Will the RBA hike the cash rate in February 2024? CBA, ANZ, NAB, and Westpac home loan predictions
Another year, another look at the Reserve Bank of Australia (RBA). The last two years have seen a crusade against inflation from the central bank, adding 4.25% to the cash rate between May 2022 and December 2023.
Rate hikes have come hard and fast, but it looks like the RBA is getting ready to hold. So, what can home loan borrowers expect for the first interest rate decision of 2024? And is this the year we finally get the first cash rate cut since 2020?
Let’s break down forecasts and predictions from the Big Four Banks for the RBA’s 6 February decision.
Will the RBA hike interest rates in February?
Most experts agree the RBA will not hike interest rates in February 2024.
This is primarily due to moderating inflation. Currently, the cash rate is in deeply restrictive territory at 4.35%, so it’s working to pump the brakes on the economy and slow things down. If inflation ticks up, then the RBA will hike, but there isn’t a pressing need right now.
“There are definite signs of softening throughout the economy,” says Mozo interest rates expert Peter Marshall.
“We had some spending figures released at the end of last year, which were very disappointing. So there will not be a rate increase in February.”
Commonwealth Bank, Westpac, NAB, and ANZ rate predictions for February 2024
Even hawkish NAB has revised its cash rate forecasts. Previously, the big bank had predicted another rate hike for 2024, but in light of cooler-than-expected inflation and spending data, NAB has joined CommBank, Westpac, and ANZ on a united front.
Their call? No rate hike for February – or indeed, no rate hikes for 2024.
Big Four Bank cash rate predictions – 31 January 2024
Cash rate in February | |
ANZ | 4.35% |
CBA | 4.35% |
Westpac | 4.35% |
NAB | 4.35% |
According to the Big Four Banks, this means we’ve reached the cash rate peak for this cycle, so 4.35% is how high interest rates will go in 2024.
“There are no more rate hikes coming,” says Marshall. “We’re at the peak of the cycle. It would take something extraordinary and unexpected to change that – and I can’t see where that would come from.”
So, unless inflation does something completely unexpected, or if we hit a recession, the cash rate will remain at its current level of 4.35% until inflation comes down.
When will interest rates decrease?
Official interest rates will decrease when inflation hits the top of the RBA’s target band – 3%. The latest annual CPI figure suggests headline inflation is at 4.1%. This is a sharper drop than the RBA predicted, but still means we have a while to go.
But how much longer? Let’s look at the Big Bank forecasts for when interest rates will come down.
The earliest the Big Banks foresee rate cuts is September 2024 – the latest has them starting in December 2024. The rate cuts will likely be made in gradual 0.25% increments to bring the cash rate down into ‘neutral’ territory, between 2% to 3%, sometime in 2025.
When interest rates will come down – 31 January 2024
Jun 24 | Sep 24 | Dec 24 | Mar 25 | Jun 25 | Sep 25 | Dec 25 | |
NAB | 4.35% | 4.35% | 4.10% | 3.85% | 3.60% | 3.35% | 3.10% |
Westpac | 4.35% | 4.10% | 3.85% | 3.60% | 3.35% | 3.10% | 3.10% |
CBA | 4.35% | 4.10% | 3.60% | 3.10% | 2.85% | 2.85% | 2.85% |
CBA predicts the fastest and steepest round of rate cuts, putting the cash rate into neutral at 2.85% by June 2025. NAB has the slowest pace, only taking the cash rate to a final 3.10% by December 2025. Westpac is the medium between the two.
ANZ hasn’t made public predictions about the path of rate cuts.
Mozo rates expert Peter Marshall suggests that rate cuts could come as early as July 2024, but none of these timelines are certain. The Big Banks certainly revised their rate peak predictions enough times for us to know that monetary policy forecasts aren’t an exact science.
Besides, RBA rate changes operate with a delay. The average home loan borrower will have to wait until around two months after the first rate cut to start seeing savings in their repayments.
