Compare Home Loans from 5.59%

Find some of the best interest rates on the market - no matter whether you’re an investor, first-home buyer or looking to refinance with a better rate.

Brooke Cooper
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LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
Featured Online ExclusiveUp to $4k cashback
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
5.94% p.a.
5.95% p.a.
$2,383
Principal & Interest
Variable
$0
$0
90%
5.95% p.a.
5.95% p.a.
$2,385
Principal & Interest
Variable
$0
$0
90%
5.99% p.a.
6.51% p.a.
$2,589
Principal & Interest
Variable
$0
$530
90%
6.09% p.a.
6.14% p.a.
$2,421
Principal & Interest
Variable
$0
$600
80%
5.99% p.a.
5.99% p.a.
$2,396
Principal & Interest
Variable
$0
$150
60%
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
90%
4.5 STAR CUSTOMER RATINGS
  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset 
6.09% p.a.
6.10% p.a.
$2,421
Principal & Interest
Variable
$0
$0
80%
6.19% p.a.
6.23% p.a.
$2,447
Principal & Interest
Variable
$0
$595
80%
6.14% p.a.
6.17% p.a.
$2,434
Principal & Interest
Variable
$0
$445
60%
6.14% p.a.
6.36% p.a.
$2,434
Principal & Interest
Variable
$15
$250
60%
6.14% p.a.
6.39% p.a.
$2,434
Principal & Interest
Variable
$248
$350
70%
6.14% p.a.
6.15% p.a.
$2,434
Principal & Interest
Variable
$0
$0
80%
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
  • Find out your loan eligibility in 2 minutes or less
  • Complete your application in less than 20 minutes
  • Low fees and fast approval times
6.14% p.a.
6.17% p.a.
$2,434
Principal & Interest
Variable
$0
$799
80%
6.84% p.a.
6.88% p.a.
$2,618
Principal & Interest
Variable
$0
$0
95%
6.84% p.a.
7.16% p.a.
$2,726
Principal & Interest
Variable
$0
$0
95%
6.94% p.a.
7.31% p.a.
$2,645
Principal & Interest
Variable
$395
$200
90%
7.24% p.a.
7.24% p.a.
$2,726
Principal & Interest
Variable
$0
$160
80%
More home loans
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .



June Home Loan Rates Top Picks

While mortgage holders have experienced reprieve from cash rate hikes recently, there are still no signs of the first interest rate cut on the horizon.

However, there are whispers that another hike could be possible, especially given that inflation rose to 3.6% annually in April. The RBA's target is to keep inflation within the 2% to 3% range.

For borrowers, this means that home loan interest rates remain at multi-year highs. It’s more important than ever for those entering the market to shop around for the lowest rate available.

Here are some of the most competitive variable rate home loans available to owner-occupiers in our database at the time of writing.

Best Home Loan Rates from our database

Brand

Product

Advertised rate % per annum

Comparison rate % per annum

G&C Mutual Bank

Essential Worker Home Loan - LVR ≤95% 5.80% 5.83%
Australian Mutual Bank

Gum Leaf Basic - LVR ≤60%

5.89% 5.96%
Up Up Home - LVR ≤90% 5.95% 5.95%
Unloan Variable Rate Home Loan - LVR ≤80% 5.99% 5.90%
Loans.com.au Green Home Loan - LVR <90% 5.99% 6.51%

Rates correct as of 1 June. Rates may differ to comparison table above.

How to find the best home loan for you

Finding the best home loan for your needs doesn’t have to be a tedious exercise. In fact, tools such are our home loan comparison service can make the job easy!

Here are three steps every borrower should take when hunting for a competitive home loan:

  1. Assess your financial health

The first step to finding your dream mortgage is to take stock of your financial situation.

Having a good understanding of how factors such as your income, deposit, and credit score compares to those of other borrowers can help you identify the most favourable home loan product available to you.

  1. Explore the market

Once you have a grasp of your financial health, it's time to see what deals are on offer.

Many would-be borrowers spend most of their time comparing interest rates from various lenders – and no wonder why. The more competitive the interest rate on a mortgage product, the less interest a borrower will likely pay, and the more money they can keep in their pocket.

However, it's wise to look beyond just the interest rate. It's often valuable to also consider a loan's features, fees, and whether it's interest rate is fixed or variable.

  1. Apply for the best deal on offer

Once you’ve completed the first two steps, all that’s left to do is to apply for your perfect mortgage.

This might involve seeking pre-approval, also known as conditional approval. Pre-approval can be particularly worthwhile if you’re still looking for your dream home as it provides confidence that you can finance its purchase once you find it.

If you’re ready to apply, check out Your Mortgage’s guide to creating the perfect home loan application.

How our home loan comparison works

At Your Mortgage, we compare home loans from over 80 lenders, including Australia’s Big Four Banks, other retail banks, non-banks, customer-owned banks, and specialist lenders.

