Home loan comparison

With home loan rates now as low as 1.82%, a quick comparison could save you thousands. We've got rates from lenders big and small to help you compare faster and get a better deal.

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Compare home loan rates for April 2022

Name Product Interest Rate (p.a.) Comp. Rate p.a. Fees Monthly Payment

UBank UHomeLoan Variable Rate P&IHome≥ 20% Deposit

UBank UHomeLoan Variable Rate
  • App: $0
  • Ongoing: $0 p.a.
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.

HSBC Home Value Loan P&IHome≥ 30% Deposit

HSBC Home Value Loan
  • App: $0
  • Ongoing: $0 p.a.
$3,288 refinance cashback offer
This competitive variable rate loan is available for borrowers with 30% deposits. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

86 400 Neat Variable Home Loan P&IHome≥ 40% Deposit

86 400 Neat Variable Home Loan
  • App: $0
  • Ongoing: $0 p.a.
Get flexibility and the option to make unlimited extra repayments with this variable rate loan.

Yard Variable Home Loan P&IHome≥ 20% Deposit

Yard Variable Home Loan
  • App: $0
  • Ongoing: $0 p.a.
A competitive variable rate loan for home buyers with an optional offset account ($120 annual fee). 20% deposit required.

Macquarie Bank Basic Home Loan P&IHome≥ 40% Deposit

Macquarie Bank Basic Home Loan
  • App: $0
  • Ongoing: $0 p.a.
Apply for the Macquarie Bank Basic Home Loan - LVR ≤ 60% (Owner Occupier, P&I) and get a low variable interest rate, plus no application and ongoing fees. Requires a 40% deposit.

loans.com.au Smart Booster Discount Variable Home Loan P&IHome≥ 20% Deposit

loans.com.au Smart Booster Discount Variable Home Loan
  • App: $0
  • Ongoing: $0 p.a.
Get a low discounted variable rate loan. Requires a 20% deposit. Get your loan processed fast and settle within 30 days.

Athena Variable Home Loan P&IHome≥ 40% Deposit

Athena Variable Home  Loan
  • App: $0
  • Ongoing: $0 p.a.
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.

Nano Variable Home Loans P&IHome≥ 25% Deposit Refi Only

Nano Variable Home Loans
  • App: $0
  • Ongoing: $0 p.a.
Competitive rate with zero fees, fast approval and a 100% free offset account. Refinance only, 25% deposit required.

Speak to a broker about your options


IMB Budget Home Loan P&IHome≥ 20% Deposit

IMB Budget Home Loan
  • App: $449
  • Ongoing: $0 p.a.
A low-rate, no-frills home loan for borrowers with a good deposit and unrestricted repayments. $0 application fee for eligible borrowers with principal-and-interest repayments and deposits of at least 20%.

Tic:Toc Live in Loan Variable Rate P&IHome≥ 10% Deposit

Tic:Toc Live in Loan Variable Rate
  • App: $0
  • Ongoing: $0 p.a.
A competitive variable rate product with no application or valuation fees offered by a 100% online lender.

ME Flexible Home Loan With Member Package P&IHome≥ 20% Deposit $400k up to $699,999

ME Flexible Home Loan With Member Package
  • App: $0
  • Ongoing: $395 p.a.
$3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply. A competitive variable rate package home loan with a 100% offset account.

Well Home Loans Equity Plus P&IHome≥ 40% Deposit

Well Home Loans Equity Plus
  • App: $250
  • Ongoing: $0 p.a.
Borrowers with 40% deposits or equity can get this low variable rate loan. 100% offset account included.

Greater Bank Great Rate Discount Variable with Family Pledge Home Loan P&IHome≥ -10% Deposit

Greater Bank Great Rate Discount Variable with Family Pledge Home Loan
  • App: $0
  • Ongoing: $0 p.a.
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, QLD and ACT only.

Newcastle Permanent Building Society Real Deal Home Loan P&IHome≥ 20% Deposit

Newcastle Permanent Building Society Real Deal Home Loan
  • App: $595
  • Ongoing: $0 p.a.
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply. This variable rate loan requires a 20% deposit and has an offset account.

