Here’s how much you’ll need to afford a $750,000 home loan in Australia
![Young happy couple carrying their stuff in yellow studio isolated background. The man holds up a cardboard cut-out of a house](https://cdn.mozo.com.au/images/atwood/15212/GettyImages-1331262221.png)
Are you in the market for a property and have questions about how much money you’ll need for a $750,000 home loan?
A home worth $750,000 might sound like a lot, but it’s actually close to the average mortgage size in the state of New South Wales. So, let’s break down things like how big a deposit you need for a $750,000 home and what your income needs to be to cover monthly repayments.
How much do you need to buy a $750,000 home?
The first step in purchasing a home is to save up a deposit. A home loan deposit is usually 20% of the purchase price of the property, but there are cases where you can contribute as little as 5-10%.
Aside from your initial deposit, you’ll also likely need to cover a few upfront provider fees and government charges, such as:
- Loan application fees
- Settlement fees
- Conveyancing fees
- Property valuation fees
- Stamp duty (unless you have an exemption).
You can expect to pay into the hundreds for these fees, but may be entitled to a stamp duty waiver if you’re eligible for your state or territory’s First Home Owners Grant (FHOG).
Aside from your deposit and the various fees associated with buying a property, a home loan lender will also take your borrowing power into account. Lenders can have different points of view when it comes to calculating your borrowing power, so make sure to shop around and compare home loans if at first you don’t succeed.
What’s the deposit size for a $750,000 home loan?
![A young happy couple hold their moving boxes before a yellow studio background](https://cdn.mozo.com.au/images/atwood/15212/GettyImages-1331262233.png)
As purchasing a home in Australia usually requires a 20% deposit, a $750,000 home deposit will work out to be $150,000.
A 20% deposit will put you in the 80% loan-to-value ratio (LVR) bracket, where many of the competitive home loan interest rates are found.
If you don’t have a 20% deposit handy, but have enough for a 10% (or even 5%) one, you also have the option to look into low deposit home loans. A 10% deposit will require you to save $75,000, but a 5% deposit comes all the way down to $37,500.
The catch is you’ll probably need to take out Lenders Mortgage Insurance (LMI), which may end up costing you more, as well as expose you to higher interest rates due to your higher LVR.
If you haven’t quite got a 20% deposit, there are still some ways to avoid paying for LMI and qualifying for higher rates. These include:
- Seeking out a guarantor
- Using a cash gift as part of your deposit
- Applying for a first home owners grant.
How long does it take to save a 20% deposit for a $750,000 home?
- If you save $1,250 per month, you’ll have your $150,000 deposit in 10 years.
- If you save $2,500 per month, you’ll have your $150,000 deposit in 5 years.
- If you save $5,000 per month, you’ll have your $150,000 deposit in 2.5 years.
- If you manage to save $12,500 per month, you’ll have your $150,000 deposit in as little as 1 year.
Saving for a home loan deposit takes time, but helps to have a goal in mind – especially when it comes to creating a budget. Check out Mozo’s budget calculator to see how much you can save each month.
How much income do you need to buy a $750,000 home?
![A young happy couple in front of a yellow studio background. The man holds a box of clothes and the woman holds up a cardboard cut-out of a house](https://cdn.mozo.com.au/images/atwood/15212/GettyImages-1331262219.png)
The best way to work out if you can afford a $750,000 home is to calculate your monthly repayments to see if your income matches up.
If you purchase a $750,000 home with a 20% deposit, you’ll be up for a $600,000 loan. Now, say you’re an owner-occupier, paying principal and interest, with a loan term of 25 years at the average interest rate in the Mozo database of 6.60% p.a.
Using Mozo’s mortgage repayment calculator, you’d be up for a monthly instalment of $4,089. But taking into account ‘mortgage-stress’ (i.e. spending more than 30% of your monthly income on repayments), you’d need to be earning at least $13,630 after tax each month to comfortably meet your financial obligations.