However, a rate-cut timeline can give borrowers and buyers an idea of where the economy could go. Since mortgage repayments are a long-haul game, knowing when savings could start tells you when could be a good time to buy, save, or refinance.
Home buying in 2024: how do interest rate changes affect home buyers?
Interest rate hikes have been a large part of why home loan repayments are so expensive. The differences are stark when looking at how much a typical borrower has to spend now vs. then.
Interest rates will likely hold about where they are for at least six months, so borrowers hoping to save interest will need to continue cost-saving strategies like:
- Putting savings in an offset account.
- Negotiating their interest rate.
- Making extra repayments.
However, Marshall warns against waiting for home loan rates to come down to buy property. Interest rates only make up part of the average mortgage repayment. The loan amount (principal) affects your finances much more.
And since property prices are projected to rise 5% this year, by the time rates start coming down, the average mortgage size will have ballooned so much the variable savings might not be worth it.
“Do not wait for rate cuts to make things affordable,” says Marshall. “If you can get in now, the sooner, the better, because instead of paying rent, you’ll pay off your mortgage.
“Rate cuts will come. If you have to max out now and go, ‘Okay, we’re going to struggle for a while,’ you can be reasonably confident that the interest rate on your mortgage will start to drop before the end of this year.”
Compare home loans below. For award-winning picks from 2023, check out our best home loans hub.
Home loan comparisons on Mozo
Promoted
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Fixed Express Home Loan
- Owner Occupier
- Principal & Interest
- Interest rate
-
5.54
%
p.a.
Fixed 2 years
- Comparison rate
-
6.11
%
p.a.
- Initial monthly repayment
-
$2,852
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).
- Interest rate
-
1 year - 5.84% p.a. (6.19% p.a.*)
2 years - 5.54% p.a. (6.11% p.a.*)
3 years - 6.04% p.a. (6.21% p.a.*)
4 years - 6.04% p.a. (6.20% p.a.*)
5 years - 6.04% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.09% p.a.
- Upfront fees
-
$134
- Ongoing fees
-
$10.00 monthly
- Discharge fee
-
$350.00
- Package
-
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Minimum redraw amount
- $0.00
- Offset account
- yes - partial only
- Split account
- no
- Other restrictions
- Electronic Valuation: $134. Full Valuation <$1m: $220 and>$1m: $440. Loan applicable when buying or refinancing an established property in a capital city or major regional centre.
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about Bendigo Bank home loans
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Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
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
-
5.99% p.a. (5.90% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge fee
-
$0.00
- Package
-
- 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
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Minimum redraw amount
- -
- Offset account
- no
- Split account
- no
- Other restrictions
- -
- Other benefits
- Rate discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special offers
- -
Read reviews and learn more about Unloan home loans
Go to site
-
Fixed Express Home Loan
- Owner Occupier
- Principal & Interest
- Interest rate
-
5.54
%
p.a.
Fixed 2 years
- Comparison rate
-
6.11
%
p.a.
- Initial monthly repayment
-
$2,852
Lock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).
- Interest rate
-
1 year - 5.84% p.a. (6.19% p.a.*)
2 years - 5.54% p.a. (6.11% p.a.*)
3 years - 6.04% p.a. (6.21% p.a.*)
4 years - 6.04% p.a. (6.20% p.a.*)
5 years - 6.04% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.09% p.a.
- Upfront fees
-
$134
- Ongoing fees
-
$10.00 monthly
- Discharge fee
-
$350.00
- Package
-
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - up to 20% during the fixed period
- Redraw facility
- yes - free
- Minimum redraw amount
- $0.00
- Offset account
- yes - partial only
- Split account
- no
- Other restrictions
- Electronic Valuation: $134. Full Valuation <$1m: $220 and>$1m: $440. Loan applicable when buying or refinancing an established property in a capital city or major regional centre.
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about Bendigo Bank home loans
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Fixed Rate Home Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
- Interest rate
-
5.59
%
p.a.
Fixed 5 years
- Comparison rate
-
6.27
%
p.a.
