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Advertised Rate 2.34% Variable | Comparison Rate* 2.34% | Company ![]() | Repayment $2,688 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | With a discounted variable interest rate and no upfront or ongoing fees, you may be able to minimise the cost of your owner-occupied home loan. | Winner of Best variable, RateCity Gold Awards 2021 More details | Highlighted | ||
Product | Advertised Rate 2.09% Fixed - 3 years | Comparison Rate* 2.43% | Company ![]() | Repayment $2,612 monthly | Features Redraw facility Offset Account Borrow up to 70% Extra Repayments Interest Only Owner Occupied | Go to site | Owner occupiers with deposits of 30% or more can lock in a low fixed rate for three years, with no ongoing fees. | Winner of Best 3 year fixed pi, RateCity Gold Awards 2021 More details | ||
Advertised Rate 2.19% Variable | Comparison Rate* 2.19% | Company ![]() | Repayment $2,642 monthly | Features Redraw facility Offset Account Borrow up to 60% Extra Repayments Interest Only Owner Occupied | Go to site | The more of your home you pay off, the lower your rate could be. This low rate is avialbe for borrowers with equity of 40% or more. | Winner of Best refinance home loan, RateCity Gold Awards 2021 More details | |||
Advertised Rate 2.54% Variable | Comparison Rate* 2.55% | Company ![]() | Repayment $2,749 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | Bundle your home loan and transaction account for discounts on rates, fees, and insurance offers. More details | ||||
Advertised Rate 2.48% Variable | Comparison Rate* 2.50% | Company ![]() | Repayment $2,730 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.59% Variable | Comparison Rate* 2.60% | Company ![]() | Repayment $2,764 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.04% Fixed - 3 years | Comparison Rate* 2.73% | Company ![]() | Repayment $2,597 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.09% Variable | Comparison Rate* 2.12% | Company ![]() | Repayment $2,612 monthly | Features Redraw facility Offset Account Borrow up to 70% Extra Repayments Interest Only Owner Occupied | Go to site | Winner of Best refinance home loan, RateCity Gold Awards 2021 More details | ||||
Advertised Rate 2.29% Fixed - 3 years | Comparison Rate* 3.13% | Company ![]() | Repayment $2,672 monthly | Features Redraw facility Offset Account Borrow up to 95% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 1.94% Variable | Comparison Rate* 1.98% | Company ![]() | Repayment $2,568 monthly | Features Redraw facility Offset Account Borrow up to 60% Extra Repayments Interest Only Owner Occupied | Go to site | Winner of Best refinance home loan, RateCity Gold Awards 2021 More details | ||||
Advertised Rate 2.19% Fixed - 5 years | Comparison Rate* 3.09% | Company ![]() | Repayment $2,642 monthly | Features Redraw facility Offset Account Borrow up to 90% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.59% Variable | Comparison Rate* 2.63% | Company ![]() | Repayment $2,764 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | Winner of Best home loans over 1m, Best variable, RateCity Gold Awards 2021 More details | ||||
Product | Advertised Rate 2.55% Fixed - 1 year | Comparison Rate* 3.21% | Company ![]() | Repayment $1,296 monthly | Features Redraw facility Offset Account Borrow up to 79.9999% Extra Repayments Interest Only Owner Occupied | Go to site | More details | |||
Advertised Rate 2.84% Variable | Comparison Rate* 2.46% | Company ![]() | Repayment $1,444 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Advertised Rate 2.50% Variable | Comparison Rate* 2.67% | Company ![]() | Repayment $2,737 monthly | Features Redraw facility Offset Account Borrow up to 60% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Product | Advertised Rate 3.39% Variable | Comparison Rate* 3.59% | Company ![]() | Repayment $3,018 monthly | Features Redraw facility Offset Account Borrow up to 85% Extra Repayments Interest Only Owner Occupied | Go to site | More details | |||
Advertised Rate 2.94% Variable | Comparison Rate* 3.34% | Company ![]() | Repayment $2,874 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Product | Advertised Rate 2.84% Variable | Comparison Rate* 2.68% | Company ![]() | Repayment $1,444 monthly | Features Redraw facility Offset Account Borrow up to 80% Extra Repayments Interest Only Owner Occupied | Go to site | More details | |||
Advertised Rate 3.29% Variable | Comparison Rate* 3.71% | Company ![]() | Repayment $1,672 monthly | Features Redraw facility Offset Account Borrow up to 90% Extra Repayments Interest Only Owner Occupied | Go to site | More details | ||||
Product | Advertised Rate 2.79% Fixed - 3 years | Comparison Rate* 4.46% | Company ![]() | Repayment $1,418 monthly | Features Redraw facility Offset Account Borrow up to 90% Extra Repayments Interest Only Owner Occupied | Go to site | More details |
$1,161
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Frequently asked questions
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.