Calculated as a yearly salary, those looking to purchase a $750,000 house, your household would need to bring home an after-tax income of $163,560 per year.
If you’re ready to buy, check out Mozo’s handy borrowing power calculator to see how big a loan you can afford. If you’re ready to compare home loans, have a look at some of the featured products below.
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Home loan comparisons on Mozo
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- Low Cost Home Loan - 2024
Unloan Variable
- Owner Occupier
- LVR <80%
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5.99
%
p.a.
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5.90
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$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
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5.99
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5.90
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- Upfront fees
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$0
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$0.00
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$0.00
- Extra repayments
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yes - free
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
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6.14
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6.16
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$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
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6.14
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$350
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$0.00
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$400.00
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yes - free
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yes - free
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no
- Maximum loan to value ratio
- 60.00%
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- $150,000
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- $10,000,000
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$3,027
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
- Interest rate
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6.09
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6.11
%
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- Upfront fees
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$250
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$0.00
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$300.00
- Extra repayments
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yes - free
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $80,000
- Maximum borrowing amount
- $5,000,000
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6.09
%
p.a.
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6.13
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p.a.
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$3,027
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
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6.09
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6.13
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$595
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$0.00
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$250.00
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yes - free
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yes - fees apply
- Offset account
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no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
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Optimum Fixed Rate Home Loan
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5.69
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6.34
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$2,899
Lock in a competitive interest rate and enjoy peace of mind for the fixed period. Available for owner occupied new and refinanced home loans with at least 20% deposit. Split option available as well as offset and redraw. Noapplication, ongoing or banking fees. Third Party fees may be applicable - payable within loan repayments. Extra repayments up to $20K per annum permitted. Apply online, 100% member owned credit union.
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5.69
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6.34
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p.a.
- Upfront fees
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$0
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$0.00
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yes - free up to $20,000 p.a. during fixed rate term
- Redraw facility
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- -
- Maximum borrowing amount
- $2,500,000
- Type of mortgage
- Fixed
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Read our Mozo Review to learn more about this South West Slopes Bank Optimum Fixed Rate Home Loan
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Mozo experts choice awards won:
- Low Cost Home Loan - 2024
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
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5.99
%
p.a.
Variable
- Comparison rate
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5.90
%
p.a.
- Initial monthly repayment
-
$2,995
Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.
- Interest rate
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5.99
%
p.a.
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5.90
%
p.a.
- Upfront fees
-
$0
- Ongoing fees
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$0.00
- Discharge fee
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$0.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
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Read our Mozo Review to learn more about this Unloan Unloan Variable
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OMG Home Loan
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- <60% LVR
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5.99
%
p.a.
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6.02
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$2,995
BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.
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5.99
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6.02
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$300
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$0.00
- Discharge fee
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$395.00
- Extra repayments
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yes - free
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yes - free
- Offset account
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no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- $1,500,000
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Flex Home Loan
- Fixed
- Owner Occupier
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5.99
%
p.a.
Fixed 3 years
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6.34
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$2,995
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- Interest rate
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5.99
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6.34
%
p.a.
- Upfront fees
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$250
- Ongoing fees
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$250.00 yearly
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$300.00
- Extra repayments
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yes - free
- Redraw facility
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yes - free
- Offset account
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yes
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- 60.00%
- Minimum borrowing amount
- -
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- -
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Read our Mozo Review to learn more about this ubank Flex Home Loan
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Express Home Loan
- Owner Occupier
- Principal & Interest
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6.01
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6.14
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$3,001
Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
- Interest rate
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6.01
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6.14
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- Upfront fees
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$134
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$10.00 monthly
- Discharge fee
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$350.00
- Extra repayments
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yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $3,000,000
- Type of mortgage
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Neat Home Loan
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6.09
%
p.a.
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6.11
%
p.a.
- Initial monthly repayment
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$3,027
Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.
