RateCity.com.au
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RateCity.com.au

Pros and cons

  • Variety of home loan products to choose from.
  • These loans can be bundled with other financial products.
  • Home loans have a range of flexible features.
  • Limited branch access.
  • Some loans have higher fees and interest rates.
  • Most loans have an application fee.

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
1 Year myBlue Home Loan (Fixed Rate) (Min Deposit 40%)
2.5% p.a.
2.13% p.a. Comparison rate
3.24% p.a.
2.19% p.a. Comparison rate
liteBlue Home Loan (Min Deposit 40%)
1.98% p.a.
2.01% p.a. Comparison rate
2.62% p.a.
2.25% p.a. Comparison rate
2 Year myBlue Home Loan (Fixed Rate) (Min Deposit 40%)
3.25% p.a.
2.28% p.a. Comparison rate
3.34% p.a.
2.3% p.a. Comparison rate
liteBlue Home Loan (Min Deposit 20%)
2.07% p.a.
2.1% p.a. Comparison rate
2.66% p.a.
2.32% p.a. Comparison rate
1 Year myBlue Home Loan (Fixed Rate) (Min Deposit 20%)
2.6% p.a.
2.36% p.a. Comparison rate
3.39% p.a.
2.43% p.a. Comparison rate
liteBlue Home Loan (Min Deposit 10%)
2.31% p.a.
2.34% p.a. Comparison rate
2.8% p.a.
2.53% p.a. Comparison rate
2 Year myBlue Home Loan (Fixed Rate) (Min Deposit 20%)
3.3% p.a.
2.5% p.a. Comparison rate
3.49% p.a.
2.53% p.a. Comparison rate
1 Year myBlue Home Loan (Fixed Rate) (Min Deposit 10%)
2.9% p.a.
2.48% p.a. Comparison rate
3.54% p.a.
2.54% p.a. Comparison rate
myBlue Home Loan (Variable Rate) (Min Deposit 40%)
2.09% p.a.
2.09% p.a. Comparison rate
3.29% p.a.
2.56% p.a. Comparison rate
3 Year myBlue Home Loan (Fixed Rate) (Min Deposit 40%)
3.8% p.a.
2.51% p.a. Comparison rate
3.98% p.a.
2.56% p.a. Comparison rate
2 Year myBlue Home Loan (Fixed Rate) (Min Deposit 10%)
3.4% p.a.
2.6% p.a. Comparison rate
3.8% p.a.
2.67% p.a. Comparison rate
myBlue Home Loan (Variable Rate) (Min Deposit 20%)
2.34% p.a.
2.34% p.a. Comparison rate
3.54% p.a.
2.81% p.a. Comparison rate
3 Year myBlue Home Loan (Fixed Rate) (Min Deposit 20%)
3.85% p.a.
2.72% p.a. Comparison rate
4.2% p.a.
2.81% p.a. Comparison rate
4 Year myBlue Home Loan (Fixed Rate) (Min Deposit 40%)
4.15% p.a.
2.76% p.a. Comparison rate
4.4% p.a.
2.84% p.a. Comparison rate
3 Year myBlue Home Loan (Fixed Rate) (Min Deposit 10%)
3.95% p.a.
2.82% p.a. Comparison rate
4.24% p.a.
2.89% p.a. Comparison rate
myBlue Home Loan (Variable Rate) (Min Deposit 10%)
2.44% p.a.
2.44% p.a. Comparison rate
3.64% p.a.
2.91% p.a. Comparison rate
liteBlue Home Loan (Min Deposit 5%)
2.82% p.a.
2.85% p.a. Comparison rate
3.19% p.a.
2.99% p.a. Comparison rate
4 Year myBlue Home Loan (Fixed Rate) (Min Deposit 20%)
4.2% p.a.
2.95% p.a. Comparison rate
4.45% p.a.
3.03% p.a. Comparison rate
4 Year myBlue Home Loan (Fixed Rate) (Min Deposit 10%)
4.25% p.a.
3.03% p.a. Comparison rate
4.5% p.a.
3.12% p.a. Comparison rate
5 Year myBlue Home Loan (Fixed Rate) (Min Deposit 40%)
4.25% p.a.
2.95% p.a. Comparison rate
4.78% p.a.
3.16% p.a. Comparison rate
1 Year myBlue Home Loan (Fixed Rate) (Min Deposit 5%)
2.97% p.a.
3.22% p.a. Comparison rate
4.29% p.a.
3.33% p.a. Comparison rate
5 Year myBlue Home Loan (Fixed Rate) (Min Deposit 20%)
4.4% p.a.
3.16% p.a. Comparison rate
4.85% p.a.
3.35% p.a. Comparison rate
5 Year myBlue Home Loan (Fixed Rate) (Min Deposit 10%)
4.47% p.a.
3.25% p.a. Comparison rate
4.9% p.a.
3.43% p.a. Comparison rate
2 Year myBlue Home Loan (Fixed Rate) (Min Deposit 5%)
3.45% p.a.
3.28% p.a. Comparison rate
4.39% p.a.
3.44% p.a. Comparison rate
3 Year myBlue Home Loan (Fixed Rate) (Min Deposit 5%)
4% p.a.
3.43% p.a. Comparison rate
4.54% p.a.
3.57% p.a. Comparison rate
