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Adelaide Bank
AMP
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Bankwest Bank
Citibank
commonwealth Bank
ING Banks
Macquarie Banks
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Nab Banks
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St George Bank
Suncorp bank
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Correct as at 28/07/2022

COMPANY PRODUCT ADVERTISED
RATE
COMPARISON
RATE*
ANNUAL FEE FEATURES

Yard Bank

   0

(0 Reviews)

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Variable PI 3.29% 3.33% $0
  • Free redraw.
  • Optional 100% offset facility.

COMPARE THIS LENDER

Homestar Finance Bank

   0

(0 Reviews)

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Star Gold 3.08% 3.08% $0
  • No monthly fees.
  • Free online redraws.
  • Schedule recurring payments or transfers.
  • Unrestricted extra repayments.
  • Offset account.
  • Multiple loan splits possible.

COMPARE THIS LENDER

IMB Bank

   0

(0 Reviews)

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Budget Home Loan 3.24% 3.25% $0
  • Life-of-loan discount off IMB’s standard variable interest rate.
  • Unrestricted additional repayments.
  • Free Internet and Mobile Banking redraws.
  • No monthly fees.

COMPARE THIS LENDER

Ubank Bank

   0

(0 Reviews)

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Neat variable home loan 3.14% 3.16% $0
  • No annual fee
  • Make and redraw additional payments at no extra cost

APPLY ONLINE NOW

Unloan Bank

   0

(0 Reviews)

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Unloan Variable 2.64% 2.56% $0
  • One simple low rate.
  • A discount that gets.
  • better and better.
  • Apply in minutes.
  • Built by CommBank.
  • receive an extra 0.01% p.a. discount, every single year.

APPLY ONLINE NOW

Nano Home Loans

   0

(0 Reviews)

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Nano Digital Home Loan 3.24% 3.24% $0
  • No fees
  • Approval in minutes, not weeks
  • Paper free & hassle free
  • Fee free 100% offset sub-account & mobile app
  • Instant payments: Visa debit card^, BPAY, Apple Pay & Google Pay

APPLY ONLINE NOW

Loans.com.au

   0

(0 Reviews)

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Smart Booster 2 Year Variable 3.10% 3.46% $0
  • Australian based support team
  • No monthly or ongoing fees
  • Unlimited Redraws

APPLY ONLINE NOW

Adelaide Bank

   1.5

(1 Reviews)

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Smart Fit 3.29% p.a. 3.52% p.a. $180
  • There's no monthly fee on Smart Fit.
  • Choose between a variable or fixed interest rate.
  • It's free to redraw online or via our app (min. $1).
  • P&Interest (≤80% LVR) 100% Offset

COMPARE THIS LENDER

AMP

   0

(0 Reviews)

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Professional Package Home Loan 3.44% 3.83% $0
  • 100% loan offset account with variable rate loan.
  • Unlimited additional repayments for Variable Loan.
  • Up to $5,000 cashback bonus when you switch.
  • Apply to refinance your home loan with us by 31 August 2022, and settle by 30 November 2022 to receive up to $5,000 cashback.*** T&Cs apply.*

COMPARE THIS LENDER

Bank West

   0.5

(1 Reviews)

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Premium Select Home Loan 3.34% 3.36% $0
  • Optional 100% offset account.
  • $0 home loan application fee and property valuation fees.

COMPARE THIS LENDER

Citi Bank

   0

(0 Reviews)

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Standard Variable Offset 3.54% 3.92% $0
  • Split up to 4 accounts.
  • Make additional repayments without penalty.

COMPARE THIS LENDER

Pepper Money

   0

(0 Reviews)

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Variable Rate Loan 4.19% 4.38% $0
  • Non-genuine savings accepted.
  • Visa Debit card access.
  • Offset sub-account.

COMPARE THIS LENDER

Teachers Mutual Bank

   0

(0 Reviews)

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Your Way Plus Home Loan 3.49% 3.18% $0
  • Unlimited fee-free redraws.
  • Unlimited additional repayments.
  • (Owner, P&I, LVR up to 60%)

COMPARE THIS LENDER

ANZ Bank

   4

(319 Reviews)

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ANZ Standard Variable 4.24% 4.24% p.a $0
  • Make Extra repayments anytime.
  • Redraw available funds.
  • Save on interest with an offset account ($210 a month).
  • 300,000 Qantas Points available.
  • Link an offset account for $10 per month.
  • Pay your loan off sooner.

COMPARE THIS LENDER

Commonwealth Bank

   4.3

(811 Reviews)

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Extra home loan 2.39% 3.30% $0
  • Redraw without a fee.
  • Refinance Cashback Available.
  • Split your loan between fixed and variable.