ME Flexible Home Loan With Member Package P&IHome≥ 50% Deposit $400k up to $699,999

ME Flexible Home Loan With Member Package
  • App: $0
  • Ongoing: $395 p.a.
Flexible, competitive variable rate loan. You will need a 50% deposit or equity to get this loan. $3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply.

OneTwo Variable Rate Home Loan P&IHome≥ 20% Deposit Refi Only

OneTwo Variable Rate Home Loan
  • App: $0
  • Ongoing: $0 per month
A low variable rate loan for owner-occupier refinancers living in metro NSW/VIC. Get rate discounts as you repay the loan. Get up to $2,500 in bonus repayments.

homeloans.com.au Low Rate Home Loan with Offset P&IHome≥ 40% Deposit

homeloans.com.au Low Rate Home Loan with Offset
  • App: $0
  • Ongoing: $0 p.a.
A competitive rate with no application or ongoing fees. This loan is not available for construction.

G&C Mutual Bank Momentum Home Loan P&IHome≥ 40% Deposit

G&C Mutual Bank Momentum Home Loan
  • App: $0
  • Ongoing: $0 p.a.
A variable rate loan for owner-occupiers looking to refinance. This loan has low fees and a 100% offset account.

UBank UHomeLoan Fixed P&IHome 1Y Fixed≥ 20% Deposit

UBank UHomeLoan Fixed
  • App: $0
  • Ongoing: $0 p.a.
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.

86 400 Own Home Loan Fixed P&IHome 1Y Fixed≥ 20% Deposit

86 400 Own Home Loan Fixed
  • App: $250
  • Ongoing: $250 p.a.
Fix to this very competitive rate for one year. This loan requires a 20% deposit.

Compare up to 4 providers

What is a home loan?

A home loan is the money you borrow to buy a property. You save a deposit first, which is usually around 5-20% of the property's value. Then you borrow the rest. This is your loan amount, or your loan principal.

Your lender charges you interest based on the loan principal and your home loan's interest rate. The higher the home loan interest rate, the higher your repayments will be.

Learn more: What is a home loan?

Interest rate and repayment types

You can choose between a fixed interest rate and a variable rate loan. Fixed rates don't change but are often slightly higher, and less flexible (harder to exit the loan or make extra repayments).

Variable rates can change at any time but it's easier to switch to a new loan or pay it off faster.

Repayment types

Most borrowers choose home loans with principal-and-interest repayments. This means you borrow money and pay it back plus interest, at the same time.

Some borrowers go for home loans with interest-only repayments instead. With these loans you avoid paying the loan principal back for a few years. But you have to pay it off later, which costs you more.

How do I compare home loan interest rates?

A good home loan comparison starts with a careful look at interest rates. The interest rate is a key component of any home loan. The lower the rate, the lower your repayments will be. It's as simple as that.

Here's the difference in repayments between a 3.50% and a 3.00% interest rate (on otherwise identical loans with 20% deposits, and principal and interest repayments).

Interest rate3.50%3.00%
Loan amount$400,000$400,000
Loan term30 years30 years
Monthly repayments$1,796$1,686
Savings (monthly)N/A$110 cheaper
Savings (yearly)N/A$1,320 cheaper
Savings (life of loan)N/A$39,600 cheaper

Over 30 years, that little 0.50% difference in the interest rate could save a borrower an enormous $39,600 in interest charges.

Check out Finder's lowest monthly mortgage rate tracker

What counts as a competitive mortgage rate? It can be hard to judge, especially with rates changing so often. Luckily, Finder has made it easier for you.

Every month, we analyse all the loans in our database and find some of the lowest home loan rates. The graph below shows the lowest fixed and variable rates for home buyers and investors.

The graph clearly shows the current historic low in home loan interest rates. This is due to multiple factors, including successive cuts to the official cash rate in 2019 and 2020, plus the economic impact of COVID-19.

Learn more about finding a cheap home loan

Property market update: April 2022

We're at the beginning of some big shifting trends in Australian property. Last week, multiple lenders lifted fixed home loan interest rates by up to 75 basis points in some cases. This is a sign that interest rate rises are already happening and are going to keep happening.