myBlue Home Loan (Variable Rate) (Min Deposit 5%)
3.24% p.a.
3.24% p.a. Comparison rate
4.44% p.a.
3.73% p.a. Comparison rate
4 Year myBlue Home Loan (Fixed Rate) (Min Deposit 5%)
4.3% p.a.
3.59% p.a. Comparison rate
4.94% p.a.
3.81% p.a. Comparison rate
5 Year myBlue Home Loan (Fixed Rate) (Min Deposit 5%)
4.5% p.a.
3.75% p.a. Comparison rate
5.09% p.a.
4% p.a. Comparison rate
myBlue Line of Credit (Owner Occupier) (Min Deposit 20%)
n/a
5.3% p.a.
5.3% p.a. Comparison rate
Line of Credit (Min Deposit 20%)
n/a
5.3% p.a.
5.35% p.a. Comparison rate
myBlue Line of Credit (Owner Occupier) (Min Deposit 5%)
5.3% p.a.
5.3% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
liteBlue Investment Loan (Min Deposit 40%)
2.34% p.a.
2.37% p.a. Comparison rate
2.72% p.a.
2.51% p.a. Comparison rate
liteBlue Investment Loan (Min Deposit 20%)
2.41% p.a.
2.44% p.a. Comparison rate
2.76% p.a.
2.57% p.a. Comparison rate
1 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 40%)
2.65% p.a.
2.55% p.a. Comparison rate
3.2% p.a.
2.6% p.a. Comparison rate
myBlue Investment Loan (Variable Rate) (Min Deposit 40%)
2.54% p.a.
2.54% p.a. Comparison rate
2.94% p.a.
2.7% p.a. Comparison rate
2 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 40%)
3.4% p.a.
2.69% p.a. Comparison rate
3.55% p.a.
2.71% p.a. Comparison rate
1 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 20%)
2.79% p.a.
2.7% p.a. Comparison rate
3.3% p.a.
2.74% p.a. Comparison rate
2 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 20%)
3.55% p.a.
2.84% p.a. Comparison rate
3.57% p.a.
2.84% p.a. Comparison rate
myBlue Investment Loan (Variable Rate) (Min Deposit 20%)
2.69% p.a.
2.69% p.a. Comparison rate
3.09% p.a.
2.85% p.a. Comparison rate
liteBlue Investment Loan (Min Deposit 10%)
2.75% p.a.
2.78% p.a. Comparison rate
2.97% p.a.
2.86% p.a. Comparison rate
1 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 10%)
2.95% p.a.
2.85% p.a. Comparison rate
3.34% p.a.
2.88% p.a. Comparison rate
3 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 40%)
3.95% p.a.
2.89% p.a. Comparison rate
4.15% p.a.
2.94% p.a. Comparison rate
2 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 10%)
3.6% p.a.
2.97% p.a. Comparison rate
3.6% p.a.
2.97% p.a. Comparison rate
myBlue Investment Loan (Variable Rate) (Min Deposit 10%)
2.84% p.a.
2.84% p.a. Comparison rate
3.24% p.a.
3% p.a. Comparison rate
3 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 20%)
4.05% p.a.
3.03% p.a. Comparison rate
4.18% p.a.
3.07% p.a. Comparison rate
4 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 40%)
4.34% p.a.
3.13% p.a. Comparison rate
4.5% p.a.
3.18% p.a. Comparison rate
3 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 10%)
4.1% p.a.
3.16% p.a. Comparison rate
4.22% p.a.
3.19% p.a. Comparison rate
4 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 20%)
4.37% p.a.
3.24% p.a. Comparison rate
4.55% p.a.
3.3% p.a. Comparison rate
5 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 40%)
4.5% p.a.
3.33% p.a. Comparison rate
4.7% p.a.
3.41% p.a. Comparison rate
4 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 10%)
4.44% p.a.
3.37% p.a. Comparison rate
4.59% p.a.
3.42% p.a. Comparison rate
5 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 20%)
4.55% p.a.
3.44% p.a. Comparison rate
4.75% p.a.
3.52% p.a. Comparison rate
5 Year myBlue Investment Loan (Fixed Rate) (Min Deposit 10%)
4.64% p.a.
3.57% p.a. Comparison rate
4.79% p.a.
3.63% p.a. Comparison rate
myBlue Line of Credit (Investment) (Min Deposit 20%)
5.55% p.a.
5.55% p.a. Comparison rate
5.55% p.a.
5.55% p.a. Comparison rate

