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Pros and cons

  • Below-average interest rates
  • Wide range of home loan products
  • Wide range of loan features
  • Limited branch access
  • Upfront fees may apply
  • Ongoing fees may apply

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
1 Year Fixed Rate Home Loan (Min Deposit 20%)
1.79% p.a.
2.43% p.a. Comparison rate
2.39% p.a.
2.48% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 20%)
1.89% p.a.
2.39% p.a. Comparison rate
2.49% p.a.
2.49% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 10%)
2.09% p.a.
2.46% p.a. Comparison rate
2.59% p.a.
2.5% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 10%)
2.19% p.a.
2.44% p.a. Comparison rate
2.69% p.a.
2.52% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 20%)
2.49% p.a.
2.49% p.a. Comparison rate
2.59% p.a.
2.59% p.a. Comparison rate
No Frills Home Loan (Min Deposit 20%)
2.29% p.a.
2.29% p.a. Comparison rate
3.14% p.a.
2.6% p.a. Comparison rate
Construction Loan (Min Deposit 20%)
n/a
2.59% p.a.
2.62% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 10%)
2.69% p.a.
2.54% p.a. Comparison rate
2.79% p.a.
2.63% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 20%)
2.89% p.a.
2.62% p.a. Comparison rate
3.09% p.a.
2.77% p.a. Comparison rate
Low Cost Home Loan (Min Deposit 20%)
2.49% p.a.
2.49% p.a. Comparison rate
3.34% p.a.
2.81% p.a. Comparison rate
Construction Loan (Min Deposit 10%)
n/a
2.79% p.a.
2.83% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 10%)
3.09% p.a.
2.68% p.a. Comparison rate
3.29% p.a.
2.83% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 20%)
3.09% p.a.
2.72% p.a. Comparison rate
3.19% p.a.
2.86% p.a. Comparison rate
Low Cost Home Loan (Min Deposit 10%)
2.79% p.a.
2.79% p.a. Comparison rate
3.54% p.a.
2.88% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 10%)
3.29% p.a.
2.8% p.a. Comparison rate
3.39% p.a.
2.94% p.a. Comparison rate
Low Cost Home Loan (Value Package) (Min Deposit 20%)
2.39% p.a.
2.83% p.a. Comparison rate
3.24% p.a.
3.09% p.a. Comparison rate
Low Cost Home Loan (Value Package) (Min Deposit 10%)
2.69% p.a.
3.12% p.a. Comparison rate
3.44% p.a.
3.17% p.a. Comparison rate
Qantas Points Home Loan (Min Deposit 20%)
2.69% p.a.
2.69% p.a. Comparison rate
3.44% p.a.
3.25% p.a. Comparison rate
Qantas Points Home Loan (Min Deposit 10%)
2.89% p.a.
2.89% p.a. Comparison rate
3.64% p.a.
3.33% p.a. Comparison rate
Variable Rate Home Loan (Min Deposit 20%)
3.19% p.a.
3.23% p.a. Comparison rate
3.94% p.a.
3.51% p.a. Comparison rate
Variable Rate Home Loan (Min Deposit 10%)
3.39% p.a.
3.43% p.a. Comparison rate
4.14% p.a.
3.59% p.a. Comparison rate
Variable Rate Home Loan (Min Deposit 5%)
3.49% p.a.
3.53% p.a. Comparison rate
4.24% p.a.
3.63% p.a. Comparison rate
Home Access Loan (Min Deposit 20%)
3.78% p.a.
3.82% p.a. Comparison rate
3.78% p.a.
3.82% p.a. Comparison rate
No Frills Home Loan (Min Deposit 30%)
2.19% p.a.
2.19% p.a. Comparison rate
n/a
Low Cost Home Loan (Min Deposit 30%)
2.39% p.a.
2.39% p.a. Comparison rate
n/a
Low Cost Home Loan (Value Package) (Min Deposit 30%)
2.29% p.a.
2.73% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
No Frills Home Loan (Min Deposit 20%)
2.84% p.a.
2.84% p.a. Comparison rate
3.14% p.a.
2.95% p.a. Comparison rate
