayments?
Your repayments should appear on your bank statements or your internet banking. If you make weekly or fortnightly repayments, make sure you convert them to monthly calculations.
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 do I find out my current interest rate and how much is owing on my loan?
Your bank statements and/or your internet banking should show these details. If you are not sure, call your bank or estimate.
The latest in home loan news
Responsible lending rules are on the cutting board this federal budget
The responsible lending obligations that place the burden on banks to make sure a person can afford to repay the debt they’re being sold could be scrapped in the upcoming federal budget, Treasurer Josh Frydenberg has said.
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Today's top products
Investor Accelerates - Liberate (Principal and Interest)
specialAdvertised variable rates takes effect for new and existing customers from 30th Sep 2020, however customers applying for a home loan from Wednesday 12th of August will also receive these rates.