Property prices, meanwhile, showed more signs of slowing down. According to the latest Corelogic figures, prices in Sydney fell for the first time in 17 months. Prices also fell in Melbourne but continued to grow in Brisbane, Hobart, Adelaide, Perth, Canberra and Darwin. Overall, national growth in prices last month was just 0.7%, suggesting that the market really is cooling off.

If interest rates continue to rise and everyone's borrowing costs go up, this could hasten this cooling off.

Updated on 04 April 2022 by Finder's home loans editor Richard Whitten.

How do I compare mortgage fees and features?

Beyond the interest rate, comparing home loans means looking at the fees and various features that mortgages come with. A loan with the right features gives you more control over your money and unlocks new ways for you to use your mortgage to your advantage.

Comparison rate

The comparison rate does what its name suggests: It helps you compare a home loan against others. This rate is the home loan's interest rate plus the cost of its fees. It is a legal requirement to be displayed on all loans. But it's only a hypothetical calculation (and not necessarily that helpful).

The comparison rate is a useful reminder to always consider the cost of fees and to keep in mind that interest rates will change over the life of a home loan.


Not every home loan comes with the same features, but here are the most common and useful ones:

  • Offset account. A 100% offset account is a bank account that's attached to your home loan that lets you save and spend money like a normal savings account. However, any dollar saved in the account temporarily offsets your loan amount, meaning you are charged less interest. This allows you the flexibility of saving your cash while getting a similar benefit that you'd see from making extra repayments. If this feature is important to you, make sure your loan has one, as it is not available with every loan.
  • Extra repayments. If your loan allows you to make extra repayments then you can pay it off faster. This will save you in interest charges. These days, most variable rate loans allow extra repayments, although some fixed-rate loans don't.
  • Redraw facility. A redraw facility is common on home loans that allow extra repayments. Redraw allows you to withdraw extra repayments from your loan and spend them if you need to. It's a helpful way to access some money, but less flexible than an offset account. Some lenders charge a redraw fee or restrict how much of your repayments you can access.
  • Portability. If your loan is portable it means that you can sell your property and buy a new one with the same home loan. You won't need to refinance, which makes life easier.
  • Split facility. Some loans allow you to split your mortgage into both fixed and variable portions. This lets you create a flexible loan that offers the best of both a fixed and variable rate.

Loan-to-value ratio (LVR)

The loan-to-value ratio (or LVR) is another way of defining the minimum deposit. Most loans have a maximum LVR of 80%, meaning you need a 20% deposit.

However, many loans also have a maximum insured LVR of up to 95%. This means that you can get the loan with a smaller deposit, but you will need to pay lenders mortgage insurance (LMI) if your deposit is under 20%.


You're unlikely to go through the mortgage process without paying some fees. You should always factor fees into your home loan comparison. Examples of home loan fees include:

  • Application fees. This one-off fee can run as high as $600.
  • Ongoing fees. Some loans come with a monthly or annual fee. This can cost around $120 a year or $10 a month. Package loans often have an annual fee of up to $500.
  • Valuation fees. This covers your lender's cost to have your property valued by an expert. It can cost several hundred dollars.
  • Discharge fees. A discharge fee is only charged when you end a home loan, either by refinancing or paying off the loan.

Home loan comparison tips from the experts

We spoke to some industry experts for more inside tips on getting a good home loan.

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Susan Mitchell is the CEO of Mortgage Choice, a nationwide network of mortgage brokers and financial advisers.

The common mistakes first home buyers make

"Failure to shop around is one of the biggest mistakes a borrower can make when trying to get a home loan. There is a common misconception that going straight to the lender you bank with is going to get you the best outcome when in reality, borrowers are doing themselves a disservice by not comparing options from a range of lenders to find the best deal for their goals and needs.

"Not getting home loan pre-approval is another mistake many borrowers make. This is especially the case if you are applying for your first home loan. A home loan pre-approval is useful when buying your first home as it helps you understand what property you can afford to buy before you start shopping around."

Prepare your finances before approaching a lender or broker

"Lenders will assess how 'risky' you are to lend money to, so it's important that you show them that you have good money habits. Don't spend more than you earn, cut back on discretionary spending 3–6 months before you apply for a home loan, make sure you've established a savings history so you can demonstrate that you are responsible with your money and can make your home loan repayments each month."

