Qudos Bank 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 2.54%

Total interest payable

$0

Total loan repayments

$0

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

Qudos Bank home loans rates

Advertised Rate

2.54%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.54%

Ongoing fee
$0 weekly
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Advertised Rate

2.19%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

2.68%

Ongoing fee
$0 weekly
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Advertised Rate

2.29%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

2.70%

Ongoing fee
$0 weekly
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Advertised Rate

2.99%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.71%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.19%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

2.73%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.59%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

2.74%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.74%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.74%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.29%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

2.75%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.19%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

2.78%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.59%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

2.78%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.59%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

2.78%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.69%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

2.78%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.74%

Variable

Total estimated upfront fees
$600
Comparison Rate*

2.78%

Ongoing fee
$0 weekly
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More details
Advertised Rate

3.09%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

2.78%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.29%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

2.79%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.69%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

2.79%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.59%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

2.80%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.69%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

2.80%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.59%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

2.82%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.69%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

2.82%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.69%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

2.83%

Ongoing fee
$0 weekly
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Advertised Rate

2.84%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.84%

Ongoing fee
$0 weekly
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Advertised Rate

2.84%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.84%

Ongoing fee
$0 weekly
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Advertised Rate

2.84%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.84%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

2.84%

Variable

Total estimated upfront fees
$600
Comparison Rate*

2.88%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.99%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

2.89%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.99%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

2.89%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.19%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.91%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.09%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

2.92%

Ongoing fee
$0 weekly
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Advertised Rate

2.94%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.94%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

3.14%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.95%

Ongoing fee
$0 weekly
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Advertised Rate

3.29%

Variable

Total estimated upfront fees
$0
Comparison Rate*

2.95%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.49%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

2.98%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.59%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.00%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.29%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.01%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.49%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.03%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.69%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.03%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.89%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.04%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.04%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.04%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.59%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.05%

Ongoing fee
$0 weekly
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Advertised Rate

3.39%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.05%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.69%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.06%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.79%

Fixed - 3 years

Total estimated upfront fees
$0
Comparison Rate*

3.06%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.89%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.06%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

2.64%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.07%

Ongoing fee
$395 annually
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More details
Advertised Rate

2.49%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.08%

Ongoing fee
$0 weekly
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More details
Advertised Rate

2.79%

Fixed - 2 years

Total estimated upfront fees
$0
Comparison Rate*

3.08%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.99%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.08%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.59%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.09%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.99%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.09%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.69%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.10%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

3.34%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.10%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.79%

Fixed - 1 year

Total estimated upfront fees
$0
Comparison Rate*

3.11%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.09%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.12%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.09%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.12%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.14%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.14%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

3.14%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.14%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

3.34%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.15%

Ongoing fee
$0 weekly
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More details
Advertised Rate

3.19%

Fixed - 5 years

Total estimated upfront fees
$0
Comparison Rate*

3.16%

Ongoing fee
$0 weekly
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Advertised Rate

3.19%

Fixed - 4 years

Total estimated upfront fees
$0
Comparison Rate*

3.16%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.74%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.17%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.09%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.19%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.44%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.19%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

3.44%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.20%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

3.19%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.23%

Ongoing fee
$395 annually
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More details
Advertised Rate

3.24%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.24%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

3.44%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.25%

Ongoing fee
$0 weekly
Go to site
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Advertised Rate

3.54%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.29%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

2.94%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.37%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.34%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.38%

Ongoing fee
$0 one off
Go to site
More details
Advertised Rate

3.24%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.43%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.04%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.46%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.34%

Variable

Total estimated upfront fees
$0
Comparison Rate*

3.47%

Ongoing fee
$395 annually
Go to site
More details
Advertised Rate

3.44%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.48%

Ongoing fee
$0 one off
Go to site
More details
Advertised Rate

3.79%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.55%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.54%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.58%

Ongoing fee
$0 one off
Go to site
More details
Advertised Rate

3.89%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.58%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.99%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.62%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.64%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.68%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.74%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.78%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.94%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.79%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.78%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.82%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.78%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.82%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.78%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.82%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.78%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.82%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

4.04%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.83%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

4.14%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.87%

Ongoing fee
$0 weekly
Go to site
More details
Advertised Rate

3.84%

Variable

Total estimated upfront fees
$600
Comparison Rate*

3.88%

Ongoing fee
$0 weekly
Go to site
More details

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 Bank is 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 for Qudos Bank home loans in-branch or over the internet.

Qudos home loan rates

Qudos Bank mortgage rates 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 Bank is 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 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 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 you qualify for a CBA home loan with casual employment?

Qualifying for a home loan without a full-time job may be challenging, but it can be done. The first step is to understand how a CBA home loan is assessed when you have casual employment.

Most lenders will assess your expenses and savings while checking your loan eligibility, checking on factors crucial to home loan approval, such as if your bills are paid on time and what your credit score presently looks like. 

Your income can be one of the most critical factors to determine your final approved home loan amount. As such, you’ll need to provide payslip copies to lenders to assist them in assessing your income during the loan tenure, regardless of your employment status, full-time, part-time, or otherwise.

