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Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Back to Basics (Min Deposit 20%)
3.14% p.a.
3.18% p.a. Comparison rate
3.29% p.a.
3.33% p.a. Comparison rate
Back to Basics (Min Deposit 10%)
3.24% p.a.
3.28% p.a. Comparison rate
3.39% p.a.
3.43% p.a. Comparison rate
Back to Basics (Min Deposit 5%)
3.34% p.a.
3.38% p.a. Comparison rate
3.49% p.a.
3.43% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 20%)
2.55% p.a.
3.81% p.a. Comparison rate
2.7% p.a.
3.96% p.a. Comparison rate
Flexible Choice Home Loan - 24 Month Introductory Offer (Variable Rate) (Min Deposit 20%)
1.99% p.a.
3.84% p.a. Comparison rate
2.14% p.a.
3.99% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 20%)
2.25% p.a.
3.89% p.a. Comparison rate
2.4% p.a.
4.04% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 10%)
2.65% p.a.
3.95% p.a. Comparison rate
2.8% p.a.
4.06% p.a. Comparison rate
Flexible Choice Home Loan - 24 Month Introductory Offer (Variable Rate) (Min Deposit 10%)
2.09% p.a.
3.99% p.a. Comparison rate
2.24% p.a.
4.09% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 10%)
2.35% p.a.
3.99% p.a. Comparison rate
2.5% p.a.
4.14% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 20%)
3.5% p.a.
4% p.a. Comparison rate
3.65% p.a.
4.15% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 5%)
2.75% p.a.
4.01% p.a. Comparison rate
2.9% p.a.
4.16% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 20%)
2.1% p.a.
4.04% p.a. Comparison rate
2.25% p.a.
4.19% p.a. Comparison rate
Flexible Choice Home Loan - 24 Month Introductory Offer (Variable Rate) (Min Deposit 5%)
2.19% p.a.
4.04% p.a. Comparison rate
2.34% p.a.
4.19% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 20%)
3.75% p.a.
4.05% p.a. Comparison rate
3.9% p.a.
4.2% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 5%)
2.45% p.a.
4.09% p.a. Comparison rate
2.6% p.a.
4.23% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 10%)
3.6% p.a.
4.1% p.a. Comparison rate
3.75% p.a.
4.25% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 10%)
2.2% p.a.
4.14% p.a. Comparison rate
2.35% p.a.
4.29% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 10%)
3.85% p.a.
4.15% p.a. Comparison rate
4% p.a.
4.3% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 5%)
3.7% p.a.
4.2% p.a. Comparison rate
3.85% p.a.
4.35% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 20%)
4.19% p.a.
4.23% p.a. Comparison rate
4.34% p.a.
4.38% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 5%)
2.3% p.a.
4.24% p.a. Comparison rate
2.45% p.a.
4.39% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 5%)
3.95% p.a.
4.25% p.a. Comparison rate
4.1% p.a.
4.4% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 10%)
4.24% p.a.
4.28% p.a. Comparison rate
4.39% p.a.
4.43% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 5%)
4.34% p.a.
4.38% p.a. Comparison rate
4.49% p.a.
4.54% p.a. Comparison rate

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
Back to Basics (Min Deposit 20%)
3.39% p.a.
3.43% p.a. Comparison rate
3.54% p.a.
3.58% p.a. Comparison rate
Back to Basics (Min Deposit 10%)
3.49% p.a.
3.53% p.a. Comparison rate
3.64% p.a.
3.68% p.a. Comparison rate
Back to Basics (Min Deposit 5%)
3.59% p.a.
3.63% p.a. Comparison rate
3.74% p.a.
3.78% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 20%)
2.8% p.a.
4.38% p.a. Comparison rate
2.95% p.a.
4.53% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 10%)
2.9% p.a.
4.48% p.a. Comparison rate
3.05% p.a.
4.63% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 20%)
2.5% p.a.
4.5% p.a. Comparison rate
2.65% p.a.
4.65% p.a. Comparison rate
Flexible Choice Investment Loan - 24 Month Introductory Offer (Variable Rate) (Min Deposit 20%)
2.69% p.a.
4.53% p.a. Comparison rate
2.84% p.a.
4.68% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 20%)
3.75% p.a.
4.54% p.a. Comparison rate
3.9% p.a.
4.69% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 20%)
4% p.a.
4.57% p.a. Comparison rate
4.15% p.a.
4.71% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 5%)
3% p.a.
4.58% p.a. Comparison rate
3.15% p.a.
4.73% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 10%)
2.6% p.a.
4.6% p.a. Comparison rate
2.75% p.a.
4.74% p.a. Comparison rate
Flexible Choice Home Loan - 24 Month Introductory Offer (Variable Rate) (Min Deposit 10%)
n/a
2.94% p.a.
4.78% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 10%)
3.85% p.a.
4.64% p.a. Comparison rate
4% p.a.
4.79% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 10%)
4.1% p.a.
4.67% p.a. Comparison rate
4.25% p.a.
4.81% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 20%)
2.35% p.a.
4.69% p.a. Comparison rate
2.5% p.a.
4.84% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 5%)
2.7% p.a.
4.69% p.a. Comparison rate
2.85% p.a.
4.84% p.a. Comparison rate
Flexible Choice Home Loan - 24 Month Introductory Offer (Variable Rate) (Min Deposit 5%)
n/a
3.04% p.a.
4.88% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 5%)
3.95% p.a.
4.74% p.a. Comparison rate
4.1% p.a.
4.89% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 5%)
4.2% p.a.
4.76% p.a. Comparison rate
4.35% p.a.
4.91% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 10%)
2.45% p.a.
4.79% p.a. Comparison rate
2.6% p.a.
4.94% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 5%)
2.55% p.a.
4.89% p.a. Comparison rate
2.7% p.a.
5.04% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 20%)
4.89% p.a.
4.94% p.a. Comparison rate
5.04% p.a.
5.09% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 10%)
4.94% p.a.
4.99% p.a. Comparison rate
5.09% p.a.
5.14% p.a. Comparison rate
Standard Variable Rate Home Loan (Min Deposit 5%)
5.04% p.a.
5.09% p.a. Comparison rate
5.19% p.a.
5.24% p.a. Comparison rate
Flexible Choice Investment Loan - 24 Month Introductory Offer (Variable Rate) (Min Deposit 10%)
2.79% p.a.
4.63% p.a. Comparison rate
n/a
Flexible Choice Investment Loan - 24 Month Introductory Offer (Variable Rate) (Min Deposit 5%)
2.89% p.a.
4.73% p.a. Comparison rate
n/a

Home loan repayment calculator

Thinking about taking out a home loan with WAW Credit Union? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how WAW Credit Union 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 2.1%

Total interest payable

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Total loan repayments

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Learn more about home loans

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

When do mortgage payments start after settlement?

Generally speaking, your first mortgage payment falls due one month after the settlement date. However, this may vary based on your mortgage terms. You can check the exact date by contacting your lender.

Usually your settlement agent will meet the seller’s representatives to exchange documents at an agreed place and time. The balance purchase price is paid to the seller. The lender will register a mortgage against your title and give you the funds to purchase the new home.

Once the settlement process is complete, the lender allows you to draw down the loan. The loan amount is debited from your loan account. As soon as the settlement paperwork is sorted, you can collect the keys to your new home and work your way through the moving-in checklist.

How can I get a home loan with bad credit?

If you want to get a home loan with bad credit, you need to convince a lender that your problems are behind you and that you will, indeed, be able to repay a mortgage.

One step you might want to take is to visit a mortgage broker who specialises in bad credit home loans (also known as ‘non-conforming home loans’ or ‘sub-prime home loans’). An experienced broker will know which lenders to approach, and how to plead your case with each of them.

Two points to bear in mind are:

  • Many home loan lenders don’t provide bad credit mortgages
  • Each lender has its own policies, and therefore favours different things

If you’d prefer to directly approach the lender yourself, you’re more likely to find success with smaller non-bank lenders that specialise in bad credit home loans (as opposed to bigger banks that prefer ‘vanilla’ mortgages). That’s because these smaller lenders are more likely to treat you as a unique individual rather than judge you according to a one-size-fits-all policy.

Lenders try to minimise their risk, so if you want to get a home loan with bad credit, you need to do everything you can to convince lenders that you’re safer than your credit history might suggest. If possible, provide paperwork that shows:

  • You have a secure job
  • You have a steady income
  • You’ve been reducing your debts
  • You’ve been increasing your savings

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 Australia have no-deposit home loans?

Australia no longer has no-deposit home loans – or 100 per cent home loans as they’re also known – because they’re regarded as too risky.

However, some lenders allow some borrowers to take out mortgages with a 5 per cent deposit.

Another option is to source a deposit from elsewhere – either by using a parental guarantee or by drawing out equity from another property.

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

How will Real Time Ratings help me find a new home loan?

The home loan market is complex. With almost 4,000 different loans on offer, it’s becoming increasingly difficult to work out which loans work for you.

That’s where Real Time RatingsTM can help. Our system automatically filters out loans that don’t fit your requirements and ranks the remaining loans based on your individual loan requirements and preferences.

Best of all, the ratings are calculated in real time so you know you’re getting the most current information.

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. 

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.

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.

What does unconditional approval from Aussie Home Loans mean for first time home buyers?

As an Aussie home loan first time home buyer, your loan application passes through multiple stages. Early in the process, you’ll receive conditional approval, which means the lender approves your loan application as long as you meet certain conditions. Some of these criteria include selling another property or repaying existing debt.

The next stage is unconditional approval which is the final decision from the lender. After considering all the relevant information, the lender is willing to offer you a certain amount to buy a specific property.

Unconditional approval is also known as formal or full approval but receiving this doesn’t mean you need to accept the money. If you choose to proceed and accept the funds, you’ll sign the loan documents to finalise the loan and receive the money. You can, at this time, clarify any doubts you have with your Aussie broker.

You’re likely to get conditional approval, sometimes called pre-approval, when you want to get clear on your budget. You’ll then apply for unconditional or formal approval once you’ve found a property and made an offer. This process will involve the lender reviewing your finances and the details of the property you wish to purchase to make sure you can repay a loan on that property.

As a first time buyer, it may help you with the purchasing process to seek pre-approval or conditional approval. This may speed up the final purchasing process and help you through the home loan process in steps rather than all at once.

Is a second mortgage tax deductible?

If you take out a loan to invest in a property, you can claim a tax deduction on the interest you pay as long as the property is earning income. In other words, if you rent the property for the entire year, you can claim a tax deduction for 12 months of interest payments. But, if you use the home for six months and rent it for the other six months, you can claim deduction only for 50 per cent of the interest amount.

You also get tax benefits for items that lose value over the years. But, the entire amount is not allowed as a tax deduction in the same year; instead you’ll have to claim a portion each year over a number of years. 

Additional borrowing costs, such as maintenance fees, stamp duty, offset account setting up fees, Lenders Mortgage Insurance (LMI), and establishment fees, can also be claimed as tax deductions.

Before you claim second mortgage tax deductions, it’s often worth checking with an experienced tax expert.

What is a secured home loan?

When the lender creates a mortgage on your property, they’re offering you a secured home loan. It means you’re offering the property as security to the lender who holds this security against the risk of default or any delays in home loan repayments. Suppose you’re unable to repay the loan. In this case, the lender can take ownership of your property and sell it to recover any outstanding funds you owe. The lender retains this hold over your property until you repay the entire loan amount.

If you take out a secured home loan, you may be charged a lower interest rate. The amount you can borrow depends on the property’s value and the deposit you can pay upfront. Generally, lenders allow you to borrow between 80 per cent and 90 per cent of the property value as the loan. Often, you’ll need Lenders Mortgage Insurance (LMI) if the deposit is less than 20 per cent of the property value. Lenders will also do a property valuation to ensure you’re borrowing enough to cover the purchase.