If you have a particular home loan vision, you can also compare mortgages specifically for:

Our home loan interest rate comparison tables allow you to compare a product’s advertised interest rate, its comparison rate (a more holistic reflection of a mortgage’s true value), and your estimated minimum monthly repayments.

How to compare home loan interest rates

Comparing home loan interest rates is a simple business. The chart below shows the average interest rate offered on new home loans, as per the most recent data from the Reserve Bank of Australia.

The average interest rates for home loans in Australia varies based on the type of loan. Owner-occupier home loans typically offer lower rates, with the average interest rate for new owner-occupier loans coming in at around 6.3% p.a. in March 2024, while new investor home loans had an average rate of around 6.5% p.a..

However, the interest rate is only one piece of the puzzle. Borrowers would be wise to also keep an eye out for unexpected fees or charges.

A home loan with a low interest rate might have high fees that negate any potential savings.

That’s why it can be worthwhile to keep an eye on a mortgage product’s comparison rate. The comparison rate factors in both the interest rate on offer and any fees and charges realised over a 25-year home loan.

With all that considered, the first factor worth contemplating when comparing home loans is the type of interest rate you want: variable, fixed, or split.

Variable rate home loans

The interest rate on a variable rate home loan can rise and fall over time.

Variable rates tend to move alongside the official cash rate, which is set by the Reserve Bank. Though, lenders may make changes independently.

While variable rate home loans can offer less surety, they also generally come with more features.

A borrower with a variable rate home loan can typically make as many extra repayments as they’d like, potentially shortening the life of a mortgage and reducing the total amount of interest paid. Many variable rate home loans also offer redraw facilities and some promise offset accounts too.

Fixed rate home loan

Fixed rate home loans, on the other hand, provide greater certainty by locking in an interest rate for a fixed amount of time, typically between one and five years.

This predictability could be invaluable to borrowers who like to plan their finances over the long-term, or those who mightn’t be able to meet their repayments if their interest rate were to increase.

However, fixed rate home loans generally don’t offer as many features as their variable rate counterparts.

Split loan

Can’t decide between a fixed or variable rate home loan? A split loan could offer the perfect blend of financial stability and flexibility.

A split loan is essentially split into two pieces: one with a fixed interest rate and the other with a variable rate.

The split loan strategy might allow you to ‘hedge your bets’, taking advantage of both types of interest rates. If rates are falling, having part of your loan as variable means you get some reward from the lower rate environment. On the other hand, fixing part of your loan could benefit you if interest rates were to rise across the board.

Offset account or redraw facility?

An offset account operates in a similar to a savings account and is linked to your home loan.

However, while a savings account can provide interest, an offset account can save a borrower from paying interest. The money kept in an offset account is ‘offset’ against the amount you owe on your loan, and you won’t pay interest on that sum.

However, you need to be realistic about the benefits brought by an offset account, especially as lenders normally charge an extra fee to those who choose to have one. If the balance of your offset account is low, for instance, the costs may outweigh the benefits.

A redraw facility is a different beast entirely. Redraw facilities allow you to access any extra repayments you’ve made in the past.

By making extra repayments a person can reduce the amount of interest they incur over the life of their loan, and by having a redraw facility they don’t need to loose access to the extra funds used to pay down their loan.

Home loan fees

Most mortgage lenders charge both regular and occasional fees to borrowers.

On setting up the loan, many will charge an application fee, loan establishment fee, property valuation fee, and legal fees.

Going forward, they might charge ongoing fees, such as account keeping fees, annual fees, and fees for extra features like offset accounts.

Finally, many will also charge exit fees, such as break costs or discharge fees, if a borrower pays off their mortgage early or refinances to a different home loan product.

On top of that, a borrower with a deposit of less than 20% of their property’s value might have to pay for lenders mortgage insurance (LMI).

Each lender has a different fee structure, so it's important to compare these costs when shopping for a home loan.

Different types of mortgage products

If you're currently comparing home loans, or you've spent time doing so before, you'll likely know that the interest rate, fees, and features offered on a home loan often vary by the type of loan being considered.

Beyond variable and fixed interest rates, many lenders offer 'basic', 'standard', and 'premium' home loan options, with the latter often called a 'package'.

Here's a breakdown of some of the types of mortgages commonly available and how they typically operate:

Loan type

Features and benefits

Considerations

Basic home loan

No-frills loan with few features.

Normally a lower interest rate with fewer fees.

Might only provide variable interest rates.

Restrictions and fees may apply to redraw facilities.

May not suit those wanting extra features.

Standard home loan

More flexibility than basic loans.

Redraw facilities are common.

Might offer a fixed rate.

Often comes with a higher interest rate and greater fees compared to a basic loan.

Home loan package

Standard loan with additional features, such as offset accounts.

Might offer an interest rate discount or other benefits (like a fee-free credit card).