- Initial monthly repayment
-
$2,867
Get repayment certainty with HSBC’s low 2 Year Fixed Rate Home Loan. Make up to $10,000 of extra repayments a year. The option to split your home loan between fixed and variable. Plus, score $3,288 cashback when you refinance an existing home loan of $250,000. Must apply by 28 February 2023 and settle by 30 April 2023.
- Interest rate
-
1 year - 5.79% p.a. (6.47% p.a.*)
2 years - 5.59% p.a. (6.40% p.a.*)
3 years - 5.59% p.a. (6.35% p.a.*)
4 years - 5.59% p.a. (6.31% p.a.*)
5 years - 5.59% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$0
- Ongoing fees
-
$390.00 yearly
- Discharge fee
-
$300.00
- Package
-
Home Loan Package
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $7,500,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free up to $10,000 p.a.
- Redraw facility
- no
- Minimum redraw amount
- -
- Offset account
- no
- Split account
- yes
- Other restrictions
- -
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about HSBC home loans
-
Basic Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR<70%
- Interest rate
-
5.69
%
p.a.
Fixed 5 years
- Comparison rate
-
5.97
%
p.a.
- Initial monthly repayment
-
$2,899
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
-
1 year - 5.85% p.a. (6.14% p.a.*)
2 years - 5.69% p.a. (6.08% p.a.*)
3 years - 5.69% p.a. (6.04% p.a.*)
4 years - 5.69% p.a. (6.00% p.a.*)
5 years - 5.69% p.a. (5.97% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Package
-
- 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
- Repayment options
- Monthly
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Minimum redraw amount
- -
- Offset account
- no
- Split account
- yes
- Other restrictions
- -
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about Macquarie home loans
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Offset Home Loan
- Fixed
- Owner Occupier
- Principal & Interest
- LVR <70%
- Interest rate
-
5.69
%
p.a.
Fixed 4 years
- Comparison rate
-
6.23
%
p.a.
- Initial monthly repayment
-
$2,899
Convenient offset account. 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
-
1 year - 5.85% p.a. (6.36% p.a.*)
2 years - 5.69% p.a. (6.30% p.a.*)
3 years - 5.69% p.a. (6.26% p.a.*)
4 years - 5.69% p.a. (6.23% p.a.*)
5 years - 5.89% p.a. (6.20% p.a.*)
- Fixed loan revert rate
-
6.14% p.a.
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Package
-
Package
- 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
- Repayment options
- Monthly
- Extra repayments
- yes - up to $10,000 p.a.
- Redraw facility
- yes - free
- Minimum redraw amount
- -
- Offset account
- yes
- Split account
- yes
- Other restrictions
- -
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about Macquarie home loans
Go to site -
Fixed Home Loan
- Owner Occupier
- Principal & Interest
- LVR <95%
- Interest rate
-
5.69
%
p.a.
Fixed 3 years
- Comparison rate
-
6.28
%
p.a.
- Initial monthly repayment
-
$2,899
Get the security of a competitive fixed rate home loan for 2 years with IMB. Get up to $4,000 cashback (T&Cs apply). Up to 12 months repayments in advance without penalties. Free Internet and Mobile Banking redraws (T&Cs apply). Up to a 30 year loan term. Split loan available. No offset account.
- Interest rate
-
1 year - 6.19% p.a. (6.45% p.a.*)
2 years - 5.69% p.a. (6.34% p.a.*)
3 years - 5.69% p.a. (6.28% p.a.*)
4 years - 5.89% p.a. (6.30% p.a.*)
5 years - 5.89% p.a. (6.27% p.a.*)
- Fixed loan revert rate
-
6.34% p.a.
- Upfront fees
-
$799
- Ongoing fees
-
$6.00 monthly
- Discharge fee
-
$350.00
- Package
-
- Maximum loan to value ratio
- 95.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $5,000,000
- Type of mortgage
- Fixed
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free up to 1 year in advance
- Redraw facility
- yes - free
- Minimum redraw amount
- $500.00
- Offset account
- no
- Split account
- yes
- Other restrictions
- Monthly fee only applies to fixed period of loan.