How much deposit will I need to buy a house?
A deposit of 20 per cent or more is ideal as it’s typically the amount a lender sees as ‘safe’. Being a safe borrower is a good position to be in as you’ll have a range of lenders to pick from, with some likely to offer up a lower interest rate as a reward. Additionally, a deposit of over 20 per cent usually eliminates the need for lender’s mortgage insurance (LMI) which can add thousands to the cost of buying your home.
While you can get a loan with as little as 5 per cent deposit, it’s definitely not the most advisable way to enter the home loan market. Banks view people with low deposits as ‘high risk’ and often charge higher interest rates as a precaution. The smaller your deposit, the more you’ll also have to pay in LMI as it works on a sliding scale dependent on your deposit size.
Why are you doing this?
RateCity wants to prove that it pays to check your home loan rate, and provide some extra motivation for doing so. We want to encourage people to take an active interest in their home loans, and gain a thorough understanding of what they’re paying and how much they could save.
Should I become a guarantor?
You should carefully weigh up the pros and cons before signing on as a guarantor – because while it can be very rewarding if everything goes according to plan, it can have serious consequences if the plan goes awry.
If the person you’re guaranteeing keeps up with their mortgage repayments, you’ll be able to take pleasure in helping them fulfil their dream of home ownership.
However if that person fails to meet their mortgage repayments, it might damage or destroy your relationship. Your finances might also be affected if the lender asks you to make the repayments or even seizes your home to settle the debt.
Mortgage Calculator, Loan Term
How long you wish to take to pay off your loan.
What is mortgage stress?
Mortgage stress is when you don’t have enough income to comfortably meet your monthly mortgage repayments and maintain your lifestyle. Many experts believe that mortgage stress starts when you are spending 30 per cent or more of your pre-tax income on mortgage repayments.
Mortgage stress can lead to people defaulting on their loans which can have serious long term repercussions.
The best way to avoid mortgage stress is to include at least a 2 – 3 per cent buffer in your estimated monthly repayments. If you could still make your monthly repayments comfortably at a rate of up to 8 or 9 per cent then you should be in good position to meet your obligations. If you think that a rate rise would leave you at a risk of defaulting on your loan, consider borrowing less money.
If you do find yourself in mortgage stress, talk to your bank about ways to potentially reduce your mortgage burden. Contacting a financial counsellor can also be a good idea. You can locate a free counselling service in your state by calling the national hotline: 1800 007 007 or visiting www.financialcounsellingaustralia.org.au.
How can I calculate interest on my home loan?
You can calculate the total interest you will pay over the life of your loan by using a mortgage calculator. The calculator will estimate your repayments based on the amount you want to borrow, the interest rate, the length of your loan, whether you are an owner-occupier or an investor and whether you plan to pay ‘principal and interest’ or ‘interest-only’.
If you are buying a new home, the calculator will also help you work out how much you’ll need to pay in stamp duty and other related costs.
Does each product always have the same rating?
No, the rating you see depends on a number of factors and can change as you tell us more about your loan profile and preferences. The reasons you may see a different rating:
- Lenders have made changes. Our ratings show the relative competitiveness of all the products listed at a given time. As the listing change, so do the ratings.
- You have updated you profile. If you increase your loan amount, the impact of different rates and fees will change which loans are the lowest cost for you.