2 Year Fixed Rate Investment Loan (Min Deposit 20%)
2.69% p.a.
2.98% p.a. Comparison rate
2.89% p.a.
3.01% p.a. Comparison rate
1 Year Fixed Rate Investment Loan (Min Deposit 20%)
2.59% p.a.
3% p.a. Comparison rate
2.79% p.a.
3.02% p.a. Comparison rate
1 Year Fixed Rate Investment Loan (Min Deposit 10%)
2.79% p.a.
3.02% p.a. Comparison rate
2.99% p.a.
3.04% p.a. Comparison rate
2 Year Fixed Rate Investment Loan (Min Deposit 10%)
2.89% p.a.
3.01% p.a. Comparison rate
3.09% p.a.
3.05% p.a. Comparison rate
3 Year Fixed Rate Investment Loan (Min Deposit 20%)
2.99% p.a.
3.03% p.a. Comparison rate
3.19% p.a.
3.08% p.a. Comparison rate
Construction Loan (Min Deposit 20%)
n/a
3.34% p.a.
3.1% p.a. Comparison rate
3 Year Fixed Rate Investment Loan (Min Deposit 10%)
3.19% p.a.
3.08% p.a. Comparison rate
3.39% p.a.
3.13% p.a. Comparison rate
4 Year Fixed Rate Investment Loan (Min Deposit 20%)
3.19% p.a.
3.09% p.a. Comparison rate
3.59% p.a.
3.21% p.a. Comparison rate
Qantas Points Home Loan (Min Deposit 20%)
3.14% p.a.
3.14% p.a. Comparison rate
3.44% p.a.
3.25% p.a. Comparison rate
4 Year Fixed Rate Investment Loan (Min Deposit 10%)
3.39% p.a.
3.15% p.a. Comparison rate
3.79% p.a.
3.28% p.a. Comparison rate
5 Year Fixed Rate Investment Loan (Min Deposit 20%)
3.29% p.a.
3.14% p.a. Comparison rate
3.69% p.a.
3.29% p.a. Comparison rate
Construction Loan (Min Deposit 10%)
n/a
3.54% p.a.
3.3% p.a. Comparison rate
Qantas Points Home Loan (Min Deposit 10%)
3.34% p.a.
3.34% p.a. Comparison rate
3.64% p.a.
3.33% p.a. Comparison rate
Low Cost Home Loan (Min Deposit 20%)
3.04% p.a.
3.04% p.a. Comparison rate
3.34% p.a.
3.34% p.a. Comparison rate
5 Year Fixed Rate Investment Loan (Min Deposit 10%)
3.49% p.a.
3.22% p.a. Comparison rate
3.89% p.a.
3.36% p.a. Comparison rate
Low Cost Home Loan (Min Deposit 10%)
3.24% p.a.
3.24% p.a. Comparison rate
3.54% p.a.
3.42% p.a. Comparison rate
Low Cost Home Loan (Value Package) (Min Deposit 20%)
2.94% p.a.
3.37% p.a. Comparison rate
3.24% p.a.
3.43% p.a. Comparison rate
Low Cost Home Loan (Value Package) (Min Deposit 10%)
3.14% p.a.
3.56% p.a. Comparison rate
3.44% p.a.
3.51% p.a. Comparison rate
Variable Rate Home Loan (Min Deposit 20%)
3.64% p.a.
3.68% p.a. Comparison rate
3.94% p.a.
3.79% p.a. Comparison rate
Investment Access Loan (Min Deposit 20%)
3.78% p.a.
3.82% p.a. Comparison rate
3.78% p.a.
3.82% p.a. Comparison rate
Variable Rate Home Loan (Min Deposit 10%)
3.84% p.a.
3.88% p.a. Comparison rate
4.14% p.a.
3.87% p.a. Comparison rate
Variable Rate Home Loan (Min Deposit 5%)
3.94% p.a.
3.98% p.a. Comparison rate
4.24% p.a.
3.91% p.a. Comparison rate

Home loan repayment calculator

Thinking about taking out a home loan with Qudos Bank? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Qudos 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 1.79%

Total interest payable

$0

Total loan repayments

$0

Contact a mortgage broker

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

Qudos Bank customer service

Qudos Bank customers are able to phone a number of specialised phone lines that cover general member enquiries, financial planning andinsurance services. There is also a line for those experiencing financial hardship. Customers can also contact the bank via email, online or visit a branch. 