Home loan repayment calculator

Thinking about taking out a home loan with Hume Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Hume Bank home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.98%

Total interest payable

$0

Total loan repayments

$0

Hume Bank customer service

Hume Bank customers can contact the bank via a range of specialised hotlines, including a direct line to the loan enquiries contact centre and a Financial Planning Enquiries line. There is also an after-hours emergency number for lost or stolen cards and a financial hardship hotline if you find yourself facing financial difficulty. Customers can also email the bank or pop into a one of the bank’s branches throughout the Albury-Wodonga region.

✓     Customer service centre (phone)

✓     Mobile app

✓     Online banking

✓     Email

✓     Branch

✓     Mobile banking staff

How to Apply

While there is no online application system, borrowers wanting to apply for a Hume Bank home loan can either complete an online enquiry form, pop into a branch or call a Hume Bank lending consultant for more information. Before applying for a Hume Bank home loan, consider what you can afford to borrow and what other costs you need to factor in. To apply for a Hume Bank home loan, you will need to supply the following information:

  • If you’re a salaried employee – last two payslips and a letter of employment.
  • If you’re self-employed – last two years Company tax return and two years’ personal tax returns.
  • You will need to show proof of savings and last three bank statements.
  • Proof of identity.

Learn more about home loans

How do I apply for a home loan pre-approval from Commonwealth Bank?

To apply for a Commbank home loan pre-approval, you can either call the bank at 13 2224 or meet one of the bank’s lending specialists. You can set up a meeting online if you wish. You’ll need to do some homework before contacting the bank, such as gathering information on the kind of properties you’d like to buy and their prices.

Preparing a financial summary, which lists all your income sources as well as significant expenses, can also help determine how much you can afford to borrow. You may also want to check your credit score before applying for pre-approval.