Annual fee normally applies.

Overall cost-effectiveness will likely depend on any package fees and use of features.

Bridging loan

Helps to fund the transition between buying and selling properties.

Can be a single loan using both properties as security or a separate loan for the new property.

Interest repayments only during the bridging period.

Bridging period is usually six months to a year.

If the existing property isn't sold within the bridging period, a seller might be forced to accept a lower price.

Could result in a larger debt to repay.

Construction loan

Suitable for those building a new house or undergoing substantial renovations.

Funds can be withdrawn in stages and interest is only paid on funds withdrawn.

Often available at a variable interest rate.

Reverts to principal and interest repayments after construction.

Requires a plan, permits, and a fixed-price building contract for approval.

Stricter requirements and possibly lower loan amount if applying without a fixed-price contract.

How to choose a home loan lender

There are many lenders in the Australian mortgage space, and we compare loans from over 80 of them.

All lenders in Australia are regulated by the Australian Prudential Regulation Authority (APRA) or the Australian Securities and Investments Commission (ASIC).

With so many different lenders to choose from, we’ve broken them down into their respective categories.

The Big Four

The Big Four banks are the 'big dogs' in the Australian mortgage market and are by far the most popular among consumers.

The Big Four banks don’t typically offer the lowest home loan rates, but their mortgages usually provide convenience and lots of features.

These banks also offer a wide range of products, including savings accounts, credit cards, term deposits, car loans, and insurance.

The Big Four banks are:

    Other banks

    There are a plethora of retail banks of various sizes offering services across Australia.

    Some of these banks are owned by the Big Four banks. For example, Bank of Melbourne, St George, and BankSA are all owned by Westpac, while Commonwealth Bank owns Bankwest.

    Some large retail banks that fall outside of the Big Four include:

      Credit unions, building societies, and mutual banks

      Credit unions, building societies, and mutual banks are all examples of customer-owned banks. They’re overarching goal is to benefit customers, as opposed to generating a profit.

      Some mutual banks, building societies, and credit unions include:

        Online banks, fintechs, neobanks, and non-bank lenders

        Non-bank lenders are financial companies that aren’t Authorised Deposit Taking Institutions (ADIs) and, therefore, can’t accept deposits from customers. However, they can still offer mortgages and other types of loans.

        There are also lenders who do their business entirely online or within an app (normally with phone support as well). Because these lenders have fewer overhead costs than traditional banks, they often pass savings onto customers in the form of lower interest rates and fees. Many online lenders also offer a fast and simple application process.

        Some online, neobank or non-bank lenders include:

          Specialist lenders

          Lastly, there are specialist lenders who offer products for borrowers in unique circumstances. These may include bad credit home loans, bridging finance, or reverse mortgages.

          Some specialist lenders include:

            Calculators to help you choose a Home Loan

            There are plenty of tools to take advantage of when comparing home loans. Here are some of the most useful tools available on Your Mortgage:

            Borrowing power calculator

            This tool provides you with an initial estimate of what a lender may be willing to lend you based on your income and expenditure.

            Mortgage repayment calculator

            With our mortgage repayment calculator, you can compare how different interest rates, loan terms, and repayment frequencies could impact the day-to-day cost of your home loan.

            Split loan calculator

            Using our split loan calculator could help you find how much you could be saving (or spending) in interest if you split your loan, and whether a fixed or variable interest rate would be a more suitable option for your financial circumstances and goals.

            Frequently Asked Questions

            A good home loan rate often depends on the current market competition. You will have to seek help from a broker or do some research to find the most competitive rate in the market with the most useful features. Always remember that a low mortgage rate can only get you so far in the game — it is usually a combination of other factors such as fees and features that make a home loan a competitive one.

            The interest rate indicates the percentage of the principal of the loan that the lender charges to you while the comparison rate refers to the broader cost of the loan, which includes other fees and charges.

            Besides looking for a home loan with a low interest rate, money-saving home loan features include an offset account, the ability to make free extra repayments, and the ability to make more frequent repayments so you can pay the loan off sooner.

            The main features of a mortgage loan, aside from the interest being fixed or variable, include the ability to make extra repayments, offset account, line of credit, split rate option, redraw facilities, home loan portability, the flexibility of repayment schedule, and repayment holidays.

            Some home loans are bundled with other financial products, such as savings accounts, credit cards, and insurance. Take note that these features might come with a fee and could impact the overall cost of your loan.

            The length of your home loan term determines how much you pay monthly and how much interest you would have paid when you finished servicing your loan. The typical home loan term is around 25 to 30 years.

            However, it is important to consider this when deciding how long you want to pay for your home loan: a longer loan term will shrink your monthly payments but would mean a larger interest accrued by the end of the term. On the other hand, the shorter the loan term, the higher the monthly repayments and lower overall interest.

            Home Loan Lenders

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