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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                Purchase: Savings Target Calculator

                The calculator assumes you retain your interest earned in the savings account. It does not allow for inflation, income tax, or fees.

                Interest

                The calculator uses the interest rate input by the user, and assumes that interest rate does not change for the entire savings period. It compounds on the frequency basis selected by the user. It assumes each year consists of 52 weeks, 26 fortnights, or 12 months of equal lengths, and that each savings deposit is made at the start of the period selected by the user.

                How Long will it Take for me to Reach my Savings Goals?

                The best time to start saving money is the moment you start earning income. Each one of us will have different priorities in life. Some may be saving for a short-term goal, like a vacation, whereas others may be saving for a long term goal, like a house deposit. Whatever your goal is, reaching it will take time, effort, and a strategy. 

                If you already have a number in mind on how much you want to save, using our savings goal calculator can help you find out just how long it will take for you to achieve it. 

                This calculator will be able to tell you how many months or years it will take you to reach your money goal. To use this calculator, you will need to enter your details, including the following:

                • Current balance in your savings account

                • The amount of your saving goal

                • Your regular monthly deposit

                • Deposit frequency

                • The interest rate of your savings account

                Results will show you how long it might take you to reach your saving goals. This is helpful information so you can calculate how much money you need to save on a regular basis and the timeframe to achieve your saving goal. 

                How can I Increase my Savings?

                You may find yourself not being able to save the money you need for the future. However, there are many easy ways to help increase your savings. See below for some handy tips to help boost your savings balance.

                • Put your money in a high-interest savings account or a term deposit. You can also try investing it in an account that can earn through compounding interest.

                • Limit your unnecessary spending, for example cutting back on subscriptions you don't need or reducing your groceries and bills to help your savings grow faster.

                • Think first before you buy things, and give yourself some time to think about significant purchases.

                • Create, adjust, and stick to your budget. You can use mobile apps or put them in a spreadsheet so you can easily track your expenses to see if you are staying within your budget.

                • Try automating your savings so you can easily transfer your funds to your savings account. This can be helpful in instilling discipline with your money, so you only spend what's left after saving.

                • Sell any items that you no longer need.

                • Learn new ways to earn more money outside of your main income, for example doing freelancing in your spare time. Earning more can help you save more. 

                Savings Goals Calculator FAQs

                Setting up a financial goal will depend on your specific goal in mind. As an example, if you're saving for an emergency fund, it’s recommended to save at least 6 months worth of your monthly living expenses. 

                When it comes to saving every month, the general rule of thumb is to save at least 20% of your income. 

                By the age of 25, according to Finder data, the average savings of a 25-year-old in Australia is around $22,532. 

                Generally speaking, paying off a loan early rather than putting the additional funds in a savings account can be more cost-savvy in the long run, as a loan likely has a high interest charge. With this being said, it is entirely dependent on your individual financial circumstances, and if you have little to no savings it can be best to start by saving before paying off a loan.

                When it comes to small purchases it may be better to save rather than taking out a loan since you don't have to pay for the interest. 

                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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