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home loan

The lowest variable home loan rates in Australia are typically offered by online lenders and smaller banks, often starting below 6.00% p.a. for owner-occupiers with an LVR under 80%. Fixed rates vary by term length. Our comparison tool shows live rates from 100+ lenders sorted by comparison rate so you can find the cheapest option.

Variable rates move with the RBA cash rate — they fall when rates are cut but rise when rates increase. Fixed rates lock in a rate for 1-5 years, giving payment certainty. Many borrowers choose a split loan (part fixed, part variable) to get the best of both. Fixed rates are often lower when the market expects rate cuts ahead.

A comparison rate includes the advertised interest rate plus most fees and charges, expressed as a single percentage. It helps you compare the true cost of different loans. For example, a loan advertising 5.99% with $400/year in fees may have a comparison rate of 6.15%, making it more expensive than a loan at 6.05% with no fees. Always compare using the comparison rate, not the advertised rate.

An offset account is a transaction account linked to your home loan. The balance in your offset reduces the amount of interest charged on your loan. For example, if you owe $500,000 and have $50,000 in your offset, you only pay interest on $450,000. This can save tens of thousands in interest over the life of your loan.

Most lenders require a minimum 5-10% deposit, but borrowing with less than 20% means you'll pay Lenders Mortgage Insurance (LMI), which can cost thousands. A 20% deposit gives you access to the best rates and avoids LMI. First home buyers may qualify for government schemes that allow purchases with as little as 2-5% deposit.

Always compare using the comparison rate, not the advertised rate — it includes fees and gives a truer cost picture. Then look at features that matter to you: offset account, redraw facility, extra repayment flexibility, and portability. Our tool lets you filter by all of these and sort by comparison rate.

Most lenders offer their best rates at 80% LVR or below (meaning a 20%+ deposit). Rates increase in bands — 80-85%, 85-90%, 90-95% — with each band costing more. Above 80% LVR you'll also pay Lenders Mortgage Insurance. Enter your LVR in our filter to see rates specific to your deposit size.

Yes — refinancing to a lower rate is one of the most common reasons Australians switch home loans. Compare your current rate against what's available and factor in any discharge fees, application fees, and break costs (for fixed loans). Even a 0.25% rate reduction on a $500,000 loan saves over $1,250 per year.