Compare some of the lowest home loan rates

Search for the lowest home loan rates and compare mortgages from 90+ Australian lenders. - Data last updated on 20 Mar 2019

Compare lowest home loans

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  • Mortgage House : Advantage Home Loan PAYG Debt Consolidation

    3.59% p.a. Advertised Rate. 3.62% p.a. Comparison Rate*. Extra low interest rate for refinancers. No ongoing fees. Extra repayments + redraw services. Free redraw facility.
  • loans.com.au : Smart Home Loan

    3.48% p.a. Advertised Rate. 3.50% p.a. Comparison Rate*. Extra low interest rate for refinancers. No ongoing fees. Extra repayments + redraw services. Free redraw facility.
  • UBank : Owner Occupier Discounted Variable Rate

    3.59% p.a. Advertised Rate. 3.59% p.a. Comparison Rate*. Extra low interest rate for refinancers. No upfront or ongoing fees. Extra repayments + redraw services. Free redraw facility.
  • UBank : Investor Fixed Rate

    3.99% p.a. Advertised Rate. 4.44% p.a. Comparison Rate*. Extra low interest rate for refinancers. No upfront or ongoing fees. Repayments will not change during fixed period.

When shopping for a home loan, a big consideration is a low interest rate. The lower the interest rate, the less money you'll hand over to your bank every month and for the life of your home loan.

For this reason finding the lowest home loan rates is important in making sure you're getting a good deal, and not finding yourself in mortgage stress in the long run.

A home loan is a long-term commitment so it's a good idea to research and compare the interest rates available. Seeing what each lender is offering and comparing home loan products is an integral step in working out whether you are getting a good deal.

Start with your own home loan comparison

Should I take out a variable home loan?

One way to aim for the lowest interest rate home loan is to consider a variable home loan, which is a home loan with interest rates that change.

If you're going down the path of a variable rate home loan, it's handy to keep in mind that you will be subject to fluctuating interest rates over time. This means that while you may be choosing one of the lowest home loan rates available now, the rate you pay could go up in the future.

However, variable home loans also come with a potential positive, because if the interest rate drops, you'll find yourself with more money in your pocket every month.

What's the difference between fixed and variable home loans?

What if the rate is just an introductory offer?

When looking at which home loan has the lowest interest rate, remember that some low rates are only an introductory offer. These low rate home loan offers come with an expiry date, and when your time is up you could be hit with high interest rates for the rest of the loan.

While this can be a good way of easing yourself into home loan payments, especially for first home buyers, it's a good idea to check the revert rate against the average mortgage interest rate to make sure you're not getting yourself into a bad deal.

What are some other important features of a loan?

Other features of a mortgage are just as important as getting the lowest interest rate home loan, so try not to let yourself be blinded by a seemingly great deal. If you have plans to use a redraw facility on your mortgage, or are interested in being able to make extra repayments towards your principal, check that it will be possible with the loan that you choose.

Not every home loan lender will cater for these features, potentially dampening an otherwise worthwhile home loan package. It's just one of the ways that the lowest interest home loan rates may not be the best deal for your needs.

You may also want to see if you can make lump sum repayments towards your home loan at any time without incurring an extra fee.

Being able to put extra money towards your home loan can cut years and dollars off your mortgage so can be just as important in saving you money as a low interest rate.

*The phrase "some of the lowest" is not a recommendation or rating of products This page compares a range of home loans from selected providers, not all products or providers are included in the comparison. No home loan is one size fits all. The best home loan for you will not be the best home loan for someone else. As a result, it's worth getting advice on whether a product is right for you before committing. 

FAQs

The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.

While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.

Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.

To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.

Call RateCity 1300 001 153

^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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