Photograph of mortgage broker Josh Bartlett.Josh Bartlett is a mortgage broker and the managing director of Mortgage Advice Bureau.

Plan for the long term

"A lot of people talk about looking for the house first but they need to understand their finances first.

"You really need to write down your living expenses but also think about what your living expenses are going to look like once you get a mortgage. People's living expenses adjust once they have a mortgage.

"People need to draw up a timeline of their life. Over the next five years, what will my life look like? Will I still have a double income? Will I have kids? And they need to structure the loan with that future in mind."

Know your money personality

"It comes down to money personality. If a couple have very different money personalities, say a husband and wife where one is very good with their money and the other likes to spend, you could structure the loan so they're both happy with how that money is going to be used.

"I'd suggest a loan with a multi offset account, allowing the couple to have their own accounts so they can control their spending in ways they feel comfortable with. As long as everything's going fine, they'll still be married in the next 5 years."

Fixed or variable

"Again, it comes down to the individual. Are you okay if your rate falls up or down? Right now, are rates going to go up? Probably not, but we don't have a crystal ball. Would you feel comfortable with a fixed rate of 1.89% for 2 years? Would you feel comfortable with that certainty?

"You only ever fix it if it makes you feel more comfortable. It's not about beating the banks."

Is there a big difference between lenders?

There are many lenders in the Australian mortgage market. Most of them are regulated as banks, and all of them must follow the National Credit Code.

The Big Four banks

The Big Four are the dominant players across Australian banking. Most customers stick with Commonwealth Bank, NAB, Westpac or ANZ. They all offer banking apps, large customer service teams, extensive branch and ATM coverage, and lots of mortgages to choose from. You won't get the absolute lowest rates on earth with the Big Four, but they are always competitive.

Other banks

There's more to mortgages than the biggest players, of course. Most Australian cities and regions have smaller local banks with a range of home loans to consider, and they often cover large areas of the country, think Bank of Melbourne, Bank of Queensland or Bendigo Bank. There are also large lenders with nationwide service and international banks operating locally in Australia. Some of the bigger ones you may be familiar with include AMP, HSBC, ING and Citibank.

Credit unions and non-bank lenders

There is an enormous number of Australian credit unions, non-bank lenders, building societies and other institutions that are member-owned. This means they work for their members and don't pay dividends to shareholders. They're often regional and may not have a presence in every state or territory. Some you may know include: Bank Australia, ME Bank and Australian Unity.

These lenders are usually members of the Customer-Owned Banking Association (COBA), which lists 63 member institutions.

Digital banks, fintechs, neo-banks and online lenders

There are lenders that do business entirely online (with phone support). Lenders such as loans.com.au, Tic:Toc and UBank are examples of online lenders with competitive rates. Some newer players in the market include neobank or fintech lenders like Athena and 86 400, which use apps and big data to offer customers a convenient online mortgage experience.

Specialist lenders

Borrowers in unique circumstances may need finance from a specialist lender. This includes bad credit home loans for borrowers with poor credit histories, and bridging finance and reverse mortgages for older borrowers.

Can I trust a smaller lender?

Banks, credit unions, building societies and online lenders are supervised by the Australian Prudential Regulation Authority (APRA) as authorised deposit-taking institutions (ADIs).

Lenders are also subject to the National Credit Code, which is administered by the Australian Securities and Investments Commission (ASIC) under the National Consumer Credit Protection Act (2009).

Some smaller lenders may not be treated as ADIs. The main drawback here is that if you have money saved with the lender (in a savings account or offset), you might not be covered by the bank guarantee if the lender goes bust.

How to compare lenders

Your choice of lender really depends on which one is offering a competitive home loan that suits your needs. It also means finding a lender that is willing to lend to you.

Every lender is taking a risk by lending you money, and every lender has a different appetite for risk, depending on the borrower's financial history and ability to pay back the loan.