Casual employees will want to be casually employed for at least 12 months to be eligible for a home loan. Alternatively, you want to have worked as a permanent casual worker (working for a fixed number of hours per week) for at least one month, or you should have been in your current job for a minimum of three months (if the hours are irregular) to be eligible for the loan.

Remaining loan term

The length of time it will take to pay off your current home loan, based on the currently-entered mortgage balance, monthly repayment and interest rate.

How can I get ANZ home loan pre-approval?

Shopping for a new home is an exciting experience and getting a pre-approval on the loan may give you the peace of mind that you are looking at properties within your budget. 

At the time of applying for the ANZ Bank home loan pre-approval, you will be required to provide proof of employment and income, along with records of your savings and debts.

An ANZ home loan pre-approval time frame is usually up to three months. However, being pre-approved doesn’t necessarily mean you will get your home loan. Other factors could lead to your home loan application being rejected, even with a prior pre-approval. Some factors include the property evaluation not meeting the bank’s criteria or a change in your financial circumstances.

You can make an application for ANZ home loan pre-approval online or call on 1800100641 Mon-Fri 8.00 am to 8.00 pm (AEST).

Where can I get all the information about an ANZ first home buyer’s loan?

As a first home buyer, you may require help and hand-holding, and as such ANZ has the buying your first home section on its website full of important information. ANZ also has a form in this section you can fill out to get a free consultation from an ANZ First Home Coach and create your own plan for buying your first home. This coach will help you understand where your current income is being spent and plan for your home loan repayments. You’ll get a clear picture of the costs involved in purchasing a property and how to budget or save for these costs. The coach will help you understand different deposit options and manage your accounts to enhance your savings.

There are three types of ANZ first home loans - Standard Variable, Fixed, and Equity Manager. The features, interest rates, and terms for each are different, and you can compare them here.

When they apply for an ANZ home loan, first home buyers can also get guidance on applying for the First Home Owner Grant (FHOG). This is a one-off government grant that may be available to you when you’re buying your first home. The eligibility criteria for FHOG differs between the different states and territories, which is why it’s helpful to have expert advice when applying.

What are the NAB term deposit interest rates for businesses?

If you’re looking to lock in a return on your business savings, one option is a business term deposit with NAB. The big four bank provides competitive interest rates while giving you the flexibility to choose the term. NAB offers business term deposit interest rates for investments of between $5,000 to $499,999.

NAB doesn’t charge any monthly account or application fees. The interest is calculated daily and for the 90-day term and six months term, you will get paid when the deposit matures. For the 12 months term, you can either choose to get paid monthly, quarterly, half-yearly or annually. 

If you wish to withdraw your funds before the deposit matures, you need to give NAB 31 days notice. However, they do make exceptions if you’re experiencing hardship and need the funds immediately. Either way, you may have to bear the prepayment cost, which you can learn more about in the Terms and Conditions.

Can I get a NAB first home loan?

The First Home Loan Deposit Scheme of NAB helps first home buyers purchase a property sooner by reducing the upfront costs required. This scheme is offered based on a Government-backed initiative, with10,000 available places announced in October 2020.

Suppose your application for the NAB first home buyer loan is successful. In that case, you’ll only need to pay a low deposit, between 5 and 20 per cent of the property value and won’t be asked to pay lender's mortgage insurance (LMI). You’ll also receive a limited guarantee from the Australian government to purchase the property.

If you’re applying for the NAB first home buyer home loan as an individual, you need to have earned less than $125,000 in the last financial year. Couples applying for the NAB first home loan need to have earned less than $200,000 to be eligible. To be considered a couple, you need to be married or in a de facto relationship. A parent and child, siblings or friends are not considered a couple when applying for a NAB first home loan.

The NAB First Home Loan Deposit Scheme is currently offered only to purchase a brand new property, rather than an established property.

Does UBank offer home loan pre-approvals?

If you’re applying for a home loan with UBank, you can first get an approval in principle. You’ll need to provide information about your job and earnings, your household expenses, the assets you own and the debts you owe. 

UBank will assign a home loan specialist to discuss these details over a phone call, which can take about 30 minutes. 

The bank will then confirm if you’ve received in-principle approval for your home loan. Depending on how you submit your documents, this could take a few days or a few weeks. If successful, the approval will be valid for 60 days. 

Can I get a NAB home loan on casual employment?

While many lenders consider casual employees as high-risk borrowers because of their fluctuating incomes, there are a few specialist lenders, such as NAB, which may provide home loans to individuals employed on a casual basis. A NAB home loan for casual employment is essentially a low doc home loan specifically designed to help casually employed individuals who may be unable to provide standard financial documents. However, since such loans are deemed high risk compared to regular home loans, you could be charged higher rates and receive lower maximum LVRs (Loan to Value Ratio, which is the loan amount you can borrow against the value of the property).

While applying for a home loan as a casual employee, you will likely be asked to demonstrate that you've been working steadily and might need to provide group certificates for the last two years. It is at the lender’s discretion to pick either of the two group certificates and consider that to be your income. If you’ve not had the same job for several years, providing proof of income could be a bit of a challenge for you. In this scenario, some lenders may rely on your year to date (YTD) income, and instead calculate your yearly income from that.

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.

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.

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

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.