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Pros and cons

  • Loans have flexible options
  • Award-winning customer service
  • Opportunity to bundle loans with other products
  • Some loans offer discounts on interest rates
  • Limited branch network
  • Some loans include fees
  • Some loans have higher interest rates

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
1 Year Flexible Loan packaged
2.29% p.a.
2.75% p.a. Comparison rate
3.49% p.a.
3.12% p.a. Comparison rate
Flexible Loan packaged
4.46% p.a.
4.87% p.a. Comparison rate
4.71% p.a.
4.78% p.a. Comparison rate
2 Year Flexible Loan packaged
2.18% p.a.
2.74% p.a. Comparison rate
3.49% p.a.
3.2% p.a. Comparison rate
Basic Loan (Min Deposit 20%)
4.11% p.a.
4.13% p.a. Comparison rate
4.17% p.a.
4.16% p.a. Comparison rate
3 Year Flexible Loan packaged
2.54% p.a.
2.82% p.a. Comparison rate
3.69% p.a.
3.32% p.a. Comparison rate
4 Year Flexible Loan packaged
2.99% p.a.
2.98% p.a. Comparison rate
3.89% p.a.
3.47% p.a. Comparison rate
5 Year Flexible Loan packaged
3.29% p.a.
3.14% p.a. Comparison rate
3.89% p.a.
3.56% p.a. Comparison rate
2 Year Flexible Loan (Min Deposit 20%)
2.04% p.a.
3.98% p.a. Comparison rate
3.64% p.a.
4.21% p.a. Comparison rate
3 Year Flexible Loan (Min Deposit 20%)
2.39% p.a.
3.91% p.a. Comparison rate
3.84% p.a.
4.21% p.a. Comparison rate
5 Year Flexible Loan (Min Deposit 20%)
3.34% p.a.
3.98% p.a. Comparison rate
4.04% p.a.
4.22% p.a. Comparison rate
4 Year Flexible Loan (Min Deposit 20%)
3.04% p.a.
3.94% p.a. Comparison rate
4.04% p.a.
4.24% p.a. Comparison rate
1 Year Flexible Loan (Min Deposit 20%)
2.34% p.a.
4.16% p.a. Comparison rate
3.64% p.a.
4.27% p.a. Comparison rate
Flexible Loan (Min Deposit 20%)
4.31% p.a.
4.33% p.a. Comparison rate
5.11% p.a.
4.66% p.a. Comparison rate
6 Year Flexible Loan packaged
5.49% p.a.
4.27% p.a. Comparison rate
6.09% p.a.
4.73% p.a. Comparison rate
7 Year Flexible Loan packaged
5.49% p.a.
4.47% p.a. Comparison rate
6.09% p.a.
4.95% p.a. Comparison rate
6 Year Flexible Loan (Min Deposit 20%)
5.64% p.a.
4.98% p.a. Comparison rate
6.24% p.a.
5.28% p.a. Comparison rate
7 Year Flexible Loan (Min Deposit 20%)
5.64% p.a.
5.06% p.a. Comparison rate
6.24% p.a.
5.41% p.a. Comparison rate
Basic Loan (Min Deposit 10%)
2.99% p.a.
3.01% p.a. Comparison rate
n/a
Basic Loan (Min Deposit 5%)
4.46% p.a.
4.48% p.a. Comparison rate
n/a
Flexible Loan (Min Deposit 5%)
4.61% p.a.
4.63% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Basic Loan (Min Deposit 20%)
3.28% p.a.
3.3% p.a. Comparison rate
3.49% p.a.
3.39% p.a. Comparison rate
Flexible Loan packaged
4.36% p.a.
4.78% p.a. Comparison rate
4.96% p.a.
5.02% p.a. Comparison rate
Basic Loan (Min Deposit 10%)
3.45% p.a.
3.47% p.a. Comparison rate
3.69% p.a.
3.57% p.a. Comparison rate
2 Year Flexible Loan packaged
2.59% p.a.
3.6% p.a. Comparison rate
2.79% p.a.
3.63% p.a. Comparison rate
3 Year Flexible Loan packaged
2.79% p.a.
3.6% p.a. Comparison rate
2.99% p.a.
3.65% p.a. Comparison rate
1 Year Flexible Loan packaged
2.49% p.a.
3.65% p.a. Comparison rate
2.69% p.a.
3.67% p.a. Comparison rate
4 Year Flexible Loan packaged
3.19% p.a.
3.69% p.a. Comparison rate
3.29% p.a.
3.72% p.a. Comparison rate
5 Year Flexible Loan packaged
3.49% p.a.
3.8% p.a. Comparison rate
3.49% p.a.
3.8% p.a. Comparison rate
5 Year Flexible Loan (Min Deposit 20%)
3.64% p.a.
4.5% p.a. Comparison rate
3.64% p.a.
4.5% p.a. Comparison rate
4 Year Flexible Loan (Min Deposit 20%)
3.34% p.a.
4.5% p.a. Comparison rate
3.44% p.a.
4.53% p.a. Comparison rate
3 Year Flexible Loan (Min Deposit 20%)
2.94% p.a.
4.53% p.a. Comparison rate
3.14% p.a.
4.58% p.a. Comparison rate
2 Year Flexible Loan (Min Deposit 20%)
2.74% p.a.
4.66% p.a. Comparison rate
2.94% p.a.
4.7% p.a. Comparison rate
1 Year Flexible Loan (Min Deposit 20%)
2.64% p.a.
4.86% p.a. Comparison rate
2.84% p.a.
4.88% p.a. Comparison rate
6 Year Flexible Loan packaged
6.29% p.a.
5.18% p.a. Comparison rate
6.69% p.a.
5.39% p.a. Comparison rate
Flexible Loan (Min Deposit 20%)
5.07% p.a.
5.09% p.a. Comparison rate
5.87% p.a.
5.43% p.a. Comparison rate
7 Year Flexible Loan packaged
6.29% p.a.
5.37% p.a. Comparison rate
6.69% p.a.
5.61% p.a. Comparison rate
Flexible Loan (Min Deposit 10%)
5.37% p.a.
5.39% p.a. Comparison rate
6.07% p.a.
5.69% p.a. Comparison rate
6 Year Flexible Loan (Min Deposit 20%)
6.44% p.a.
5.78% p.a. Comparison rate
6.84% p.a.
6.09% p.a. Comparison rate
7 Year Flexible Loan (Min Deposit 20%)
6.44% p.a.
5.86% p.a. Comparison rate
6.84% p.a.
6.09% p.a. Comparison rate