- Other benefits
- -
- Special offers
- $4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
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Fixed Rate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
5.74
%
p.a.
Fixed 3 years
- Comparison rate
-
6.81
%
p.a.
- Initial monthly repayment
-
$2,915
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
-
1 year - 6.14% p.a. (7.13% p.a.*)
2 years - 5.74% p.a. (6.94% p.a.*)
3 years - 5.74% p.a. (6.81% p.a.*)
4 years - 5.89% p.a. (6.75% p.a.*)
5 years - 5.99% p.a. (6.69% p.a.*)
- Fixed loan revert rate
-
7.24% p.a.
- Upfront fees
-
$160
- Ongoing fees
-
$0.00
- Discharge fee
-
$160.00
- Package
-
- 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
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free up to to lesser of 5% of original fixed loan amount, or $5,000 each year
- Redraw facility
- no
- Minimum redraw amount
- -
- Offset account
- Optional - $10 per month - 1 year fixed term only
- Split account
- yes
- Other restrictions
- -
- Other benefits
- No monthly fee after end of fixed rate term. Lock your fixed rate for 90 days for a fee of $750 per $1m in lending (or part thereof).
- Special offers
- $3,000 cashback for eligible First Home Buyers borrowing $250k+, $2,000 cashback when you refinance loans of $250k+, <80% LVR, settle within 180 days for first home buyers, 120 days for refinances. Excludes refinances from ANZ, ANZ Plus and Suncorp.
Read reviews and learn more about ANZ home loans
-
Unloan Variable
- Owner Occupier
- LVR <80%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
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
-
5.99% p.a. (5.90% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge fee
-
$0.00
- Package
-
- 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
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Minimum redraw amount
- -
- Offset account
- no
- Split account
- no
- Other restrictions
- -
- Other benefits
- Rate discounted by 0.01% p.a. every year up to a maximum discount of 0.30% p.a..
- Special offers
- -
Read reviews and learn more about Unloan home loans
Go to site -
Discounted Home Value Loan
- Owner Occupier
- Principal & Interest
- LVR <60%
- Interest rate
-
5.99
%
p.a.
Variable
- Comparison rate
-
5.99
%
p.a.
- Initial monthly repayment
-
$2,995
Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Receive $3,288 cashback when you refinance an existing home loan. Minimum loan amount of $250,000, settle within 120 days from applying.
- Interest rate
-
5.99% p.a. (5.99% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$0
- Ongoing fees
-
$0.00
- Discharge fee
-
$300.00
- Package
-
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $50,000
- Maximum borrowing amount
- $15,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Minimum redraw amount
- $0.00
- Offset account
- no
- Split account
- yes
- Other restrictions
- Interest only payment option is for a maximum of 5 years.
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about HSBC home loans
-
Budget Home Loan
- LVR <80%
- Owner Occupier
- Principal & Interest
- Interest rate
-
6.04
%
p.a.
Variable
- Comparison rate
-
6.07
%
p.a.
- Initial monthly repayment
-
$3,011
Enjoy a discounted variable home loan from IMB. Get up to $4,000 cashback (T&Cs apply). Life-of-loan discount off IMB’s standard variable interest rate. Unrestricted additional repayments. Free Internet and Mobile Banking redraws (T&Cs apply). No monthly fees to pay. Up to a 30 year loan term. Split loan available. No offset account.
- Interest rate
-
6.04% p.a. (6.07% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$350.00
- Package
-
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $5,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Minimum redraw amount
- $500.00
- Offset account
- no
- Split account
- yes
- Other restrictions
- -
- Other benefits
- The $449 application fee is waived for <80% LVR Owner Occupier Principal and Interest loans.
- Special offers
- $4,000 cashback for loans $750,000 and above with a maximum LVR of 80%, settled within 90 days of application for refinancers or 180 for purchase loans. $3,000 for loans between $500k and $749k, $2,000 for loans between $250k and $499k.
