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Variable | More details | ||||||||||||
FEATURED | loans.com.au – Variable Home Loan 90 P&I
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loans.com.au – Variable Home Loan 90 P&I
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Variable | More details | ||||||||||||
HSBC – Home Value Loan - Owner Occupied (LVR 70% to 80%)
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HSBC – Home Value Loan - Owner Occupied (LVR 70% to 80%)
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Fixed | More details | ||||||||||||
Newcastle Permanent – Fixed Rate Home Loan (1 year)
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Newcastle Permanent – Fixed Rate Home Loan (1 year)
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Variable | N/A | More details | |||||||||||
Beyond Bank – Purple Basic Variable Home Loan (<80% LVR)
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Beyond Bank – Purple Basic Variable Home Loan (<80% LVR)
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Variable | More details | ||||||||||||
Athena Home Loans – Straight Up Owner Occupier (Principal & Interest) - Liberate (LVR70%-80%)
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Athena Home Loans – Straight Up Owner Occupier (Principal & Interest) - Liberate (LVR70%-80%)
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Fixed | More details | ||||||||||||
IMB Bank – IMB Fixed Rate Home Loan (1 year)
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IMB Bank – IMB Fixed Rate Home Loan (1 year)
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Variable | More details | ||||||||||||
Liberty Financial – Liberty Financial Flexible Home Loan LVR >95% (Owner Occupier)
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Liberty Financial – Liberty Financial Flexible Home Loan LVR >95% (Owner Occupier)
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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 December 5, 2024. View disclaimer.
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The figures provided should be used as an estimate only, should not be relied on as true indication of your home loan repayments, or a quote or indication of pre-qualification for any home loan product. The figures are based upon the information you put into the calculator. We have made a number of assumptions when producing the calculations including:
if added, your extra repayment is taken to be made at the same time as your monthly repayment.
Buying a home is a life-changing experience, from saving a deposit to making the repayments. There are many home loan products in the market, and as a home buyer, you want a loan that will best suit your financial situation. Here’s a quick guide on how you can compare home loan rates:
Interest rates can make a huge difference to the total amount you end up repaying on your home loan. Even a small change to your interest rate could make a huge impact to the overall amount you pay back on your loan.
We often look at the advertised interest rate when comparing home loans. Looking at the comparison rate instead will give you a much more accurate representation of the loan because it includes the interest rate, fees and charges related to the loan.
Many home loans come with upfront and ongoing fees, depending on the product. This may include application fees, monthly service fees or lender’s mortgage insurance, which is why it's wise to pay attention to these.
Interest rate is not the only thing to look out for. Home loan features such as redraw facility or an offset account can be useful to save interest on your home loan.
A home loan calculator is a helpful tool when comparing home loans. It can help you gauge the amount of your repayments as well as the overall amount you will pay back on the loan based on your loan amount, term, and interest rate.
Applying for a home loan will have different requirements depending on the lender. Generally, to be eligible for a home loan in Australia you must be:
at least 18 years old
a citizen or a permanent Australian resident
Here are the most common requirements for a home loan application. You must have:
Personal identification: To verify your identity, residency, and age. This can be your passport, driver’s license, or State or Territory-issued photo ID card.
Proof of income: Lenders will check your financial stability to measure your ability to repay the loan. This will also include your assets and liabilities.
Credit history: This will be used to assess your risk as a borrower. With a high credit score, it’s more likely your home loan application will be approved.
Home loan deposit: Typically, at least 20% of the property’s value is needed for a down payment. It’s also possible to provide a 10% deposit, however, you will pay Lender’s Mortgage Insurance, just in case you default on the loan.
With a loan amount of $500,000 and home loan interest rate of 2.47%, you will be paying approximately $1,967.81 per month for 30 years. On a fortnightly basis, it will be $983.91, and on a weekly basis it will be $491.95.
Home loan calculators are tools that can help you give rough estimates on how much you will be spending on your mortgage. The amount will be based on factors such as loan amount, term, interest rate, repayment frequency (monthly, fortnightly, weekly), and repayment type (principal and interest, interest only).
With a loan amount of $200,000, and an interest rate of 2.47%, you could expect to pay indicatively $787.13 per month. On a fortnightly basis this would be $393.57, and weekly this would be $196.78.
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 October 2024.
^The addition of offset sub-account means your comparison rate will change.
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Savings.com.au Pty Ltd ACN 161 358 363 | Australian Financial Services Licence and Australian Credit Licence 515843