COMPARE THIS LENDER

ING Bank

   3.9

(133 Reviews)

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Mortgage Simplifier 3.49% 3.52% $0
  • Refinance Cashback available.
  • Free ATMs everywhere in Australia.
  • Unlimitd additional repayments.
  • $3K cashback offer, on the house

COMPARE THIS LENDER

Macquarie Bank

   3.2

(58 Reviews)

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Basic Home Loan 3.19% 3.39% $0
  • Free Redraw.
  • $0 Annual Fee.
  • Up to 6 loan accounts.

COMPARE THIS LENDER

ME Bank

   3.5

(52 Reviews)

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Flexible Home Loan 3.39% 3.93% $0
  • No application fees
  • Offest accounts

COMPARE THIS LENDER

NAB Bank

   4.1

(281 Reviews)

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Base Variable Rate Home Loan 3.44% 3.48% $0
  • Unlimited redraws
  • Unlimited additional repayments
  • Offset account
  • Split loan
  • No Monthly or application fees

COMPARE THIS LENDER

St George Bank

   4

(133 Reviews)

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Basic Home Loan 3.29% 3.31% $0
  • Make extra repayments at no extra cost.
  • Family Pledge Strategy.
  • No monthly or application fees.

COMPARE THIS LENDER

Suncorp Bank

   3.8

(76 Reviews)

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Back to Basics - Low Rate Low Fee Home Loan 3.32% 3.33% $0
  • No monthly account keeping fee.
  • No ongoing annual fee.
  • No loan establishment fee on new loans over $150,000.
  • Unlimited repayments
  • Redraw additional repayments as cashback

COMPARE THIS LENDER

Westpac Bank

   4

(283 Reviews)

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Variable rate home loan 3.24% 3.58% $0
  • No fees for loan maintenance or redraw
  • No setup fee with principal & interest repayments
  • Parental leave assistance
  • Easily switch to Interest Only.
  • Get $3K cashback 

COMPARE THIS LENDER

Customer Reviews

Adelaide Bank Reviews

Overall Rating

   4.1

(1 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
AMP

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
ANZ Bank Reviews

Overall Rating

   4.1

(319 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Bank West Reviews

Overall Rating

   4.1

(1 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Citi Bank Reviews

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Commonwealth Bank Reviews

Overall Rating

   4.1

(811 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Homestar Finance Bank Reviews

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
IMB Bank Reviews

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
ING Bank Reviews

Overall Rating

   4.1

(133 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Loans.com.au

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Macquarie Bank Reviews

Overall Rating

   4.1

(58 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
ME Bank Reviews

Overall Rating

   4.1

(52 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
NAB Bank Reviews

Overall Rating

   4.1

(281 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Nano Home Loans

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Pepper Money Reviews

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
St George Bank Reviews

Overall Rating

   4.1

(133 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Suncorp Bank Reviews

Overall Rating

   4.1

(76 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Teachers Mutual Bank Reviews

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Ubank Bank Reviews

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Unloan Bank Reviews

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Westpac Bank Reviews

Overall Rating

   4.1

(283 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
Yard Bank Reviews

Overall Rating

   4.1

(0 Reviews)
  • 5
    1422
  • 4
    541
  • 3
    290
  • 2
    145
  • 1
    106
What is a home loan?

Taking out a home loan is when you borrow a percentage of money from a bank or lender to buy a house, this is typically (but not always) no less than 95% of the value of the house. The bank or lender lends this money in exchange for paying interest on this money. The bank or lender uses the house as a ‘security bond’ to ensure you will pay back the loan in full over a defined time period at an agreed interest rate (be it fixed or variable). This means you agree for the lender to repossess the house should you default on paying back the loan. The lender typically gives you twenty to thirty years to repay the loan, This benefits both parties, in that the borrower can then afford to repay the loan sustainably over time. It also benefits the lender because the length of time to repay the loan maximises the amount of interest the lender makes and mitigates the security risk they hold on the house, as property typically accumulates capital growth over time.

What is a home loan?
What is an interest rate?

The interest you pay on a home loan is in essence the price you pay to buy the money you need to purchase the home. Banks and lenders, when they offer interest rates are essentially ‘selling money’ to people wanting to buy a home but do not have the full purchase amount.

What’s new for home loans in 2021
What’s new for home loans in 2022?

2021 and 2022 have seen an increase in low fixed interest rate home loans, a number of these under 2%. An unprecedented number in Australia’s history. These low rates have been the centre of media and advertising attention, and why not? That’s cheap!

Not to ruin the party, but a number of lenders, including the big 4, as of June 2021, have started to increase their two and four year fixed rate home loans.

You can historically look at periods of time in Australian history when the big 4 banks increased their rates, was when they sensed instability or danger on the horizon. Rightly so, the housing market has been increasing unnaturally at above 12% Nation-wide for the past 18 months. Due to COVID-19 and Australian lockdowns, Aussies have not been able to travel or spend as much as they usually do, and are renovating and selling their homes, or moving up and buying bigger houses.

How to compare home loan rates

MakesCents currently compares over 35 lenders easily and all in one place. You can get started in less than 60 seconds. The best news is, it’s completely free, obligation free and will not affect your credit rating.

IT IS SIMPLE TO GET STARTED:

Step 1: Enter you details securely here >

Step 2: Find out if you qualify

Step 3: receive an initial phone call from a mortgage broker to start the process

Comparing home loan interest rates

Home loan interest rates can have only small variances, but depending upon the size of the loan and the length of the loan, can make a big difference.

Example: On a $600,000 loan amount, if you refinance to only a 0.40% cheaper interest rate, you will save a whopping $45,090 over the life of the loan. That is $1,503 per year or $125.25 a month over the life of a 30 year home loan.

Difference:
Amount borrowed: $600,000 $600,000
Interest rate: 2.35% 2.75% 0.40%
Repayment frequency: Monthly Monthly
Total Interest Paid: $240,311 $285,401 $45,090

Who wouldn’t want an extra $125.25 in the pocket each month? What are you waiting for? Let’s get started now>

Comparing home loan features

Its is easy to fall into the trap of shopping for interest rates alone, but it is important to note the way you structure your home loan can also help reduce repayments and fees.

For example, utilising an offset account or redraw facility correctly can also help you save money. These features should not be lightly overlooked when comparing home loans.

Compare home loan rates online
Should I just go for the lowest interest rate?

When you are comparing home loans or considering refinancing, the interest rate is obviously an important and significant factor, however, there are a number of other features and factors that can also impact on the total cost of the loan.

FOR EXAMPLE:

  • Any fees payable on the loan
  • Offset account features and limitations
  • Redraw facilities, fees and penalties attached to this.
  • Ease of working with that lender (ie: do they have an app? Is it easy to make repayments?)

The smallest difference in maximising these factors and features, can mean the difference in tens of thousands of dollars, given the loan is a large amount spread over a long period of time. Similarly, getting this right can also allow you to pay your home off sooner than you first thought.

A good mortgage broker can talk you though all of these technical things to make sure you get the best rate combined with the best features.

Why should I use a mortgage broker to help me apply 
for a home loan?

Benefit of using a mortgage broker No. 1: The convenience factor

First and foremost, the benefit is in the ‘ease and access of choice’. Using a mortgage broker can allow the borrower to access rates and products from multiple lenders in the market, giving you choice and a true comparison. Without the services of a mortgage broker, the burden of research essentially falls on you.

According to multiple studies, unfortunately even today, nearly 70% of Australian’s do no use a mortgage broker. That means 70% of Aussies are either just “trusting their bank has the best product and rate” or are attempting to shop around themselves, directly with lenders. This can be both tiresome and confusing, given that there are now around 50+ bank and non-bank lenders in Australia. Could you imagine enquiring directly with 50 lenders?

Benefit of using a mortgage broker No. 2: One point of data entry

If you choose to ‘go it alone’ you will need to fill out pre-qualification documents with each individual lender, each time you apply. This can be a tiresome exercise when done once, let alone half a dozen times or 50 times if you want to find the best rate yourself without a mortgage broker.

Using a mortgage Broker allows you to do ONE(1) pre-qualification application, that is then typically entered into their aggregator software. Once they have lodged this, the system links with multiple lenders (often 20 – 50 lenders, depending upon who they are accredited to work with) and delivered the best possible rates and loans available from these lenders. You then can sit down with your mortgage broker and determine the best home loan for you.

Benefit of using a mortgage broker No. 3: No extra cost

Many Australians do not realise that the services of a mortgage broker is typically (unless pre-stated) FREE of charge. The mortgage broker does not need to charge you a fee because they are remunerated in commissions by the lender they write the loan for.

For example, if you apply for a home loan with a mortgage broker and compare 20 home loans and choose Suncorp Bank to go with, Suncorp Bank will pay the mortgage broker a commission for bringing the business to Suncorp Bank. Many people believe that they need to pay a fee to the mortgage broker or perhaps they can get it cheaper if they go directly with the bank, but in most cases this is false. Another reason you may not be able to get a cheaper rate from the lenders directly is that mortgage brokers also provide a valuable service to the lender because the mortgage broker is handling all the documentation and dealing with the clients directly.

Benefit of using a mortgage broker No. 4: Independent Advice

If you bank with a particular bank or lender and then approach them for a home loan, typically they are only offering you ‘their best rate’ that they have for you, not the markets best rate. Similarly, if you already have a mortgage with a bank or lender, we can guarantee you that they are not calling you and telling you that another bank has a better rate than them, even if it would be in your best interest to know this.

Periodically sitting down with a mortgage broker can prove to save you thousands of dollars in the long run, purely because you get a ‘whole market’ view of what is available and best for you.

We’ve seen sometimes up to a 3% variance in people’s home loan rates before we refinance them. For example Sarah was on a 3.65% rate before we found her a 1.95% refinance rate saving her thousands per annum and potentially years off her mortgage. Her bank’s best rate for her was 3.65%, but this was not the markets best rate for her. Without talking to a mortgage broker, she would be overpaying thousands of dollars in interest over the life of the loan.

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