Read reviews and learn more about IMB Bank home loans
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Express Home Loan
- Owner Occupier
- Principal & Interest
- LVR <90%
- Interest rate
-
6.09
%
p.a.
Variable
- Comparison rate
-
6.22
%
p.a.
- Initial monthly repayment
-
$3,027
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
-
6.09% p.a. (6.22% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$134
- Ongoing fees
-
$10.00 monthly
- Discharge fee
-
$350.00
- Package
-
- Maximum loan to value ratio
- 90.00%
- Minimum borrowing amount
- $5,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Minimum redraw amount
- $0.00
- Offset account
- yes
- Split account
- no
- Other restrictions
- Electronic Valuation: $134. Full Valuation <$1m: $220 and>$1m: $440. Loan applicable when buying or refinancing an established property in a capital city or major regional centre.
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about Bendigo Bank home loans
Go to site -
Basic Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
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. (6.16% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$400.00
- Package
-
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Minimum redraw amount
- -
- Offset account
- no
- Split account
- yes
- Other restrictions
- -
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about Macquarie home loans
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Mortgage Simplifier
- LVR<80%
- Owner Occupier
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.17
%
p.a.
- Initial monthly repayment
-
$3,043
Get a competitive variable rate with ING’s Mortgage Simplifier. Free extra repayments, no monthly or annual fees. Freedom to make free extra repayments or redraws.
- Interest rate
-
6.14% p.a. (6.17% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$350
- Ongoing fees
-
$0.00
- Discharge fee
-
$250.00
- Package
-
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $2,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Fortnightly, Monthly
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Minimum redraw amount
- $1.00
- Offset account
- no
- Split account
- yes
- Other restrictions
- -
- Other benefits
- Everyday round up available, a feature that automatically rounds purchases made on INGs Orange Everyday transaction account to the nearest $1 or $5 and transfers the difference against your loan balance.
- Special offers
- -
Read reviews and learn more about ING home loans
-
Offset Home Loan
- Owner Occupier
- LVR<60%
- Principal & Interest
- Interest rate
-
6.14
%
p.a.
Variable
- Comparison rate
-
6.39
%
p.a.
- Initial monthly repayment
-
$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
-
6.14% p.a. (6.39% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$350
- Ongoing fees
-
$248.00 yearly
- Discharge fee
-
$400.00
- Package
-
Package
- Maximum loan to value ratio
- 60.00%
- Minimum borrowing amount
- $150,000
- Maximum borrowing amount
- $10,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Monthly
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Minimum redraw amount
- -
- Offset account
- yes
- Split account
- yes
- Other restrictions
- -
- Other benefits
- Waived annual fee for credit card added to the home loan.
- Special offers
- -
Read reviews and learn more about Macquarie home loans
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Elevate
- Owner Occupier
- Principal & Interest
- <80% LVR
- Interest rate
-
6.18
%
p.a.
Variable
- Comparison rate
-
6.18
%
p.a.
- Initial monthly repayment
-
$3,056
Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
- Interest rate
-
6.18% p.a. (6.18% p.a.*)
- Fixed loan revert rate
-
n/a
- Upfront fees
-
$498
- Ongoing fees
-
$0.00
- Discharge fee
-
$325.00
- Package
-
- Maximum loan to value ratio
- 80.00%
- Minimum borrowing amount
- $10,000
- Maximum borrowing amount
- $5,000,000
- Type of mortgage
- Variable
- Repayment types
- Principal & Interest
- Availability
- Owner Occupier
- Repayment options
- Weekly, Fortnightly, Monthly
- Extra repayments
- yes - free
- Redraw facility
- yes - free
- Minimum redraw amount
- -
- Offset account
- Optional extra - $10 per month
- Split account
- yes
- Other restrictions
- -
- Other benefits
- -
- Special offers
- -
Read reviews and learn more about Aussie home loans
Your selected home loans
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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