Here are some ways that lenders differ when assessing loan applications:

  • Property type. Some lenders aren't comfortable lending to people buying apartments in postcodes with a high number of apartment buildings. They see it as a higher risk. They might only lend you 70% of the property value or reject your application.
  • Location. Many lenders only lend to borrowers in specific states, while smaller online lenders may specify something like "metro and regional cities only".
  • Deposit size. If your deposit is below 20%, you'll find that some lenders will look at your application more closely or simply reject your application. Others will happily lend you 90% or more.
  • Borrowing power. Every lender calculates your borrowing power slightly differently. You may find a lender willing to lend you tens of thousands of dollars more than another. Most lenders have borrowing power calculators that you can use to get a better sense of how much they can lend you.

The best way to work out if you have a good chance of being approved is to ask questions before submitting a full application. Let your prospective lender know the postcode you're buying in, your property type and your deposit size (you can provide estimates if you haven't found a place yet but know roughly where and what you are looking for).

If the lender offers pre-approval, then this can be a good way to get a clearer sense of what the lender can offer you before submitting a full application.

More home loan questions answered

More helpful home loan guides

The latest loans and property news

RBA holds cash rate – but you should still check your interest rate

RBA holds cash rate – but you should still check your interest rate

Your home loan might be safe for now, but rate rises are coming and you need to be prepared.

Read more…
Property prices fall in Sydney, Melbourne: What does it mean?

Property prices fall in Sydney, Melbourne: What does it mean?

Property prices have been rising in Australia for months, but Sydney and Melbourne both recorded price drops in March.

Read more…
As lenders jack interest rates up, the age of low fixed rate loans is over

As lenders jack interest rates up, the age of low fixed rate loans is over

It's shocking how many lenders lifted fixed rates late last month – and by how much. See how much fixed rates rose in March 2022.

Read more…

The products compared on this page are chosen from a range of offers available to us and are not representative of all the products available in the market. There is no perfect order or perfect ranking system for the products we list on our website, so we provide you with the functionality to self-select, re-order and compare products. The initial display order is influenced by a range of factors including conversion rates, product costs and commercial arrangements, so please don't interpret the listing order as an endorsement or recommendation from us. We're happy to provide you with the tools you need to make better decisions, but we'd like you to make your own decisions and compare and assess products based on your own preferences, circumstances and needs.

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6 Responses

    Default Gravatar
    MichaelDecember 18, 2021

    I’d like speak to someone about refinancing a please?

      Avatarfinder Customer Care
      RichardDecember 22, 2021Staff

      Hi Michael,

      If you already have a preferred lender, you can visit their website to submit an application and/or request to speak with their home finance representative.

      Alternatively, you can speak with a professional mortgage broker to get personalised advice. You can call one of the mortgage brokers found on our page to schedule an appointment or search for a mortgage broker in your area on Google.

      I hope this helps!

    Default Gravatar
    JDMAugust 12, 2019

    I am an Australian citizen returning to Australia after several years abroad. I will be entering into employment with the Australian branch of my existing employer with a new employment contract (but without a probation period). Can you advise limits to home loan borrowing upon arrival. e.g. is their a qualifying period for work/residence in Australia for lenders?

      Default Gravatar
      NikkiAugust 13, 2019

      Hi JDM,

      Thanks for your question!

      All Australian citizens are eligible to apply for a home loan. This is one of the basic requirements. Others include age, income, and other unique requirements of the lender.

      As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      A mortgage broker is the best person to reach out to see your options for home loans. They can give you a multitude of options according to your situation. In the meantime, to give you an estimate of your monthly repayments, you can use our home loan eligibility calculator.

      Hope this helped. Feel free to reach back out for further assistance.


    Default Gravatar
    ManiAugust 16, 2018

    What are the options for Self employed with one year financials?

      Avatarfinder Customer Care
      JhezAugust 16, 2018Staff

      Hello Mani,

      Thank you for your comment.

      If you’re self-employed and is interested in a home loan, you can check low documentation (low-doc) loan which is designed to cater to applicants who are working for themselves. Please note that different lenders have different application requirements, so it’s best to check your eligibility and ensure meeting the requirements before submitting an application.

      You may check our low doc home loan guide and see the tips on how to compare such loans. After comparing the products in our panel, you can click the “Go to site” button or the “Enquire now” button and discuss with the lender your eligibility.

      It’ll be best to seek advise from a mortgage broker and discuss options based on your needs.

      Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.


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