Home loan repayment calculator

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

I am an

With a repayment type

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$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 2.04%

Total interest payable

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Total loan repayments

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Contact a mortgage broker

ME Bank homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

ME Bank customer service

ME customers can contact the bank by either calling the National Customer Contact Centre or by requesting a call back. Customers wanting to book a mobile banker can do so through the ME website or by emailing customer support directly. ME Bank does not have a branch network, but does have a network of mobile bankers who can help work out your loan options and assist with the application form.

  • Customer service centre (phone, email)
  • Mobile app
  • Online banking
  • Mobile banking staff

How to apply for a ME bank home loan

Borrowers wanting to apply for an ME Bank home loan can either complete an online enquiry form, call the ME Bank customer hotline for assistance or book an appointment with an ME mobile banker. 

Before applying for an ME Bank home loan, consider what you can afford to borrow and what other costs you may need to pay. 

To apply for an ME Bank home loan, you will need to supply the following information:

  • Details of your income and employment
  • Proof of identity
  • Proof you are a citizen or permanent resident of Australia or New Zealand

About ME Bank home loans

ME Bank home loans are designed to cater to a range of potential borrowers, including owner-occupiers, investors, refinancers and upgraders.

Its home loan options range from basic no-frills home loans to more specialist high-LVR loans and home equity loans.

In terms of interest rates and repayments, ME Bank also offers a number of options:

  • Fixed-rate home loans
  • Interest-only home loans
  • Split home loans (part fixed, part variable)
  • Principal-and-interest home loans
  • Interest-only home loans

Because ME Bank doesn’t have any branches (and thus has lower overheads) it can offer competitive interest rates on home loans to borrowers. 

ME Bank home loans have a maximum loan term of 30 years. Offset accounts and redraw facilities are also available with some home loans.

ME Bank home loan rates

ME Bank home loan interest rates tend to be lower than those of many larger banks. Borrowers choosing a basic owner-occupier principal-and-interest home loan with a deposit of at least 20 per cent (80 percent LVR) typically receive the lowest interest rates offered by ME Bank. Investors choosing interest-only home loans or high-LVR loans are likely to have a higher interest rate than more basic borrowers.

Discounts on interest rates and fees may be available for customers choosing ME Bank’s Members Package, which includes a credit, transaction and savings account in addition to a home loan.

As well as looking at ME Bank’s home loan rates, it’s also important to consider the cost of upfront and ongoing fees before making an application.

ME Bank home loans review

ME Bank doesn’t have any branches, so ME Bank home loans may be better suited to borrowers who are comfortable meeting with a mobile home loan specialist and managing their ongoing needs online.

ME Bank offers a variety of home loans to suit different types of borrowers, including basic owner-occupier borrowers and investors, as well as high-LVR borrowers. However, its home loan range doesn’t extend to SMSF home loans or low-doc home loans.

ME Bank home loan rates are often competitive when compared to those of the biggest banks, though they aren’t always the lowest rates on the market. However, they do offer flexibility, with offset accounts and redraw facilities available on some home loans.