  • Customer service centre (phone)
  • Mobile app
  • Online banking
  • Email
  • Branch

How to Apply

Potential Qudos Bank home loan customers can apply for a loan in a number of ways. Customers can make an in-person or Skype appointment with a Qudos Bank employee, or apply online using the online application form on the bank’s website. They can also apply in person at a Qudos Bank branch or by phone. Before applying for a home loan it is advisable to think about how much money you could conceivably borrow given your financial situation and income. You will also need to provide documentation when applying for a home loan. This will include:

  • Personal identification material.
  • Proof of income and employment.
  • Proof of other assets, income and earnings.
  • Details on current debts, loans and liabilities.
  • Personal insurance documents.

About Qudos home loans

Qudos Bankis a challenger lender that aims to outcompete the big four banks on price and customer service.

Qudos Bank provides home loans to both owner-occupiers and investors, including first home buyers and refinancers.

Qudos offers no-frills home loans, full-featured home loans, low-deposit home loans and line-of-credit home loans.

Borrowers can choose between variable interest rates and fixed interest rates, and also have the option of paying principal and interest or interest only.

Depending on which loan they choose, borrowers can also get:

  • Offset accounts
  • Redraw facilities
  • Unlimited extra repayments
  • No upfront fees
  • No ongoing fees
  • Qantas points
  • Insurance discounts

Compared to the rest of the market, Qudos Bank’s interest rates and fees tend to range from very low to moderate.

Borrowers can apply forQudos Bank home loansin-branch or over the internet.

Qudos home loan rates

Qudos Bank mortgagerates tend to range from very low to moderate, although they differ from loan to loan and borrower to borrower.

As a general rule, borrowers receive lower interest rates if they’re owner-occupiers, pay principal and interest and have a deposit of at least 20 per cent.

Conversely, borrowers generally receive higher interest rates if they’re investors, pay interest only and have a deposit of under 20 per cent.

Also,Qudos Bank’s no-frills and packaged home loans tend to come with lower interest rates than their other mortgage products.

Qudos Bank interest rates can be fixed or variable. Qudos also offers borrowers the option of ‘split loans’ – mortgages that are part fixed and part variable.

Qudos home loans review

Qudos Bankis a challenger bank that tends to offer lower interest rates and lower fees than the average home loan lender, with pricing ranging from very low to moderate.

Qudos may be a good option for borrowers who want a competitive alternative to Australia’s big four banks.

The lender, which has branches in four states, caters to the full range of home loan customers:

  • Owner-occupiers
  • Investors
  • First home buyers
  • Upgraders
  • Refinancers

Qudos also offers a range of mortgage options:

  • No-frills home loans
  • Full-featured home loans
  • Low-deposit home loans
  • Line-of-credit home loans

Qudos mortgages have maximum terms of 30 years, and include various interest and repayment options:

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

Each home loan product has different features, but options include:

  • Offset accounts
  • Redraw facilities
  • Unlimited extra repayments
  • No upfront fees
  • No ongoing fees
  • Qantas points
  • Insurance discounts

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.

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. 

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.

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.

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.

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. 

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.

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

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.

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.

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 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.

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 'principal and interest'?

‘Principal and interest’ loans are the most common type of home loans on the market. The principal part of the loan is the initial sum lent to the customer and the interest is the money paid on top of this, at the agreed interest rate, until the end of the loan.

By reducing the principal amount, the total of interest charged will also become smaller until eventually the debt is paid off in full.