📊 Compare

Home Loan Lenders Compared

What to look for beyond the headline rate — offset accounts, redraw, fees, and flexibility. Use our mortgage calculator to model any scenario.

⚠️ Rates change frequently

Home loan rates change regularly with RBA decisions and lender policy. Rather than showing specific rates that may be out of date, we focus here on what to compare and how to evaluate offers.

For current rates, check: Canstar, RateCity, Finder, or contact a mortgage broker. These comparison sites pull live rates from 100+ lenders.

What to compare beyond the interest rate

💰Offset account

A 100% offset account reduces your interest by the amount of savings held. $50,000 in offset on a $500k loan saves interest on $450k. This can save tens of thousands over the life of a loan.

Look for: Full 100% offset (not partial). Some lenders charge extra for offset.
↩️Redraw facility

Lets you access extra repayments you've made. Less flexible than offset (some lenders impose fees or delays on redraw) but available on almost all variable loans.

Look for: Free redraw, no minimum, instant access online.
🧾Ongoing fees

Annual package fees of $300–$400/year are common. On a $500k loan these are small but worth factoring into your comparison rate.

Look for: Fee-free options exist, especially with online lenders.
⚙️Repayment flexibility

Can you make extra repayments without penalty? (Crucial on fixed rate loans.) Can you switch between fortnightly/monthly? Can you take a repayment holiday?

Look for: Free extra repayments on variable. Check fixed rate cap on extra repayments.
🏡Portability

If you sell and buy a new property, can you take the loan with you? Portability avoids break costs and re-application fees.

Look for: Available at most major lenders. Check process and timeframes.
📞Customer service

When something goes wrong — refinancing, hardship, property settlement — responsiveness matters. Check Google reviews and ProductReview.com.au.

Look for: Look for recent reviews, not just star ratings.
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Frequently asked questions

Should I go with a big four bank or a smaller lender?
Smaller lenders (online banks, non-bank lenders, credit unions) typically offer lower rates than the big four because they have lower overhead costs. However, the big four offer branch access, larger product ranges, and some borrowers find the process easier with an established institution. A mortgage broker can help you compare both and often gets access to rates not publicly advertised.
What is a comparison rate?
A comparison rate includes the interest rate plus most fees and charges, expressed as a single percentage. It makes it easier to compare loans apples-to-apples. However, comparison rates are calculated on a standard $150,000 loan over 25 years — your actual comparison rate will differ based on your loan size and term. Use it as a guide, not a definitive figure.
What's the difference between fixed and variable rate?
Variable rates move with the RBA cash rate — when rates fall, your repayments fall; when they rise, so do your payments. Fixed rates lock in a rate for 1–5 years, providing certainty but no benefit if rates drop. Split loans combine both. Most Australian owner-occupiers choose variable; fixed is popular when rates are expected to rise.
Do I need a mortgage broker?
Not required, but often valuable. A mortgage broker compares dozens of lenders, handles paperwork, and is paid by the lender (not you). They're particularly useful for complex situations — self-employed borrowers, non-standard income, low deposits, or investment properties. For straightforward purchases, going direct to your bank is also a valid option.