Customers wanting to manage all their banking accounts with ME Bank may also be able to take advantage of home loan rate discounts and reduced fees by looking into package offers.

Learn more about home loans

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

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 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.

How do I apply for a home improvement loan?

When you want to renovate your home, you may need to take out a loan to cover the costs. You could apply for a home improvement loan, which is a personal loan that you use to cover the costs of your home renovations. There is no difference between applying for this type of home improvement loan and applying for a standard personal loan. It would be best to check and compare the features, fees and details of the loan before applying. 

Besides taking out a home improvement loan, you could also:

  1. Use the equity in your house: Equity is the difference between your property’s value and the amount you still owe on your home loan. You may be able to access this equity by refinancing your home loan and then using it to finance your home improvement.  Speak with your lender or a mortgage broker about accessing your equity.
  2. Utilise the redraw facility of your home loan: Check whether the existing home loan has a redraw facility. A redraw facility allows you to access additional funds you’ve repaid into your home loan. Some lenders offer this on variable rate home loans but not on fixed. If this option is available to you, contact your lender to discuss how to access it.
  3. Apply for a construction loan: A construction loan is typically used when constructing a new property but can also be used as a home renovation loan. You may find that a construction loan is a suitable option as it enables you to draw funds as your renovation project progresses. You can compare construction home loans online or speak to a mortgage broker about taking out such a loan.
  4. Look into government grants: Check whether there are any government grants offered when you need the funds and whether you qualify. Initiatives like the HomeBuilder Grant were offered by the Federal Government for a limited period until April 2021. They could help fund your renovations either in full or just partially.  

What is a home loan?

A home loan is a finance product that allows a home buyer to borrow a large sum of money from a lender for the purchase of a residential property. The home is then put up as "security" or "collateral" on the loan, giving the lender the right to repossess the property in the case that the borrower fails to repay their loan.

Once you take out a home loan, you'll need to repay the amount borrowed, plus interest, in regular instalments over a predetermined period of time.

The interest you're charged on each mortgage repayment is based on your remaining loan amount, also known as your loan principal. The rate at which interest is charged on your home loan principal is expressed as a percentage.

Different home loan products charge different interest rates and fees, and offer a range of different features to suit a variety of buyers’ needs.

Can first home buyers apply for an ING home loan?

First home buyers can apply for an ING home loan, but first, they need to select the most suitable home loan product and calculate the initial deposit on their home loan. 

First-time buyers can also use ING’s online tool to estimate the amount they can borrow. ING offers home loan applicants a free property report to look up property value estimates. 

First home loan applicants struggling to understand the terms used may consider looking up ING’s first home buyer guide. Once the home buyer is ready to apply for the loan, they can complete an online application or call ING at 1800 100 258 during regular business hours.

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.

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.

How do you find cheap home loans?

With so many interest rate options and repayment types available, finding the cheapest home loan may depend on the type of loan you choose.

Whether you’re looking for an owner-occupier or investor loan, with interest-only or principal and interest repayments, on a fixed or variable interest rate, the cheapest home loan rate available may vary greatly.

One way to find the cheapest option for you is to narrow down your search and compare the options that best suit your individual requirements. RateCity’s home loan comparison tables can help you get started on your search and take the hassle out of shopping around.

Do you compare mortgages using the comparison or advertised rate?

A lot of Australians compare home loans using the advertised interest rate, which indicates how much interest you’ll be charged on your mortgage repayments. The lower your rate, the cheaper your home loan should be.

However, interest charges aren’t the only cost associated with home loans. Most mortgage lenders also charge fees on their home loans. A mortgage with a low interest rate and high fees can sometimes cost more than a mortgage with a high interest rate and low fees.

A home loan’s comparison rate combines the cost of interest with the cost of standard fees and charges into a single percentage rate. Mortgage lenders are required to display a comparison rate alongside their advertised rate to better indicate the home loan’s overall cost.

Keep in mind that to ensure consistency, all comparison rates are calculated assuming a $150,000 principal and interest mortgage with a 25 year term. As your home loan may be different, the comparison rate may not accurately reflect exactly how much your home loan may cost. Also, the comparison rate doesn’t include every home loan fee and charge, so it’s still important to compare home loans and read the fine print before you apply.

How do I apply for Westpac’s first home buyer loan?

If you’re a first home buyer looking to apply for a home loan with Westpac, they offer an online home loan application. They suggest the application can be completed in about 20 minutes. Based on the information you provide, Westpac will advise you the amount you can borrow and the costs associated with any possible home loan. 

You can use Westpac’s online mortgage calculators to estimate your borrowing power. You can also work out the time it might take to save up for the deposit, and the size of your home loan repayments

When applying for a home loan with Westpac, you’re assigned a home finance manager who can address your concerns and provide information. The manager will also offer guidance on any government grants you may be eligible for. 

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.

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 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.

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments.