Compare home loans bywhat they cost you, the comparison rate, your repayments, your deposit size, fixed or variable or offset and redraw.what they cost you.the comparison rate.your repayments.your deposit size.fixed or variable.offset and redraw.

Each lender sets its own rates and changes them often, so BankMate reads them every day from the lenders' Open Banking data rather than quoting one figure. The lowest variable and fixed rates sit at the top of this page. The monthly Home loan report gives the lowest variable, 1 to 5 year fixed, investor and interest-only rates, and how far the average variable rate sits above the RBA cash rate.

Loans differ on rate, fees, features and who can get them. The comparison rate folds most fees into one rate; the deposit decides which rate applies, since most lenders price in loan-to-value (LVR) bands; and features such as an offset account or redraw, and any yearly package fee, sit beside it. BankMate shows each loan at the rate for your deposit, purpose and repayment type, ranked by comparison rate, with those features and fees side by side.

The advertised interest rate plus most upfront and ongoing fees, such as establishment, monthly and yearly package fees, as one rate a year. By law it is worked out on a $150,000 loan over 25 years, so on a bigger loan the fees weigh less than the comparison rate suggests. It leaves out government charges and costs that depend on events, such as break costs. For a fixed loan it includes the rate the loan reverts to after the fixed term.

A variable rate can change at any time. Lenders set their own and usually move them after the RBA changes the cash rate, though not always by the full amount. A fixed rate holds for a set term, most often 1 to 5 years, then reverts to a variable rate. Fixed loans less often come with an offset account, and leaving one early can mean break costs. A split loan fixes part of the balance and leaves the rest variable.

Lenders measure it as the loan-to-value ratio (LVR): the loan as a share of the property's value. Most lenders BankMate lists lend up to 90% or 95% LVR, a 5% to 10% deposit, but above 80% they usually charge lenders mortgage insurance (LMI). Rates also step up from one LVR band to the next. The government's 5% Deposit Scheme lets eligible first home buyers borrow with a 5% deposit without paying LMI.

An offset account is an everyday account linked to the loan, and its balance is taken off the loan before interest is worked out. With $50,000 in the offset against a $500,000 loan, interest is charged on $450,000: at 6% a year, about $3,000 less interest in a year. Offset accounts come with variable loans more often than fixed ones, and some come inside a package with a yearly fee.

Roughly the rate gap times the balance: 0.25 percentage points on a $500,000 balance is about $1,250 less interest a year at first, less as the balance falls. Against it sit the costs of moving: the old lender's discharge fee (commonly $250 to $400 on BankMate's list), the new lender's fees, government registration fees, break costs on a fixed loan, and possibly LMI again above 80% LVR. With your current loan named, each loan on the compare page shows its gap to yours.

40+ lenders, from the big four to online lenders, customer-owned banks and credit unions, read from their Open Banking data. BankMate lists home loans anyone can apply for directly, to buy or refinance. It leaves out broker-only loans, loans for one occupation or employer, bridging, construction and reverse mortgages, lines of credit and green-only loans, and it doesn't cover every lender in Australia. Any two lenders can be put side by side, figure by figure.