- You adjust your preferences. The more you search for flexible loan features, the more importance we assign to the Flexibility Score. You can also adjust your Flexibility Weighting yourself, which will recalculate the ratings with preference given to more flexible loans.
What is a fixed home loan?
A fixed rate home loan is a loan where the interest rate is set for a certain amount of time, usually between one and 15 years. The advantage of a fixed rate is that you know exactly how much your repayments will be for the duration of the fixed term. There are some disadvantages to fixing that you need to be aware of. Some products won’t let you make extra repayments, or offer tools such as an offset account to help you reduce your interest, while others will charge a significant break fee if you decide to terminate the loan before the fixed period finishes.
Home Loans Frequently Asked Questions
What is a draw down?
The transfer of money from a lending institution to a borrower. In a typical home loan, the funds are drawn down all at once in order to buy the property. In a construction loan, the money is drawn down in several stages to pay the builders as they progress through each phase of the project. In a line of credit loan, you can draw down money up to a limit based on your loan’s available equity.
What is upfront fee?
An ‘upfront’ or ‘application’ fee is a one-off expense you are charged by your bank when you take out a loan. The average start-up fee is around $600 however there are over 1,000 loans on the market with none at all. If the loan you want does include an application fee, try and negotiate to have it waived. You’ll be surprised what your bank agrees to when they want your business.
What is equity? How can I use equity in my home loan?
Equity refers to the difference between what your property is worth and how much you owe on it. Essentially, it is the amount you have repaid on your home loan to date, although if your property has gone up in value it can sometimes be a lot more.
You can use the equity in your home loan to finance renovations on your existing property or as a deposit on an investment property. It can also be accessed for other investment opportunities or smaller purchases, such as a car or holiday, using a redraw facility.
Once you are over 65 you can even use the equity in your home loan as a source of income by taking out a reverse mortgage. This will let you access the equity in your loan in the form of regular payments which will be paid back to the bank following your death by selling your property. But like all financial products, it’s best to seek professional advice before you sign on the dotted line.
What is a honeymoon rate and honeymoon period?
Also known as the ‘introductory rate’ or ‘bait rate’, a honeymoon rate is a special low interest rate applied to loans for an initial period to attract more borrowers. The honeymoon period when this lower rate applies usually varies from six months to one year. The rate can be fixed, capped or variable for the first 12 months of the loan. At the end of the term, the loan reverts to the standard variable rate.
What happens to your mortgage when you die?
There is no hard and fast answer to what will happen to your mortgage when you die as it is largely dependent on what you have set out in your mortgage agreement, your will (if you have one), other assets you may have and if you have insurance. If you have co-signed the mortgage with another person that person will become responsible for the remaining debt when you die.
If the mortgage is in your name only the house will be sold by the bank to cover the remaining debt and your nominated air will receive the remaining sum if there is a difference. If there is a turn in the market and the sale of your house won’t cover the remaining debt the case may go to court and the difference may have to be covered by the sale of other assets.
If you have a life insurance policy your family may be able to use some of the lump sum payment from this to pay down the remaining mortgage debt. Alternatively, your lender may provide some form of mortgage protection that could assist your family in making repayments following your passing.
Monthly Repayment
Your current monthly home loan repayment. To accurately calculate how much you could save, an accurate payment figure is required. If you are not certain, check your bank statement.
What is a cooling-off period?
Once a home loan’s contracts are exchanged between the borrower and the lender, a five-day cooling-off period follows, during which the contracts may be cancelled if needed.
How do I calculate monthly mortgage repayments?
Work out your mortgage repayments using a home loan calculator that takes into account your deposit size, property value and interest rate. This is divided by the loan term you choose (for example, there are 360 months in a 30-year mortgage) to determine the monthly repayments over this time frame.
Over the course of your loan, your monthly repayment amount will be affected by changes to your interest rate, plus any circumstances where you opt to pay interest-only for a period of time, instead of principal and interest.
Mortgage Calculator, Repayment Type
Will you pay off the amount you borrowed + interest or just the interest for a period?