- Interest rate
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6.09
%
p.a.
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- Comparison rate
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6.11
%
p.a.
- Upfront fees
-
$250
- Ongoing fees
-
$0.00
- Discharge fee
-
$300.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $80,000
- Maximum borrowing amount
- $5,000,000
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- Variable
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Special Real Deal Home Loan
- Owner Occupier
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6.09
%
p.a.
Variable
- Comparison rate
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6.13
%
p.a.
- Initial monthly repayment
-
$3,027
Refinancers or first home buyers pay no monthly or annual fees. Up to $3,000 cashback when you complete your home loan application online. $2,000 cashback on loans ≥$250K; or $3,000 cashback on loans ≥$500K. LVR ≤80%. T&Cs and credit criteria apply.
- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.13
%
p.a.
- Upfront fees
-
$595
- Ongoing fees
-
$0.00
- Discharge fee
-
$250.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - fees apply
- Offset account
-
no
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- -
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
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Read our Mozo Review to learn more about this Newcastle Permanent Special Real Deal Home Loan
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Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
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6.14
%
p.a.
Variable
- Comparison rate
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6.16
%
p.a.
- Initial monthly repayment
-
$3,043
Enjoy a low rate home loan with $0 application fee and $0 ongoing fees. Flexibility to split your loan and set different repayment types. Fee free redraw from your loan using online banking. Flexible ways to repay. 40% Deposit required.
- Interest rate
-
6.14
%
p.a.
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- Comparison rate
-
6.16
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
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- Owner Occupier
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- Interest rate
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6.14
%
p.a.
Variable
- Comparison rate
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6.38
%
p.a.
- Initial monthly repayment
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$3,043
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
- Interest rate
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6.14
%
p.a.
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6.38
%
p.a.
- Upfront fees
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$250
- Ongoing fees
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$250.00 yearly
- Discharge fee
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$300.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
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yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- -
- Maximum borrowing amount
- -
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- Principal & Interest
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6.14
%
p.a.
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6.39
%
p.a.
- Initial monthly repayment
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$3,043
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
- Interest rate
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6.14
%
p.a.
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6.39
%
p.a.
- Upfront fees
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$350
- Ongoing fees
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$248.00 yearly
- Discharge fee
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$400.00
- Extra repayments
-
yes - free
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
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- Interest rate
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6.25
%
p.a.
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6.20
%
p.a.
- Initial monthly repayment
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$3,079
No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.
- Interest rate
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6.25
%
p.a.
Fixed 3 years
- Comparison rate
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6.20
%
p.a.
- Upfront fees
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$350
- Ongoing fees
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$0.00
- Discharge fee
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$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
no
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
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- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
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6.25
%
p.a.
Fixed 3 years
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6.42
%
p.a.
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$3,079
- Interest rate
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6.25
%
p.a.
Fixed 3 years
- Comparison rate
-
6.42
%
p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Extra repayments
-
yes - up to $10,000 p.a.
- Redraw facility
-
yes - free
- Offset account
-
yes
- Maximum loan to value ratio
- 70.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
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Fixed Rate
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- Principal & Interest
- <80% LVR
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-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Initial monthly repayment
-
$3,174
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
- Interest rate
-
6.54
%
p.a.
Fixed 2 years
- Comparison rate
-
7.10
%
p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge fee
-
$160.00
- Extra repayments
-
yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
-
no
- Offset account
-
Optional - $10 per month - 1 year fixed term only
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $20,000
- Maximum borrowing amount
- -
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
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- Weekly, Fortnightly, Monthly
- Special offers
- $3,000 cashback for eligible First Home Buyers, $2,000 cashback when you refinance loans of $250k+, apply from 1 Dec 2022, settle within 180 days.
Read our Mozo Review to learn more about this ANZ Fixed Rate
Want to speak to someone about refinancing?
Our partner Lendi can help with that. All they need is a few details to get started.
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