It’s worth remembering that a CBA home loan pre-approval doesn’t guarantee that you’ll get the loan. Once you get the pre-approval, you’ll have about three to six months to decide on a property and apply for the home loan. The bank will then confirm that the property is suitable for the loan before fully approving it.

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

Cash or mortgage – which is more suitable to buy an investment property?

Deciding whether to buy an investment property with cash or a mortgage is a matter or personal choice and will often depend on your financial situation. Using cash may seem logical if you have the money in reserve and it can allow you to later use the equity in your home. However, there may be other factors to think about, such as whether there are other debts to pay down and whether it will tie up all of your spare cash. Again, it’s a personal choice and may be worth seeking personal advice.

A mortgage is a popular option for people who don’t have enough cash in the bank to pay for an investment property. Sometimes when you take out a mortgage you can offset your loan interest against the rental income you may earn. The rental income can also help to pay down the loan.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

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.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by select lenders, though the loan period is much longer than a standard 30-year home loan. You're more likely to find a maximum of 35 years, such as is the case with Teacher’s Mutual Bank

Currently, 40 year home loan lenders in Australia include AlphaBeta Money, BCU, G&C Mutual Bank, Pepper, and Sydney Mutual Bank.

Even though these lengthier loans 35 to 40 year loans do exist on the market, they are not overwhelmingly popular, as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What are the benefits of getting a pre-approved home loan from Citibank?

While hunting for your dream home, getting a Citibank home loan pre-approval can have multiple benefits, which include:

  • You'll have an idea on your personal price range, which can save time to find your home.
  • With a pre-approved home loan, you may find yourself with more financial control to better decide how much you can spend.
  • A Citibank pre-approved home loan is a commitment  by a lender that signals you're ready to jump into the property market.

You can apply for pre-approval by providing basic details, such as name, email, and phone number on the bank’s website. Alternatively, you can contact the bank on 1300 361 922 or find a home lending officer on the website.

When does Commonwealth Bank charge an early exit fee?

When you take out a fixed interest home loan with the Commonwealth Bank, you’re able to lock the interest for a particular period. If the rates change during this period, your repayments remain unchanged. If you break the loan during the fixed interest period, you’ll have to pay the Commonwealth Bank home loan early exit fee and an administrative fee.

The Early Repayment Adjustment (ERA) and Administrative fees are applicable in the following instances:

  • If you switch your loan from fixed interest to variable rate
  • When you apply for a top-up home loan
  • If you repay over and above the annual threshold limit, which is $10,000 per year during the fixed interest period
  • When you prepay the entire outstanding loan balance before the end of the fixed interest duration.

The fee calculation depends on the interest rates, the amount you’ve repaid and the loan size. You can contact the lender to understand more about what you may have to pay. 

How much can I borrow with a guaranteed home loan?

Some lenders will allow you to borrow 100 per cent of the value of the property with a guaranteed home loan. For that to happen, the lender would have to feel confident in your ability to pay off the mortgage and in the security provided by your guarantor.

What is a bad credit home loan?

A bad credit home loan is a mortgage for people with a low credit score. Lenders regard bad credit borrowers as riskier than ‘vanilla’ borrowers, so they tend to charge higher interest rates for bad credit home loans.

If you want a bad credit home loan, you’re more likely to get approved by a small non-bank lender than by a big four bank or another mainstream lender.

What is breach of contract?

A failure to follow all or part of a contract or breaking the conditions of a contract without any legal excuse. A breach of contract can be material, minor, actual or anticipatory, depending on the severity of the breaches and their material impact.

What happens when you default on your mortgage?

A mortgage default occurs when you are 90 days or more behind on your mortgage repayments. Late repayments will often incur a late fee on top of the amount owed which will continue to gather interest along with the remaining principal amount.

If you do default on a mortgage repayment you should try and catch up in next month’s payment. If this isn’t possible, and missing payments is going to become a regular issue, you need to contact your lender as soon as possible to organise an alternative payment schedule and discuss further options.

You may also want to talk to a financial counsellor.