Home loan comparison

Lender

Variable
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loans.com.au – Variable Home Loan (LVR < 90%)

    Variable
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    HSBC – Home Value Home Loan (Principal and Interest) (LVR < 80%)

      Fixed
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      Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 1 Year

        Variable
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        Beyond Bank – Purple Basic Variable Home Loan (New Customer) (LVR 60%-80%)

          Variable
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          Athena – Straight Up Owner Occupied - Celebrate (LVR 50%-60%) (Principal and Interest)

            Fixed
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            IMB Bank – Fixed Rate Home Loan (Principal and Interest) 1 Year (LVR ≤ 80%)

              Variable
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              Liberty Financial – Liberty Low Rate Home Loan (LVR < 95%)

                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 July 25, 2024. View disclaimer.

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                Credit Card Debt
                The minimum repayment for a credit card is assumed to be 2.5% of the outstanding balance entered by the user, and that it remains constant each month. The total interest payable for a credit card is calculated based on the periodic interest rate (annual rate / 365), the number of months it would take to pay off the balance, and the outstanding balance entered by the user. The calculator does not take into account credit card fees, additional spending, cash advances, or interest-free periods.

                Existing Loans
                The calculator does not take into account any loan fees.

                We assume that:
                • Repayments are made monthly;
                • The interest rate charge is divided equally over 12 monthly payments; and
                • Interest is charged to the loan account at the same frequency and on the same day as the repayments are made.

                Only the initial repayment amount is calculated and we assume this repayment stays the same for the loan term. In reality, repayment amounts can change for a variety of reasons.

                What is debt consolidation?

                Debt consolidation is an effective method for managing an array of debts with varying fees, rates and payment schedules. With the help of our debt consolidation calculator, you can determine your total debts and consolidate them into one new debt consolidation loan, or make them an extension of a current loan. For example, this could be adding them as an extension to your mortgage.

                Why consolidate your loans?

                Consolidating debt can be a great way of managing your debt repayments and attaining a lower interest rate and fees (or both). One of the main reasons for consolidation loans is that it allows you to, potentially, refinance to a better rate, access preferred features or lower fees. This is because credit card and car loan debts often have higher interest than a debt consolidation home loan. Another benefit is that it may allow you to borrow more money to put towards things such as home renovations or a holiday.

                However, it is important to be aware of your financial capacity and not put yourself deeper in debt with the added credit. It is recommended that you speak to a financial professional if you’re unsure.

                How to use a debt consolidation calculator

                If you’re asking yourself how to consolidate debt, our debt consolidation loan calculator is the tool for you. The calculator will give you an estimate of how much your home loan repayments may change when consolidating other debts into your current loan. All you need to do is plug in:

                • Your current home loan balance, loan term and interest rate
                • Your other debt information
                • The interest rate and term of the new loan

                You can adjust the loan term, type and interest rates until you find a solution that works for you. Then, you will have an idea of your new repayments and interest costs, and the savings you could be making on total interest and repayments.

                Extra benefits of consolidating your debts

                Additional benefits of debt consolidation loans are:

                • Repayment frequency: When you get a debt consolidation loan you align all of your debts to one repayment date which is much easier keep track of.
                • Direct debit to never miss repayment: When all your debts are bundled into one, you can set up a direct debit for your single repayment, this means you won’t be missing anymore repayments.
                • Fixed rate is possible for certainty: Bundling all your debts into a consolidation loan means that you could move away from variable rates. Having a fixed rate means you’ll have certainty every repayment and a better idea of how to reach your savings goal.

                How much can I borrow?

                How much you can borrow will vary depending on your own financial circumstances and the lender you choose. If you are consolidating into a home loan, your property value, equity and lenders mortgage insurance (LMI) will be the predominant factors taken into consideration when calculating your borrowing capacity.

                Does your credit rating and history matter when consolidating debt?

                Your credit rating and history have the same influence throughout the debt consolidation process as they do for other loan applications. If you are looking for debt consolidation with bad credit, it is still possible - you’ll just need to find a lender who is willing to approve your application. Be aware that, as a result of bad credit history, your interest rate may be higher than average.

                Alternatively, a debt consolidation loan may give you the opportunity to improve your credit rating because it can make it easier to stay on top of repayments with one simple payment.

                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 made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. 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. Rates correct as of 9 July 2024.

                ^The addition of offset sub-account means your comparison rate will change.

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