Compare low rate home loans

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 17 Oct 2019

Compare low rate home loans

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Low rate home loans

Everybody wants a loan with a low interest rate but finding one that meets your needs isn't always easy. It always involves making compromises so you will need to think carefully about which type is appropriate for you. The best low rate home loan for your circumstances may be different from the best one for somebody else. Finding the right one, however, can make your life much easier.

Understanding rates

It’s natural to compare the products you see offered by the interest rate they advertise when you’re looking for a low rate loan. This can be misleading because sometimes loans that are promoted as having low interest rates have high annual fees that mean you would end up paying more overall. The best thing to do is to use the comparison rate, which takes most fees into account as well, and is designed to make it easier for you to see the best deal at a glance.

Extra features

Lenders that offer low rate home loans usually do so by cutting back on extra features like credit cards and free early repayments. To get the best low rate loan for your circumstances, you’ll need to think carefully about which extra features are really important to you. A lot of borrowers get by without any at all.

Fixed rate loans

Fixed rate loans often have slightly higher basic rates but can be a better choice for people on a tight budget because outgoings remain predictable and there will be no sudden rises. Having this security can make it easier to use other money in your possession, rather than having to keep a float in case of a sudden rate rise. Often borrowers look to lock in a fixed rate with the official RBA cash rate is low. 

Variable rate loans

Variable rate loans usually offer the lowest interest rates on the market but entail more risk, so they can be a great way to save money, but they’re not always the best choice for people on low incomes. If the national interest rate is high and is expected to fall it can be a good time to take out a variable rate loan because you will then see your rates fall and will be able to take advantage of the changing situation.

Main considerations

  • Is the interest rate offered as good as it looks or are there hidden charges?

  • Is it really worth your while to pay for additional features?

  • Is it worth getting a lower rate now if it means you may have to pay more later?

  • How much risk can you afford to take in order to take advantage of market variability?

  • Can you afford to pay more overall by accepting a longer loan term to keep your monthly payments low?


Alex is a personal finance writer and PR professional at RateCity, and has been writing about finance for three years. She is passionate on topics such as gender pay and superannuation gap, and committed to helping young Aussies manage their finances better. Before RateCity, Alex spent time as an editor for magazines and has seen her work published in numerous print and online outlets.


^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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